4288 Spruce Ln

Lincoln, WI 54521

$62,900B-

2 bd · 1.5 ba · 955 sqft · Built 1978 · Manufactured · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,365/mo
• Mortgage (P&I): −$330
• Tax + insurance: −$105
• HOA: −$445
• Vac / Maint / Mgmt: −$287
• Net cashflow: $199/mo
• Annual: $2,382/yr
• Cap rate: 10.08%
• Cash-on-cash: 13.53%
• DSCR: 1.60
• 1% rule: 2.17%
• Cash to close: $17,612

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $63k. Condition is rated fair.
• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• It's been on market 102 days — a 9% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $435 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Northland Pines School District (rural): math 39% / reading 39% proficiency, ranked #189 of 342 in WI (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northland Pines Elementary-Eagle River (math 44% / reading 35%, grade F, #490 of 1,041 statewide, top 53%, 498 students, 55% FRL); Northland Pines Middle (math 34% / reading 41%, grade F, #172 of 383 statewide, top 45%, 182 students, 46% FRL); Northland Pines High (math 27% / reading 37%, grade F, #184 of 483 statewide, top 41%, 417 students, 42% FRL).
• Watch-outs: HOA is 33% of rent.
• Market conditions: 157 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 359 units permitted in Vilas County in 2024 (67 in 5+ unit buildings).
• Vilas County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom fixtures — dated and worn
• Minor: flooring — carpeted and dated
• Minor: interior walls — wood paneling and dated
• Minor: exterior siding — white siding
• Minor: windows — curtains, no visible damage