N2534 West Rd

Spirit, WI 54513

$90,000C-

1 bd · 1.0 ba · 800 sqft · Built 1942 · Other · Active · 131 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $810/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$170
• Net cashflow: $74/mo
• Annual: $887/yr
• Cap rate: 7.28%
• Cash-on-cash: 3.52%
• DSCR: 1.16
• 1% rule: 0.90%
• Cash to close: $25,200

Investor read

• This is a 1-bed/1.0-bath other listed at $90k.
• At list price, monthly cash flow is $74 ($887/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $81k (10.0% below list).
• It's been on market 131 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($622 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Prentice School District (rural): math 40% / reading 35% proficiency, ranked #299 of 426 in WI (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 47 units permitted in Price County in 2024 (0 in 5+ unit buildings).
• Price County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1942 — 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.
• 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.