605 Ellis Ave · Ashland, WI 54806

$1,175

4 bd · 4.0 ba · 900 sqft · Other · 26 Days on market

Built 1950 7,405 sqft lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious one-bedroom apartment located on the main floor of a duplex. The unit features a large kitchen that seamlessly connects the living room, dining area, and basement, offering a functional and open layout. The apartment is pet-friendly, and tenants are responsible for lawn care and snow removal, in addition to all utilities. Applicants must successfully pass a background and credit check. Prior to move-in, the tenant is required to pay prorated first month’s rent, along with the applicable security and pet deposit.

Key facts

• 7,405 sq ft lot
• Garage
• Built 1950

Property features AI

Exterior

• Parking: Detached parking
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2 stories
• Exterior features: 50' x 140' lot

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Natural gas heating
• Interior features: Full basement

🏷️ Possibly a rental listed for sale. The $1,175 price doesn't fit this home's estimated sale value and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath other listed at $1k.

Deal economics

• At list price, monthly cash flow is $842 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1k).
• Recommended offer: $1k (1.5% below list) — sets the bar for market timing.
• Cap rate 866.5% vs local median 3.5% in Ashland — 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 84/100 on livability (#37 in WI, #750 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, commute A; Watch: schools C-, employment F.
• Ashland School District (town): math 16% / reading 30% proficiency, ranked #325 of 342 in WI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 85 active listings in the ZIP; 30 units permitted in Ashland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8 of loan paydown is wiped out by about $35 of value loss. Plan a longer hold.
• Ashland County population projected at -22% 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 $329 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($1k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask is 15% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $850; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,157 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 91.61% ✓
• Cap rate: 866.49%
• Cash-on-cash: 3072.13%
• DSCR: 137.69
• GRM: 0.1

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: —
• Equity multiple: 163.53×
• Total profit: $53,471
• Equity at exit: $175

10-year hold

• IRR: —
• Equity multiple: 352.68×
• Total profit: $115,704
• Equity at exit: $102

Cash invested: $329 (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 54806

• Active inventory: 85
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $1,076 medium
• Mortgage (P&I): −$6
• Tax est. 1.5%: −$1 /mo · $18/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $842

Break-even live

Break-even rent $10

Max offer price $1,175

Occupancy floor 17%

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: $294
• Closing costs: $35
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-09
   days on market $1,175 Active 26 DOM
2. 2026-06-08
   days on market $1,175 Active 25 DOM
3. 2026-06-08
   days on market $1,175 Active 24 DOM
4. 2026-06-07
   days on market $1,175 Active 23 DOM
5. 2026-06-03
   days on market $1,175 Active 20 DOM
6. 2026-06-02
   days on market $1,175 Active 19 DOM
7. 2026-06-01
   days on market $1,175 Active 18 DOM
8. 2026-05-31
   days on market $1,175 Active 17 DOM
9. 2026-05-14
   listed $1,025 Active
10. 2026-03-10
    soldstatus $850 Closed 532-char remark

    Show marketing remark (532 chars)

    Spacious one-bedroom apartment located on the main floor of a duplex. The unit features a large kitchen that seamlessly connects the living room, dining area, and basement, offering a functional and open layout. The apartment is pet-friendly, and tenants are responsible for lawn care and snow removal, in addition to all utilities. Applicants must successfully pass a background and credit check. Prior to move-in, the tenant is required to pay prorated first month’s rent, along with the applicable security and pet deposit.

11. 2026-02-10
    price $850 532-char remark

    Show marketing remark (532 chars)

    Spacious one-bedroom apartment located on the main floor of a duplex. The unit features a large kitchen that seamlessly connects the living room, dining area, and basement, offering a functional and open layout. The apartment is pet-friendly, and tenants are responsible for lawn care and snow removal, in addition to all utilities. Applicants must successfully pass a background and credit check. Prior to move-in, the tenant is required to pay prorated first month’s rent, along with the applicable security and pet deposit.

12. 2026-01-09
    listed $900 Active 532-char remark

    Show marketing remark (532 chars)

    Spacious one-bedroom apartment located on the main floor of a duplex. The unit features a large kitchen that seamlessly connects the living room, dining area, and basement, offering a functional and open layout. The apartment is pet-friendly, and tenants are responsible for lawn care and snow removal, in addition to all utilities. Applicants must successfully pass a background and credit check. Prior to move-in, the tenant is required to pay prorated first month’s rent, along with the applicable security and pet deposit.

13. 2023-05-09
    soldstatus $134,000
14. 2023-04-21
    soldstatus $134,000 689-char remark

    Show marketing remark (689 chars)

    Great true duplex in the heart of Ashland. Upstairs downstairs duplex with three (!) separate furnaces (two forced air and a backup whole-house boiler system). Electrical recently redone by Jolma Electric - separate electric. Trees removed. New kitchen and bathroom installed upstairs. New kitchen downstairs. hardwood floors downstairs. Upgraded windows. Lots of upgrades and updates on this recent remodel. Should be a great earner for years to come. Current income around $2,000 per month total. Two separate electric meters are installed. A new gas meter could easily be installed. Beautiful corner lot - right across from Kwik Trip. Could become a commercial investment in the future.

15. 2022-09-29
    listed $135,000 689-char remark

    Show marketing remark (689 chars)

    Great true duplex in the heart of Ashland. Upstairs downstairs duplex with three (!) separate furnaces (two forced air and a backup whole-house boiler system). Electrical recently redone by Jolma Electric - separate electric. Trees removed. New kitchen and bathroom installed upstairs. New kitchen downstairs. hardwood floors downstairs. Upgraded windows. Lots of upgrades and updates on this recent remodel. Should be a great earner for years to come. Current income around $2,000 per month total. Two separate electric meters are installed. A new gas meter could easily be installed. Beautiful corner lot - right across from Kwik Trip. Could become a commercial investment in the future.

16. 2021-02-05
    soldstatus $50,000
17. 2021-02-05
    soldstatus $50,000
18. 2019-10-29
    listed $58,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,917
• − Mortgage interest: −$66
• − Property taxes: −$18
• − Insurance: −$6
• − Repairs & maintenance: −$1,033
• − Management: −$1,033
• − Depreciation: −$34
• Taxable income: $10,727
• Est. tax owed @ 24.0%: −$2,575
• After-tax cash flow: $7,533/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: Ashland School District
• NCES district ID: 5500510
• Math proficiency: 16% ▼ -16.00%
• Reading proficiency: 30% ▼ -4.00%
• Median HH income: $40,114
• Composite: 19.4/100
• National rank: #8782
• State rank: #325 of 342 in WI

Livability — Ashland

• Score: 84/100
• State rank: #37
• US rank: #750

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashland, WI
• Population (ZIP): 11,708

Population outlook (Ashland County) Hauer SSP2

• Today (2025): 15,204 people
• By 2030: 14,639 · -3.7%
• By 2040: 13,198 · -13.2%
• By 2050: 11,841 · -22.1%
• By 2075: 9,755 · -35.8%
• By 2100: 8,675 · -42.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Native American 9% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Romanian 8% Portuguese 6% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Ashland

• 2024 margin: Toss-up / Even · D 51.6% · R 46.9% · Other 1.5%
• 2008→2024 swing: -32.4pp toward R · 2008: 37.1pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+11.0 2016: D+8.9 2012: D+30.8 2008: D+37.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.11%
• Current HPI: 168.3012
• 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

-98.2% since first listed

10 events — show timeline

• 2026-05-14 Listed $1,025 LSAR
• 2026-03-10 Sold (MLS) $850 LSAR
• 2026-02-10 Price Changed $850 LSAR
• 2026-01-09 Listed $900 LSAR
• 2023-05-09 Sold (Public Records) $134,000 Public Records
• 2023-04-21 Sold (MLS) $134,000 LSAR
• 2022-09-29 Listed $135,000 LSAR
• 2021-02-05 Sold (Public Records) $50,000 Public Records
• 2021-02-05 Sold (MLS) $50,000 LSAR
• 2019-10-29 Listed $58,000 LSAR

Property tax history

-0.7%/yr

Latest (2025): $1,325 · +8.5% YoY. Source: county tax records.