N1203 Big Sky Rd

Legend Lake, WI 54135

$140,000D-

2 bd · 1.0 ba · 1,024 sqft · Built 2012 · Manufactured · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $943/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$192
• HOA: −$32
• Vac / Maint / Mgmt: −$198
• Net cashflow: $-213/mo
• Annual: $-2,555/yr
• Cap rate: 4.47%
• Cash-on-cash: -6.52%
• DSCR: 0.71
• 1% rule: 0.67%
• Cash to close: $39,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $-213 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (26.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $94k (32.6% below list).
• It's been on market 30 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (32.6% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($968 loan paydown + $12k appreciation (8.5% local appreciation)).
• Location reads 67/100 on livability (#413 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Menominee Indian School District (rural): math 3% / reading 6% proficiency, ranked #425 of 426 in WI (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 38 active listings in the ZIP; 14 units permitted in Menominee County in 2024 (0 in 5+ unit buildings).
• Menominee County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts 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.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.
• 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.