603 Evergreen Ct

Rhinelander, WI 54501

$199,500D

4 bd · 2.0 ba · 1,886 sqft · Built — · SingleFamily · Active · 348 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,657/mo
• Mortgage (P&I): −$1,046
• Tax + insurance: −$291
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $-28/mo
• Annual: $-338/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.61%
• DSCR: 0.97
• 1% rule: 0.83%
• Cash to close: $55,860

Investor read

• This is a 4-bed/2.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $-28 ($-338/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (16.9% below list).
• It's been on market 348 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (16.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#112 in WI, #2,876 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, amenities F.
• Rhinelander School District (rural): math 31% / reading 31% proficiency, ranked #266 of 342 in WI (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 116 active listings in the ZIP; 307 units permitted in Oneida County in 2024 (0 in 5+ unit buildings).
• Oneida County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.1% vs local median 3.2% in Rhinelander — 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 348 days. Have you received any prior offers? Is the seller open to a 17% 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.
• Schools are F-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.