3674 Ruby Ln #35

Nasewaupee, WI 54235

$132,900D+

3 bd · 1.0 ba · 539 sqft · Built 2008 · Condo · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,302/mo
• Mortgage (P&I): −$697
• Tax + insurance: −$81
• HOA: −$98
• Vac / Maint / Mgmt: −$273
• Net cashflow: $152/mo
• Annual: $1,828/yr
• Cap rate: 7.67%
• Cash-on-cash: 4.91%
• DSCR: 1.22
• 1% rule: 0.98%
• Cash to close: $37,212

Investor read

• This is a 3-bed/1.0-bath condo listed at $133k.
• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (2.0% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $130k (2.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $919 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Southern Door County School District (rural): math 44% / reading 43% proficiency, ranked #112 of 342 in WI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 200 active listings in the ZIP; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 7y 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 $65k; list at $133k implies a 104% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.