2149 Leona St

Quincy, WI 53934

$89,900C+

2 bd · 1.0 ba · 672 sqft · Built 1970 · Other · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $437/mo
• Annual: $5,249/yr
• Cap rate: 12.13%
• Cash-on-cash: 20.85%
• DSCR: 1.93
• 1% rule: 1.41%
• Cash to close: $25,172

Investor read

• This is a 2-bed/1.0-bath other listed at $90k.
• At list price, monthly cash flow is $437 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 51 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Adams-Friendship Area School District (rural): math 22% / reading 19% proficiency, ranked #331 of 342 in WI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Adams-Friendship High (math 12% / reading 17%, grade F, #427 of 483 statewide, top 90%, 443 students, 62% FRL) — zoned schools at 62% FRL track the district average.
• Market conditions: 91 active listings in the ZIP; 126 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $40k; list at $90k implies a 125% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

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 1970 — 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.
• 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.