1615 Main St

Oconto, WI 54153

$142,900C-

2 bd · 1.5 ba · 1,266 sqft · Built 1900 · Other · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,541/mo
• Mortgage (P&I): −$749
• Tax + insurance: −$303
• HOA: −$0
• Vac / Maint / Mgmt: −$324
• Net cashflow: $165/mo
• Annual: $1,980/yr
• Cap rate: 8.14%
• Cash-on-cash: 6.61%
• DSCR: 1.29
• 1% rule: 1.08%
• Cash to close: $40,012

Investor read

• This is a 2-bed/1.5-bath other listed at $143k.
• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $143k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $988 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#136 in WI, #3,585 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Oconto Unified School District (town): math 42% / reading 38% proficiency, ranked #155 of 342 in WI (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oconto Elementary (math 27% / reading 32%, grade F, #705 of 1,041 statewide, top 71%, 368 students, 53% FRL); Oconto Middle (math 53% / reading 36%, grade D, #94 of 383 statewide, top 28%, 288 students, 50% FRL); Oconto High (math 37% / reading 42%, grade F, #99 of 483 statewide, top 24%, 280 students, 39% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 132 units permitted in Oconto County in 2024 (0 in 5+ unit buildings).
• Oconto County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $65k; list at $143k implies a 120% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.