165 S Chet Krause Dr #185

Iola, WI 54945

$995,000F

None bd · None ba · — sqft · Built 1965 · Condo · Active · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,000/mo
• Mortgage (P&I): −$5,218
• Tax + insurance: −$1,658
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $-6,086/mo
• Annual: $-73,035/yr
• Cap rate: -1.05%
• Cash-on-cash: -26.21%
• DSCR: -0.17
• 1% rule: 0.10%
• Cash to close: $278,600

Investor read

• This is a condo listed at $995k. Condition is rated fair.
• At list price, monthly cash flow is $-6k ($-73k/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (88.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (89.9% below list).
• It's been on market 155 days — a 12% lower offer ($876k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (89.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#353 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-.
• Iola-Scandinavia School District (rural): math 33% / reading 36% proficiency, ranked #227 of 342 in WI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Iola-Scandinavia Elementary (math 42% / reading 37%, grade F, #490 of 1,041 statewide, top 53%, 278 students, 36% FRL); Iola-Scandinavia High (math 22% / reading 37%, grade F, #228 of 483 statewide, top 52%, 288 students, 32% FRL).
• Market conditions: 19 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 287 units permitted in Waupaca County in 2024 (173 in 5+ unit buildings).
• Waupaca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 155 days. Have you received any prior offers? Is the seller open to a 90% 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 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered and discoloration
• Minor: Landscaping — Minimal and in fair condition