315 E Maple St

River Falls, WI 54022

$347,000B

7 bd · 4.0 ba · 2,786 sqft · Built 1873 · MultiFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,816/mo
• Mortgage (P&I): −$1,820
• Tax + insurance: −$578
• HOA: −$0
• Vac / Maint / Mgmt: −$1,221
• Net cashflow: $2,197/mo
• Annual: $26,359/yr
• Cap rate: 13.89%
• Cash-on-cash: 27.13%
• DSCR: 2.21
• 1% rule: 1.68%
• Cash to close: $97,160

Investor read

• This is a 7-bed/4.0-bath multifamily listed at $347k.
• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $347k).
• It's been on market 17 days — a 2% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $342k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#20 in WI, #322 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+; Watch: commute F.
• River Falls School District (town): math 44% / reading 49% proficiency, ranked #69 of 342 in WI (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1873 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.1%/yr); 140 active listings in the ZIP; solid renter incomes; 191 units permitted in Pierce County in 2024 (0 in 5+ unit buildings).
• Pierce County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 25y 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 $247k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $97k cash investment doubles in ~5 years — after that, you're playing with house money.
• At $5,816/mo this rent would consume 72% of the median local household income ($97k/yr) (locally 422% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1873 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.