Outagamie County

Outagamie County sits at a gross rent-to-price ratio of 4.28%, which tells you most of what you need to know before modeling a single deal. At a $342,897 median purchase price and $1,224 median rent, the market is priced well past the point where conventional financing produces positive cash flow. The model confirms it: at 6.85% interest, a 20% down purchase generates a monthly mortgage of $1,798 against $1,224 in gross rent, before a single expense. After adding estimated operating costs, the model shows negative $1,002 per month in cash flow and a cash-on-cash return of negative 15.25%. The cap rate of 2.78% is below the cost of debt by a wide margin, meaning leverage works against you here. The appreciation score of 86 out of 100 and 5.1% year-over-year price growth tell the other side of the story: this is a market that rewards equity accumulation, not monthly income.

That profile defines exactly who belongs here and who does not. If your business model depends on month-one cash flow, Outagamie is not your county. The cash flow score of 34 and a cash-on-cash of negative 15.25% at current rates leave no ambiguity. The investor this market suits is one with a long hold horizon, a meaningful equity cushion, and a view that 5.1% annualized home price growth compounding over a decade produces a return the monthly statement cannot show. A value-add operator who can force appreciation through renovation, then refinance or sell into a rising market, has a reasonable thesis here, but they still need to underwrite the carry costs carefully, because this market will not subsidize a slow renovation through rent.

The tax and insurance burden deserves its own line on any underwrite. Wisconsin's state-average effective property tax rate is 1.85%, which the data flags as high, and at that rate the annual tax bill on a $342,897 purchase runs approximately $6,344. Add $789 in estimated annual insurance and the combined monthly carry for tax and insurance alone is $594. On a property grossing $1,224 per month in rent, that is 48.5 cents of every rent dollar consumed before debt service, management, maintenance, or vacancy. The 1.85% figure is a state-average estimate from Tax Foundation 2024 data, and actual county or township rates in Outagamie may differ, so pull the specific parcel tax history before closing. But the directional message is clear: Wisconsin's property tax environment is a structural headwind for cash-flow investors in this price range, not a rounding error.

Comparing Outagamie to its neighbors reveals a consistent pattern across northeastern and southeastern Wisconsin. Jefferson County is the closest comparable, with a median price of $346,047 and a rent-to-price ratio of 4.36%, versus Outagamie's 4.28%, and an overall score of 57 versus 56. The two markets are essentially interchangeable on the metrics provided. Saint Croix County offers a notably better rent-to-price ratio of 5.14% on a higher median price of $401,930, making it the strongest cash-flow case among the neighbors listed. Dane County, with $448,398 median prices and a 4.86% rent-to-price ratio, is priced higher but produces more rent per dollar of asset, which is a function of Madison's rental demand. Waukesha and Ozaukee counties are the most expensive options at $475,410 and $470,334 respectively, with rent-to-price ratios of 4.02% and 4.54%, making the cash-flow math even harder. An investor choosing Outagamie over these alternatives is essentially choosing lower entry cost and a high appreciation score while accepting that none of these Wisconsin markets pencil positively with conventional financing at current rates.

The one concrete risk worth naming is market concentration. At 190,611 residents, Outagamie is a mid-size county anchored by the Appleton metro area. A county of that size can absorb economic shocks differently than a major metro, and rental demand is more sensitive to single employer decisions or regional population shifts. The stability score of 50 out of 100 reflects this middling position, neither fragile nor deeply diversified. An investor buying here should stress-test vacancy assumptions carefully rather than relying on metro-level vacancy data, and should watch population trends over the hold period, given that the long-term appreciation thesis depends on continued demand for both owner and renter housing.