N115W21106 Brookside Cir

Germantown, WI 53022

$130,000D

3 bd · 2.0 ba · 1,600 sqft · Built 2008 · SingleFamily · Pending · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,021/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$825
• Vac / Maint / Mgmt: −$424
• Net cashflow: $-127/mo
• Annual: $-1,526/yr
• Cap rate: 5.12%
• Cash-on-cash: -4.19%
• DSCR: 0.81
• 1% rule: 1.55%
• Cash to close: $36,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $130k. Condition is rated good.
• At list price, monthly cash flow is $-127 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (14.2% below list).
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 52 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (14.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#229 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Germantown School District (suburban): math 50% / reading 45% proficiency, ranked #52 of 342 in WI (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Amy Belle Elementary (math 57% / reading 37%, grade D-, #319 of 1,041 statewide, top 34%, 363 students, 14% FRL); Kennedy Middle (math 44% / reading 49%, grade D+, #85 of 383 statewide, top 23%, 898 students, 14% FRL); Germantown High (math 47% / reading 47%, grade D-, #50 of 483 statewide, top 11%, 1,295 students, 14% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: HOA is 41% of rent.
• Market conditions: 82 active listings in the ZIP; solid renter incomes; 453 units permitted in Washington County in 2024 (105 in 5+ unit buildings).
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 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.
• Cap rate 5.1% vs local median 2.2% in Germantown — 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.

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?
• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.