2801 Thielman St #93 · Merrill, WI 54452

$103,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 31 Days on market

Built 2026 Good condition

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, , and , your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 31 days

Property features AI

Finance

• Other: Listing status: Active; Last modified: 2026-05-18
• Financial info: List price $103,000

Exterior

• Home design: Spec home, plan 94112; Address: 2801 Thielman St #93, Merrill, WI 54452

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Living area of 1,344

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $103k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• Recommended offer: $100k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 4.5% in Merrill — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#134 in WI, #3,510 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D+, amenities F.
• Merrill Area School District (town): math 38% / reading 39% proficiency, ranked #180 of 342 in WI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 192 units permitted in Lincoln County in 2024 (41 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $712 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lincoln County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($100k) is reasonable based on typical stale-listing flexibility.

Recommended offer $99,910 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 12.70%
• Cash-on-cash: 22.88%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.8%
• Equity multiple: 1.64×
• Total profit: $18,348
• Equity at exit: $15,358

10-year hold

• IRR: 24.5%
• Equity multiple: 3.12×
• Total profit: $61,163
• Equity at exit: $8,906

Cash invested: $28,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 54452

• Active inventory: 73
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,597 medium
• Mortgage (P&I): −$540
• Tax est. 1.5%: −$129 /mo · $1,545/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $550

Break-even live

Break-even rent $901

Max offer price $103,000

Occupancy floor 61%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $25,750
• Closing costs: $3,090
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1201 N Memorial Dr Unit NO 2401-04 Merrill, WI	2.0	2.0	1423	$1,605	$1.13	43d	1	0.74mi
1901 E 14th St Unit Fp Merrill, WI	3.0	2.0	1165	$1,585	$1.36	43d	1	1.01mi

Listing history 15 events

1. 2026-06-18
   days on market $103,000 Active 31 DOM
2. 2026-06-17
   days on market $103,000 Active 30 DOM
3. 2026-06-16
   days on market $103,000 Active 29 DOM
4. 2026-06-15
   days on market $103,000 Active 28 DOM
5. 2026-06-15
   days on market $103,000 Active 27 DOM
6. 2026-06-13
   days on market $103,000 Active 26 DOM
7. 2026-06-12
   days on market $103,000 Active 25 DOM
8. 2026-06-09
   days on market $103,000 Active 22 DOM
9. 2026-06-08
   days on market $103,000 Active 21 DOM
10. 2026-06-08
    days on market $103,000 Active 20 DOM
11. 2026-06-07
    days on market $103,000 Active 19 DOM
12. 2026-06-03
    days on market $103,000 Active 16 DOM
13. 2026-06-02
    days on market $103,000 Active 15 DOM
14. 2026-06-01
    days on market $103,000 Active 14 DOM
15. 2026-05-31
    days on market $103,000 Active 13 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,163
• − Mortgage interest: −$5,770
• − Property taxes: −$1,545
• − Insurance: −$515
• − Repairs & maintenance: −$1,533
• − Management: −$1,533
• − Depreciation: −$2,996
• Taxable income: $5,271
• Est. tax owed @ 24.0%: −$1,265
• After-tax cash flow: $5,332/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 7 photos

Good 75/100 Cosmetic rehab

This well-maintained 3-bedroom, 2-bathroom home is ready for a fresh coat of paint and some minor updates to its flooring and kitchen. With a good condition score and a welcoming atmosphere, it's a great investment opportunity.

Repairs flagged

• Minor Paint — Paint appears faded in some areas.
• Minor Flooring — Carpet shows some wear and tear.
• Minor Kitchen cabinets — Standard cabinets may benefit from a fresh coat of paint or new hardware.

Value-add opportunities

• Resale Painting — Fresh paint can significantly improve the home's curb appeal and interior aesthetics.
• Resale New flooring — New flooring can enhance the home's value and appeal.
• Resale Kitchen updates — Updating the kitchen cabinets and appliances can increase the home's value and appeal to potential buyers.
• Both Landscaping — A well-maintained and aesthetically pleasing landscape can improve both resale and rental value.
• Both HVAC maintenance — Regular HVAC maintenance ensures the system is running efficiently and can prevent costly repairs.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears faded in some areas.	Minor	$500–3,000
Flooring · Carpet shows some wear and tear.	Minor	$500–3,000
Kitchen cabinets · Standard cabinets may benefit from a fresh coat of paint or new hardware.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale Painting — Fresh paint can significantly improve the home's curb appeal and interior aesthetics. ↑
• Resale New flooring — New flooring can enhance the home's value and appeal. ↑
• Resale Kitchen updates — Updating the kitchen cabinets and appliances can increase the home's value and appeal to potential buyers. ↑
• Both Landscaping — A well-maintained and aesthetically pleasing landscape can improve both resale and rental value. ↑
• Both HVAC maintenance — Regular HVAC maintenance ensures the system is running efficiently and can prevent costly repairs. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Merrill Area School District
• NCES district ID: 5509210
• Math proficiency: 38% ▲ 1.00%
• Reading proficiency: 39% ▲ 4.00%
• Median HH income: $50,419
• Composite: 33.3/100
• National rank: #5507
• State rank: #180 of 342 in WI

Livability — Merrill

• Score: 76/100
• State rank: #134
• US rank: #3510

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment D+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merrill, WI
• Population (ZIP): 18,949

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 26,476 people
• By 2030: 25,399 · -4.1%
• By 2040: 22,684 · -14.3%
• By 2050: 19,596 · -26.0%
• By 2075: 13,998 · -47.1%
• By 2100: 9,732 · -63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 10% Portuguese 6% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Lincoln

• 2024 margin: Strong R (+25.2) · D 36.7% · R 61.9% · Other 1.4%
• 2008→2024 swing: -37.6pp toward R · 2008: 12.5pp · 2024: -25.2pp
• All cycles: 2024: R+25.2 2020: R+22.8 2016: R+20.8 2012: D+0.7 2008: D+12.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.99%
• Current HPI: 192.6923
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B