1214 S Greenwood Ave

Green Bay, WI 54304

$189,900C-

3 bd · 2.0 ba · 1,741 sqft · Built 1908 · Other · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,972/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$244
• HOA: −$0
• Vac / Maint / Mgmt: −$414
• Net cashflow: $317/mo
• Annual: $3,809/yr
• Cap rate: 8.30%
• Cash-on-cash: 7.16%
• DSCR: 1.32
• 1% rule: 1.04%
• Cash to close: $53,172

Investor read

• This is a 3-bed/2.0-bath other listed at $190k.
• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#238 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, schools D-, commute F.
• Green Bay Area Public School District (urban): math 18% / reading 20% proficiency, ranked #333 of 342 in WI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 85 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,585 units permitted in Brown County in 2024 (877 in 5+ unit buildings).
• Brown County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $30k; list at $190k implies a 533% gain — meaningful room to come down on a strong offer.
• Cap rate 8.3% vs local median 3.2% in Green Bay — 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 ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1908 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.