10462 E Highway 22

Gillett, WI 54124

$182,900D

4 bd · 1.0 ba · 1,280 sqft · Built 1938 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,729/mo
• Mortgage (P&I): −$959
• Tax + insurance: −$305
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $102/mo
• Annual: $1,219/yr
• Cap rate: 6.96%
• Cash-on-cash: 2.38%
• DSCR: 1.11
• 1% rule: 0.95%
• Cash to close: $51,212

Investor read

• This is a 4-bed/1.0-bath single-family listed at $183k. Condition is rated fair.
• At list price, monthly cash flow is $102 ($1k/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 $173k (5.5% below list).
• It's been on market 24 days — a 2% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (5.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#467 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D, amenities F, commute F.
• Gillett School District (rural): math 33% / reading 35% proficiency, ranked #245 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Gillett Elementary (math 32% / reading 27%, grade F, #705 of 1,041 statewide, top 71%, 250 students, 63% FRL); Gillett Middle (math 37% / reading 47%, grade D-, #124 of 383 statewide, top 35%, 108 students, 57% FRL); Gillett High (math 15% / reading 24%, grade F, #376 of 483 statewide, top 79%, 159 students, 46% FRL).
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 132 units permitted in Oconto County in 2024 (0 in 5+ unit buildings).
• Oconto County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1938 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Outdated and non-functional
• Major: Bathroom fixtures — Small and outdated
• Major: Flooring — Carpeted and dated hardwood
• Major: Paint — Peeling and outdated