322 S Commercial St

Viola, WI 54664

$59,000B+

2 bd · 1.0 ba · 1,025 sqft · Built 1930 · Other · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $978/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$126
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $336/mo
• Annual: $4,038/yr
• Cap rate: 13.14%
• Cash-on-cash: 24.44%
• DSCR: 2.09
• 1% rule: 1.66%
• Cash to close: $16,520

Investor read

• This is a 2-bed/1.0-bath other listed at $59k.
• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($978 rent vs $59k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($408 loan paydown + $4k appreciation (7.3% local appreciation)).
• Location reads 63/100 on livability (#609 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime D+, health & safety D, amenities F.
• Kickapoo Area School District (rural): math 30% / reading 40% proficiency, ranked #239 of 342 in WI (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kickapoo Elementary (math 42% / reading 52%, grade D-, #319 of 1,041 statewide, top 34%, 205 students, 57% FRL); Kickapoo High (math 22% / reading 32%, grade F, #260 of 483 statewide, top 58%, 265 students, 42% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 117 units permitted in Vernon County in 2024 (0 in 5+ unit buildings).
• Vernon County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 11y 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.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1930 — 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.