45 Eveline St

Oshkosh, WI 54901

$219,900C

3 bd · 2.0 ba · 1,581 sqft · Built 1864 · MultiFamily · Pending · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,588/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$443
• HOA: −$0
• Vac / Maint / Mgmt: −$543
• Net cashflow: $448/mo
• Annual: $5,374/yr
• Cap rate: 8.74%
• Cash-on-cash: 8.73%
• DSCR: 1.39
• 1% rule: 1.18%
• Cash to close: $61,572

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $220k.
• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 50 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (3.0% 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 $7k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#29 in WI, #574 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+.
• Oshkosh Area School District (urban): math 33% / reading 34% proficiency, ranked #246 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1864 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.0%/yr); 82 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $77k; list at $220k implies a 186% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $62k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.7% vs local median 3.7% in Oshkosh — 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.
• At $2,588/mo this rent would consume 50% of the median local household income ($62k/yr) (locally 1484% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1864 — 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.