513 Ceape Ave · Oshkosh, WI 54901

$199,900

4 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 14 Days on market

Built 1920 6,969 sqft lot Est $184k · 8% over

---

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 +25.8/30.0
• DSCR +8.7/10.0
• 1% rule +6.9/10.0
• Livability +4.2/5.0
• ARV discount +3.7/15.0
• Rent growth +3.7/5.0
• Schools +2.9/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Welcome Home! This duplex is located on the North side of Oshkosh. Perfect opportunity for house hackers, or investors looking to add more to their portfolio. The lower unit is beautifully updated! Heating type is boiler heat. This is located within walking distance of Lake Winnebago, perfect for the hot summers! Please allow 24 hour binding acceptance per seller. Upper is month to month.

Key facts

• Boiler heating
• Solid rental history
• Lake winnebago

Tags

• LAKE WINNEBAGO
• DOWNTOWN OSHKOSH
• SOLID RENTAL HISTORY
• BOILER HEATING
• LAUNDRY HOOKUPS
• SHARED ACCESS

Property features AI

Finance

• Other: Two refrigerators and two stoves included; sellers' and tenants' personal property excluded
• Financial info: Property type: Multi-family (2 units)

Exterior

• Parking: Outdoor parking
• Utilities: Municipal water; Municipal sewer; Electric service (implied); Heating fuel listed as other (see remarks)
• Home design: Multi-family duplex; Combination of 2-story and bi-level design; Estimated total livable area range 1,751–2,000
• Construction: Fiber cement siding; Information source for year built: Assessor/Public Record
• Exterior features: Fiber cement exterior; Lot size about 0.16 acres; Zoned for 2-family/duplex residential

Interior

• Kitchen: Unit 2 kitchen approx. 11 x 5; Two stoves and two refrigerators included
• Bedrooms: Each unit has 2 bedrooms; Unit 2 bedroom sizes: Master 12 x 12, Second 12 x 11
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Boiler heating
• Interior features: Full stone basement; Two separate units (duplex)
• Laundry & utility: Boiler heating (fuel: other — see remarks)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $488 ($6k/yr) — positive. Per door: $244/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 9.2% 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 fast (+5.0%/yr); 82 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• At $2,376/mo this rent would consume 46% of the median local household income ($62k/yr) (locally 1484% 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $154k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,900

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. Built in 1920 — 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: 1.19% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $184,320
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
647 Waugoo Ave	0.22mi	4/2.0	1,940 (+1%)	13mo	$176,900	$91	77
508 Ceape Ave	0.03mi	3/2.0 (-1)	1,800 (-6%)	10mo	$175,000	$97	75
701 Otter Ave	0.21mi	5/2.0 (+1)	2,075 (+8%)	8mo	$200,000	$96	65
322 Hudson Ave	0.54mi	4/2.0	1,920 (0%)	13mo	$200,000	$104	64
821 E Parkway Ave	0.63mi	4/2.0	1,820 (-5%)	12mo	$185,000	$102	52
348 Bay St	0.27mi	3/2.0 (-1)	1,756 (-8%)	20mo	$144,900	$83	52
567 Mt Vernon St	0.56mi	4/2.0	2,112 (+10%)	11mo	$183,000	$87	48
514 Evans St	0.53mi	4/2.0	1,816 (-5%)	22mo	$145,000	$80	48
615 Mt Vernon St	0.63mi	3/3.0 (-1)	2,076 (+8%)	2mo	$164,000	$79	46
24 W 11th Ave	0.51mi	4/2.0	1,764 (-8%)	23mo	$199,000	$113	44
644 Boyd St	0.69mi	4/2.0	2,064 (+8%)	23mo	$232,000	$112	36

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 · 4.97% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $3,512
• Equity at exit: $29,806

10-year hold

• IRR: 13.1%
• Equity multiple: 2.14×
• Total profit: $63,736
• Equity at exit: $17,284

Cash invested: $55,972 (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 54901

• Rents YoY: 5.0%
• Active inventory: 82
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $2,376 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$258 /mo · $3,093/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $488

Break-even live

Break-even rent $1,759

Max offer price $199,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,376
Total (2 units)			$2,376

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1113 Harney Ave Unit 1061625P Oshkosh, WI	3.0	2.0	1991	$3,154	$1.58	13d	1	0.44mi
513 Evans St Unit 1514469P Oshkosh, WI	3.0	1.5	1270	$2,909	$2.29	20d	1	0.50mi
319 E Irving Ave Oshkosh, WI	3.0	1.5	1384	$1,250	$0.90	43d	1	0.74mi
95 Dawes St Oshkosh, WI	3.0	2.0	1520	$1,650	$1.09	43d	1	0.79mi
500 Marion Rd Unit F204 Oshkosh, WI	4.0	2.0	1528	$2,000	$1.31	20d	1	0.83mi
685 Franklin St Unit B Oshkosh, WI	4.0	2.0	1721	$1,700	$0.99	20d	1	0.88mi
306 Wisconsin St Oshkosh, WI	3.0	1.0	1500	$1,500	$1.00	43d	1	0.89mi
306 Wisconsin St Oshkosh, WI	4.0	1.0	1500	$2,000	$1.33	20d	1	0.89mi
728 Franklin St Oshkosh, WI	5.0	1.0	1540	$2,250	$1.46	20d	1	0.94mi
418 W Irving Ave Oshkosh, WI	4.0	1.5	1536	$2,225	$1.45	43d	1	0.95mi
733 Wright St Oshkosh, WI	5.0	2.0	1642	$2,200	$1.34	43d	1	1.02mi
825 Wisconsin St Apt 3A Oshkosh, WI	4.0	1.0	1400	$1,449	$1.03	43d	1	1.14mi
825 Wisconsin St Unit 2C Oshkosh, WI	4.0	1.0	1400	$1,399	$1.00	20d	1	1.14mi
1745 Oregon St Oshkosh, WI	1.0–3.0	1.0–2.0	1079	$1,491	$1.38	13d	6	1.14mi
835 Wisconsin St Unit 2D Oshkosh, WI	4.0	1.0	1400	$1,399	$1.00	20d	1	1.16mi
904 W 8th Ave Oshkosh, WI	3.0	1.0	1759	$1,600	$0.91	13d	1	1.43mi

Listing history 12 events

1. 2026-06-19
   days on market $199,900 Active 14 DOM
2. 2026-06-18
   days on market $199,900 Active 13 DOM
3. 2026-06-17
   days on market $199,900 Active 12 DOM
4. 2026-06-16
   days on market $199,900 Active 11 DOM
5. 2026-06-15
   days on market $199,900 Active 10 DOM
6. 2026-06-14
   days on market $199,900 Active 8 DOM
7. 2026-06-13
   days on market $199,900 Active 7 DOM
8. 2026-06-10
   days on market $199,900 Active 5 DOM
9. 2026-06-09
   days on market $199,900 Active 4 DOM
10. 2026-06-08
    days on market $199,900 Active 3 DOM
11. 2026-06-07
    remarks 479-char remark
12. 2026-06-07
    listed $199,900 Active 2 DOM

ⓘ 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: $3,093 · $258/mo
• Projected year-2 tax: $3,396 · $283/mo
• Expected delta: +$303/yr (+$25/mo · 9.8%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,512
• − Mortgage interest: −$11,198
• − Property taxes: −$3,093
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,281
• − Management: −$2,281
• − Depreciation: −$5,815
• Taxable income: $2,845
• Est. tax owed @ 24.0%: −$683
• After-tax cash flow: $5,170/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): 37,294
• Household income: $61,794
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1484.0

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 (80%)
• Race & ethnicity: White 80% Black 6% Hispanic / Latino 6% Two or more races 5% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 6% Portuguese 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Other Asian/Pacific 2% Spanish 2% Arabic 1%

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: ▼ -128.12%
• Current HPI: 187.7253
• Rent YoY: ▲ 4.97%
• 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

+174.6% since first listed

6 events — show timeline

• 2026-06-04 Listed $199,900 RANW
• 2023-03-13 Sold (Public Records) $154,000 Public Records
• 2023-01-20 Listing Removed — RANW
• 2022-12-20 Listed $169,000 RANW
• 2015-12-02 Sold (Public Records) $192,680 Public Records
• 2012-03-02 Sold (Public Records) $72,800 Public Records

Property tax history

+3.0%/yr

Latest (2024): $3,093 · +23.3% YoY. Source: county tax records.