206 Spring St · Sheboygan Falls, WI 53085

$159,500

3 bd · 1.0 ba · 1,250 sqft · SingleFamily · 30 Days on market

Built 1958 7,405 sqft lot Est $299k · 47% under

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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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.8/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in this 3-bedroom ranch located in a desirable area! This fixer-upper is perfect for investors, handymen, or buyers looking to add their personal touch. The home is in need of complete redecorating and updates throughout, offering great potential to build equity. Features include a one-car attached garage with block wall repairs needed, and a roof that was installed in 2008. With solid bones and a fantastic location, this property is ready for your vision and creativity.

Key facts

• 7,405 sq ft lot
• Garage
• Built 1958

Property features AI

Exterior

• Parking: Attached 1-car garage with basement access and opener included
• Utilities: Municipal water; Municipal sewer
• Home design: Single-family home; One-story building
• Construction: Other exterior materials (unspecified)
• Exterior features: Aluminum trim; Garden shed; Lot less than 1/2 acre (approximately 0.17 acre); Residential zoning

Interior

• Kitchen: Kitchen on main level, approximately 10 x 9; Range; Refrigerator
• Bedrooms: Master bedroom on main level, approximately 13 x 14; Second bedroom on main level, approximately 11 x 10; Third bedroom on main level, approximately 11 x 10
• Bathrooms: One full bath with shower over tub
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Full basement with exposed block walls and a sump pump
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $157k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.5% in Sheboygan Falls — 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 70/100 on livability (#310 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 F.
• Sheboygan Falls School District (suburban): math 31% / reading 34% proficiency, ranked #249 of 342 in WI (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sheboygan Falls Elementary (math 41% / reading 37%, grade F, #549 of 1,041 statewide, top 53%, 602 students, 32% FRL); Sheboygan Falls Middle (math 28% / reading 36%, grade F, #232 of 383 statewide, top 64%, 468 students, 31% FRL); Sheboygan Falls High (math 27% / reading 22%, grade F, #287 of 483 statewide, top 71%, 511 students, 26% FRL).
• Market conditions: 110 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 383 units permitted in Sheboygan County in 2024 (105 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Sheboygan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($157k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,107 (1.5% below list)

Questions for the listing agent

1. Built in 1958 — 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. 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: 1.08% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.21%
• DSCR: 1.37
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $298,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 Main St	0.07mi	3/1.0	1,247 (-0%)	6mo	$200,000	$160	91
220 Dicke Ave	0.17mi	3/2.5	1,266 (+1%)	12mo	$243,000	$192	74
114 Broadway St	0.14mi	3/1.0	1,064 (-15%)	9mo	$194,999	$183	61
205 Broadway St	0.21mi	4/1.0 (+1)	1,399 (+12%)	6mo	$206,000	$147	60
242 Park St	0.74mi	3/1.0	1,250 (0%)	7mo	$223,000	$178	59
548 Pine St	0.52mi	3/1.5	1,365 (+9%)	3mo	$326,000	$239	56
505 Western Ave	0.37mi	3/1.0	1,074 (-14%)	6mo	$260,000	$242	54
657 Woodview Ave	0.50mi	3/2.0	1,344 (+8%)	8mo	$345,000	$257	54
411 Richmond Ave	0.50mi	3/2.0	1,152 (-8%)	8mo	$290,000	$252	53
740 Wilson Ave	0.63mi	3/1.5	1,344 (+8%)	10mo	$305,000	$227	48
662 Western Ave	0.52mi	2/1.0 (-1)	1,114 (-11%)	10mo	$275,000	$247	44
364 Willow Dr	0.62mi	2/2.0 (-1)	1,415 (+13%)	2mo	$393,100	$278	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -3.8%
• Equity multiple: 0.86×
• Total profit: $-6,381
• Equity at exit: $23,782

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $19,504
• Equity at exit: $13,791

Cash invested: $44,660 (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 53085

• Active inventory: 110
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,725 medium
• Mortgage (P&I): −$836
• Tax from tax record: −$154 /mo · $1,850/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $306

Break-even live

Break-even rent $1,338

Max offer price $159,500

Occupancy floor 77%

Sensitivity live

Price	-10% $396	-5% $351	+0% $306	+5% $261	+10% $215
Rent	-10% $169	-5% $238	+0% $306	+5% $374	+10% $442
Rate	-1.0pp $386	-0.5pp $346	base $306	+0.5pp $264	+1.0pp $222

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: $39,875
• Closing costs: $4,785
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 Broadway St Apt 111 Sheboygan Falls, WI	2.0	2.0	1073	$1,725	$1.61	45d	1	0.34mi

Listing history 19 events

1. 2026-06-21
   days on market $159,500 Active 30 DOM
2. 2026-06-19
   days on market $159,500 Active 28 DOM
3. 2026-06-18
   days on market $159,500 Active 27 DOM
4. 2026-06-17
   days on market $159,500 Active 26 DOM
5. 2026-06-16
   days on market $159,500 Active 25 DOM
6. 2026-06-15
   days on market $159,500 Active 24 DOM
7. 2026-06-14
   days on market $159,500 Active 22 DOM
8. 2026-06-13
   days on market $159,500 Active 21 DOM
9. 2026-06-10
   days on market $159,500 Active 19 DOM
10. 2026-06-09
    days on market $159,500 Active 18 DOM
11. 2026-06-08
    days on market $159,500 Active 17 DOM
12. 2026-06-07
    days on market $159,500 Active 16 DOM
13. 2026-06-05
    days on market $159,500 Active 13 DOM
14. 2026-06-03
    days on market $159,500 Active 12 DOM
15. 2026-06-02
    days on market $159,500 Active 11 DOM
16. 2026-06-01
    days on market $159,500 Active 10 DOM
17. 2026-05-31
    days on market $159,500 Active 9 DOM
18. 2026-05-30
    days on market $159,500 Active 8 DOM
19. 2026-05-22
    listed $159,500 Active

ⓘ 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: $1,850 · $154/mo
• Projected year-2 tax: $2,401 · $200/mo
• Expected delta: +$550/yr (+$46/mo · 29.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 13 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: $20,700
• − Mortgage interest: −$8,934
• − Property taxes: −$1,850
• − Insurance: −$798
• − Repairs & maintenance: −$1,656
• − Management: −$1,656
• − Depreciation: −$4,640
• Taxable income: $1,166
• Est. tax owed @ 24.0%: −$280
• After-tax cash flow: $3,388/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: Sheboygan Falls School District
• NCES district ID: 5513680
• Math proficiency: 31% ▼ -8.00%
• Reading proficiency: 34% ▼ -3.00%
• Median HH income: $55,430
• Composite: 28.79/100
• National rank: #6666
• State rank: #249 of 342 in WI

Livability — Sheboygan Falls

• Score: 70/100
• State rank: #310
• US rank: #8115

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheboygan Falls, WI
• City population: 11,583
• Population (ZIP): 11,583

Population outlook (Sheboygan County) Hauer SSP2

• Today (2025): 115,612 people
• By 2030: 114,575 · -0.9%
• By 2040: 110,767 · -4.2%
• By 2050: 106,170 · -8.2%
• By 2075: 100,361 · -13.2%
• By 2100: 92,749 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Asian 2% Two or more races 1%
• Common ancestry: Iranian 8% Romanian 6% Portuguese 3%
• Foreign-born: 5% · China, Canada
• Languages at home: 94% English-only · Spanish 3% Chinese 2%

Political lean MEDSL · Sheboygan

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -15.7pp toward R · 2008: -0.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.9 2016: R+16.7 2012: R+9.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.66%
• Current HPI: 191.1195
• 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

• 2026-05-22 Listed $159,500 METROMLS

Property tax history

+0.2%/yr

Latest (2025): $1,850 · -0.0% YoY. Source: county tax records.