1400 Hunters Ridge Dr #57

Genoa City, WI 53128

$235,000D

2 bd · 1.5 ba · 1,100 sqft · Built 2006 · Condo · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,215/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$349
• HOA: −$166
• Vac / Maint / Mgmt: −$465
• Net cashflow: $3/mo
• Annual: $30/yr
• Cap rate: 6.31%
• Cash-on-cash: 0.05%
• DSCR: 1.00
• 1% rule: 0.94%
• Cash to close: $65,800

Investor read

• This is a 2-bed/1.5-bath condo listed at $235k.
• At list price, monthly cash flow is $3 ($30/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 $222k (5.7% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $222k (5.7% 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 71/100 on livability (#265 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lake Geneva-Genoa City Uhs School District (town): math 27% / reading 35% proficiency, ranked #258 of 342 in WI (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brookwood Elementary (math 44% / reading 34%, grade F, #490 of 1,041 statewide, top 53%, 221 students, 31% FRL); Brookwood Middle (math 26% / reading 31%, grade F, #282 of 383 statewide, top 76%, 248 students, 40% FRL); Badger High (math 27% / reading 36%, grade F, #199 of 483 statewide, top 42%, 1,326 students, 34% FRL).
• Market conditions: 41 active listings in the ZIP; 474 units permitted in Walworth County in 2024 (77 in 5+ unit buildings).
• 4 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $125k; list at $235k implies a 88% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.