1699 Alcan Dr #210

Menasha, WI 54952

$114,900D

1 bd · 1.0 ba · 700 sqft · Built 1973 · Condo · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $968/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$119
• HOA: −$218
• Vac / Maint / Mgmt: −$203
• Net cashflow: $-175/mo
• Annual: $-2,095/yr
• Cap rate: 4.47%
• Cash-on-cash: -6.51%
• DSCR: 0.71
• 1% rule: 0.84%
• Cash to close: $32,172

Investor read

• This is a 1-bed/1.0-bath condo listed at $115k.
• At list price, monthly cash flow is $-175 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (15.7% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $84k (26.8% below list) — sets the bar for cash-flow.
• In year one you build about $12k of equity ($794 loan paydown + $11k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#59 in WI, #1,628 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D, amenities D.
• Menasha Joint School District (suburban): math 30% / reading 24% proficiency, ranked #300 of 342 in WI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising fast (+4.6%/yr); 69 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• Current owner paid $35k; list at $115k implies a 228% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.5% vs local median 2.5% in Menasha — 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.
• This rent is only 17% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.