109 W Geneva St

Williams Bay, WI 53191

$389,900C-

4 bd · 1.5 ba · 1,510 sqft · Built 1901 · Other · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,853/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$395
• HOA: −$0
• Vac / Maint / Mgmt: −$809
• Net cashflow: $604/mo
• Annual: $7,250/yr
• Cap rate: 8.15%
• Cash-on-cash: 6.64%
• DSCR: 1.30
• 1% rule: 0.99%
• Cash to close: $109,172

Investor read

• This is a 4-bed/1.5-bath other listed at $390k.
• At list price, monthly cash flow is $604 ($7k/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 $385k (1.2% below list).
• It's been on market 61 days — a 6% lower offer ($367k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $367k (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 $12k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#131 in WI, #3,409 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing B+; Watch: amenities F, commute F.
• Williams Bay School District (town): math 33% / reading 40% proficiency, ranked #183 of 342 in WI (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Williams Bay Elementary (math 37% / reading 42%, grade F, #490 of 1,041 statewide, top 53%, 319 students, 25% FRL); Williams Bay Middle (math 27% / reading 37%, grade F, #232 of 383 statewide, top 64%, 140 students, 30% FRL); Williams Bay High (math 34% / reading 54%, grade F, #60 of 483 statewide, top 14%, 208 students, 33% FRL).
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 50 active listings in the ZIP; 474 units permitted in Walworth County in 2024 (77 in 5+ unit buildings).
• 6 sale attempts since 14y 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 $71k; list at $390k implies a 449% gain — meaningful room to come down on a strong offer.
• Cap rate 8.2% vs local median 3.8% in Williams Bay — 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 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.