211 E Main St

Mishicot, WI 54228

$220,000D

4 bd · 2.0 ba · 1,989 sqft · Built 1905 · Other · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,052/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$205
• HOA: −$0
• Vac / Maint / Mgmt: −$431
• Net cashflow: $262/mo
• Annual: $3,145/yr
• Cap rate: 7.72%
• Cash-on-cash: 5.11%
• DSCR: 1.23
• 1% rule: 0.93%
• Cash to close: $61,600

Investor read

• This is a 4-bed/2.0-bath other listed at $220k.
• At list price, monthly cash flow is $262 ($3k/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 $205k (6.7% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $205k (6.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#300 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Mishicot School District (rural): math 47% / reading 49% proficiency, ranked #61 of 342 in WI (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Schultz Elementary (math 42% / reading 42%, grade F, #433 of 1,041 statewide, top 46%, 448 students, 26% FRL); Mishicot High (math 42% / reading 42%, grade F, #74 of 483 statewide, top 18%, 279 students, 24% FRL).
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 100 units permitted in Manitowoc County in 2024 (0 in 5+ unit buildings).
• Manitowoc County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 13y 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 $27k; list at $220k implies a 715% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.