N51W34861 Wisconsin Ave #3113

Okauchee Lake, WI 53069

$359,900D-

2 bd · 2.0 ba · 1,345 sqft · Built 2007 · Condo · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,165/mo
• Mortgage (P&I): −$1,887
• Tax + insurance: −$333
• HOA: −$400
• Vac / Maint / Mgmt: −$455
• Net cashflow: $-910/mo
• Annual: $-10,920/yr
• Cap rate: 3.26%
• Cash-on-cash: -10.84%
• DSCR: 0.52
• 1% rule: 0.60%
• Cash to close: $100,772

Investor read

• This is a 2-bed/2.0-bath condo listed at $360k.
• At list price, monthly cash flow is $-910 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (44.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (39.9% below list).
• It's been on market 45 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (44.7% below list) — sets the bar for cash-flow.
• In year one you build about $20k of equity ($2k loan paydown + $17k appreciation (4.8% local appreciation)).
• Location reads 68/100 on livability (#403 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Oconomowoc Area School District (suburban): math 56% / reading 49% proficiency, ranked #39 of 342 in WI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Oconomowoc High (math 43% / reading 45%, grade F, #71 of 483 statewide, top 15%, 1,662 students, 17% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: 8 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).
• 5 sale attempts since 13y 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 $161k; list at $360k implies a 124% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.3% vs local median 0.8% in Okauchee Lake — 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?
• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
• 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.