402 Opal Ave

Lannon, WI 53046

$132,000B+

3 bd · 2.0 ba · 1,680 sqft · Built 1992 · SingleFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,345/mo
• Mortgage (P&I): −$692
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$492
• Net cashflow: $940/mo
• Annual: $11,284/yr
• Cap rate: 14.84%
• Cash-on-cash: 30.53%
• DSCR: 2.36
• 1% rule: 1.78%
• Cash to close: $36,960

Investor read

• This is a 3-bed/2.0-bath single-family listed at $132k. Condition is rated average.
• At list price, monthly cash flow is $940 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• It's been on market 74 days — a 6% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (6.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($913 loan paydown + $7k appreciation (5.0% local appreciation)).
• Location reads 78/100 on livability (#97 in WI, #2,485 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Hamilton School District (suburban): math 65% / reading 60% proficiency, ranked #12 of 342 in WI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 21 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).
• At projected returns (5.0% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 A-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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — Faded paint in some areas
• Minor: Siding — Light wear on siding
• Minor: Flooring — Carpeted floors in living areas, hardwood in dining area