301 Ellis St · Kewaunee, WI 54216

$295,000

3 bd · 2.0 ba · 4,645 sqft · MultiFamily · 77 Days on market

Built 1963 Good condition 3,600 sqft lot $64/sqft · 57% above area

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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 +18.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Prime opportunity to own a successful, turnkey restaurant in downtown Kewaunee and in a high-traffic location! This well-established business features a cozy ambiance, fully equipped kitchen, and loyal customer base. With a proven track record of profitability and a solid reputation, this restaurant offers a seamless transition for a new owner. Additional apartments, one studio and the other a 2 bedroom, on the second level, offers another revenue stream or on-site owner living quarters. Situated in a vibrant area with ample foot traffic, it's perfect for any entrepreneur looking to expand or start their own venture. Don't miss out on this exceptional chance to step into a thriving business! Also listed as Commercial MLS #143785.

Key facts

• Turnkey restaurant
• 3,600 sq ft lot
• Built 1963

Tags

• TURNKEY RESTAURANT
• FULLY EQUIPPED KITCHEN
• ADDITIONAL APARTMENTS
• ON-SITE OWNER LIVING QUARTERS
• HIGH-TRAFFIC LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $295k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $283 ($3k/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 $294k (0.4% below list).
• Recommended offer: $277k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#210 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Kewaunee School District (town): math 34% / reading 31% proficiency, ranked #250 of 342 in WI (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 58 units permitted in Kewaunee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Kewaunee County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.

Recommended offer $277,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 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 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.11%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (median comp): $188,475
• List price: $295,000
• Delta: 56.52%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-29,726
• Equity at exit: $43,985

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-2,484
• Equity at exit: $25,506

Cash invested: $82,600 (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 54216

• Home prices YoY: -30.3%
• Active inventory: 18
• Price-to-rent: 25.8×

Monthly cashflow live

• Estimated rent: $2,939 medium
• Mortgage (P&I): −$1,547
• Tax est. 1.5%: −$369 /mo · $4,425/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$617
• Net cashflow: $283

Break-even live

Break-even rent $2,581

Max offer price $295,000

Occupancy floor 85%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,908
1× unit	2	1	$1,031
Total (3 units)			$2,939

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $295,000 Active 77 DOM
2. 2026-06-18
   days on market $295,000 Active 76 DOM
3. 2026-06-17
   days on market $295,000 Active 75 DOM
4. 2026-06-16
   days on market $295,000 Active 74 DOM
5. 2026-06-15
   days on market $295,000 Active 73 DOM
6. 2026-06-14
   days on market $295,000 Active 71 DOM
7. 2026-06-12
   days on market $295,000 Active 70 DOM
8. 2026-06-09
   days on market $295,000 Active 67 DOM
9. 2026-06-08
   days on market $295,000 Active 66 DOM
10. 2026-06-07
    days on market $295,000 Active 65 DOM
11. 2026-06-05
    days on market $295,000 Active 62 DOM
12. 2026-06-03
    days on market $295,000 Active 61 DOM
13. 2026-06-02
    days on market $295,000 Active 60 DOM
14. 2026-06-01
    days on market $295,000 Active 59 DOM
15. 2026-05-31
    days on market $295,000 Active 58 DOM
16. 2026-05-30
    days on market $295,000 Active 57 DOM
17. 2026-04-03
    listed $299,900 Active 740-char remark

    Show marketing remark (740 chars)

    Prime opportunity to own a successful, turnkey restaurant in downtown Kewaunee and in a high-traffic location! This well-established business features a cozy ambiance, fully equipped kitchen, and loyal customer base. With a proven track record of profitability and a solid reputation, this restaurant offers a seamless transition for a new owner. Additional apartments, one studio and the other a 2 bedroom, on the second level, offers another revenue stream or on-site owner living quarters. Situated in a vibrant area with ample foot traffic, it's perfect for any entrepreneur looking to expand or start their own venture. Don't miss out on this exceptional chance to step into a thriving business! Also listed as Commercial MLS #143785.

ⓘ 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: $35,268
• − Mortgage interest: −$16,525
• − Property taxes: −$4,425
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,821
• − Management: −$2,821
• − Depreciation: −$8,582
• Taxable loss: −$1,381
• Est. tax savings @ 24.0%: +$332
• After-tax cash flow: $3,729/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained restaurant is in good condition with a good condition score of 75. It has a good roof, exterior, and interior walls, and is fully equipped with a good kitchen. The property is in a good condition and ready for a new owner to continue its success.

Value-add opportunities

• Both Paint exterior — Fresh paint can enhance curb appeal and property value.
• Both Clean carpets — Clean carpets can improve the overall appearance and comfort of the space, attracting more customers and tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint can enhance curb appeal and property value. ↑
• Both Clean carpets — Clean carpets can improve the overall appearance and comfort of the space, attracting more customers and tenants. ↑

ⓘ 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: Kewaunee School District
• NCES district ID: 5507410
• Math proficiency: 34% ▼ -6.00%
• Reading proficiency: 31% ▼ -9.00%
• Median HH income: $54,703
• Composite: 28.75/100
• National rank: #6674
• State rank: #250 of 342 in WI

Livability — Kewaunee

• Score: 73/100
• State rank: #210
• US rank: #5523

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kewaunee, WI
• Population (ZIP): 6,146

Population outlook (Kewaunee County) Hauer SSP2

• Today (2025): 19,723 people
• By 2030: 19,156 · -2.9%
• By 2040: 17,646 · -10.5%
• By 2050: 15,786 · -20.0%
• By 2075: 11,927 · -39.5%
• By 2100: 8,358 · -57.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Romanian 9% English 7% Iranian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Kewaunee

• 2024 margin: Solid R (+33.8) · D 32.6% · R 66.3% · Other 1.1%
• 2008→2024 swing: -44.8pp toward R · 2008: 11.0pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+32.7 2016: R+27.9 2012: R+5.4 2008: D+11.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.91%
• Current HPI: 211.0654
• 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

1 event — show timeline

• 2026-04-03 Listed $299,900 DCBRMLS