618 Mendlik Ave

Antigo, WI 54409

$1D

3 bd · 1.0 ba · 1,636 sqft · Built 1950 · Other · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,047/mo
• Mortgage (P&I): −$0
• Tax + insurance: −$0
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $827/mo
• Annual: $9,929/yr
• Cap rate: 992857.36%
• Cash-on-cash: 3545896.67%
• DSCR: 157773.45
• 1% rule: 104732.00%
• Cash to close: $0

Investor read

• This is a 3-bed/1.0-bath other listed at $1.
• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• It's been on market 18 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• Local home prices are declining (-3.0%/yr); year-one equity from $0 of loan paydown is wiped out by about $0 of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#207 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: amenities D, commute F, employment F.
• Antigo Unified School District (rural): math 21% / reading 25% proficiency, ranked #324 of 342 in WI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Antigo Middle (math 23% / reading 26%, grade F, #319 of 383 statewide, top 85%, 502 students, 67% FRL); Antigo High (math 18% / reading 23%, grade F, #364 of 483 statewide, top 75%, 855 students, 52% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 54 active listings in the ZIP; 186 units permitted in Langlade County in 2024 (0 in 5+ unit buildings).
• Langlade County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y ago 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 $0 cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 992857.4% vs local median 2.5% in Antigo — 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

• Built in 1950 — 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.