Wood County

Wood County scores a 3.77% cap rate against a median home price of $229,035 and median rent of $1,108, producing a gross rent-to-price ratio of 5.81%. At a 6.85% financing rate, the math doesn't close: the model underwrite shows a monthly cash flow of negative $480 and a cash-on-cash return of negative 10.93% on a 20% down payment of $45,807. That gap between the cap rate and the cost of debt is the central fact about this market. Wood County is not a market where you buy stabilized assets today and collect checks. The appreciation score of 89 and year-over-year price growth of 6.07% tell you where the real story is: this county is repricing faster than rent can catch up, which is exactly what compresses cash flow while building equity for patient holders.

The appreciation score of 89 makes Wood County a clear fit for the equity-accumulation buyer who can absorb negative carry or bring enough cash to meaningfully reduce the mortgage burden. At the modeled terms, you need either a substantially larger down payment, seller-financed debt at a lower coupon, or a value-add play where forced equity closes the gap between purchase basis and stabilized value. A cash-flow buyer running a 20% down conventional deal will be subsidizing this property out of pocket every month, and a 3.77% cap rate offers no margin of safety against expense overruns. The affordability index of 81 and median price of $229,035 suggest there is still room for entry-level value-add work, but the operator needs to be buying below that median, not at it. The stability score of 50 is the caution flag here: this is not a set-it-and-forget-it market, and underwriting assumptions on occupancy and rent growth need to be conservative.

Wisconsin's state-average effective property tax rate of 1.85% is high enough to deserve its own line on your underwrite, and it is the single largest underwriting variable after debt service. At that rate, the annual tax burden on a $229,035 asset is approximately $4,237, and combined with $527 in estimated annual insurance, you are carrying $397 per month in tax and insurance before touching maintenance, management, or vacancy reserves. That $397 eats directly into gross rent of $1,108, leaving only $711 to cover a $1,201 mortgage and all remaining expenses. The 1.85% figure is the Tax Foundation's 2024 state-average estimate and actual county or township assessments in Wood County may differ materially, so pulling the specific mill rate for Marshfield or Wisconsin Rapids before closing is not optional, it is a required step in the underwrite.

Wood County's population of 74,138 places it in a mid-size regional county context for central Wisconsin. No employer or economic anchor data was provided for this county, so no conclusions about demand drivers or job-base stability are drawn here beyond what the scores reflect. The stability score of 50 sits at the midpoint, suggesting neither the concentration risk of a single-employer town nor the diversified demand base of a larger metro.

The neighbor comparison puts Wood County's investment thesis in sharper relief. Langlade County prices in at $208,908 with the same overall score of 68, meaning you get a cheaper entry point for equivalent overall quality. Vernon ($261,888), Juneau ($255,309), and Pepin ($267,147) all score at or near 68 with higher median prices than Wood, making Wood the more affordable option within that peer group. Kenosha County is the meaningful outlier: at $311,505 median price but a rent-to-price ratio of 6.26% versus Wood's 5.81%, Kenosha generates more rent per dollar of asset value even at a substantially higher price point, which is why its overall score of 67 stays competitive despite the capital required. You would choose Wood County over Kenosha if you want lower absolute capital deployment and are betting on price appreciation in a smaller, cheaper market. You would choose Kenosha over Wood if cash flow yield per dollar invested is the priority and you can source the larger down payment. Within the central Wisconsin peer group, Wood's 6.07% YoY price growth and appreciation score of 89 stand out as the reason to pick it over Langlade despite Langlade's lower entry price, assuming your thesis is equity growth over the hold period rather than immediate income.