355 Oak St

Menasha, WI 54952

$255,000D+

5 bd · 2.0 ba · 1,664 sqft · Built 1930 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,843/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$392
• HOA: −$0
• Vac / Maint / Mgmt: −$387
• Net cashflow: $-273/mo
• Annual: $-3,275/yr
• Cap rate: 5.01%
• Cash-on-cash: -4.59%
• DSCR: 0.80
• 1% rule: 0.72%
• Cash to close: $71,400

Investor read

• This is a 5-bed/2.0-bath single-family listed at $255k.
• At list price, monthly cash flow is $-273 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (27.7% below list).
• It's been on market 38 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (27.7% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#59 in WI, #1,628 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, amenities D.
• Menasha Joint School District (suburban): math 30% / reading 24% proficiency, ranked #300 of 342 in WI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Butte Des Morts Elementary (math 37% / reading 17%, grade F, #746 of 1,041 statewide, top 75%, 336 students, 67% FRL); Menasha High (math 14% / reading 17%, grade F, #413 of 483 statewide, top 85%, 966 students, 50% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.6%/yr); 69 active listings in the ZIP; 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 6y 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.
• Current owner paid $152k; list at $255k implies a 68% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.0% vs local median 2.5% in Menasha — 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.
• This rent runs 32% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 38 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• 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?
• 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.