3008 E Long Lake Rd

Scott, WI 54830

$140,000D

3 bd · 1.0 ba · 800 sqft · Built 1950 · Other · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $989/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $-66/mo
• Annual: $-792/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.02%
• DSCR: 0.91
• 1% rule: 0.71%
• Cash to close: $39,200

Investor read

• This is a 3-bed/1.0-bath other listed at $140k.
• At list price, monthly cash flow is $-66 ($-792/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (29.3% below list).
• It's been on market 71 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (29.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Spooner Area School District (rural): math 31% / reading 35% proficiency, ranked #256 of 342 in WI (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 171 active listings in the ZIP; 144 units permitted in Burnett County in 2024 (25 in 5+ unit buildings).
• Burnett County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

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 71 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.