67863 Topside Rd

Iron River, WI 54847

$329,000D-

3 bd · 2.0 ba · 1,380 sqft · Built 2021 · Other · Active · 212 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,200/mo
• Mortgage (P&I): −$1,725
• Tax + insurance: −$382
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $-1,159/mo
• Annual: $-13,908/yr
• Cap rate: 2.07%
• Cash-on-cash: -15.10%
• DSCR: 0.33
• 1% rule: 0.36%
• Cash to close: $92,120

Investor read

• This is a 3-bed/2.0-bath other listed at $329k.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (62.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (63.5% below list).
• It's been on market 212 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (63.5% below list) — sets the bar for 1% rule.
• In year one you build about $35k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#499 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B; Watch: employment C-, health & safety D, amenities F.
• Maple School District (rural): math 44% / reading 38% proficiency, ranked #136 of 342 in WI (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 75 active listings in the ZIP; 106 units permitted in Bayfield County in 2024 (0 in 5+ unit buildings).
• Bayfield County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$57k 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 212 days. Have you received any prior offers? Is the seller open to a 64% concession, seller financing, or rate buy-down credit?
• 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.
• 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.