356 Woodland Heights Ter

Rhinelander, WI 54501

$99,000B

3 bd · 2.0 ba · 1,001 sqft · Built — · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,438/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$302
• Net cashflow: $452/mo
• Annual: $5,422/yr
• Cap rate: 11.77%
• Cash-on-cash: 19.56%
• DSCR: 1.87
• 1% rule: 1.45%
• Cash to close: $27,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $99k. Condition is rated good.
• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 24 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#112 in WI, #2,876 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Rhinelander School District (rural): math 31% / reading 31% proficiency, ranked #266 of 342 in WI (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pelican Elementary (math 32% / reading 32%, grade F, #662 of 1,041 statewide, top 67%, 282 students, 53% FRL); James Williams Middle (math 30% / reading 26%, grade F, #293 of 383 statewide, top 77%, 472 students, 52% FRL); Rhinelander High (math 27% / reading 47%, grade F, #123 of 483 statewide, top 28%, 749 students, 42% FRL).
• Market conditions: 114 active listings in the ZIP; 307 units permitted in Oneida County in 2024 (0 in 5+ unit buildings).
• Oneida 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 $28k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.8% vs local median 3.9% in Rhinelander — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.