2504 River Rd #7426

Wisconsin Dells, WI 53965

$86,900D-

1 bd · 1.0 ba · 735 sqft · Built 2007 · Condo · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,185/mo
• Mortgage (P&I): −$456
• Tax + insurance: −$145
• HOA: −$625
• Vac / Maint / Mgmt: −$249
• Net cashflow: $-289/mo
• Annual: $-3,468/yr
• Cap rate: 2.30%
• Cash-on-cash: -14.25%
• DSCR: 0.37
• 1% rule: 1.36%
• Cash to close: $24,332

Investor read

• This is a 1-bed/1.0-bath condo listed at $87k.
• At list price, monthly cash flow is $-289 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $45k (48.1% below list).
• Meets the 1% rule at list price ($1k rent vs $87k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $45k (48.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#100 in WI, #2,661 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment 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.
• Zoned schools: Spring Hill Elementary (math 52% / reading 37%, grade F, #372 of 1,041 statewide, top 40%, 608 students, 57% FRL); Wisconsin Dells High (math 17% / reading 27%, grade F, #349 of 483 statewide, top 75%, 603 students, 48% FRL).
• Watch-outs: HOA is 53% of rent.
• Market conditions: 195 active listings in the ZIP; 126 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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 2.3% vs local median 1.5% in Wisconsin Dells — 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

• 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?
• 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.
• 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?
• 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.