410 Main St W

Ashland, WI 54806

$450,000C-

None bd · None ba · — sqft · Built 2004 · MultiFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,829/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$750
• HOA: −$0
• Vac / Maint / Mgmt: −$1,014
• Net cashflow: $705/mo
• Annual: $8,461/yr
• Cap rate: 8.17%
• Cash-on-cash: 6.71%
• DSCR: 1.30
• 1% rule: 1.07%
• Cash to close: $126,000

Investor read

• This is a 6 × 1-bed/1-bath units multifamily listed at $450k. Condition is rated fair.
• At list price, monthly cash flow is $705 ($8k/yr) — positive. Per door: $118/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• It's been on market 24 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $443k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#37 in WI, #750 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, commute A; Watch: schools C-, employment F.
• Ashland School District (town): math 16% / reading 30% proficiency, ranked #325 of 342 in WI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 87 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 30 units permitted in Ashland County in 2024 (0 in 5+ unit buildings).
• Ashland County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Cap rate 8.2% vs local median 3.5% in Ashland — 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

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant wear and tear visible in aerial view.
• Minor: exterior walls — Some discoloration noted, but not severe enough to require immediate attention.