1028 Banks Ave · Superior, WI 54880

$329,000

15 bd · 20.0 ba · 2,260 sqft · MultiFamily · 1 Days on market

Built 1914 3,920 sqft lot ↓ 11% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Fully leased 5-plex in a prime Superior location! Situated on the corner of Banks Avenue and N 11th Street, this solid, well-maintained property features three 1-bedroom units and two studio apartments. The building offers a full poured-concrete basement and strong rental history. Several units have been updated, with opportunity to add value as others turn over. Per the seller, the Weil-McLain boiler and heating components have been upgraded, and the roof has been recently replaced. Currently generating approximately $3,935 per month in rental income with average monthly expenses of about $960 (utilities, taxes, and insurance) — this is a great opportunity for steady cash flow and continued equity growth!

Key facts

• Superior location
• Weil-mclain boiler
• 3,920 sq ft lot

Tags

• SUPERIOR LOCATION
• FULL POURED-CONCRETE BASEMENT
• STRONG RENTAL HISTORY
• WEIL-MCLAIN BOILER
• HEATING COMPONENTS UPGRADED
• ROOF RECENTLY REPLACED

Property features AI

Finance

• Financial info: Total property taxes reported for 2025

Exterior

• Home design: Multi-Family property; 2-story building
• Exterior features: Lot approximately 0.09 acre

Interior

• Bedrooms: Unit 1: studio (no separate bedroom); Unit 2: 1 bedroom; Unit 3: 1 bedroom; Unit 4: 1 bedroom; One additional unit (details not specified)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath; Unit 3: 1 full bath; Unit 4: 1 full bath; One additional unit (bathroom details not specified)
• Interior features: Five-unit multi-family building

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/4.0-bath units multifamily listed at $329k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $644/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $329k).
• Cap rate 18.0% vs local median 4.6% in Superior — 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 86/100 on livability (#21 in WI, #337 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-.
• Superior School District (suburban): math 23% / reading 34% proficiency, ranked #290 of 342 in WI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.8%/yr); 168 active listings in the ZIP; 110 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).
• At $6,952/mo this rent would consume 122% of the median local household income ($68k/yr) (locally 1018% 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 $10k of value loss. Plan a longer hold.
• Douglas County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $92k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $329,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 2.11% ✓
• Cap rate: 18.03%
• Cash-on-cash: 41.92%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.76% rent growth · sell at horizon

5-year hold

• IRR: 38.3%
• Equity multiple: 2.63×
• Total profit: $150,102
• Equity at exit: $49,055

10-year hold

• IRR: 44.7%
• Equity multiple: 5.21×
• Total profit: $388,242
• Equity at exit: $28,446

Cash invested: $92,120 (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 54880

• Rents YoY: 2.8%
• Active inventory: 168
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $6,952 medium
• Mortgage (P&I): −$1,725
• Tax est. 1.5%: −$411 /mo · $4,935/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,460
• Net cashflow: $3,218

Break-even live

Break-even rent $2,878

Max offer price $329,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	4	$6,950
Total (5 units)			$6,952

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-17
   days on marketlisting id $329,000 Active 1 DOM
2. 2026-06-17
   days on market $329,000 Active 4 DOM
3. 2026-06-16
   days on market $329,000 Active 3 DOM
4. 2026-06-15
   days on market $329,000 Active 2 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $329,000 Active 1 DOM

ⓘ 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: $83,424
• − Mortgage interest: −$18,429
• − Property taxes: −$4,935
• − Insurance: −$1,645
• − Repairs & maintenance: −$6,674
• − Management: −$6,674
• − Depreciation: −$9,571
• Taxable income: $35,496
• Est. tax owed @ 24.0%: −$8,519
• After-tax cash flow: $30,102/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: Superior School District
• NCES district ID: 5514670
• Math proficiency: 23% ▼ -12.00%
• Reading proficiency: 34% ▼ -4.00%
• Median HH income: $43,659
• Composite: 24.31/100
• National rank: #7711
• State rank: #290 of 342 in WI

Livability — Superior

• Score: 86/100
• State rank: #21
• US rank: #337

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Superior, WI
• County: Douglas County · 30,312 people
• City population: 30,312
• Metro: Duluth, MN-WI
• Population (ZIP): 30,312
• Household income: $68,275
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1018.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 42,505 people
• By 2030: 41,269 · -2.9%
• By 2040: 37,829 · -11.0%
• By 2050: 34,043 · -19.9%
• By 2075: 25,892 · -39.1%
• By 2100: 19,487 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 2% Black 1% Asian 1% Native American 1%
• Common ancestry: Portuguese 10% Romanian 9% Lithuanian 4%
• Foreign-born: 2% · China, Vietnam
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Douglas

• 2024 margin: Lean D (+5.3) · D 52.0% · R 46.6% · Other 1.4%
• 2008→2024 swing: -27.9pp toward R · 2008: 33.2pp · 2024: 5.3pp
• All cycles: 2024: D+5.3 2020: D+9.3 2016: D+7.6 2012: D+31.3 2008: D+33.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.80%
• Current HPI: 226.557
• Rent YoY: ▲ 2.76%
• Metro: Duluth, MN-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

-10.8% since first listed

12 events — show timeline

• 2026-06-13 Listed $329,000 SAAR
• 2026-06-13 Listed $329,000 LSAR
• 2026-02-09 Rental Removed $800 RENTEC
• 2026-02-01 Delisted — SAAR
• 2026-02-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-29 Listed for Rent $800 RENTEC
• 2025-10-28 Price Changed $350,000 SAAR
• 2025-10-28 Price Changed $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-21 Listed $369,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-21 Listed $369,000 SAAR
• 2025-04-12 Rental Removed $850 RENTEC
• 2025-04-03 Listed for Rent $850 RENTEC