815 Alvey St

Bruce, WI 54819

$114,900C

3 bd · 1.5 ba · 1,740 sqft · Built 1940 · Other · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,137/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $132/mo
• Annual: $1,584/yr
• Cap rate: 7.67%
• Cash-on-cash: 4.92%
• DSCR: 1.22
• 1% rule: 0.99%
• Cash to close: $32,172

Investor read

• This is a 3-bed/1.5-bath other listed at $115k.
• At list price, monthly cash flow is $132 ($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 $114k (1.0% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $114k (1.0% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($794 loan paydown + $8k appreciation (7.3% local appreciation)).
• Location reads 60/100 on livability (#700 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime C-, health & safety D, schools D-.
• Bruce School District (rural): math 40% / reading 30% proficiency, ranked #240 of 342 in WI (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 90 units permitted in Rusk County in 2024 (0 in 5+ unit buildings).
• Rusk County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1940 — 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?
• 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.