6628W Marion St Unit 1-4

Winter, WI 54896

$299,900C

3 bd · 4.5 ba · 3,814 sqft · Built 1500 · MultiFamily · Active · 243 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,023/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$635
• Net cashflow: $316/mo
• Annual: $3,788/yr
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• 1% rule: 1.01%
• Cash to close: $83,972

Investor read

• This is a 3 × 1-bed/?-bath units multifamily listed at $300k. Condition is rated fair.
• At list price, monthly cash flow is $316 ($4k/yr) — positive. Per door: $105/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• It's been on market 243 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (4.7% local appreciation)).
• Location reads 68/100 on livability (#398 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D, employment D.
• Winter School District (rural): math 40% / reading 35% proficiency, ranked #305 of 426 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1500 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 54 active listings in the ZIP; 228 units permitted in Sawyer County in 2024 (16 in 5+ unit buildings).
• Sawyer County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 243 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• Built in 1500 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom fixtures — slight wear
• Minor: HVAC unit — visible unit