134 Tustin Rd

Fremont, WI 54940

$649,900F

3 bd · 3.0 ba · 2,415 sqft · Built 1995 · SingleFamily · Pending · 105 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,372/mo
• Mortgage (P&I): −$3,408
• Tax + insurance: −$813
• HOA: −$0
• Vac / Maint / Mgmt: −$498
• Net cashflow: $-2,348/mo
• Annual: $-28,172/yr
• Cap rate: 1.96%
• Cash-on-cash: -15.48%
• DSCR: 0.31
• 1% rule: 0.36%
• Cash to close: $181,972

Investor read

• This is a 3-bed/3.0-bath single-family listed at $650k.
• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (63.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (63.5% below list).
• It's been on market 105 days — a 9% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (63.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#231 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety D-.
• Weyauwega-Fremont School District (rural): math 40% / reading 42% proficiency, ranked #140 of 342 in WI (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 13 active listings in the ZIP; 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.
• 2 sale attempts 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.

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?
• It's been on market 105 days. Have you received any prior offers? Is the seller open to a 64% 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 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?
• 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.