Rate 8.03% = 7.28% Freddie Mac 30-yr avg (Oct 1) + 0.75% investor premium

522 23rd St S

La Crosse, WI 54601

$225,000

2 bd · 1 ba · 1,376 sqft · Listed 1d ago

View on Realtor.com →

Negative cash flow

Year built

1935

Sqft

1,376

Lot sqft

2,614

HOA / mo

None

Furnished

List date

2026-10-06T20:30:24.000000Z

Revenue

Annual revenue

$24,503

ADR

$103

Occupancy

65%

Cleaning fees (12 mo)

$1,947

Confidence

Low (45.3), 12 comps

Comp revenue range (p25 / median / p75)

$16,305$22,648$28,786

Median revenue of shown comps: $24,498

Beautiful Victorian
Apartment · 2 bd · 1 ba · sleeps 4 · 0.3 mi
Revenue $7,174ADR $239Occ ≈ 8%—
Airbnb
Bluff View Victorian - Free Bikes included
Apartment · 2 bd · 1 ba · sleeps 6 · 0.4 mi
- A/C
- Free parking
- Pets OK
- Wifi
- +2
Revenue $35,558ADR $167Occ ≈ 58%5★ (206)
Airbnb Vrbo
Charmer on 19th and Cameron
Apartment · 2 bd · 1 ba · sleeps 4 · 0.4 mi
- A/C
- Free parking
- Pets OK
- Wifi
- +2
Revenue $24,498ADR $97Occ ≈ 69%4.9★ (227)
Airbnb Vrbo
Marigold
House · 2 bd · 2 ba · sleeps 4 · 0.4 mi
Revenue $28,024ADR $177Occ ≈ 43%5★ (32)
Delisted
Pipe & Flynn's
House · 2 bd · 2 ba · sleeps 4 · 0.4 mi
- A/C
- Free parking
- Wifi
- Kitchen
- +2
Revenue $42,512ADR $174Occ ≈ 67%5★ (81)
Airbnb Vrbo
The Beverly Rose
Guest suite · 2 bd · 1 ba · sleeps 4 · 0.5 mi
- A/C
- Free parking
- Wifi
- Kitchen
Revenue $20,798ADR $100Occ ≈ 57%5★ (166)
Airbnb
Home Sweet Suite Home
House · 2 bd · 1 ba · sleeps 5 · 0.5 mi
- A/C
- Free parking
- Wifi
- Kitchen
- +2
Revenue $18,897ADR $60Occ ≈ 86%4.8★ (233)
Airbnb
Bluffside Rambler
House · 2 bd · 1 ba · sleeps 4 · 0.5 mi
- A/C
- Free parking
- Wifi
- Kitchen
- +1
Revenue $27,169ADR $186Occ ≈ 40%4.9★ (114)
Airbnb Vrbo
The Sheldon
House · 2 bd · 1 ba · sleeps 6 · 0.6 mi
- A/C
- Free parking
- Pets OK
- Wifi
- +3
Revenue $19,546ADR $116Occ ≈ 46%4.8★ (35)
Airbnb
Beautiful Home Perfect Location
House · 2 bd · 2 ba · sleeps 4 · 0.6 mi
Revenue $1,246ADR $221Occ ≈ 2%—
Booking

Listing	Size	Revenue (12 mo)	ADR	Occ ≈	Rating	Distance	Links
Beautiful Victorian Apartment	2 bd · 1 ba · sleeps 4	$7,174	$239	8%	—	0.3 mi	Airbnb
Bluff View Victorian - Free Bikes included Apartment A/C Free parking Pets OK Wifi +2	2 bd · 1 ba · sleeps 6	$35,558	$167	58%	5★ (206)	0.4 mi	Airbnb Vrbo
Charmer on 19th and Cameron Apartment A/C Free parking Pets OK Wifi +2	2 bd · 1 ba · sleeps 4	$24,498	$97	69%	4.9★ (227)	0.4 mi	Airbnb Vrbo
Marigold House	2 bd · 2 ba · sleeps 4	$28,024	$177	43%	5★ (32)	0.4 mi	Delisted
Pipe & Flynn's House A/C Free parking Wifi Kitchen +2	2 bd · 2 ba · sleeps 4	$42,512	$174	67%	5★ (81)	0.4 mi	Airbnb Vrbo
The Beverly Rose Guest suite A/C Free parking Wifi Kitchen	2 bd · 1 ba · sleeps 4	$20,798	$100	57%	5★ (166)	0.5 mi	Airbnb
Home Sweet Suite Home House A/C Free parking Wifi Kitchen +2	2 bd · 1 ba · sleeps 5	$18,897	$60	86%	4.8★ (233)	0.5 mi	Airbnb
Bluffside Rambler House A/C Free parking Wifi Kitchen +1	2 bd · 1 ba · sleeps 4	$27,169	$186	40%	4.9★ (114)	0.5 mi	Airbnb Vrbo
The Sheldon House A/C Free parking Pets OK Wifi +3	2 bd · 1 ba · sleeps 6	$19,546	$116	46%	4.8★ (35)	0.6 mi	Airbnb
Beautiful Home Perfect Location House	2 bd · 2 ba · sleeps 4	$1,246	$221	2%	—	0.6 mi	Booking

Show 1 more

Bluffside Lodge -Steps away from trailheads & Food
House · 2 bd · 1 ba · sleeps 6 · 0.6 mi
- A/C
- Free parking
- Wifi
- Kitchen
- +3
Revenue $31,073ADR $141Occ ≈ 60%5★ (174)
Airbnb

Listing	Size	Revenue (12 mo)	ADR	Occ ≈	Rating	Distance	Links
Bluffside Lodge -Steps away from trailheads & Food House A/C Free parking Wifi Kitchen +3	2 bd · 1 ba · sleeps 6	$31,073	$141	60%	5★ (174)	0.6 mi	Airbnb

Revenue and nightly rate (ADR) are trailing-12-month figures per listing. Occupancy is estimated as revenue ÷ ADR ÷ 365 and can read high when revenue includes cleaning fees.

Cash flow calculator

Financing

Management

Term

Purchase priceDown payment %30-yr rate %Already furnishedTax bracketCount tax savings in returnsOnly if you can use the losses (STR loophole)

Rate 8.03% = 7.28% Freddie Mac 30-yr avg (Oct 1) + 0.75% investor premium

Est. revenue

$24,503

NOI

$9,568

Cash flow /mo

-$444

Cash needed

$81,250

Cash-on-cash

-6.6%

ROE (yr 1)

3.5%

Cap rate

4.3%

DSCR

0.64

Year-1 write-off

$60,751

Year-1 tax shield @ 32%

$19,440

Year-1 return on equity

Cash flow (annual)-$5,333
Principal paydown$1,401
Appreciation at%$6,750

ROE3.5%

Tax savings aren't counted. Turn on “Count tax savings in returns” above if you can use the losses.

Opex, cash-needed & tax-savings breakdown

Annual operating expenses

Management (20% of revenue)$4,901
Platform fees (3% of revenue)$735
Maintenance / capex (5% of revenue)$1,225
Utilities & supplies$4,200
HOA$0
Property tax$2,760
Insurance (STR-rated)$1,114

Cash needed to close

Down payment (25%)$56,250
Closing costs (4.0%)$9,000
Furnishing (bought new)$16,000

Tax savings if the STR loophole applies

Tax shield @ 32%$19,440

Property tax, insurance rate and the land/building split come from this listing's county tax record; other assumptions match the daily feed (see tasks/plan.md).

The write-off comes from the cost segregation estimate below. Not tax advice.

Cost segregation estimate

An estimate from the listing: every part of the home is priced from national construction costs, less wear for age, and the price (less land) is spread over the parts in proportion. The headline is what a typical cost seg study would claim for this property. The answers below are optional refinements.

Depreciable basis

$189,000

Short-life (5/15-yr)

$45,000 · 24%

Year-1 deduction

$61,000

Year-1 tax shield @ 32%

$19,000

Land 16% (county tax record, assessed value split) · building $144,000 over 39 years · new furniture $16,000

Based on: 1,376 sq ft, built 1935, 2 bd / 1 ba, unfurnished, listing features (fireplace, flooring types, appliance list).

Try the cost segregation calculator on any property →

IRS-guide safe-harbor floor: $46,000 in year 1 (16% short-life, $15,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$45,100

Kitchen cabinetsdefault
$8,800 new × 40% good × 1.74 allocation
$6,100
Kitchen countertopsdefault
$7,200 new × 40% good × 1.74 allocation
$5,000
Decorative trimdefault
$2,400 new × 40% good × 1.74 allocation
$1,700
Mirrorsdefault
$200 new × 40% good × 1.74 allocation
$100
Shelvingdefault
$900 new × 40% good × 1.74 allocation
$600
Window coverings (14)default
$3,500 new × 40% good × 1.74 allocation
$2,400
Kitchen & laundry equipment plumbingdefault
$6,900 new × 40% good × 1.74 allocation
$4,800
Kitchen, laundry & data equipment electricaldefault
$4,100 new × 40% good × 1.74 allocation
$2,900
Appliances (range, microwave, dishwasher, refrigerator, washer, dryer)listing
$7,700 new × 40% good × 1.74 allocation
$5,400
Furniture bought newlisting
$16,000 new × 100% good · bought separately
$16,000

15-year land improvements$15,500

Paving: driveway & walks (paved)listing
$7,700 new × 50% good × 1.74 allocation
$6,700
Landscaping (typical)default
$7,400 new × 50% good × 1.74 allocation
$6,400
Patiosdefault
$1,400 new × 50% good × 1.74 allocation
$1,200
Decks & porches (attached)default
$1,400 new × 50% good × 1.74 allocation
$1,200

Building, 39-year$144,000

Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$149,300 new × 40% good × 1.74 allocation
$104,100
Building plumbing & fixturesdefault
$15,400 new × 40% good × 1.74 allocation
$10,800
Building electrical & lightingdefault
$14,700 new × 40% good × 1.74 allocation
$10,300
HVACdefault
$15,500 new × 40% good × 1.74 allocation
$10,800
Hardwood & tile floorsdefault
$8,900 new × 40% good × 1.74 allocation
$6,200
Fireplacelisting
$2,600 new × 40% good × 1.74 allocation
$1,800

About the property

Sold furnishedGame roomHot tubPoolDeckDrivewayLandscapingFencedIrrigationLong-term rental (27.5-yr)Carpet / vinyl / laminate %Placed in serviceClosing costs $ (adds to basis)Land %Bonus depreciation %

Depreciation schedule: typical cost seg study

Year	5-yr	15-yr	Building	Total
1	$45,100	$15,500	$200	$60,800
2	$0	$0	$3,700	$3,700
3	$0	$0	$3,700	$3,700
4	$0	$0	$3,700	$3,700
5	$0	$0	$3,700	$3,700
6+	$0	$0	$129,000	$129,000
Total	$45,100	$15,500	$144,000	$204,600

Model-based estimate, not an engineered cost segregation study. The IRS doesn’t approve studies; get a professional study before filing. Using these losses against W-2 income needs the short-term rental exception (average stay ≤7 days + material participation). The 39-year building life applies because stays average under 30 days, a separate test (27.5 years for a long-term rental). Federal only: California, Georgia and Wisconsin disallow bonus depreciation, Ohio adds back 5/6 of it, and Tennessee has no personal income tax. Not tax advice.

Market note

Rules differ by jurisdiction. The City of La Crosse requires a short-term rental license ($100 a year) once you rent more than 10 nights a year, plus a Wisconsin tourist rooming house license and inspection from the La Crosse County Health Department. We found no owner-occupancy rule or night cap in the city, but the license does NOT transfer to a new owner. Onalaska allows rentals with a city permit in some zoning districts, and unincorporated towns follow La Crosse County zoning, which has its own permit and day limits. Wisconsin law lets local governments restrict stays under 7 nights. Verify parcel eligibility with the city or county before you buy.