118 Park Drive #254

Colfax, WI 54730

$59,900B-

3 bd · 2.0 ba · 1,180 sqft · Built 2000 · SingleFamily · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,067/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $429/mo
• Annual: $5,151/yr
• Cap rate: 14.89%
• Cash-on-cash: 30.71%
• DSCR: 2.37
• 1% rule: 1.78%
• Cash to close: $16,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $60k. Condition is rated poor.
• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 30 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#90 in WI, #2,269 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Colfax School District (rural): math 40% / reading 38% proficiency, ranked #156 of 342 in WI (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Colfax Elementary (math 47% / reading 42%, grade F, #372 of 1,041 statewide, top 40%, 393 students, 42% FRL); Colfax High (math 32% / reading 32%, grade F, #184 of 483 statewide, top 41%, 334 students, 38% FRL).
• Market conditions: 24 active listings in the ZIP; 151 units permitted in Dunn County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of water damage and potential leaks.
• Major: siding — Peeling paint and siding indicates significant wear and tear.
• Major: flooring — Uneven and in poor condition, likely requiring replacement.
• Major: interior walls/paint — Signs of water damage and peeling paint, indicating significant damage.
• Major: HVAC/mechanicals — Old and in need of maintenance or replacement.
• Major: landscaping — Overgrown and in poor condition, requiring significant landscaping work.