428 N Farwell St · Eau Claire, WI 54703

$120,000

2 bd · 2.0 ba · 1,580 sqft · MultiFamily public records · 4 Days on market

Built 1881 3,920 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.5/5.0
• Schools +3.5/10.0
• Rent growth +3.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Solid home with a lot of potential. Home consists of two units. Main level has been occupied by seller for 35 years; upper-level apartment has been vacant for the last 10 years. Great investment opportunity or live in while updating apartment. Being sold AS-IS.

Key facts

• 3,920 sq ft lot
• Built 1881
• Listed 4 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Cap rate 23.8% vs local median 2.4% in Eau Claire — 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 89/100 on livability (#10 in WI, #121 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+.
• Eau Claire Area School District (urban): math 38% / reading 43% proficiency, ranked #150 of 342 in WI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 212 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 583 units permitted in Eau Claire County in 2024 (325 in 5+ unit buildings).
• At $3,263/mo this rent would consume 55% of the median local household income ($72k/yr) (locally 1614% 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 $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Eau Claire County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 1881 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1881 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 2.72% ✓
• Cap rate: 23.76%
• Cash-on-cash: 62.37%
• DSCR: 3.77
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.01% rent growth · sell at horizon

5-year hold

• IRR: 60.2%
• Equity multiple: 3.64×
• Total profit: $88,609
• Equity at exit: $17,892

10-year hold

• IRR: 64.5%
• Equity multiple: 7.18×
• Total profit: $207,633
• Equity at exit: $10,375

Cash invested: $33,600 (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 54703

• Rents YoY: 2.0%
• Active inventory: 212
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,263 high
• Mortgage (P&I): −$629
• Tax from tax record: −$152 /mo · $1,826/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$685
• Net cashflow: $1,746

Break-even live

Break-even rent $1,053

Max offer price $120,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,264
Total (2 units)			$3,263

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
224 N Barstow St Eau Claire, WI	1.0–2.0	1.0–2.0	828	$2,350	$2.84	13d	20	0.13mi
315 Riverfront Ter Eau Claire, WI	1.0–2.0	1.0–2.0	974	$1,725	$1.77	43d	10	0.18mi
100 N Farwell St Eau Claire, WI	2.0	1.0–2.0	787	$2,950	$3.75	13d	13	0.21mi
325 Main St Eau Claire, WI	2.0	1.0–2.0	777	$2,300	$2.96	43d	39	0.49mi
2016 N Oxford Ave Eau Claire, WI	2.0	1.0–2.0	1023	$2,600	$2.54	13d	33	0.49mi
816 Porter Ave Unit 211 Eau Claire, WI	2.0	1.5	1074	$2,450	$2.28	43d	1	0.79mi
816 Porter Ave Eau Claire, WI	2.0	1.0–1.5	1013	$2,200	$2.17	13d	3	0.81mi
639 Niagara St Eau Claire, WI	3.0	1.0	1300	$1,300	$1.00	13d	1	1.10mi

Listing history 6 events

1. 2026-04-21
   status Pending 261-char remark

   Show marketing remark (261 chars)

   Solid home with a lot of potential. Home consists of two units. Main level has been occupied by seller for 35 years; upper-level apartment has been vacant for the last 10 years. Great investment opportunity or live in while updating apartment. Being sold AS-IS.

2. 2026-04-21
   status Pending 261-char remark

   Show marketing remark (261 chars)

   Solid home with a lot of potential. Home consists of two units. Main level has been occupied by seller for 35 years; upper-level apartment has been vacant for the last 10 years. Great investment opportunity or live in while updating apartment. Being sold AS-IS.

3. 2026-04-21
   status Pending 261-char remark

   Show marketing remark (261 chars)

   Solid home with a lot of potential. Home consists of two units. Main level has been occupied by seller for 35 years; upper-level apartment has been vacant for the last 10 years. Great investment opportunity or live in while updating apartment. Being sold AS-IS.

4. 2026-04-17
   listed $120,000 Active 261-char remark

   Show marketing remark (261 chars)

   Solid home with a lot of potential. Home consists of two units. Main level has been occupied by seller for 35 years; upper-level apartment has been vacant for the last 10 years. Great investment opportunity or live in while updating apartment. Being sold AS-IS.

5. 2026-04-17
   listed $120,000 Active 261-char remark

   Show marketing remark (261 chars)

   Solid home with a lot of potential. Home consists of two units. Main level has been occupied by seller for 35 years; upper-level apartment has been vacant for the last 10 years. Great investment opportunity or live in while updating apartment. Being sold AS-IS.

6. 2026-04-17
   listed $120,000 Active 261-char remark

   Show marketing remark (261 chars)

   Solid home with a lot of potential. Home consists of two units. Main level has been occupied by seller for 35 years; upper-level apartment has been vacant for the last 10 years. Great investment opportunity or live in while updating apartment. Being sold AS-IS.

ⓘ 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: $1,826 · $152/mo
• Projected year-2 tax: $2,023 · $169/mo
• Expected delta: +$197/yr (+$16/mo · 10.8%)

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,156
• − Mortgage interest: −$6,722
• − Property taxes: −$1,826
• − Insurance: −$600
• − Repairs & maintenance: −$3,132
• − Management: −$3,132
• − Depreciation: −$3,491
• Taxable income: $20,252
• Est. tax owed @ 24.0%: −$4,860
• After-tax cash flow: $16,095/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: Eau Claire Area School District
• NCES district ID: 5504050
• Math proficiency: 38% ▼ -9.00%
• Reading proficiency: 43% ▬ 0.00%
• Median HH income: $48,206
• Composite: 34.72/100
• National rank: #5135
• State rank: #150 of 342 in WI

Livability — Eau Claire

• Score: 89/100
• State rank: #10
• US rank: #121

Category grades

Amenities A+ 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: Eau Claire, WI
• County: Eau Claire County · 96,114 people
• City population: 87,167
• Metro: Eau Claire, WI
• Population (ZIP): 44,153
• Household income: $71,518
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1614.0

Population outlook (Eau Claire County) Hauer SSP2

• Today (2025): 109,006 people
• By 2030: 112,587 · +3.3%
• By 2040: 118,674 · +8.9%
• By 2050: 124,085 · +13.8%
• By 2075: 135,804 · +24.6%
• By 2100: 139,875 · +28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Asian 6% Two or more races 4% Hispanic / Latino 4% Black 2%
• Common ancestry: Portuguese 16% Romanian 5% Lithuanian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 92% English-only · Other Asian/Pacific 4% Spanish 3%

Political lean MEDSL · Eau Claire

• 2024 margin: D (+10.6) · D 54.6% · R 44.0% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 22.1pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+10.8 2016: D+7.3 2012: D+13.6 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.20%
• Current HPI: 218.2747
• Rent YoY: ▲ 2.01%
• Metro: Eau Claire, 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

+0.0% since first listed

6 events — show timeline

• 2026-04-21 Pending — WWRA
• 2026-04-21 Pending — RANWW
• 2026-04-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $120,000 RANWW
• 2026-04-17 Listed $120,000 WWRA

Property tax history

+3.7%/yr

Latest (2025): $1,826 · +3.1% YoY. Source: county tax records.