2430 Mary Street Site #35

Marinette, WI 54143

$56,800B-

3 bd · 2.0 ba · 1,056 sqft · Built 2024 · Manufactured · Active · 271 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,127/mo
• Mortgage (P&I): −$298
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $498/mo
• Annual: $5,977/yr
• Cap rate: 16.82%
• Cash-on-cash: 37.58%
• DSCR: 2.67
• 1% rule: 1.98%
• Cash to close: $15,904

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $57k. Condition is rated good.
• At list price, monthly cash flow is $498 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• It's been on market 271 days — a 12% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $393 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#135 in WI, #3,516 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, amenities F, commute F.
• Marinette School District (town): math 21% / reading 21% proficiency, ranked #329 of 342 in WI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 71 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 145 units permitted in Marinette County in 2024 (0 in 5+ unit buildings).
• Marinette County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 16 sale attempts since 2y ago; this cycle's ask has dropped $10k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.8% vs local median 4.1% in Marinette — 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

• It's been on market 271 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.