211 E Wolf River Ave

New London, WI 54961

$179,900C-

4 bd · 1.5 ba · 1,858 sqft · Built 1900 · Other · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,003/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$360
• HOA: −$0
• Vac / Maint / Mgmt: −$421
• Net cashflow: $279/mo
• Annual: $3,343/yr
• Cap rate: 8.15%
• Cash-on-cash: 6.64%
• DSCR: 1.30
• 1% rule: 1.11%
• Cash to close: $50,372

Investor read

• This is a 4-bed/1.5-bath other listed at $180k.
• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 104 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#268 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• New London School District (town): math 48% / reading 37% proficiency, ranked #120 of 342 in WI (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 287 units permitted in Waupaca County in 2024 (173 in 5+ unit buildings).
• Waupaca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $49k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $180k implies a 178% gain — meaningful room to come down on a strong offer.
• Cap rate 8.2% vs local median 4.9% in New London — 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

• It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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?
• 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.