W2354 Hwy 23 Rd #106

Brooklyn, WI 54941

$46,500B

2 bd · 1.0 ba · 784 sqft · Built 1980 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $859/mo
• Mortgage (P&I): −$244
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$180
• Net cashflow: $358/mo
• Annual: $4,291/yr
• Cap rate: 15.52%
• Cash-on-cash: 32.96%
• DSCR: 2.47
• 1% rule: 1.85%
• Cash to close: $13,020

Investor read

• This is a 2-bed/1.0-bath single-family listed at $46k. Condition is rated good.
• At list price, monthly cash flow is $358 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($859 rent vs $46k).
• It's been on market 15 days — a 2% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $321 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#153 in WI, #4,129 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Green Lake School District (rural): math 45% / reading 55% proficiency, ranked #108 of 426 in WI (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Green Lake Elementary (math 57% / reading 47%, grade C-, #215 of 1,041 statewide, top 23%, 152 students, 42% FRL); Green Lake High (math 27% / reading 42%, grade F, #144 of 483 statewide, top 36%, 145 students, 35% FRL) — zoned schools average 39% FRL vs 23% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 67 active listings in the ZIP; 38 units permitted in Green Lake County in 2024 (0 in 5+ unit buildings).
• Green Lake County population projected at -14% 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 $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.