N16953 Spangenberg Rd

Amberg, WI 54156

$120,000D

2 bd · 1.0 ba · 808 sqft · Built 1946 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $863/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $-80/mo
• Annual: $-958/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.85%
• DSCR: 0.87
• 1% rule: 0.72%
• Cash to close: $33,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $-80 ($-958/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (28.1% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $86k (28.1% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#727 in WI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Beecher-Dunbar-Pembine School District (rural): math 40% / reading 45% proficiency, ranked #237 of 426 in WI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pembine Elementary (math 24% / reading 34%, grade F, #705 of 1,041 statewide, top 71%, 142 students, 66% FRL); Pembine High (math 5% / reading 34%, grade F, #376 of 483 statewide, top 79%, 93 students, 67% FRL) — zoned schools average 66% FRL vs 50% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 42% district-wide (-18 pts) — the specific schools serving this property underperform the Beecher-Dunbar-Pembine School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 145 units permitted in Marinette County in 2024 (0 in 5+ unit buildings).
• Marinette County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 15y 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 $75k; list at $120k implies a 60% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1946 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.