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Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium

3144 Norse Dr

3144 Norse Dr

Holmen, WI 54636

$439,000

4 bd · 3 ba · 2,400 sqft · Listed today

View on Realtor.com →
Low confidenceNegative cash flow

Year built

2022

Sqft

2,400

Lot sqft

6,534

HOA / mo

None

Furnished

No

List date

2026-10-01T08:45:49.000000Z

Revenue

Annual revenue

$27,714

ADR

$170

Occupancy

45%

Cleaning fees (12 mo)

$2,003

Confidence

Low (39.94), 10 comps

Comp revenue range (p25 / median / p75)

$16,341$24,452$37,659

  • Backwater hideaway. Big house with water access.

    House · 4 bd · 2.5 ba · sleeps 8 · 5.1 mi

    Revenue $35,478ADR $189Occ ≈ 51%4.8★ (119)

    AirbnbVrbo

  • Nature's Edge Cabin

    House · 3 bd · 1 ba · sleeps 6 · 5.1 mi

    Revenue $21,675ADR $214Occ ≈ 28%5★ (20)

    Airbnb

  • Northshore Getaway

    House · 4 bd · 2 ba · sleeps 6 · 5.1 mi

    Revenue $57,445ADR $238Occ ≈ 66%4.7★ (30)

    Airbnb

  • The Honey House

    Apartment · 3 bd · 1 ba · sleeps 6 · 5.2 mi

    Revenue $18,125ADR $186Occ ≈ 27%4.8★ (55)

    AirbnbVrboBooking

  • Prairie View Ranch Retreat-Lake Ona & GRTrail Near

    House · 3 bd · 1 ba · sleeps 6 · 5.5 mi

    Revenue $14,556ADR $195Occ ≈ 20%4.5★ (9)

    Airbnb

  • Adorable 3-bedroom bungalow near Lake Onalaska

    House · 3 bd · 1 ba · sleeps 6 · 5.5 mi

    Revenue $6,332ADR $180Occ ≈ 10%4.6★

    Vrbo

  • 3 Mi to Lake Onalaska: Quaint Home w/ Prairie View

    House · 3 bd · 1 ba · sleeps 6 · 5.5 mi

    Revenue $43,707ADR $199Occ ≈ 60%4.8★ (4)

    AirbnbVrboBooking

  • Cottage House on Lake Onalaska

    House · 3 bd · 1 ba · sleeps 6 · 5.6 mi

    Revenue $24,452ADR $240Occ ≈ 28%4.7★ (42)

    Airbnb

  • Cozy Corner Cottages 3 Bedroom House Rental

    House · 3 bd · 2 ba · sleeps 6 · 5.6 mi

    Revenue $4,578ADR $305Occ ≈ 4%4.8★ (11)

    AirbnbVrbo

  • Hidden Gem Beneath the Pines!

    House · 4 bd · 1.5 ba · sleeps 7 · 5.7 mi

    Revenue $39,840ADR $3,526Occ ≈ 3%5★ (214)

    AirbnbVrbo

Show all 11 comps

  • Bright, spacious 3-bedroom farmhouse on 3 acres

    House · 3 bd · 1 ba · sleeps 7 · 6.0 mi

    Revenue $34,804ADR $134Occ ≈ 71%5★ (126)

    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

Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium

Est. revenue

$27,714

NOI

$7,821

Cash flow /mo

-$1,714

Cash needed

$150,310

Cash-on-cash

-13.7%

ROE (yr 1)

-3.0%

Cap rate

1.8%

DSCR

0.28

Year-1 write-off

$92,609

Year-1 tax shield @ 32%

$29,635

Year-1 return on equity

  • Cash flow (annual)-$20,566
  • Principal paydown$2,873
  • Appreciation at%$13,170
ROE-3.0%

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)$5,543
  • Platform fees (3% of revenue)$831
  • Maintenance / capex (5% of revenue)$1,386
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$5,760
  • Insurance (STR-rated)$2,173

Cash needed to close

  • Down payment (25%)$109,750
  • Closing costs (4.0%)$17,560
  • Furnishing (bought new)$23,000

Tax savings if the STR loophole applies

  • Tax shield @ 32%$29,635

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

$391,000

Short-life (5/15-yr)

$69,000 · 18%

Year-1 deduction

$93,000

Year-1 tax shield @ 32%

$30,000

Land 11% (county tax record, assessed value split) · building $321,000 over 39 years · new furniture $23,000

Based on: 2,400 sq ft, built 2022, 4 bd / 3 ba, unfurnished, listing features (patio, fireplace, flooring types, appliance list).

Try the cost segregation calculator on any property →

IRS-guide safe-harbor floor: $69,000 in year 1 (12% short-life, $22,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$65,300

  • Kitchen cabinetsdefault

    $11,100 new × 84% good × 0.97 allocation

    $9,000

  • Kitchen countertopsdefault

    $9,000 new × 84% good × 0.97 allocation

    $7,400

  • Decorative trimdefault

    $4,200 new × 84% good × 0.97 allocation

    $3,400

  • Mirrorsdefault

    $500 new × 67% good × 0.97 allocation

    $300

  • Shelvingdefault

    $1,500 new × 84% good × 0.97 allocation

    $1,200

  • Window coverings (24)default

    $6,000 new × 60% good × 0.97 allocation

    $3,500

  • Kitchen & laundry equipment plumbingdefault

    $8,600 new × 92% good × 0.97 allocation

    $7,700

  • Kitchen, laundry & data equipment electricaldefault

    $5,200 new × 92% good × 0.97 allocation

    $4,700

  • Appliances (range, microwave, dishwasher, refrigerator, washer, dryer)listing

    $7,700 new × 67% good × 0.97 allocation

    $5,000

  • Furniture bought newlisting

    $23,000 new × 100% good · bought separately

    $23,000
15-year land improvements$27,000

  • Paving: driveway & walks (paved)listing

    $10,200 new × 84% good × 0.97 allocation

    $8,300

  • Landscaping (typical)default

    $9,800 new × 84% good × 0.97 allocation

    $8,000

  • Patioslisting

    $10,800 new × 84% good × 0.97 allocation

    $8,800

  • Decks & porches (attached)default

    $2,400 new × 80% good × 0.97 allocation

    $1,800
Building, 39-year$321,500

  • Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault

    $260,300 new × 93% good × 0.97 allocation

    $236,600

  • Building plumbing & fixturesdefault

    $27,000 new × 92% good × 0.97 allocation

    $24,200

  • Building electrical & lightingdefault

    $27,700 new × 92% good × 0.97 allocation

    $24,800

  • HVACdefault

    $27,000 new × 80% good × 0.97 allocation

    $21,100

  • Hardwood & tile floorsdefault

    $15,400 new × 84% good × 0.97 allocation

    $12,600

  • Fireplacelisting

    $2,600 new × 84% good × 0.97 allocation

    $2,200

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$65,300$27,000$300$92,600
2$0$0$8,200$8,200
3$0$0$8,200$8,200
4$0$0$8,200$8,200
5$0$0$8,200$8,200
6+$0$0$288,200$288,200
Total$65,300$27,000$321,500$413,700

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.