927 Miller Street Site #7

Kewaunee, WI 54216

$20,800D

3 bd · 1.0 ba · 980 sqft · Built 2026 · Manufactured · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $958/mo
• Mortgage (P&I): −$109
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $613/mo
• Annual: $7,359/yr
• Cap rate: 41.67%
• Cash-on-cash: 126.36%
• DSCR: 6.62
• 1% rule: 4.61%
• Cash to close: $5,824

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $21k. Condition is rated fair.
• At list price, monthly cash flow is $613 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($958 rent vs $21k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $144 of loan paydown is wiped out by about $624 of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#210 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Kewaunee School District (town): math 34% / reading 31% proficiency, ranked #250 of 342 in WI (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 58 units permitted in Kewaunee County in 2024 (0 in 5+ unit buildings).
• Kewaunee County population projected at -20% 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant rust and wear
• Major: exterior siding — Severe weathering and rust