9170 School Rd

Port Wing, WI 54865

$139,000D

3 bd · 1.0 ba · 1,160 sqft · Built 1900 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,068/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$180
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $-66/mo
• Annual: $-787/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.02%
• DSCR: 0.91
• 1% rule: 0.77%
• Cash to close: $38,920

Investor read

• This is a 3-bed/1.0-bath single-family listed at $139k.
• At list price, monthly cash flow is $-66 ($-787/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (23.2% below list).
• It's been on market 16 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (23.2% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($961 loan paydown + $3k appreciation (1.8% local appreciation)).
• Location reads 66/100 on livability (#482 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety D, amenities F, commute F.
• South Shore School District (rural): math 35% / reading 50% proficiency, ranked #220 of 426 in WI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 106 units permitted in Bayfield County in 2024 (0 in 5+ unit buildings).
• Bayfield County population projected at -13% 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.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k 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 1900 — 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.
• 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.
• 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.