471 N Fulton St

Princeton, WI 54968

$74,900C-

3 bd · 2.0 ba · 776 sqft · Built 1950 · Other · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $765/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$161
• Net cashflow: $86/mo
• Annual: $1,036/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• 1% rule: 1.02%
• Cash to close: $20,972

Investor read

• This is a 3-bed/2.0-bath other listed at $75k.
• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($765 rent vs $75k).
• It's been on market 28 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#350 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Princeton School District (rural): math 40% / reading 45% proficiency, ranked #222 of 426 in WI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 38 units permitted in Green Lake County in 2024 (0 in 5+ unit buildings).
• Green Lake County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 1.5% in Princeton — 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

• Built in 1950 — 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.
• 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?
• 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.