1840 N Wisconsin St · Racine, WI 53402

$200,000

8 bd · 4.0 ba · 3,406 sqft · MultiFamily public records · 4 Days on market

Built 1900 5,662 sqft lot $59/sqft · at area comps Est $192k · at est.

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +8.9/10.0
• ARV discount +5.6/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Back on Market due to buyer financing! This 4-family property could be an investor's dream! With a little TLC and your vision, this property could be your money-maker. Current rents are $575/mo each for the 2 occupied lower units and $680/mo for the upper south unit. Upper north 4th unit is also vacant, gutted and ready to be made rent-ready.

Key facts

• 5,662 sq ft lot
• Built 1900
• Listed 4 days

Property features AI

Finance

• Other: Everything on the property that does not belong to tenants is included; tenants' personal property excluded
• Financial info: 4-unit building

Exterior

• Parking: Outdoor and indoor parking available
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family apartment building; 1-2 stories
• Construction: Less than 1/2 acre lot (approximately 0.13 acre); Zoned R3
• Exterior features: Brick, stone, and wood exterior

Interior

• Heating & cooling: Natural gas heating
• Interior features: Basement is full and finished with brick

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 10.0% vs local median 4.0% in Racine — 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.

Location & tenants

• Location reads 80/100 on livability (#58 in WI, #1,622 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, schools D-.
• Racine Unified School District (urban): math 12% / reading 20% proficiency, ranked #335 of 342 in WI (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 106 active listings in the ZIP; solid renter incomes; 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• This rent runs 44% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Racine County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 14y ago 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.
• Current owner paid $126k; list at $200k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.17%
• DSCR: 1.59
• GRM: 6.0

CMA / ARV

• ARV (median comp): $191,707
• List price: $200,000
• Delta: 4.33%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1027 Albert St	0.57mi	8/3.0	2,945 (-14%)	23mo	$230,000	$78	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.12×
• Total profit: $6,896
• Equity at exit: $29,821

10-year hold

• IRR: 12.8%
• Equity multiple: 2.02×
• Total profit: $57,080
• Equity at exit: $17,292

Cash invested: $56,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 53402

• Active inventory: 106
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,785 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$453 /mo · $5,442/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$585
• Net cashflow: $615

Break-even live

Break-even rent $2,007

Max offer price $200,000

Occupancy floor 73%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,786
Total (2 units)			$2,785

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-17
   status Pending 513-char remark
2. 2026-05-12
   listed $200,000 Active 513-char remark
3. 2022-07-07
   historical 344-char remark

   Show marketing remark (344 chars)

   Back on Market due to buyer financing! This 4-family property could be an investor's dream! With a little TLC and your vision, this property could be your money-maker. Current rents are $575/mo each for the 2 occupied lower units and $680/mo for the upper south unit. Upper north 4th unit is also vacant, gutted and ready to be made rent-ready.

4. 2022-06-01
   status Active 344-char remark

   Show marketing remark (344 chars)

   Back on Market due to buyer financing! This 4-family property could be an investor's dream! With a little TLC and your vision, this property could be your money-maker. Current rents are $575/mo each for the 2 occupied lower units and $680/mo for the upper south unit. Upper north 4th unit is also vacant, gutted and ready to be made rent-ready.

5. 2022-03-30
   historical Contingent 344-char remark

   Show marketing remark (344 chars)

   Back on Market due to buyer financing! This 4-family property could be an investor's dream! With a little TLC and your vision, this property could be your money-maker. Current rents are $575/mo each for the 2 occupied lower units and $680/mo for the upper south unit. Upper north 4th unit is also vacant, gutted and ready to be made rent-ready.

6. 2022-03-08
   price $149,900 344-char remark

   Show marketing remark (344 chars)

   Back on Market due to buyer financing! This 4-family property could be an investor's dream! With a little TLC and your vision, this property could be your money-maker. Current rents are $575/mo each for the 2 occupied lower units and $680/mo for the upper south unit. Upper north 4th unit is also vacant, gutted and ready to be made rent-ready.

7. 2022-02-08
   listed $159,000 Active 344-char remark

   Show marketing remark (344 chars)

   Back on Market due to buyer financing! This 4-family property could be an investor's dream! With a little TLC and your vision, this property could be your money-maker. Current rents are $575/mo each for the 2 occupied lower units and $680/mo for the upper south unit. Upper north 4th unit is also vacant, gutted and ready to be made rent-ready.

8. 2021-11-22
   historical

   Show marketing remark (99 chars)

   Your chance to own a 4 family. One unit is vacant. Others are rented. Some TLC will make you money.

9. 2021-08-10
   listed $169,900 Active

   Show marketing remark (99 chars)

   Your chance to own a 4 family. One unit is vacant. Others are rented. Some TLC will make you money.

10. 2020-04-09
    historical
11. 2020-03-18
    listed $99,900 Active
12. 2016-11-25
    historical
13. 2016-06-14
    price $74,900
14. 2016-05-25
    listed $84,900 Active
15. 2012-10-03
    historical
16. 2012-10-03
    listed $129,900
17. 2012-10-03
    listed $68,900
18. 2012-10-03
    historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $5,442 · $453/mo
• Projected year-2 tax: $5,442 · $453/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,420
• − Mortgage interest: −$11,203
• − Property taxes: −$5,442
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,674
• − Management: −$2,674
• − Depreciation: −$5,818
• Taxable income: $4,610
• Est. tax owed @ 24.0%: −$1,106
• After-tax cash flow: $6,268/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Racine Unified School District
• NCES district ID: 5512360
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 20% ▬ 0.00%
• Median HH income: $50,716
• Composite: 14.64/100
• National rank: #9405
• State rank: #335 of 342 in WI

Livability — Racine

• Score: 80/100
• State rank: #58
• US rank: #1622

Category grades

Amenities B- Commute A+ Cost of living A+ Crime C Employment D Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Racine, WI
• County: Racine County · 146,693 people
• City population: 67,505
• Metro: Racine, WI
• Population (ZIP): 34,850
• Household income: $75,751
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 820.0

Population outlook (Racine County) Hauer SSP2

• Today (2025): 195,281 people
• By 2030: 193,725 · -0.8%
• By 2040: 188,159 · -3.6%
• By 2050: 181,323 · -7.1%
• By 2075: 174,342 · -10.7%
• By 2100: 166,870 · -14.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 10% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Romanian 7% Portuguese 5% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Racine

• 2024 margin: Lean R (+6.2) · D 46.3% · R 52.5% · Other 1.2%
• 2008→2024 swing: -13.6pp toward R · 2008: 7.4pp · 2024: -6.2pp
• All cycles: 2024: R+6.2 2020: R+4.1 2016: R+4.4 2012: D+3.6 2008: D+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.62%
• Current HPI: 182.6117
• Rent YoY: —
• Metro: Racine, WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

+82.9% since first listed

19 events — show timeline

• 2026-05-27 Sold (MLS) $126,000 METROMLS
• 2026-05-17 Pending — METROMLS
• 2026-05-12 Listed $200,000 METROMLS
• 2022-07-07 Listing Removed — METROMLS
• 2022-06-01 Relisted — METROMLS
• 2022-03-30 Contingent — METROMLS
• 2022-03-08 Price Changed $149,900 METROMLS
• 2022-02-08 Listed $159,000 METROMLS
• 2021-11-22 Listing Removed — METROMLS
• 2021-08-10 Listed $169,900 METROMLS
• 2020-04-09 Listing Removed — METROMLS
• 2020-03-18 Listed $99,900 METROMLS
• 2016-11-25 Listing Removed — METROMLS
• 2016-06-14 Price Changed $74,900 METROMLS
• 2016-05-25 Listed $84,900 METROMLS
• 2012-10-03 Listed $129,900 METROMLS
• 2012-10-03 Listing Removed — METROMLS
• 2012-10-03 Listing Removed — METROMLS
• 2012-10-03 Listed $68,900 METROMLS

Property tax history

+5.5%/yr

Latest (2025): $5,442 · +7.3% YoY. Source: county tax records.