1040 7th Ave

Baldwin, WI 54002

$299,000B

20 bd · 16.0 ba · 2,950 sqft · Built 1900 · MultiFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,807/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$498
• HOA: −$0
• Vac / Maint / Mgmt: −$1,219
• Net cashflow: $2,521/mo
• Annual: $30,254/yr
• Cap rate: 16.41%
• Cash-on-cash: 36.14%
• DSCR: 2.61
• 1% rule: 1.94%
• Cash to close: $83,720

Investor read

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $299k.
• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $630/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $299k).
• It's been on market 77 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#162 in WI, #4,286 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Baldwin-Woodville Area School District (rural): math 46% / reading 51% proficiency, ranked #58 of 342 in WI (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Greenfield Elementary (math 57% / reading 51%, grade C, #205 of 1,041 statewide, top 20%, 845 students, 27% FRL); Viking Middle (math 41% / reading 54%, grade C-, #68 of 383 statewide, top 19%, 391 students, 28% FRL); Baldwin-Woodville High (math 27% / reading 37%, grade F, #184 of 483 statewide, top 41%, 505 students, 23% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 411 units permitted in St. Croix County in 2024 (36 in 5+ unit buildings).
• St. Croix County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 8 sale attempts since 26y ago; this cycle's ask has dropped $16k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $299k implies a 99% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — 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.