2801 Thielman St #93

Merrill, WI 54452

$103,000B

3 bd · 2.0 ba · 1,344 sqft · Built 2026 · Manufactured · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,597/mo
• Mortgage (P&I): −$540
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$335
• Net cashflow: $550/mo
• Annual: $6,597/yr
• Cap rate: 12.70%
• Cash-on-cash: 22.88%
• DSCR: 2.02
• 1% rule: 1.55%
• Cash to close: $28,840

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $103k. Condition is rated good.
• At list price, monthly cash flow is $550 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• It's been on market 31 days — a 3% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $712 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#134 in WI, #3,510 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D+, amenities F.
• Merrill Area School District (town): math 38% / reading 39% proficiency, ranked #180 of 342 in WI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 192 units permitted in Lincoln County in 2024 (41 in 5+ unit buildings).
• Lincoln County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.7% vs local median 4.5% in Merrill — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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 — Paint appears faded in some areas.
• Minor: Flooring — Carpet shows some wear and tear.
• Minor: Kitchen cabinets — Standard cabinets may benefit from a fresh coat of paint or new hardware.