333 Odanah Ave Unit 4A

New Richmond, WI 54017

$175,000D

2 bd · 2.0 ba · 1,040 sqft · Built 1983 · Condo · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,714/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$264
• HOA: −$175
• Vac / Maint / Mgmt: −$360
• Net cashflow: $-3/mo
• Annual: $-33/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• 1% rule: 0.98%
• Cash to close: $49,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $175k.
• At list price, monthly cash flow is $-3 ($-33/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (2.1% below list).
• It's been on market 17 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $171k (2.1% below list) — sets the bar for 1% rule.
• 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 75/100 on livability (#165 in WI, #4,318 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F, health & safety F.
• New Richmond School District (town): math 49% / reading 45% proficiency, ranked #67 of 342 in WI (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: New Richmond Starr Elementary (math 52% / reading 39%, grade D-, #363 of 1,041 statewide, top 35%, 539 students, 31% FRL); New Richmond Middle (math 46% / reading 49%, grade C-, #68 of 383 statewide, top 19%, 749 students, 30% FRL); New Richmond High (math 30% / reading 36%, grade F, #182 of 483 statewide, top 38%, 1,112 students, 25% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: 214 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 411 units permitted in St. Croix County in 2024 (36 in 5+ unit buildings).
• St. Croix County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 29y 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.
• Current owner paid $116k; list at $175k implies a 50% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 2.7% in New Richmond — 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

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.