919 Bismarck Ave · Oshkosh, WI 54902

$289,900

4 bd · 2.0 ba · 2,436 sqft · MultiFamily public records · 79 Days on market

Built 1976 6,098 sqft lot $119/sqft · 35% above area Est $215k · 35% over ↓ 3% since listing

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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 +17.0/30.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 MLS

South side spacious duplex. This property presents a prime opportunity for either investment or owner occupancy. The property features independent utilities, along with a separate garage and a total of 5 outdoor parking spaces that offers plenty of parking. A spacious basement equipped with laundry facilities, Oversized rooms with ample storage throughout. A must see.

Key facts

• Laundry facilities
• Separate garage
• Spacious basement

Tags

• INDEPENDENT UTILITIES
• SEPARATE GARAGE
• SPACIOUS BASEMENT
• LAUNDRY FACILITIES
• AMPLE STORAGE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive. Per door: $98/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $277k (4.4% below list).
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.7% in Oshkosh — 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 85/100 on livability (#29 in WI, #574 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+.
• Oshkosh Area School District (urban): math 33% / reading 34% proficiency, ranked #246 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.6%/yr); 44 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• At $2,770/mo this rent would consume 51% of the median local household income ($66k/yr) (locally 873% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.

Recommended offer $272,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% 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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.96% ✗
• Cap rate: 7.11%
• Cash-on-cash: 2.91%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (median comp): $215,000
• List price: $289,900
• Delta: 34.84%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 Guenther St	0.26mi	4/2.0	2,520 (+3%)	6mo	$244,000	$97	78
214 Guenther St	0.27mi	4/2.0	2,520 (+3%)	6mo	$244,000	$97	77
503 W 5th Ave	0.55mi	5/3.0 (+1)	2,093 (-14%)	14mo	$244,000	$117	30

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 · 2.6% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.56×
• Total profit: $-35,508
• Equity at exit: $43,225

10-year hold

• IRR: -3.6%
• Equity multiple: 0.76×
• Total profit: $-19,148
• Equity at exit: $25,065

Cash invested: $81,172 (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 54902

• Rents YoY: 2.6%
• Active inventory: 44
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $2,770 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$350 /mo · $4,203/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$582
• Net cashflow: $197

Break-even live

Break-even rent $2,521

Max offer price $289,900

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,770
Total (2 units)			$2,770

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
953 W 6th Ave Unit NA Oshkosh, WI	4.0	2.0	1800	$1,748	$0.97	21d	1	0.13mi
904 W 8th Ave Oshkosh, WI	3.0	1.0	1759	$1,600	$0.91	13d	1	0.18mi
101 Algoma Blvd Unit 1332436P Oshkosh, WI	3.0	1.5	2798	$3,092	$1.11	43d	1	1.17mi
733 Wright St Oshkosh, WI	5.0	2.0	1642	$2,200	$1.34	43d	1	1.18mi
685 Franklin St Unit B Oshkosh, WI	4.0	2.0	1721	$1,700	$0.99	21d	1	1.20mi

Listing history 18 events

1. 2026-06-19
   days on market $289,900 Active 79 DOM
2. 2026-06-18
   days on market $289,900 Active 78 DOM
3. 2026-06-17
   days on market $289,900 Active 77 DOM
4. 2026-06-16
   days on market $289,900 Active 76 DOM
5. 2026-06-15
   days on market $289,900 Active 75 DOM
6. 2026-06-14
   days on market $289,900 Active 73 DOM
7. 2026-06-13
   statusdays on market $289,900 Active 72 DOM
8. 2026-06-10
   days on market $289,900 Active w/ Contract 70 DOM
9. 2026-06-09
   days on market $289,900 Active w/ Contract 69 DOM
10. 2026-06-08
    days on market $289,900 Active w/ Contract 68 DOM
11. 2026-06-07
    days on market $289,900 Active w/ Contract 67 DOM
12. 2026-06-02
    days on market $289,900 Active w/ Contract 62 DOM
13. 2026-06-01
    days on market $289,900 Active w/ Contract 61 DOM
14. 2026-05-31
    days on market $289,900 Active w/ Contract 60 DOM
15. 2026-05-30
    days on market $289,900 Active w/ Contract 59 DOM
16. 2026-05-05
    historical Active w/ Contract 371-char remark

    Show marketing remark (371 chars)

    South side spacious duplex. This property presents a prime opportunity for either investment or owner occupancy. The property features independent utilities, along with a separate garage and a total of 5 outdoor parking spaces that offers plenty of parking. A spacious basement equipped with laundry facilities, Oversized rooms with ample storage throughout. A must see.

17. 2026-04-24
    price $289,900 371-char remark

    Show marketing remark (371 chars)

    South side spacious duplex. This property presents a prime opportunity for either investment or owner occupancy. The property features independent utilities, along with a separate garage and a total of 5 outdoor parking spaces that offers plenty of parking. A spacious basement equipped with laundry facilities, Oversized rooms with ample storage throughout. A must see.

18. 2026-03-31
    listed $299,900 Active 371-char remark

    Show marketing remark (371 chars)

    South side spacious duplex. This property presents a prime opportunity for either investment or owner occupancy. The property features independent utilities, along with a separate garage and a total of 5 outdoor parking spaces that offers plenty of parking. A spacious basement equipped with laundry facilities, Oversized rooms with ample storage throughout. A must see.

ⓘ 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: $4,203 · $350/mo
• Projected year-2 tax: $4,783 · $399/mo
• Expected delta: +$580/yr (+$48/mo · 13.8%)

ⓘ 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 · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,240
• − Mortgage interest: −$16,239
• − Property taxes: −$4,203
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,659
• − Management: −$2,659
• − Depreciation: −$8,433
• Taxable loss: −$2,404
• Est. tax savings @ 24.0%: +$577
• After-tax cash flow: $2,940/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: Oshkosh Area School District
• NCES district ID: 5511190
• Math proficiency: 33% ▼ -7.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $48,048
• Composite: 28.92/100
• National rank: #6634
• State rank: #246 of 342 in WI

Livability — Oshkosh

• Score: 85/100
• State rank: #29
• US rank: #574

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oshkosh, WI
• County: Winnebago County · 155,689 people
• City population: 81,810
• Metro: Oshkosh-Neenah, WI
• Population (ZIP): 22,243
• Household income: $65,612
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 873.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 175,480 people
• By 2030: 177,928 · +1.4%
• By 2040: 180,873 · +3.1%
• By 2050: 181,302 · +3.3%
• By 2075: 184,071 · +4.9%
• By 2100: 175,932 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Asian 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 6% Portuguese 4% Lithuanian 3%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Other Asian/Pacific 2% Spanish 2%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: -16.4pp toward R · 2008: 11.7pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+4.0 2016: R+7.4 2012: D+3.8 2008: D+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.03%
• Current HPI: 187.4917
• Rent YoY: ▲ 2.60%
• Metro: Oshkosh-Neenah, 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

-3.3% since first listed

3 events — show timeline

• 2026-05-05 Contingent — RANW
• 2026-04-24 Price Changed $289,900 RANW
• 2026-03-31 Listed $299,900 RANW

Property tax history

+2.6%/yr

Latest (2024): $4,203 · +9.1% YoY. Source: county tax records.