7230 Enfield Ave

Greendale, WI 53129

$150,000C

3 bd · 1.5 ba · 1,094 sqft · Built 1958 · Other · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,035/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$577
• HOA: −$0
• Vac / Maint / Mgmt: −$427
• Net cashflow: $244/mo
• Annual: $2,930/yr
• Cap rate: 8.25%
• Cash-on-cash: 6.98%
• DSCR: 1.31
• 1% rule: 1.36%
• Cash to close: $42,000

Investor read

• This is a 3-bed/1.5-bath other listed at $150k.
• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#25 in WI, #402 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D.
• Greendale School District (suburban): math 43% / reading 48% proficiency, ranked #81 of 342 in WI (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Canterbury Elementary (math 59% / reading 46%, grade C-, #211 of 1,041 statewide, top 20%, 367 students, 20% FRL); Greendale Middle (math 35% / reading 46%, grade F, #143 of 383 statewide, top 37%, 621 students, 28% FRL); Greendale High (math 37% / reading 48%, grade F, #72 of 483 statewide, top 15%, 932 students, 25% FRL) — zoned schools at 24% FRL track the district average.
• Watch-outs: property tax is 4.1% of price; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 8.2% vs local median 3.7% in Greendale — 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

• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.