117 Misty Pines Dr

Lake Delton, WI 53965

$99,500C-

1 bd · 1.0 ba · 400 sqft · Built 1997 · Condo · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,047/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$166
• HOA: −$59
• Vac / Maint / Mgmt: −$220
• Net cashflow: $80/mo
• Annual: $966/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.47%
• DSCR: 1.15
• 1% rule: 1.05%
• Cash to close: $27,860

Investor read

• This is a 1-bed/1.0-bath condo listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $80 ($966/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 116 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#120 in WI, #3,121 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, commute F.
• Wisconsin Dells School District (town): math 44% / reading 40% proficiency, ranked #135 of 342 in WI (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 195 active listings in the ZIP; 527 units permitted in Sauk County in 2024 (268 in 5+ unit buildings).
• 3 sale attempts 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.
• Cap rate 7.3% vs local median 2.1% in Lake Delton — 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

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Major: exterior siding — The exterior siding appears to be in poor condition, with visible wear and tear.
• Major: flooring — The flooring appears to be in poor condition, with visible wear and tear.
• Major: interior walls/paint — The interior walls and paint appear to be in poor condition, with visible wear and tear.
• Major: HVAC and mechanical systems — The HVAC and mechanical systems appear to be in poor condition, with visible wear and tear.