Sheboygan County

Sheboygan County's numbers tell a clear story before you run a single pro forma: this is an appreciation play, not a cash-flow market. The gross rent-to-price ratio sits at 4.98%, which is thin for a buy-and-hold buyer underwriting at today's rates. At 6.85% financing on a $324,244 purchase with 20% down, the modeled cash flow comes in at negative $826 per month, a cash-on-cash return of -13.29%. The cap rate of 3.23% lands well below the cost of debt, meaning leverage works against you here. Home prices are up 5.28% year-over-year, which earns Sheboygan an appreciation score of 87 out of 100, the standout number in the profile. That growth rate is doing real work for equity-builders, but it's also exactly why the rent-to-price ratio is compressed: prices have outrun rents.

The investor this market suits is someone who can absorb negative carry in exchange for price appreciation, or who can put enough cash down to reduce or eliminate the mortgage drag. An all-cash buyer at a 3.23% cap rate is still not getting rich on income, but they're not losing ground every month either. A value-add operator who can lift rents meaningfully above the $1,344 median might tighten the loss, but given the starting gap between rent and total carry costs, the upside required is substantial. The affordability index of 61 and an overall score of 60 out of 100 suggest this market is neither deeply distressed nor especially accessible, positioning it in the middle of the pack nationally at the 52nd percentile across 1,000 counties ranked.

The carry costs on a standard purchase deserve a hard look. Property taxes in Wisconsin average 1.85% of assessed value, a rate flagged here as high, and that's a real underwriting consideration that deserves its own line on your model. On a $324,244 asset, the state-average effective rate generates roughly $5,999 in annual taxes. Combined with $746 in estimated annual insurance, total tax and insurance runs approximately $562 per month. That figure alone nearly matches the median rent's contribution to debt service and eats into any gross-to-net calculation fast. Be aware this is a state-average estimate; actual county and township rates in Sheboygan may differ, so verify the local mill rate before closing. The insurance load at 0.23% is modest relative to the tax bite.

No economic anchor or employer data was provided for Sheboygan County, so the underlying demand drivers for rental housing cannot be assessed from this dataset. What the population figure of 117,741 does tell you is that this is a mid-sized county, large enough to have a functional rental market but not so large that rental demand is insulated from local employment shifts. Stability scores a 50 out of 100, which is neither a red flag nor a comfort.

Comparing Sheboygan to its neighbors is instructive. Sheboygan's rent-to-price ratio of 4.98% is the highest among the five neighboring counties listed, which is a relative positive for cash-flow investors, though still not positive-carry territory at current rates. Outagamie County is nearly identical on home price ($325,896) but posts a 4.64% rent-to-price ratio, making Sheboygan the better income ratio of the two. Winnebago County offers meaningfully cheaper entry at $286,400 and a 4.66% ratio, and it matches Sheboygan's overall score of 61, making Winnebago worth serious consideration for a buyer who wants to reduce purchase price exposure while keeping a comparable income ratio. Marathon County has the lowest median home price of the group at $257,325, but its rent-to-price ratio of 4.27% is the weakest, suggesting lower rents relative to asset cost despite the cheaper entry point. Choose Sheboygan over its neighbors specifically when you're prioritizing price appreciation potential, which at an 87 appreciation score stands apart, and when you're willing to accept thinner or negative current income in exchange for that equity trajectory.