500 S 2nd St · Watertown, WI 53094

$359,900

None bd · None ba · — sqft · MultiFamily · 5 Days on market

Built 1940 Poor condition 4,356 sqft lot

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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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

RARE INVESTMENT OPPORTUNITY! Schedule your private showing today! 5 Units total, 4 unit types. Unit 5 is currently vacant. Rents are $700, $795, $800, $825

Key facts

• 4,356 sq ft lot
• Built 1940
• Listed 5 days

Property features AI

Finance

• Other: Five units in building; Commercial zoning

Exterior

• Parking: Outdoor parking; On-site parking; Outside parking spaces
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Apartment building; 1–2 stories
• Construction: Brick/stone exterior
• Exterior features: Brick exterior; Less than 1/2 acre lot

Interior

• Heating & cooling: Hot water/steam heating; Individual heating units; Natural gas fuel
• Interior features: Full basement
• Laundry & utility: Washer and dryer in unit #2

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $360k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $332/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $360k).
• Cap rate 10.7% vs local median 2.2% in Watertown — 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 72/100 on livability (#224 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment D+, commute F.
• Watertown Unified School District (town): math 36% / reading 34% proficiency, ranked #221 of 342 in WI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 94 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 145 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• At $4,831/mo this rent would consume 79% of the median local household income ($73k/yr) (locally 394% 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 $11k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 4y 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 $295k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $359,900

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1940 — 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: 1.34% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.83%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 S 4th St	0.11mi	—/—	3,270	1mo	$313,000	$96	81
301 S 2nd St	0.11mi	—/—	—	2mo	$259,500	—	81
308 S 7th St #310	0.26mi	6/2.0	2,088	3mo	$292,000	$140	72
409 S 6th St	0.22mi	5/2.0	1,898	8mo	$306,500	$161	71
215 S Church St Unit 215 1/2	0.26mi	5/3.0	2,015	6mo	$215,000	$107	71
301 S Montgomery St Unit 301 1/2	0.32mi	4/2.0	2,036	5mo	$177,500	$87	68
815 Market St	0.41mi	4/2.0	2,459	1mo	$214,900	$87	68
908 E Main St	0.47mi	4/2.0	2,244	0mo	$205,000	$91	66
109 N 9th St	0.46mi	2/2.0	1,760	1mo	$200,000	$114	65
208 N 5th St	0.34mi	4/2.0	4,225	10mo	$231,500	$55	63
219 Emerald St	0.51mi	5/2.0	2,238	2mo	$160,000	$71	62
204 N Church St	0.43mi	5/2.0	2,820	7mo	$205,000	$73	62

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: 6.7%
• Equity multiple: 1.26×
• Total profit: $26,418
• Equity at exit: $53,662

10-year hold

• IRR: 16.1%
• Equity multiple: 2.31×
• Total profit: $132,318
• Equity at exit: $31,118

Cash invested: $100,772 (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 53094

• Active inventory: 94
• Price-to-rent: 24.8×

Monthly cashflow live

• Estimated rent: $4,831 high
• Mortgage (P&I): −$1,887
• Tax est. 1.5%: −$450 /mo · $5,398/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,015
• Net cashflow: $1,329

Break-even live

Break-even rent $3,148

Max offer price $359,900

Occupancy floor 67%

Sensitivity live

Price	-10% $1,578	-5% $1,454	+0% $1,329	+5% $1,205	+10% $1,081
Rent	-10% $948	-5% $1,138	+0% $1,329	+5% $1,520	+10% $1,711
Rate	-1.0pp $1,511	-0.5pp $1,421	base $1,329	+0.5pp $1,236	+1.0pp $1,141

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$4,832
Total (4 units)			$4,831

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 S 6th St Unit B Watertown, WI	1.0	1.0	—	$825	—	24d	1	0.22mi
701 S 6th St Apt A Watertown, WI	3.0	1.0	950	$1,425	$1.50	4d	1	0.24mi
210 N Church St Unit 210 1/2 Watertown, WI	2.0	1.0	1400	$1,450	$1.04	17d	1	0.45mi
1023 W Main St Unit D1 Watertown, WI	1.0	1.0	710	$1,500	$2.11	5d	1	1.29mi
1023 W Main St Apt 3E Watertown, WI	2.0	1.0	820	$1,350	$1.65	24d	1	1.31mi
1023 W Main St Unit C1 Watertown, WI	2.0	1.0	820	$1,375	$1.68	24d	1	1.31mi
1023 W Main St Unit C6 Watertown, WI	1.0	1.0	710	$1,200	$1.69	12d	1	1.31mi
1023 W Main St Unit D8 Watertown, WI	2.0	1.0	820	$1,400	$1.71	12d	1	1.31mi
1023 W Main St Apt 2C Watertown, WI	1.0	1.0	710	$1,225	$1.73	24d	1	1.31mi
1023 W Main St Unit B3 Watertown, WI	1.0	1.0	710	$1,195	$1.68	24d	1	1.31mi
111 Hospital Dr Unit 117-5 Watertown, WI	2.0	1.0	—	$1,095	—	17d	1	1.38mi

Listing history 21 events

1. 2026-06-02
   statusdays on market $359,900 Pending 5 DOM
2. 2026-06-01
   days on market $359,900 Active 4 DOM
3. 2026-05-31
   days on market $359,900 Active 3 DOM
4. 2026-05-28
   listed $359,900 Active
5. 2026-04-02
   historical 157-char remark

   Show marketing remark (157 chars)

   RARE INVESTMENT OPPORTUNITY! Schedule your private showing today! 5 Units total, 4 unit types. Unit 5 is currently vacant. Rents are $700, $795, $800, $825

6. 2026-03-10
   price $364,900 157-char remark

   Show marketing remark (157 chars)

   RARE INVESTMENT OPPORTUNITY! Schedule your private showing today! 5 Units total, 4 unit types. Unit 5 is currently vacant. Rents are $700, $795, $800, $825

7. 2026-02-20
   historical 66-char remark

   Show marketing remark (66 chars)

   RARE INVESTMENT OPPORTUNITY! Schedule your private showing today!

8. 2026-02-19
   status Active 66-char remark

   Show marketing remark (157 chars)

   RARE INVESTMENT OPPORTUNITY! Schedule your private showing today! 5 Units total, 4 unit types. Unit 5 is currently vacant. Rents are $700, $795, $800, $825

9. 2026-02-19
   listed $379,900 Active 157-char remark

   Show marketing remark (157 chars)

   RARE INVESTMENT OPPORTUNITY! Schedule your private showing today! 5 Units total, 4 unit types. Unit 5 is currently vacant. Rents are $700, $795, $800, $825

10. 2026-02-09
    status Pending 66-char remark

    Show marketing remark (66 chars)

    RARE INVESTMENT OPPORTUNITY! Schedule your private showing today!

11. 2026-02-04
    status Active 66-char remark

    Show marketing remark (66 chars)

    RARE INVESTMENT OPPORTUNITY! Schedule your private showing today!

12. 2026-02-01
    status Pending 66-char remark

    Show marketing remark (66 chars)

    RARE INVESTMENT OPPORTUNITY! Schedule your private showing today!

13. 2026-01-27
    listed $379,900 Active 66-char remark

    Show marketing remark (66 chars)

    RARE INVESTMENT OPPORTUNITY! Schedule your private showing today!

14. 2024-04-05
    historical $795
15. 2024-03-22
    listed $795
16. 2023-11-13
    historical $795
17. 2023-11-11
    listed $795
18. 2022-12-23
    soldstatus $295,000 Sold
19. 2022-11-25
    historical Contingent
20. 2022-11-22
    price $309,900
21. 2022-10-31
    listed $324,500 Active

ⓘ 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: $57,972
• − Mortgage interest: −$20,160
• − Property taxes: −$5,398
• − Insurance: −$1,800
• − Repairs & maintenance: −$4,638
• − Management: −$4,638
• − Depreciation: −$10,470
• Taxable income: $10,869
• Est. tax owed @ 24.0%: −$2,608
• After-tax cash flow: $13,343/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 · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive exterior renovations and landscaping to improve its curb appeal and rental value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major exterior paint — Significant peeling and discoloration
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both exterior renovation — Improves curb appeal and rental value
• Both landscaping — Enhances curb appeal and rental value
• Both paint exterior — Enhances curb appeal and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
exterior paint · Significant peeling and discoloration	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior renovation — Improves curb appeal and rental value ↑
• Both landscaping — Enhances curb appeal and rental value ↑
• Both paint exterior — Enhances curb appeal and rental value ↑

ⓘ 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: Watertown Unified School District
• NCES district ID: 5515750
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $51,521
• Composite: 30.51/100
• National rank: #6216
• State rank: #221 of 342 in WI

Livability — Watertown

• Score: 72/100
• State rank: #224
• US rank: #5940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watertown, WI
• County: Jefferson County · 17,998 people
• City population: 29,351
• Metro: Watertown-Fort Atkinson, WI
• Population (ZIP): 17,998
• Household income: $73,443
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 394.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 86,617 people
• By 2030: 86,818 · +0.2%
• By 2040: 85,552 · -1.2%
• By 2050: 81,765 · -5.6%
• By 2075: 68,937 · -20.4%
• By 2100: 55,854 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 8% Portuguese 5% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -17.2pp toward R · 2008: 0.8pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.2 2016: R+16.2 2012: R+7.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.27%
• Current HPI: 203.7595
• Rent YoY: —
• Metro: Watertown-Fort Atkinson, 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

+10.9% since first listed

18 events — show timeline

• 2026-05-28 Listed $359,900 METROMLS
• 2026-04-02 Listing Removed — METROMLS
• 2026-03-10 Price Changed $364,900 METROMLS
• 2026-02-20 Listing Removed — METROMLS
• 2026-02-19 Relisted — METROMLS
• 2026-02-19 Listed $379,900 METROMLS
• 2026-02-09 Pending — METROMLS
• 2026-02-04 Relisted — METROMLS
• 2026-02-01 Pending — METROMLS
• 2026-01-27 Listed $379,900 METROMLS
• 2024-04-05 Rental Removed $795 APPFOLIO
• 2024-03-22 Listed for Rent $795 APPFOLIO
• 2023-11-13 Rental Removed $795 APPFOLIO
• 2023-11-11 Listed for Rent $795 APPFOLIO
• 2022-12-23 Sold (MLS) $295,000 METROMLS
• 2022-11-25 Contingent — METROMLS
• 2022-11-22 Price Changed $309,900 METROMLS
• 2022-10-31 Listed $324,500 METROMLS