502 Johns Dr Unit B

Stevens Point, WI 54481

$159,900C-

2 bd · 1.5 ba · 1,056 sqft · Built 1973 · Condo · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,581/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $144/mo
• Annual: $1,726/yr
• Cap rate: 7.37%
• Cash-on-cash: 3.86%
• DSCR: 1.17
• 1% rule: 0.99%
• Cash to close: $44,772

Investor read

• This is a 2-bed/1.5-bath condo listed at $160k. Condition is rated good.
• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (1.1% below list).
• It's been on market 51 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#27 in WI, #490 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: employment D+.
• Stevens Point Area Public School District (town): math 36% / reading 38% proficiency, ranked #203 of 342 in WI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary (math 37% / reading 37%, grade F, #562 of 1,041 statewide, top 58%, 356 students, 49% FRL); Stevens Point Area Senior High (math 31% / reading 31%, grade F, #204 of 483 statewide, top 43%, 1,462 students, 32% FRL).
• Market conditions: Rents rising (+3.6%/yr); 70 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 255 units permitted in Portage County in 2024 (115 in 5+ unit buildings).
• Cap rate 7.4% vs local median 2.6% in Stevens Point — 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.
• This rent runs 32% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn edges and some discoloration.
• Minor: Bathroom fixtures — Some discoloration and wear on fixtures.
• Minor: Landscaping — Some overgrowth in landscaping areas.