2411 River Rd #2221

Wisconsin Dells, WI 53965

$177,000F

2 bd · 2.0 ba · 1,653 sqft · Built 2006 · Condo · Active · 478 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,542/mo
• Mortgage (P&I): −$928
• Tax + insurance: −$295
• HOA: −$782
• Vac / Maint / Mgmt: −$324
• Net cashflow: $-787/mo
• Annual: $-9,440/yr
• Cap rate: 0.96%
• Cash-on-cash: -19.05%
• DSCR: 0.15
• 1% rule: 0.87%
• Cash to close: $49,560

Investor read

• This is a 2-bed/2.0-bath condo listed at $177k. Condition is rated good.
• At list price, monthly cash flow is $-787 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $63k (64.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (12.9% below list).
• It's been on market 478 days — a 12% lower offer ($156k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (64.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#100 in WI, #2,661 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Wisconsin Dells School District (town): math 44% / reading 40% proficiency, ranked #135 of 342 in WI (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spring Hill Elementary (math 52% / reading 37%, grade F, #372 of 1,041 statewide, top 40%, 608 students, 57% FRL); Wisconsin Dells Middle School (math 42% / reading 44%, grade D-, #112 of 383 statewide, top 30%, 387 students, 54% FRL); Wisconsin Dells High (math 17% / reading 27%, grade F, #349 of 483 statewide, top 75%, 603 students, 48% FRL).
• Watch-outs: HOA is 51% of rent.
• Market conditions: 241 active listings in the ZIP; 126 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 1.0% vs local median 1.3% in Wisconsin Dells — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 478 days. Have you received any prior offers? Is the seller open to a 64% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?