1090 N 2nd St

Platteville, WI 53818

$165,000C+

4 bd · 1.5 ba · 1,552 sqft · Built 1890 · SingleFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,720/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$243
• HOA: −$0
• Vac / Maint / Mgmt: −$361
• Net cashflow: $250/mo
• Annual: $3,000/yr
• Cap rate: 8.11%
• Cash-on-cash: 6.49%
• DSCR: 1.29
• 1% rule: 1.04%
• Cash to close: $46,200

Investor read

• This is a 4-bed/1.5-bath single-family listed at $165k.
• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 32 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#57 in WI, #1,617 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: commute F, employment D-.
• Platteville School District (town): math 52% / reading 42% proficiency, ranked #85 of 342 in WI (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Westview Elementary (math 62% / reading 42%, grade C-, #215 of 1,041 statewide, top 23%, 448 students, 42% FRL); Platteville High (math 32% / reading 32%, grade F, #184 of 483 statewide, top 41%, 496 students, 37% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 120 units permitted in Grant County in 2024 (0 in 5+ unit buildings).
• Grant County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 8.1% vs local median 3.6% in Platteville — 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

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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.
• 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?
• 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.