15326 W Birch Point Rd Unit 15-21

Lenroot, WI 54843

$474,900F

None bd · None ba · 1,833 sqft · Built 1993 · Condo · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $0/mo
• Mortgage (P&I): −$2,490
• Tax + insurance: −$792
• HOA: −$0
• Vac / Maint / Mgmt: −$0
• Net cashflow: $-3,282/mo
• Annual: $-39,383/yr
• Cap rate: -2.00%
• Cash-on-cash: -29.62%
• DSCR: -0.32
• 1% rule: 0.00%
• Cash to close: $132,972

Investor read

• This is a condo listed at $475k. Condition is rated good.
• At list price, monthly cash flow is $-3k ($-39k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• It's been on market 78 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Hayward Community School District (rural): math 40% / reading 38% proficiency, ranked #187 of 342 in WI (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 213 active listings in the ZIP; 228 units permitted in Sawyer County in 2024 (16 in 5+ unit buildings).
• Sawyer County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $25k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?