8751 Richardson Plat Rd

Minocqua, WI 54548

$94,000C+

3 bd · 1.0 ba · 858 sqft · Built 1996 · Other · Pending · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,098/mo
• Mortgage (P&I): −$493
• Tax + insurance: −$79
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $295/mo
• Annual: $3,544/yr
• Cap rate: 10.06%
• Cash-on-cash: 13.47%
• DSCR: 1.60
• 1% rule: 1.17%
• Cash to close: $26,320

Investor read

• This is a 3-bed/1.0-bath other listed at $94k.
• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• It's been on market 160 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $83k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $650 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#160 in WI, #4,279 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: employment C-, schools D, commute F.
• Minocqua J1 School District (rural): math 44% / reading 48% proficiency, ranked #92 of 342 in WI (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 78 active listings in the ZIP; 307 units permitted in Oneida County in 2024 (0 in 5+ unit buildings).
• Oneida County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $94k implies a 161% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.1% vs local median 1.0% in Minocqua — 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 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.