N5509 Gray Horse Rd
West Salem, WI 54669
$394,900
4 bd · 3 ba · 2,780 sqft · Listed 1d ago
View on Realtor.com →Year built
1995
Sqft
2,780
Lot sqft
254,826
HOA / mo
None
Furnished
No
List date
2026-10-13T15:49:22.000000Z
Revenue
Annual revenue
$52,070
ADR
$198
Occupancy
72%
Cleaning fees (12 mo)
$6,064
Confidence
Low (51.93), 10 comps
Comp revenue range (p25 / median / p75)
Few similar-size comps were found, so all comps are shown.
Median revenue of shown comps: $45,384
A-Frame Pool House With Hot Tub / Sleeps 6
Cabin · 3 bd · 2 ba · sleeps 6 · 1.9 mi
Revenue $49,214ADR $391Occ ≈ 34%4.8★ (48)
Charming and comfy: 3BR home on quiet street
House · 3 bd · 2 ba · sleeps 7 · 4.7 mi
- A/C
- Free parking
- Wifi
- Kitchen
- +2
Revenue $23,708ADR $175Occ ≈ 37%5★ (43)
Home Sweet Home
House · 3 bd · 2 ba · sleeps 5 · 5.2 mi
- Pool
- A/C
- Free parking
- Wifi
- +3
Revenue $13,961ADR $169Occ ≈ 23%4.5★ (23)
NEW! The La Crosse Lodge
Cabin · 3 bd · 2.5 ba · sleeps 6 · 5.4 mi
- A/C
- Free parking
- Pets OK
- Wifi
- +4
Revenue $56,218ADR $502Occ ≈ 31%5★ (17)
House on onalaska Wisconsin 4 bedroom 3 Beth
House · 4 bd · 2.5 ba · sleeps 8 · 5.6 mi
- A/C
- Free parking
- Wifi
- Kitchen
- +1
Revenue $24,263ADR $142Occ ≈ 47%4.9★ (168)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
A-Frame Wellness Retreat | Pool• Hot Tub• Full Gym Cabin
| 3 bd · 2 ba · sleeps 6 | $86,825 | $362 | 66% | 4.9★ (48) | 1.8 mi | AirbnbVrbo |
A-Frame Pool House With Hot Tub / Sleeps 6 Cabin | 3 bd · 2 ba · sleeps 6 | $49,214 | $391 | 34% | 4.8★ (48) | 1.9 mi | Airbnb |
Aspen Valley Retreat • Spacious Family Home House
| 3 bd · 3 ba · sleeps 7 | $36,362 | $278 | 36% | 4.3★ (24) | 4.1 mi | AirbnbVrbo |
Charming and comfy: 3BR home on quiet street House
| 3 bd · 2 ba · sleeps 7 | $23,708 | $175 | 37% | 5★ (43) | 4.7 mi | Airbnb |
Backyard Oasis w/ In-Ground Pool, FirePit & Gazebo House
| 5 bd · 3 ba · sleeps 11 | $46,209 | $445 | 28% | 5★ (22) | 5.0 mi | AirbnbVrbo |
Open Concept Country Home w/ A+ Location & Pool House
| 3 bd · 3 ba · sleeps 10 | $61,211 | $736 | 23% | 4.7★ (19) | 5.2 mi | AirbnbVrbo |
3 bedroom, 2 bath Townhouse with private driveway. Townhouse
| 3 bd · 2 ba · sleeps 6 | $44,558 | $201 | 61% | 5★ (98) | 5.2 mi | AirbnbVrbo |
Home Sweet Home House
| 3 bd · 2 ba · sleeps 5 | $13,961 | $169 | 23% | 4.5★ (23) | 5.2 mi | Airbnb |
NEW! The La Crosse Lodge Cabin
| 3 bd · 2.5 ba · sleeps 6 | $56,218 | $502 | 31% | 5★ (17) | 5.4 mi | Airbnb |
House on onalaska Wisconsin 4 bedroom 3 Beth House
| 4 bd · 2.5 ba · sleeps 8 | $24,263 | $142 | 47% | 4.9★ (168) | 5.6 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
Est. revenue
$52,070
NOI
$27,265
Cash flow /mo
$2,272
Cash needed
$433,696
Cash-on-cash (all cash)
6.3%
ROE (yr 1)
9.0%
Cap rate
6.9%
DSCR
—
Year-1 write-off
$85,459
Year-1 tax shield @ 32%
$27,347
Year-1 return on equity
- Cash flow (annual)$27,265
- Principal paydown (n/a, cash)$0
- Appreciation at%$11,847
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)$10,414
- Platform fees (3% of revenue)$1,562
- Maintenance / capex (5% of revenue)$2,604
- Utilities & supplies$4,200
- HOA$0
- Property tax$4,071
- Insurance (STR-rated)$1,955
Cash needed to close
- Purchase price (all cash)$394,900
- Closing costs (4.0%)$15,796
- Furnishing (bought new)$23,000
Tax savings if the STR loophole applies
- Tax shield @ 32%$27,347
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
$304,000
Short-life (5/15-yr)
$62,000 · 20%
Year-1 deduction
$85,000
Year-1 tax shield @ 32%
$27,000
Land 23% (county tax record, assessed value split) · building $242,000 over 39 years · new furniture $23,000
Based on: 2,780 sq ft, built 1995, 4 bd / 3 ba, unfurnished, listing features (deck, flooring types, appliance list, septic).
Try the cost segregation calculator on any property →
IRS-guide safe-harbor floor: $52,000 in year 1 (10% short-life, $17,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $5,800
Kitchen cabinetsdefault
$11,900 new × 40% good × 1.23 allocation
- $4,800
Kitchen countertopsdefault
$9,700 new × 40% good × 1.23 allocation
- $2,400
Decorative trimdefault
$4,900 new × 40% good × 1.23 allocation
- $200
Mirrorsdefault
$500 new × 40% good × 1.23 allocation
- $700
Shelvingdefault
$1,500 new × 40% good × 1.23 allocation
- $3,400
Window coverings (28)default
$7,000 new × 40% good × 1.23 allocation
- $4,500
Kitchen & laundry equipment plumbingdefault
$9,300 new × 40% good × 1.23 allocation
- $2,700
Kitchen, laundry & data equipment electricaldefault
$5,600 new × 40% good × 1.23 allocation
- $3,400
Appliances (range, dishwasher, refrigerator, washer, dryer)listing
$7,000 new × 40% good × 1.23 allocation
- $23,000
Furniture bought newlisting
$23,000 new × 100% good · bought separately
- $6,700
Paving: driveway & walks (paved)default
$10,900 new × 50% good × 1.23 allocation
- $6,500
Landscaping (typical)default
$10,500 new × 50% good × 1.23 allocation
- $1,700
Patiosdefault
$2,700 new × 50% good × 1.23 allocation
- $19,200
Decks & porches (attached)listing
$31,300 new × 50% good × 1.23 allocation
- $179,100
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$301,800 new × 48% good × 1.23 allocation
- $15,400
Building plumbing & fixturesdefault
$31,300 new × 40% good × 1.23 allocation
- $16,000
Building electrical & lightingdefault
$32,500 new × 40% good × 1.23 allocation
- $15,400
HVACdefault
$31,300 new × 40% good × 1.23 allocation
- $8,800
Hardwood & tile floorsdefault
$17,900 new × 40% good × 1.23 allocation
- $7,400
Septic systemlisting
$12,000 new × 50% good × 1.23 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $51,100 | $34,100 | $300 | $85,500 |
| 2 | $0 | $0 | $6,200 | $6,200 |
| 3 | $0 | $0 | $6,200 | $6,200 |
| 4 | $0 | $0 | $6,200 | $6,200 |
| 5 | $0 | $0 | $6,200 | $6,200 |
| 6+ | $0 | $0 | $217,000 | $217,000 |
| Total | $51,100 | $34,100 | $242,100 | $327,300 |
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.