215 N Cushman Ave

Viola, WI 54664

$179,900D

4 bd · 1.0 ba · 1,690 sqft · Built 1920 · Other · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,353/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$224
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $-98/mo
• Annual: $-1,181/yr
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• 1% rule: 0.75%
• Cash to close: $50,372

Investor read

• This is a 4-bed/1.0-bath other listed at $180k.
• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (24.8% below list).
• It's been on market 27 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (24.8% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (7.3% local appreciation)).
• Location reads 63/100 on livability (#609 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime D+, health & safety D, amenities F.
• Kickapoo Area School District (rural): math 30% / reading 40% proficiency, ranked #239 of 342 in WI (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kickapoo Elementary (math 42% / reading 52%, grade D-, #319 of 1,041 statewide, top 34%, 205 students, 57% FRL); Kickapoo High (math 22% / reading 32%, grade F, #260 of 483 statewide, top 58%, 265 students, 42% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 30 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• Richland County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y 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 $112k; list at $180k implies a 61% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$36k 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 1920 — 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 D-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.