1322 17th Ave

Monroe, WI 53566

$375,000B-

8 bd · 4.0 ba · — sqft · Built 1874 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,936/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$1,037
• Net cashflow: $1,308/mo
• Annual: $15,695/yr
• Cap rate: 10.48%
• Cash-on-cash: 14.95%
• DSCR: 1.67
• 1% rule: 1.32%
• Cash to close: $105,000

Investor read

• This is a 1×2.0bd/1.0ba + 3×1.0bd/1.0ba units multifamily listed at $375k. Condition is rated good.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $327/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#32 in WI, #627 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Monroe School District (town): math 36% / reading 36% proficiency, ranked #215 of 342 in WI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monroe High (math 27% / reading 32%, grade F, #228 of 483 statewide, top 52%, 729 students, 37% FRL) — zoned schools at 37% FRL track the district average.
• Watch-outs: built in 1874 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 132 active listings in the ZIP; 62 units permitted in Green County in 2024 (0 in 5+ unit buildings).
• Green County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.5% vs local median 2.6% in Monroe — 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

• 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 1874 — 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.