1004 Chrysler Dr

Mishicot, WI 54228

$178,900B-

2 bd · 1.0 ba · 1,052 sqft · Built 2002 · Condo · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,400/mo
• Mortgage (P&I): −$938
• Tax + insurance: −$298
• HOA: −$0
• Vac / Maint / Mgmt: −$504
• Net cashflow: $660/mo
• Annual: $7,916/yr
• Cap rate: 10.72%
• Cash-on-cash: 15.80%
• DSCR: 1.70
• 1% rule: 1.34%
• Cash to close: $50,092

Investor read

• This is a 2-bed/1.0-bath condo listed at $179k. Condition is rated fair.
• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• It's been on market 40 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $174k (3.0% 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 70/100 on livability (#300 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Mishicot School District (rural): math 47% / reading 49% proficiency, ranked #61 of 342 in WI (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Schultz Elementary (math 42% / reading 42%, grade F, #433 of 1,041 statewide, top 46%, 448 students, 26% FRL); Mishicot Middle (math 52% / reading 57%, grade B-, #37 of 383 statewide, top 10%, 191 students, 25% FRL); Mishicot High (math 42% / reading 42%, grade F, #74 of 483 statewide, top 18%, 279 students, 24% FRL).
• Market conditions: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 100 units permitted in Manitowoc County in 2024 (0 in 5+ unit buildings).
• Manitowoc County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn appearance
• Moderate: kitchen appliances — outdated and worn appearance
• Minor: bathroom fixtures — basic and functional