132 Carter Place Site Unit B-04

Onalaska, WI 54650

$25,500D+

2 bd · 2.0 ba · 980 sqft · Built 2026 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,382/mo
• Mortgage (P&I): −$134
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $916/mo
• Annual: $10,991/yr
• Cap rate: 49.39%
• Cash-on-cash: 153.93%
• DSCR: 7.85
• 1% rule: 5.42%
• Cash to close: $7,140

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $26k.
• At list price, monthly cash flow is $916 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $26k).
• It's been on market 20 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $176 of loan paydown is wiped out by about $765 of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#214 in WI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Onalaska School District (urban): math 39% / reading 41% proficiency, ranked #147 of 342 in WI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northern Hills Elementary (math 46% / reading 45%, grade D-, #363 of 1,041 statewide, top 35%, 489 students, 49% FRL); Onalaska Middle (math 31% / reading 38%, grade F, #208 of 383 statewide, top 58%, 673 students, 31% FRL); Onalaska High (math 33% / reading 36%, grade F, #144 of 483 statewide, top 36%, 933 students, 27% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 129 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 268 units permitted in La Crosse County in 2024 (10 in 5+ unit buildings).
• La Crosse County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 49.4% vs local median 2.8% in Onalaska — 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 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.
• 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.