132 Lulu Avenue Ave E

Almena, WI 54805

$204,900D

3 bd · 2.0 ba · 2,318 sqft · Built 1920 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,247/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$239
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $-328/mo
• Annual: $-3,934/yr
• Cap rate: 4.37%
• Cash-on-cash: -6.86%
• DSCR: 0.69
• 1% rule: 0.61%
• Cash to close: $57,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $205k.
• At list price, monthly cash flow is $-328 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (39.1% below list).
• It's been on market 66 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (39.1% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (7.8% local appreciation)).
• Location reads 63/100 on livability (#601 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime C-, employment D, health & safety D.
• Barron Area School District (rural): math 30% / reading 33% proficiency, ranked #262 of 342 in WI (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodland Elementary (math 32% / reading 32%, grade F, #662 of 1,041 statewide, top 67%, 317 students, 64% FRL); Riverview Middle (math 28% / reading 31%, grade F, #261 of 383 statewide, top 73%, 317 students, 54% FRL); Barron High (math 17% / reading 32%, grade F, #287 of 483 statewide, top 71%, 316 students, 50% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 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.
• Current owner paid $144k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 66 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.