531 N Appleton St · Appleton, WI 54911

$199,900

5 bd · 2.0 ba · 1,841 sqft · MultiFamily public records · 39 Days on market

Built 1880 435 sqft lot $109/sqft · 10% below area Est $222k · 10% under

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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
• ARV discount +11.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.1/5.0
• Schools +3.0/10.0
• Rent growth +2.7/5.0
• Condition / age +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: 2 units. confirmed

Listing remarks

Great opportunity to add a strong cash-flowing asset to your portfolio with this upper/lower duplex in a convenient Appleton location. The upper 2-bedroom unit is secured with a long-term tenant in place, while the fully renovated lower 3-bedroom unit is move-in ready for its next occupant, creating immediate upside potential for an owner-occupant or investor alike. Property features designated off-street parking, laundry hookups in the basement, and a strong rental history with tenants responsible for all utilities. Functional lease structure in place with upper tenant handling snow removal for the front of the property, while the lower tenant maintains lawn care and rear snow removal.

Key facts

• Upper lower duplex
• Laundry hookups
• Built 1880

Tags

• UPPER LOWER DUPLEX
• DESIGNATED OFF STREET PARKING
• LAUNDRY HOOKUPS
• STRONG RENTAL HISTORY
• FUNCTIONAL LEASE STRUCTURE

Property features AI

Finance

• Other: Lot under 1/2 acre (recorded as ~0.01 acre); Zoned for 2-family/duplex
• Financial info: Two-unit property (duplex)

Exterior

• Parking: No designated parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family duplex; 2-story / bi-level building; Estimated total living area between 1,751 and 2,000
• Construction: Wood construction
• Exterior features: Wood exterior

Interior

• Kitchen: Unit 2 kitchen about 15 x 11; Includes 2 refrigerators and 2 stoves
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms (master ~10 x 10, second ~13 x 10)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Full stone basement
• Laundry & utility: Forced-air heating (natural gas)

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $570/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 3.8% in Appleton — 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 82/100 on livability (#44 in WI, #1,073 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Appleton Area School District (urban): math 33% / reading 36% proficiency, ranked #224 of 342 in WI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 32 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 460 units permitted in Outagamie County in 2024 (30 in 5+ unit buildings).
• At $3,075/mo this rent would consume 55% of the median local household income ($67k/yr) (locally 876% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Outagamie County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $69k; list at $200k implies a 190% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.54% ✓
• Cap rate: 13.14%
• Cash-on-cash: 24.46%
• DSCR: 2.09
• GRM: 5.4

CMA / ARV

• ARV (median comp): $221,798
• List price: $199,900
• Delta: -9.87%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
324 E Pacific St	0.30mi	4/2.0 (-1)	1,830 (-1%)	4mo	$227,000	$124	77
543 N State St	0.32mi	4/2.0 (-1)	1,782 (-3%)	1mo	$218,000	$122	74
614 N Appleton St	0.08mi	4/2.0 (-1)	1,750 (-5%)	13mo	$270,500	$155	72
510 N Clark St	0.11mi	4/2.0 (-1)	2,016 (+10%)	4mo	$225,000	$112	71
520 W Commercial St	0.39mi	5/2.0	1,919 (+4%)	5mo	$281,000	$146	71
1115 N Richmond St	0.55mi	4/2.0 (-1)	1,823 (-1%)	5mo	$207,000	$114	63
425 E Summer St	0.53mi	4/2.0 (-1)	1,904 (+3%)	3mo	$260,000	$137	62
1208 N Superior St	0.41mi	4/2.0 (-1)	2,012 (+9%)	7mo	$237,500	$118	55
206 N Lawe St	0.58mi	4/2.0 (-1)	1,958 (+6%)	7mo	$285,000	$146	52
1626 N Oneida St	0.69mi	4/2.0 (-1)	1,760 (-4%)	9mo	$221,400	$126	48
506 E Spring St	0.53mi	5/3.0	1,630 (-12%)	7mo	$300,000	$184	46
802 E Hancock St	0.65mi	4/2.0 (-1)	1,654 (-10%)	12mo	$235,000	$142	37

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.59×
• Total profit: $33,216
• Equity at exit: $29,806

10-year hold

• IRR: 22.2%
• Equity multiple: 2.69×
• Total profit: $94,857
• Equity at exit: $17,284

Cash invested: $55,972 (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 54911

• Rents YoY: 0.7%
• Active inventory: 32
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $3,075 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$157 /mo · $1,881/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $1,141

Break-even live

Break-even rent $1,631

Max offer price $199,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,432
1× unit	3	1	$1,643
Total (2 units)			$3,075

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
806 N Richmond St Appleton, WI	4.0	1.5	1260	$2,695	$2.14	20d	1	0.40mi
826 W Elsie St Appleton, WI	4.0	2.0	1328	$1,800	$1.36	20d	1	0.53mi
609 S State St Unit 1061651P Appleton, WI	4.0	2.5	1593	$3,236	$2.03	43d	1	0.76mi
634 W Prospect Ave Appleton, WI	4.0	2.0	2200	$2,000	$0.91	43d	1	0.91mi

Listing history 28 events

1. 2026-06-16
   status $199,900 Pending 39 DOM
2. 2026-06-16
   days on market $199,900 Active w/ Contract 39 DOM
3. 2026-06-15
   days on market $199,900 Active w/ Contract 38 DOM
4. 2026-06-14
   days on market $199,900 Active w/ Contract 36 DOM
5. 2026-06-13
   days on market $199,900 Active w/ Contract 35 DOM
6. 2026-06-10
   days on market $199,900 Active w/ Contract 33 DOM
7. 2026-06-09
   days on market $199,900 Active w/ Contract 32 DOM
8. 2026-06-08
   days on market $199,900 Active w/ Contract 31 DOM
9. 2026-06-07
   days on market $199,900 Active w/ Contract 30 DOM
10. 2026-06-05
    days on market $199,900 Active w/ Contract 27 DOM
11. 2026-06-03
    days on market $199,900 Active w/ Contract 26 DOM
12. 2026-06-02
    days on market $199,900 Active w/ Contract 25 DOM
13. 2026-06-01
    days on market $199,900 Active w/ Contract 24 DOM
14. 2026-05-31
    days on market $199,900 Active w/ Contract 23 DOM
15. 2026-05-30
    days on market $199,900 Active w/ Contract 22 DOM
16. 2026-05-18
    historical Active w/ Contract 695-char remark
17. 2026-05-08
    listed $199,900 Active 695-char remark
18. 2026-04-05
    historical $890
19. 2026-03-31
    listed $890
20. 2024-06-20
    historical $890
21. 2024-05-12
    listed $890
22. 2024-05-03
    historical $890
23. 2024-05-01
    listed $890
24. 2024-04-15
    historical $1,095
25. 2024-04-10
    listed $1,095
26. 2024-04-10
    historical $1,095
27. 2024-03-13
    listed $1,095
28. 2001-08-01
    soldstatus $69,000

ⓘ 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: $1,881 · $157/mo
• Projected year-2 tax: $2,790 · $232/mo
• Expected delta: +$909/yr (+$76/mo · 48.3%)

ⓘ 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 2/10 Low 7 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,900
• − Mortgage interest: −$11,198
• − Property taxes: −$1,881
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,952
• − Management: −$2,952
• − Depreciation: −$5,815
• Taxable income: $11,103
• Est. tax owed @ 24.0%: −$2,665
• After-tax cash flow: $11,026/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: Appleton Area School District
• NCES district ID: 5500390
• Math proficiency: 33% ▼ -6.00%
• Reading proficiency: 36% ▼ -1.00%
• Median HH income: $53,892
• Composite: 30.3/100
• National rank: #6279
• State rank: #224 of 342 in WI

Livability — Appleton

• Score: 82/100
• State rank: #44
• US rank: #1073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Appleton, WI
• County: Outagamie County · 155,051 people
• City population: 126,671
• Metro: Appleton, WI
• Population (ZIP): 25,308
• Household income: $67,001
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 876.0

Population outlook (Outagamie County) Hauer SSP2

• Today (2025): 195,863 people
• By 2030: 201,154 · +2.7%
• By 2040: 209,053 · +6.7%
• By 2050: 211,957 · +8.2%
• By 2075: 214,299 · +9.4%
• By 2100: 200,825 · +2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Romanian 9% Iranian 5% Portuguese 4%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 90% English-only · Other Asian/Pacific 4% Spanish 3% Chinese 1%

Political lean MEDSL · Outagamie

• 2024 margin: R (+10.2) · D 44.2% · R 54.4% · Other 1.5%
• 2008→2024 swing: -21.8pp toward R · 2008: 11.6pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+9.9 2016: R+12.6 2012: R+1.8 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -237.96%
• Current HPI: 218.9027
• Rent YoY: ▲ 0.67%
• Metro: Appleton, WI
• 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

+189.7% since first listed

14 events — show timeline

• 2026-06-16 Pending — RANW
• 2026-05-18 Contingent — RANW
• 2026-05-08 Listed $199,900 RANW
• 2026-04-05 Rental Removed $890 APPFOLIO
• 2026-03-31 Listed for Rent $890 APPFOLIO
• 2024-06-20 Rental Removed $890 APPFOLIO
• 2024-05-12 Listed for Rent $890 APPFOLIO
• 2024-05-03 Rental Removed $890 APPFOLIO
• 2024-05-01 Listed for Rent $890 APPFOLIO
• 2024-04-15 Rental Removed $1,095 APPFOLIO
• 2024-04-10 Listed for Rent $1,095 APPFOLIO
• 2024-04-10 Rental Removed $1,095 APPFOLIO
• 2024-03-13 Listed for Rent $1,095 APPFOLIO
• 2001-08-01 Sold (Public Records) $69,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $1,881 · +5.4% YoY. Source: county tax records.