241 S Madison St · Waupun, WI 53963

$679,900

None bd · None ba · — sqft · MultiFamily · 105 Days on market

Built 1971 0.28 ac 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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 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

ATTRACTIVE BRICK PROPERTY HAS GREAT POTENTIAL!! 8 rental units offering great investment opportunity. 8 spacious apartments with newer appliances and other amenities. Location across from Waupun State Prison provides opportunity for workers to be prospective future tenants. Many upgrades in place.

Key facts

• 1 bedroom units
• 0.28 acre lot
• Built 1971

Tags

• 8 UNIT APARTMENT BUILDING
• 1 BEDROOM UNITS
• COIN WASHER AND DRYER AREA
• LARGE PRIVATE PARKING LOT

Property features AI

Finance

• Other: Inclusions: 8 stoves, 8 refrigerators, wall air conditioners, coin-operated washer and dryer; Exclusions: Personal property of tenants
• Financial info: 8 rental units

Exterior

• Parking: Inside parking; Outside parking
• Utilities: Municipal water; Municipal sewer; Electric service
• Home design: Apartment building; 1–2 stories; Commercial zoning
• Construction: Brick/stone construction; Year built per assessor/public record
• Exterior features: Brick exterior

Interior

• Kitchen: 8 stoves; 8 refrigerators
• Bedrooms: 8 units (multi-family building)
• Heating & cooling: Wall/sleeve air conditioning; Electric heating
• Interior features: Full block basement
• Laundry & utility: Coin-operated washer and dryer; Seller-owned washer and dryer; Seller-owned water heater

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $680k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $311/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $680k).
• Recommended offer: $619k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 2.6% in Waupun — 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 75/100 on livability (#156 in WI, #4,250 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Waupun School District (town): math 34% / reading 36% proficiency, ranked #220 of 342 in WI (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waupun Area Senior High (math 22% / reading 32%, grade F, #260 of 483 statewide, top 58%, 574 students, 36% FRL).
• Market conditions: 15 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 229 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $190k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($619k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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 $155k; list at $680k implies a 339% gain — meaningful room to come down on a strong offer.

Recommended offer $618,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 10.68%
• Cash-on-cash: 15.66%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (median comp): $194,051
• List price: $679,900
• Delta: 250.37%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 S Watertown St	0.21mi	4/2.0	1,784	2mo	$219,900	$123	76
109 Olmstead St	0.24mi	2/2.0	1,295	12mo	$164,000	$127	66
29 N Mill St	0.31mi	2/2.5	—	10mo	$100,000	—	65
25 W Franklin St	0.45mi	5/2.0	—	3mo	$200,000	—	64
206 & 206 1/2 S Drummond St	0.31mi	4/2.0	—	19mo	$116,000	—	57
253 Rounsville St	0.54mi	4/2.0	—	8mo	$145,000	—	55
499 W Main St	0.69mi	3/2.0	—	1mo	$206,000	—	54
303 W Brown St	0.55mi	4/2.0	—	9mo	$189,000	—	54
122 N Commercial St	0.48mi	3/2.0	1,787	14mo	$105,000	$59	53

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: 6.5%
• Equity multiple: 1.25×
• Total profit: $48,225
• Equity at exit: $101,375

10-year hold

• IRR: 15.9%
• Equity multiple: 2.29×
• Total profit: $246,336
• Equity at exit: $58,785

Cash invested: $190,372 (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 53963

• Active inventory: 15
• Price-to-rent: 49.8×

Monthly cashflow live

• Estimated rent: $9,093 medium
• Mortgage (P&I): −$3,565
• Tax est. 1.5%: −$850 /mo · $10,198/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,910
• Net cashflow: $2,485

Break-even live

Break-even rent $5,948

Max offer price $679,900

Occupancy floor 68%

Sensitivity live

Price	-10% $2,955	-5% $2,720	+0% $2,485	+5% $2,250	+10% $2,015
Rent	-10% $1,766	-5% $2,126	+0% $2,485	+5% $2,844	+10% $3,203
Rate	-1.0pp $2,827	-0.5pp $2,658	base $2,485	+0.5pp $2,309	+1.0pp $2,129

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$9,096
Total (8 units)			$9,093

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: $169,975
• Closing costs: $20,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
204 Bly St Unit 1 Waupun, WI	2.0	1.0	—	$1,150	—	14d	1	0.57mi
923 W Brown St Waupun, WI	2.0	1.5	1000	$1,105	$1.10	44d	1	1.35mi

Listing history 22 events

1. 2026-06-19
   days on market $679,900 Active 105 DOM
2. 2026-06-18
   days on market $679,900 Active 104 DOM
3. 2026-06-17
   days on market $679,900 Active 103 DOM
4. 2026-06-16
   days on market $679,900 Active 102 DOM
5. 2026-06-15
   days on market $679,900 Active 101 DOM
6. 2026-06-14
   days on market $679,900 Active 99 DOM
7. 2026-06-12
   days on market $679,900 Active 98 DOM
8. 2026-06-09
   days on market $679,900 Active 95 DOM
9. 2026-06-08
   days on market $679,900 Active 94 DOM
10. 2026-06-07
    days on market $679,900 Active 93 DOM
11. 2026-06-05
    days on market $679,900 Active 90 DOM
12. 2026-03-20
    price $679,900
13. 2026-02-28
    listed $699,900 Active
14. 2014-11-06
    historical 298-char remark

    Show marketing remark (298 chars)

    ATTRACTIVE BRICK PROPERTY HAS GREAT POTENTIAL!! 8 rental units offering great investment opportunity. 8 spacious apartments with newer appliances and other amenities. Location across from Waupun State Prison provides opportunity for workers to be prospective future tenants. Many upgrades in place.

15. 2014-09-05
    listed $239,000 Active 298-char remark

    Show marketing remark (298 chars)

    ATTRACTIVE BRICK PROPERTY HAS GREAT POTENTIAL!! 8 rental units offering great investment opportunity. 8 spacious apartments with newer appliances and other amenities. Location across from Waupun State Prison provides opportunity for workers to be prospective future tenants. Many upgrades in place.

16. 2013-11-01
    listed $249,500 516-char remark

    Show marketing remark (516 chars)

    PRICE SLASHED TO $249,500 FOR QUICK SALE!''CASH COW'' IS WHAT THIS ATTRACTIVE BRICK PROPERTY HAS POTENTIAL FOR-CHECK IT OUT/FIND OUT WHY. 8 rental units offering great investment for savvy investor. 4 units renovated into larger, more spacious apts w/ new appliances & other amenities. Location across from the Waupun State Prison provides opportunity for these workers to be prospective future tenants. Lots of upgrades in place, yet more to be done. BOTTOM LINE: ITS A GREAT FOUNDATION FOR SOLID INVESTMENT!!

17. 2013-11-01
    historical 516-char remark

    Show marketing remark (516 chars)

    PRICE SLASHED TO $249,500 FOR QUICK SALE!''CASH COW'' IS WHAT THIS ATTRACTIVE BRICK PROPERTY HAS POTENTIAL FOR-CHECK IT OUT/FIND OUT WHY. 8 rental units offering great investment for savvy investor. 4 units renovated into larger, more spacious apts w/ new appliances & other amenities. Location across from the Waupun State Prison provides opportunity for these workers to be prospective future tenants. Lots of upgrades in place, yet more to be done. BOTTOM LINE: ITS A GREAT FOUNDATION FOR SOLID INVESTMENT!!

18. 2012-10-05
    historical
19. 2012-10-05
    listed $369,900
20. 2012-10-04
    listed $175,000
21. 2012-10-04
    historical
22. 2011-09-29
    soldstatus $155,000

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $109,116
• − Mortgage interest: −$38,085
• − Property taxes: −$10,198
• − Insurance: −$3,400
• − Repairs & maintenance: −$8,729
• − Management: −$8,729
• − Depreciation: −$19,779
• Taxable income: $20,196
• Est. tax owed @ 24.0%: −$4,847
• After-tax cash flow: $24,971/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: Waupun School District
• NCES district ID: 5515870
• Math proficiency: 34% ▼ -3.00%
• Reading proficiency: 36% ▼ -2.00%
• Median HH income: $51,961
• Composite: 30.54/100
• National rank: #6208
• State rank: #220 of 342 in WI

Livability — Waupun

• Score: 75/100
• State rank: #156
• US rank: #4250

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waupun, WI
• City population: 13,927
• Population (ZIP): 13,927

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 (80%)
• Race & ethnicity: White 80% Hispanic / Latino 9% Black 8% Two or more races 5%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Iranian 17% Portuguese 4% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 93% English-only · Spanish 5% Other Indo-European 1% Chinese 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: ▼ -135.12%
• Current HPI: 200.2996
• Rent YoY: —
• Metro: —
• 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

+338.6% since first listed

11 events — show timeline

• 2026-03-20 Price Changed $679,900 METROMLS
• 2026-02-28 Listed $699,900 METROMLS
• 2014-11-06 Listing Removed — METROMLS
• 2014-09-05 Listed $239,000 METROMLS
• 2013-11-01 Listing Removed — METROMLS
• 2013-11-01 Listed $249,500 METROMLS
• 2012-10-05 Listed $369,900 METROMLS
• 2012-10-05 Listing Removed — METROMLS
• 2012-10-04 Listing Removed — METROMLS
• 2012-10-04 Listed $175,000 METROMLS
• 2011-09-29 Sold (MLS) $155,000 METROMLS