440 Keller Ave S

Amery, WI 54001

$230,000D

3 bd · 2.0 ba · 1,450 sqft · Built 1950 · SingleFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,795/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$338
• HOA: −$0
• Vac / Maint / Mgmt: −$377
• Net cashflow: $-126/mo
• Annual: $-1,510/yr
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• 1% rule: 0.78%
• Cash to close: $64,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (22.0% below list).
• It's been on market 42 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $180k (22.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#66 in WI, #1,752 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Amery School District (rural): math 41% / reading 44% proficiency, ranked #126 of 342 in WI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lien Elementary (math 50% / reading 50%, grade D, #257 of 1,041 statewide, top 30%, 347 students, 50% FRL); Amery Middle (math 43% / reading 49%, grade D+, #88 of 383 statewide, top 23%, 300 students, 42% FRL); Amery High (math 22% / reading 27%, grade F, #287 of 483 statewide, top 71%, 465 students, 38% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 238 units permitted in Polk County in 2024 (0 in 5+ unit buildings).
• Polk County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts 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 $80k; list at $230k implies a 188% gain — meaningful room to come down on a strong offer.
• Cap rate 5.6% vs local median 2.6% in Amery — 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

• 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 42 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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.