929 N Astor St #203

Milwaukee, WI 53202

$225,000F

1 bd · 1.0 ba · 657 sqft · Built 1968 · Condo · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,268/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$375
• HOA: −$581
• Vac / Maint / Mgmt: −$266
• Net cashflow: $-1,135/mo
• Annual: $-13,615/yr
• Cap rate: 0.24%
• Cash-on-cash: -21.61%
• DSCR: 0.04
• 1% rule: 0.56%
• Cash to close: $63,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $225k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $61k (73.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (43.7% below list).
• It's been on market 57 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (73.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#55 in WI, #1,534 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, schools F, crime F.
• Milwaukee School District (urban): math 10% / reading 18% proficiency, ranked #337 of 342 in WI (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 46% of rent.
• Market conditions: Rents rising (+1.6%/yr); 243 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 68d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 sale attempts; this cycle's ask is 36% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $135k; list at $225k implies a 67% gain — meaningful room to come down on a strong offer.
• Cap rate 0.2% vs local median 4.7% in Milwaukee — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 57 days. Have you received any prior offers? Is the seller open to a 73% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — simple update to modernize
• Minor: bathroom fixtures — standard fixtures