525 W Water St · Shullsburg, WI 53586

$128,000

2 bd · 1.0 ba · 845 sqft · Other · 54 Days on market

Built 1900 0.25 ac lot $151/sqft · 10% above area Est $117k · 10% over ↓ 8% since listing

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Why this score? — see what drove the C- 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 +17.9/30.0
• Appreciation +10.0/10.0
• DSCR +5.6/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• ARV discount +3.1/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

PRICE REDUCED! Here's a great opportunity downsize in the City of Shullsburg! This nice little 2-bedroom, 1 bathroom home is conveniently located on a large corner lot within walking distance to downtown. Updates include electrical, new furnace, new water softener, and new central air. There was a crack in the exterior concrete flashing at the back part of the basement. The seller has put flashing and drain tile outside at the problem area and spray foamed the basement to seal it up. Both bedrooms are unconventional and do not have closets. Earnest money to be held by Lafayette County Abstract and Title. Measurements, square footage, taxes, and assessments are approximate. Buyer to verify

Key facts

• New furnace
• New water softener
• Corner lot

Tags

• CORNER LOT
• WALKING DISTANCE TO DOWNTOWN
• NEW FURNACE
• NEW WATER SOFTENER
• NEW CENTRAL AIR

Property features AI

Finance

• Other: Appliances and some furniture may remain: stove, refrigerator, dishwasher, microwave, washer and dryer; dining table and chairs, TV stand, and dresser could stay

Exterior

• Parking: Detached 1-car garage with opener
• Utilities: Municipal water; Municipal sewer; Electric service (standard)
• Home design: Single-family, one-story home; Estimated above-grade finished area about 845
• Construction: Block foundation
• Exterior features: Vinyl exterior; Quarter-acre lot (approx. 0.25 acre); Residential zoning

Interior

• Kitchen: Range/oven; Refrigerator; Dishwasher; Microwave; Kitchen on main level (12 x 7)
• Bedrooms: Master bedroom on main level (9 x 7); Second bedroom on main level (9 x 8)
• Bathrooms: One full bathroom; No en-suite bath in master bedroom
• Heating & cooling: Forced air heating; Central air conditioning; Natural gas heat
• Interior features: Partial basement with outside entry, block construction, and a sump pump; Covered porch; Three-season room; Living room (15 x 14)
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $128k.

Deal economics

• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (5.6% below list).
• Recommended offer: $121k (5.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#138 in WI, #3,666 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities D, commute F.
• Shullsburg School District (rural): math 40% / reading 40% proficiency, ranked #253 of 426 in WI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shullsburg Elementary (math 47% / reading 32%, grade F, #490 of 1,041 statewide, top 53%, 133 students, 53% FRL); Shullsburg High (math 30% / reading 50%, grade F, #95 of 483 statewide, top 20%, 103 students, 43% FRL).
• Market conditions: 9 active listings in the ZIP; 67 units permitted in Lafayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($885 loan paydown + $13k appreciation (10.0% local appreciation)).
• Lafayette County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($124k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,856 (5.6% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.94% ✗
• Cap rate: 7.30%
• Cash-on-cash: 3.60%
• DSCR: 1.16
• GRM: 8.8

CMA / ARV

• ARV (median comp): $116,505
• List price: $128,000
• Delta: 9.87%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 3.14×
• Total profit: $76,564
• Equity at exit: $115,313

10-year hold

• IRR: 23.5%
• Equity multiple: 7.14×
• Total profit: $220,067
• Equity at exit: $248,676

Cash invested: $35,840 (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 53586

• Home prices YoY: 9.3%
• Active inventory: 9
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,209 medium
• Mortgage (P&I): −$671
• Tax from tax record: −$123 /mo · $1,470/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $108

Break-even live

Break-even rent $1,072

Max offer price $128,000

Occupancy floor 86%

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: $32,000
• Closing costs: $3,840
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $128,000 Active 54 DOM
2. 2026-06-17
   days on market $128,000 Active 53 DOM
3. 2026-06-16
   days on market $128,000 Active 52 DOM
4. 2026-06-15
   days on market $128,000 Active 51 DOM
5. 2026-06-15
   days on market $128,000 Active 50 DOM
6. 2026-06-13
   days on market $128,000 Active 49 DOM
7. 2026-06-12
   days on market $128,000 Active 48 DOM
8. 2026-06-09
   days on market $128,000 Active 45 DOM
9. 2026-06-08
   days on market $128,000 Active 44 DOM
10. 2026-06-08
    days on market $128,000 Active 43 DOM
11. 2026-06-05
    days on market $128,000 Active 41 DOM
12. 2026-06-04
    days on market $128,000 Active 40 DOM
13. 2026-06-03
    days on market $128,000 Active 39 DOM
14. 2026-06-02
    days on market $128,000 Active 38 DOM
15. 2026-06-01
    days on market $128,000 Active 37 DOM
16. 2026-05-31
    days on market $128,000 Active 36 DOM
17. 2026-05-16
    price $128,000 713-char remark
18. 2026-04-25
    listed $138,900 Active 713-char remark

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

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $1,470 · $123/mo
• Projected year-2 tax: $1,919 · $160/mo
• Expected delta: +$449/yr (+$37/mo · 30.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,503
• − Mortgage interest: −$7,170
• − Property taxes: −$1,470
• − Insurance: −$640
• − Repairs & maintenance: −$1,160
• − Management: −$1,160
• − Depreciation: −$3,724
• Taxable loss: −$822
• Est. tax savings @ 24.0%: +$197
• After-tax cash flow: $1,489/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.

Schools (NCES district)

• District: Shullsburg School District
• NCES district ID: 5513830
• Math proficiency: 40% ▲ 10.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $47,583
• Composite: 36.69/100
• National rank: #9225
• State rank: #253 of 426 in WI

Livability — Shullsburg

• Score: 76/100
• State rank: #138
• US rank: #3666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shullsburg, WI
• City population: 2,336
• Population (ZIP): 2,336

Population outlook (Lafayette County) Hauer SSP2

• Today (2025): 16,236 people
• By 2030: 15,817 · -2.6%
• By 2040: 14,834 · -8.6%
• By 2050: 13,692 · -15.7%
• By 2075: 11,220 · -30.9%
• By 2100: 8,477 · -47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 11% Two or more races 7%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 3% Lithuanian 3% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 87% English-only · Spanish 8% German/W. Germanic 3% Other Indo-European 1%

Political lean MEDSL · Lafayette

• 2024 margin: Strong R (+20.2) · D 39.3% · R 59.5% · Other 1.2%
• 2008→2024 swing: -42.6pp toward R · 2008: 22.3pp · 2024: -20.2pp
• All cycles: 2024: R+20.2 2020: R+13.7 2016: R+9.1 2012: D+15.4 2008: D+22.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.18%
• Current HPI: 225.0823
• 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

Price history

-7.8% since first listed

2 events — show timeline

• 2026-05-16 Price Changed $128,000 SCWMLS
• 2026-04-25 Listed $138,900 SCWMLS

Property tax history

+3.9%/yr

Latest (2025): $1,470 · -7.6% YoY. Source: county tax records.