23 Quail Walk

Germantown, WI 53948

$69,888C-

2 bd · 1.0 ba · 910 sqft · Built 1975 · SingleFamily · Active · 254 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$371
• Vac / Maint / Mgmt: −$247
• Net cashflow: $75/mo
• Annual: $896/yr
• Cap rate: 7.58%
• Cash-on-cash: 4.58%
• DSCR: 1.20
• 1% rule: 1.68%
• Cash to close: $19,569

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k. Condition is rated good.
• At list price, monthly cash flow is $75 ($896/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 254 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#229 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Mauston School District (rural): math 36% / reading 31% proficiency, ranked #248 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Olson Middle (math 39% / reading 34%, grade F, #185 of 383 statewide, top 49%, 233 students, 57% FRL).
• Watch-outs: HOA is 32% of rent.
• Market conditions: 61 active listings in the ZIP; 154 units permitted in Juneau County in 2024 (0 in 5+ unit buildings).
• Juneau County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 7.6% vs local median 2.2% in Germantown — 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 254 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.