513 Ceape Ave

Oshkosh, WI 54901

$199,900C

4 bd · 2.0 ba · 1,920 sqft · Built 1920 · MultiFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,376/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$341
• HOA: −$0
• Vac / Maint / Mgmt: −$499
• Net cashflow: $488/mo
• Annual: $5,852/yr
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• 1% rule: 1.19%
• Cash to close: $55,972

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.
• At list price, monthly cash flow is $488 ($6k/yr) — positive. Per door: $244/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#29 in WI, #574 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+.
• Oshkosh Area School District (urban): math 33% / reading 34% proficiency, ranked #246 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.0%/yr); 82 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 4y 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 $154k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.2% vs local median 3.7% in Oshkosh — 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.
• At $2,376/mo this rent would consume 46% of the median local household income ($62k/yr) (locally 1484% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — 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.
• 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.