733 W 9th Ave

Oshkosh, WI 54902

$149,900D

3 bd · 1.5 ba · 1,108 sqft · Built 1966 · Condo · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,473/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$191
• HOA: −$150
• Vac / Maint / Mgmt: −$309
• Net cashflow: $37/mo
• Annual: $444/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• 1% rule: 0.98%
• Cash to close: $41,972

Investor read

• This is a 3-bed/1.5-bath condo listed at $150k.
• At list price, monthly cash flow is $37 ($444/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (1.7% below list).
• It's been on market 67 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (6.0% 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 $4k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#29 in WI, #574 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+.
• Oshkosh Area School District (urban): math 33% / reading 34% proficiency, ranked #246 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shapiro Stem Academy (math 42% / reading 27%, grade F, #610 of 1,041 statewide, top 63%, 202 students, 48% FRL); South Park Middle (math 21% / reading 26%, grade F, #327 of 383 statewide, top 86%, 327 students, 46% FRL); West High (math 41% / reading 52%, grade D-, #55 of 483 statewide, top 11%, 1,627 students, 29% FRL).
• Market conditions: Rents rising (+2.6%/yr); 44 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $75k; list at $150k implies a 100% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 3.7% in Oshkosh — 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 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.