N2597 County Hwy E

Waupaca, WI 54981

$10,000D

2 bd · 1.0 ba · 1,042 sqft · Built 1960 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,245/mo
• Mortgage (P&I): −$52
• Tax + insurance: −$17
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $914/mo
• Annual: $10,973/yr
• Cap rate: 116.03%
• Cash-on-cash: 391.90%
• DSCR: 18.44
• 1% rule: 12.45%
• Cash to close: $2,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $10k.
• At list price, monthly cash flow is $914 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $69 of loan paydown is wiped out by about $300 of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#152 in WI, #4,082 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Waupaca School District (town): math 41% / reading 40% proficiency, ranked #148 of 342 in WI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waupaca Learning Center Elementary (math 39% / reading 32%, grade F, #608 of 1,041 statewide, top 58%, 615 students, 46% FRL); Waupaca Middle (math 43% / reading 42%, grade D-, #118 of 383 statewide, top 32%, 521 students, 42% FRL); Waupaca High (math 27% / reading 42%, grade F, #144 of 483 statewide, top 36%, 602 students, 36% FRL).
• Market conditions: 76 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 287 units permitted in Waupaca County in 2024 (173 in 5+ unit buildings).
• Waupaca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 116.0% vs local median 2.6% in Waupaca — 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 1960 — 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.