67745 W Spider Lake Rd

Iron River, WI 54847

$249,900D

3 bd · 2.0 ba · 2,072 sqft · Built 1999 · SingleFamily · Active · 284 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,293/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$354
• HOA: −$0
• Vac / Maint / Mgmt: −$272
• Net cashflow: $-643/mo
• Annual: $-7,714/yr
• Cap rate: 3.21%
• Cash-on-cash: -11.02%
• DSCR: 0.51
• 1% rule: 0.52%
• Cash to close: $69,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $-643 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (45.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (48.2% below list).
• It's been on market 284 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (48.2% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $25k 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.
• Zoned schools: Iron River Elementary (math 24% / reading 24%, grade F, #783 of 1,041 statewide, top 79%, 102 students, 37% FRL); Northwestern Middle (math 47% / reading 38%, grade D-, #118 of 383 statewide, top 32%, 266 students, 31% FRL); Northwestern High (math 32% / reading 37%, grade F, #144 of 483 statewide, top 36%, 400 students, 28% FRL) — zoned schools at 32% FRL track the district average.
• 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.
• 11 sale attempts since 8y 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.
• By year 2, paydown + projected appreciation supports a ~$43k 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 284 days. Have you received any prior offers? Is the seller open to a 48% 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.