Real Estate Investing in Washington Island, Wisconsin (54246)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 54246 (Washington Island, WI)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 55.4% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 36.4 — hard to cash-flow at these prices.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Washington Island, WI (54246)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 54246 Washington Island
ZIP 54246 in Washington Island, WI carries a substantial set of headwinds. Home values near $405K and rents of $927/mo sit inside a market where underwriting has to be tight.
For an experienced owner, 54246 can be a worth a close look for hunting ground — but the discount at $405K reflects genuine risk that outside investors often underestimate.
Within WI, ZIP 54246 trails on several market indicators that neighboring Door submarkets outperform. The gap is real and impressive enough to shape underwriting.
Who lives in 54246 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The right play in 54246 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Washington Island:
Market Trends
Home Value History (with trend line)
📊 How Does 54246 Compare?
| Metric | 54246 | Washington Island | Wisconsin |
|---|---|---|---|
| Home Value | $404,712 | $404,712 | $320,446 |
| 5-Year CAGR | 6.2% | 6.2% | 7.3% |
| Avg Rent | $927 | $927 | - |
| Cap Rate | 1.8% | 1.8% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 54246 (Washington Island, WI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $404,712 |
| Monthly Rent | $927 |
| Price-to-Rent | 36.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.8% |
| Cap Rate | 1.8% |
| 5-Year IRR | 8.0% |
📈 Home Appreciation
| 1-Year | +1.9% ▲ |
| 3-Year CAGR | +3.4% ▲ |
| 5-Year CAGR | +6.2% ▲ |
| 10-Year CAGR | +6.1% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.8%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 54246
Population: 784
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 54246
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
What monthly rent should investors expect in Washington Island, WI?
Washington Island, WI rentals go for roughly $927/mo a month. That puts gross yield in solid territory relative to $405K acquisition costs.
What does house hacking look like in Washington Island, WI?
House hacking works a challenging in Washington Island, WI. Rents of $927/mo against $405K acquisition make the strategy solid for owner-occupants.
What is the typical home price in Washington Island, WI?
The median home value in Washington Island, WI is roughly $405K. That puts it reasonable relative to the WI statewide average.
How do landlord-tenant laws work in Washington Island, WI?
The landlord environment in Washington Island, WI is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
What is the tenant pool like in Washington Island, WI?
Washington Island, WI draws a predictable base of working renters. Demand at the $927/mo rent level is reasonable for standard single-family and small multi rentals.
You know 54246 now. You don’t know where it ranks.
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