623 E Irving Ave · Oshkosh, WI 54901

$269,900

5 bd · 3.0 ba · 3,207 sqft · MultiFamily public records · 39 Days on market

Built 1887 9,147 sqft lot $84/sqft · 32% above area Est $217k · 24% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Attention Investors! New owner can give 60 day notice to change or increase current rents, per leases. It's an affordable 3 unit to add to your portfolio. This could also make for a nice owner occupied starter. Lots of cool character features remain. Huge 2nd floor unit offers laundry and an unfinished walk up attic with potential. 2 driveways with plenty of parking and a 2 car garage. Per previous owner, roof is approx 12 yrs, newer water heater and some newer windows. Current owner updates: new HVAC unit C, new flooring and fresh paint in Unit A. The exterior does need some TLC and will require work for an FHA or VA loan. Note: garage roof is older and building siding is slate and wood. Great opportunity to gain some sweat equity here. Tenants require 24 hr notice for showings.

Key facts

• New flooring
• New hvac unit
• Newer water heater

Tags

• UNFINISHED WALK UP ATTIC
• 2 DRIVEWAYS
• NEW HVAC UNIT
• NEW FLOORING
• NEWER WATER HEATER
• NEWER WINDOWS

Property features AI

Finance

• Other: Some tenant personal property excluded from sale
• Financial info: Three-unit multifamily building

Exterior

• Parking: Outside parking
• Utilities: Municipal water; Municipal sewer; Natural gas available
• Home design: Multi-family property; Building combines 2-story and bi-level elements; Estimated total living area between 3,001 and 3,500 sq ft
• Construction: Assessor/public record used for year built
• Exterior features: Wood and other exterior materials; Lot size ~0.21 acres (< 1/2 acre); Zoned for Multi-Family and Recreational use

Interior

• Kitchen: Unit 2 kitchen ~12 x 12; Three ranges included (one for each unit); Three refrigerators included (one for each unit)
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 1 bedroom (master ~11 x 11); Unit 3: 3 bedrooms
• Flooring: Wood floors
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath; Unit 3: 1 full bath
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Wood floors; Full stone basement
• Laundry & utility: Washer and dryer in basement (included)

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $706/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $270k).
• Recommended offer: $262k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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; 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• At $5,048/mo this rent would consume 98% 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 $2k of loan paydown is wiped out by about $8k 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 $76k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $188k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $261,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% 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 1887 — 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: 1.87% ✓
• Cap rate: 15.72%
• Cash-on-cash: 33.66%
• DSCR: 2.50
• GRM: 4.5

CMA / ARV

• ARV (median comp): $217,150
• List price: $269,900
• Delta: 24.29%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
541 Mt Vernon St	0.43mi	5/2.0	3,008 (-6%)	4mo	$191,000	$63	62
582 Grove St	0.29mi	6/4.5 (+1)	3,019 (-6%)	23mo	$575,000	$190	47
691 Franklin St	0.64mi	6/2.0 (+1)	3,624 (+13%)	4mo	$294,900	$81	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: 31.2%
• Equity multiple: 2.34×
• Total profit: $101,536
• Equity at exit: $40,243

10-year hold

• IRR: 39.4%
• Equity multiple: 5.05×
• Total profit: $306,141
• Equity at exit: $23,336

Cash invested: $75,572 (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: 13.4×

Monthly cashflow live

• Estimated rent: $5,048 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$341 /mo · $4,087/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,060
• Net cashflow: $2,119

Break-even live

Break-even rent $2,365

Max offer price $269,900

Occupancy floor 53%

Sensitivity live

Price	-10% $2,272	-5% $2,196	+0% $2,119	+5% $2,043	+10% $1,967
Rent	-10% $1,721	-5% $1,920	+0% $2,119	+5% $2,319	+10% $2,518
Rate	-1.0pp $2,255	-0.5pp $2,188	base $2,119	+0.5pp $2,050	+1.0pp $1,978

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,049
Total (3 units)			$5,048

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $269,900 Active 39 DOM
2. 2026-06-18
   days on market $269,900 Active 38 DOM
3. 2026-06-17
   days on market $269,900 Active 37 DOM
4. 2026-06-16
   days on market $269,900 Active 36 DOM
5. 2026-06-15
   days on market $269,900 Active 35 DOM
6. 2026-06-14
   days on market $269,900 Active 33 DOM
7. 2026-06-13
   days on market $269,900 Active 32 DOM
8. 2026-06-10
   days on market $269,900 Active 30 DOM
9. 2026-06-09
   days on market $269,900 Active 29 DOM
10. 2026-06-08
    days on market $269,900 Active 28 DOM
11. 2026-06-07
    days on market $269,900 Active 27 DOM
12. 2026-06-02
    days on market $269,900 Active 22 DOM
13. 2026-06-01
    days on market $269,900 Active 21 DOM
14. 2026-05-31
    days on market $269,900 Active 20 DOM
15. 2026-05-30
    days on market $269,900 Active 19 DOM
16. 2026-05-11
    listed $269,900 Active 798-char remark
17. 2025-12-19
    historical 790-char remark

    Show marketing remark (790 chars)

    Attention Investors! New owner can give 60 day notice to change or increase current rents, per leases. It's an affordable 3 unit to add to your portfolio. This could also make for a nice owner occupied starter. Lots of cool character features remain. Huge 2nd floor unit offers laundry and an unfinished walk up attic with potential. 2 driveways with plenty of parking and a 2 car garage. Per previous owner, roof is approx 12 yrs, newer water heater and some newer windows. Current owner updates: new HVAC unit C, new flooring and fresh paint in Unit A. The exterior does need some TLC and will require work for an FHA or VA loan. Note: garage roof is older and building siding is slate and wood. Great opportunity to gain some sweat equity here. Tenants require 24 hr notice for showings.

18. 2025-10-06
    listed $273,000 Active 790-char remark

    Show marketing remark (790 chars)

    Attention Investors! New owner can give 60 day notice to change or increase current rents, per leases. It's an affordable 3 unit to add to your portfolio. This could also make for a nice owner occupied starter. Lots of cool character features remain. Huge 2nd floor unit offers laundry and an unfinished walk up attic with potential. 2 driveways with plenty of parking and a 2 car garage. Per previous owner, roof is approx 12 yrs, newer water heater and some newer windows. Current owner updates: new HVAC unit C, new flooring and fresh paint in Unit A. The exterior does need some TLC and will require work for an FHA or VA loan. Note: garage roof is older and building siding is slate and wood. Great opportunity to gain some sweat equity here. Tenants require 24 hr notice for showings.

19. 2023-07-25
    soldstatus $187,500
20. 2023-05-04
    soldstatus $157,000
21. 2002-09-30
    soldstatus $68,000

ⓘ 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: $4,087 · $341/mo
• Projected year-2 tax: $4,540 · $378/mo
• Expected delta: +$453/yr (+$38/mo · 11.1%)

ⓘ 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: $60,576
• − Mortgage interest: −$15,119
• − Property taxes: −$4,087
• − Insurance: −$1,350
• − Repairs & maintenance: −$4,846
• − Management: −$4,846
• − Depreciation: −$7,852
• Taxable income: $22,477
• Est. tax owed @ 24.0%: −$5,394
• After-tax cash flow: $20,039/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

+296.9% since first listed

6 events — show timeline

• 2026-05-11 Listed $269,900 RANW
• 2025-12-19 Listing Removed — RANW
• 2025-10-06 Listed $273,000 RANW
• 2023-07-25 Sold (Public Records) $187,500 Public Records
• 2023-05-04 Sold (Public Records) $157,000 Public Records
• 2002-09-30 Sold (Public Records) $68,000 Public Records

Property tax history

-1.0%/yr

Latest (2024): $4,087 · +7.6% YoY. Source: county tax records.