32 Camelot Lane Site #82

Rice Lake, WI 54868

$70,100B

3 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,430/mo
• Mortgage (P&I): −$368
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $645/mo
• Annual: $7,743/yr
• Cap rate: 17.34%
• Cash-on-cash: 39.45%
• DSCR: 2.76
• 1% rule: 2.04%
• Cash to close: $19,628

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated good.
• At list price, monthly cash flow is $645 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 20 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $485 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#333 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools C-, health & safety D, amenities D-.
• Rice Lake Area School District (town): math 41% / reading 37% proficiency, ranked #184 of 342 in WI (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 135 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 156 units permitted in Barron County in 2024 (0 in 5+ unit buildings).
• Barron County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.3% vs local median 2.1% in Rice Lake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.