1631 N Alvin St

Appleton, WI 54911

$239,900D

3 bd · 1.0 ba · 1,344 sqft · Built 1912 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,060/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$433
• Net cashflow: $60/mo
• Annual: $719/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.07%
• DSCR: 1.05
• 1% rule: 0.86%
• Cash to close: $67,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $60 ($719/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (14.1% below list).
• It's been on market 28 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (14.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#44 in WI, #1,073 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Appleton Area School District (urban): math 33% / reading 36% proficiency, ranked #224 of 342 in WI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 32 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 460 units permitted in Outagamie County in 2024 (30 in 5+ unit buildings).
• Outagamie County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $97k; list at $240k implies a 148% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 3.8% in Appleton — 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.
• This rent runs 37% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.