504 E Division St #506 · Watertown, WI 53098

$329,900

None bd · None ba · 2,650 sqft · MultiFamily · 7 Days on market

Built 1900 Poor condition 6,969 sqft lot Est $286k · 15% over

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Why this score? — see what drove the C- 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 +25.3/30.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• ARV discount +0.6/15.0
• 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

THE UNIQUE PROPERTY YOU'VE BEEN WAITING FOR, IN THE HEART OF WATERTOWN! This property features a single family home AND a duplex on the same lot! 504 E Division St has a new furnace! Schedule your private showing before it's too late!

Key facts

• New furnace
• Single family home
• 6,969 sq ft lot

Tags

• SINGLE FAMILY HOME
• NEW FURNACE

Property features AI

Finance

• Other: Zoned residential; Inclusions: refrigerator and two ovens; Exclusions: tenant's personal property

Exterior

• Parking: Outdoor parking; Indoor parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Duplex+ building type; 1–2 stories
• Construction: Information source: Assessor/Public Record
• Exterior features: Brick/stone exterior; Brick exterior; Lot under 1/2 acre

Interior

• Kitchen: Refrigerator; Two ovens
• Heating & cooling: Natural gas heat
• Interior features: Full basement; Three-unit building

What this means for you Summary

Snapshot

• This is a multifamily listed at $330k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $745 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• Cap rate 9.0% 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: 40 active listings in the ZIP; 229 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).
• At $3,829/mo this rent would consume 62% of the median local household income ($74k/yr) (locally 214% 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.
• Dodge County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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 $240k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $329,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.16% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.68%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $286,200
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
815 Market St	0.39mi	4/2.0	2,459 (-7%)	1mo	$214,900	$87	69
204 N Church St	0.52mi	5/2.0	2,820 (+6%)	7mo	$205,000	$73	60
210 N Church St	0.51mi	4/2.0	2,315 (-13%)	12mo	$240,000	$104	45
765 Nelson Ln #767	0.68mi	6/3.0	2,456 (-7%)	13mo	$410,000	$167	45
416 S Washington St	0.71mi	5/2.0	2,556 (-4%)	22mo	$274,900	$108	43
761 Nelson Ln #763	0.67mi	6/3.0	2,280 (-14%)	15mo	$352,000	$154	33

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: -1.7%
• Equity multiple: 0.94×
• Total profit: $-5,948
• Equity at exit: $49,189

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $56,158
• Equity at exit: $28,524

Cash invested: $92,372 (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 53098

• Active inventory: 40
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $3,829 high
• Mortgage (P&I): −$1,730
• Tax est. 1.5%: −$412 /mo · $4,948/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$804
• Net cashflow: $745

Break-even live

Break-even rent $2,886

Max offer price $329,900

Occupancy floor 76%

Sensitivity live

Price	-10% $973	-5% $859	+0% $745	+5% $631	+10% $517
Rent	-10% $443	-5% $594	+0% $745	+5% $896	+10% $1,048
Rate	-1.0pp $911	-0.5pp $829	base $745	+0.5pp $660	+1.0pp $573

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,828
Total (3 units)			$3,829

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-19
   listed $329,900 Active
2. 2026-04-02
   historical 235-char remark

   Show marketing remark (235 chars)

   THE UNIQUE PROPERTY YOU'VE BEEN WAITING FOR, IN THE HEART OF WATERTOWN! This property features a single family home AND a duplex on the same lot! 504 E Division St has a new furnace! Schedule your private showing before it's too late!

3. 2026-02-09
   listed $364,900 Active 235-char remark

   Show marketing remark (235 chars)

   THE UNIQUE PROPERTY YOU'VE BEEN WAITING FOR, IN THE HEART OF WATERTOWN! This property features a single family home AND a duplex on the same lot! 504 E Division St has a new furnace! Schedule your private showing before it's too late!

4. 2023-11-15
   soldstatus $240,000 37-char remark

   Show marketing remark (37 chars)

   One Party Listing- comp purposes only

5. 2023-10-15
   listed $240,000 37-char remark

   Show marketing remark (37 chars)

   One Party Listing- comp purposes only

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥102°F today · 13 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: $45,948
• − Mortgage interest: −$18,480
• − Property taxes: −$4,948
• − Insurance: −$1,650
• − Repairs & maintenance: −$3,676
• − Management: −$3,676
• − Depreciation: −$9,597
• Taxable income: $3,922
• Est. tax owed @ 24.0%: −$941
• After-tax cash flow: $7,999/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 repairs and maintenance, including exterior paint, brick repair, and landscaping. Immediate updates will significantly enhance its resale and rental value.

Repairs flagged

• Major exterior paint — Peeling paint
• Major exterior bricks — Chipped bricks
• Major interior paint — Peeling paint
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Both exterior paint job — Enhances curb appeal and property value
• Both exterior brick repair — Restores structural integrity and enhances property value
• Both interior paint job — Enhances interior appearance and property value
• Both landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Peeling paint	Major	$15,000–50,000
exterior bricks · Chipped bricks	Major	$15,000–50,000
interior paint · Peeling paint	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior paint job — Enhances curb appeal and property value ↑
• Both exterior brick repair — Restores structural integrity and enhances property value ↑
• Both interior paint job — Enhances interior appearance and property value ↑
• Both landscaping — Enhances curb appeal and property 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: Dodge County · 34,161 people
• City population: 29,351
• Metro: Beaver Dam, WI
• Population (ZIP): 11,353
• Household income: $74,431
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 214.0

Population outlook (Dodge County) Hauer SSP2

• Today (2025): 88,405 people
• By 2030: 87,650 · -0.9%
• By 2040: 84,919 · -3.9%
• By 2050: 80,674 · -8.7%
• By 2075: 73,062 · -17.4%
• By 2100: 63,985 · -27.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 11% Two or more races 8%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 6% Portuguese 6% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 90% English-only · Spanish 8% Arabic 1% German/W. Germanic 1%

Political lean MEDSL · Dodge

• 2024 margin: Solid R (+32.9) · D 32.8% · R 65.8% · Other 1.4%
• 2008→2024 swing: -24.0pp toward R · 2008: -8.9pp · 2024: -32.9pp
• All cycles: 2024: R+32.9 2020: R+31.0 2016: R+29.6 2012: R+14.5 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -129.73%
• Current HPI: 206.5439
• Rent YoY: —
• Metro: Beaver Dam, 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

+37.5% since first listed

5 events — show timeline

• 2026-05-19 Listed $329,900 METROMLS
• 2026-04-02 Listing Removed — METROMLS
• 2026-02-09 Listed $364,900 METROMLS
• 2023-11-15 Sold (MLS) $240,000 METROMLS
• 2023-10-15 Listed $240,000 METROMLS