1520 Ogden Ave

Superior, WI 54880

$90,000B+

2 bd · 1.0 ba · 748 sqft · Built 1927 · SingleFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,403/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$295
• Net cashflow: $510/mo
• Annual: $6,116/yr
• Cap rate: 13.09%
• Cash-on-cash: 24.27%
• DSCR: 2.08
• 1% rule: 1.56%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $510 ($6k/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 16 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (1.5% 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 86/100 on livability (#21 in WI, #337 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Superior School District (suburban): math 23% / reading 34% proficiency, ranked #290 of 342 in WI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Northern Lights Elementary (math 18% / reading 24%, grade F, #857 of 1,041 statewide, top 83%, 491 students, 68% FRL); Superior Middle (math 18% / reading 32%, grade F, #315 of 383 statewide, top 82%, 903 students, 51% FRL); Superior High (math 22% / reading 44%, grade F, #182 of 483 statewide, top 38%, 1,306 students, 42% FRL).
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 173 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 110 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).
• Douglas County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y ago 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.
• Current owner paid $70k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.1% vs local median 4.5% in Superior — 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

• Built in 1927 — 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.