2126 N 115th St · Wauwatosa, WI 53226

$189,900

2 bd · 1.0 ba · 1,006 sqft · SingleFamily public records · 1 Days on market

Built 1954 7,405 sqft lot Est $287k · 34% under

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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 +19.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.4/10.0
• Livability +4.4/5.0
• Schools +4.3/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great house in great location. Quiet tree-lined street is only minutes from shopping & freeway. Gleaming hardwood floors, updated kitchen counters, updated elec. 2004, furnace & CA 2001, roof 2001. Rec room w/ bar, 3 season room off garage. Great brick patio perfect for relaxation. Move in & make this your new home.

Key facts

• 7,405 sq ft lot
• Garage
• Built 1954

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: Single-family home; One-story
• Construction: Aluminum/steel siding
• Exterior features: Aluminum/steel exterior; Lot less than 1/2 acre; Zoned residential

Interior

• Kitchen: Kitchen on main level approximately 11 x 10
• Bedrooms: Master bedroom on main level approximately 12 x 12; Second bedroom on main level approximately 11 x 9
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Full basement; Living room (main level) approximately 16 x 14; Dining room (main level) approximately 16 x 8

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $202 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 7.6% vs local median 2.5% in Wauwatosa — 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 87/100 on livability (#19 in WI, #257 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Wauwatosa School District (suburban): math 45% / reading 52% proficiency, ranked #55 of 342 in WI (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.3%/yr); 36 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).

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.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.56%
• DSCR: 1.20
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $286,710
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2529 N 114th St	0.47mi	3/1.0 (+1)	1,010 (+0%)	20mo	$279,900	$277	56
1661 N 119th St	0.47mi	2/1.0	1,150 (+14%)	12mo	$349,000	$303	44
1751 N 119th St	0.39mi	3/1.5 (+1)	1,104 (+10%)	20mo	$315,000	$285	42

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 · 3.26% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-17,322
• Equity at exit: $28,315

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $3,882
• Equity at exit: $16,419

Cash invested: $53,172 (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 53226

• Rents YoY: 3.3%
• Active inventory: 36
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,983 high
• Mortgage (P&I): −$996
• Tax from tax record: −$289 /mo · $3,474/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $202

Break-even live

Break-even rent $1,727

Max offer price $189,900

Occupancy floor 85%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11011 W North Ave Wauwatosa, WI	1.0–2.0	1.0–2.0	980	$2,361	$2.41	1d	16	0.30mi
11011 W North Ave Wauwatosa, WI	1.0–2.0	1.0–2.0	915	$2,514	$2.75	43d	18	0.30mi
1600 Rivers Bnd Wauwatosa, WI	1.0–2.0	1.0–2.0	1032	$1,895	$1.84	1d	7	0.48mi
2540 N 124th St Unit 459 Wauwatosa, WI	1.0	1.5	733	$1,341	$1.83	3d	1	0.69mi
2540 N 124th St Unit 429 Wauwatosa, WI	1.0	1.5	764	$1,360	$1.78	3d	1	0.69mi
2540 N 124th St Unit 311 Wauwatosa, WI	2.0	1.5	1150	$1,585	$1.38	43d	1	0.69mi
2540 N 124th St Unit 114 Wauwatosa, WI	1.0	1.5	733	$1,409	$1.92	3d	1	0.69mi
2562 N 124th St Wauwatosa, WI	1.0–2.0	1.5–2.0	1181	$2,013	$1.70	1d	13	0.73mi
2929 N Mayfair Rd Wauwatosa, WI	1.0	1.0	632	$2,628	$4.16	1d	13	1.01mi
11221 Synergy Dr Milwaukee, WI	2.0	1.0–2.0	788	$2,070	$2.63	1d	8	1.27mi
11221 Synergy Dr Ste 100 Wauwatosa, WI	1.0–2.0	1.0–2.0	874	$2,855	$3.26	1d	13	1.28mi
13125 Watertown Plank Rd Elm Grove, WI	2.0–3.0	2.0	1485	$2,968	$2.00	1d	9	1.34mi

Listing history 3 events

1. 2026-06-18
   remarks 206-char remark
2. 2026-06-18
   remarks 188-char remark
3. 2026-06-18
   listed $189,900 Active 1 DOM

ⓘ 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: $3,474 · $289/mo
• Projected year-2 tax: $3,493 · $291/mo
• Expected delta: +$20/yr (+$2/mo · 0.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,795
• − Mortgage interest: −$10,637
• − Property taxes: −$3,474
• − Insurance: −$950
• − Repairs & maintenance: −$1,904
• − Management: −$1,904
• − Depreciation: −$5,524
• Taxable loss: −$597
• Est. tax savings @ 24.0%: +$143
• After-tax cash flow: $2,568/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: Wauwatosa School District
• NCES district ID: 5515990
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 52% ▼ -1.00%
• Median HH income: $69,017
• Composite: 43.34/100
• National rank: #3032
• State rank: #55 of 342 in WI

Livability — Wauwatosa

• Score: 87/100
• State rank: #19
• US rank: #257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wauwatosa, WI
• County: Milwaukee County · 926,379 people
• City population: 45,813
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 18,908
• Household income: $93,132
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 580.0

Population outlook (Milwaukee County) Hauer SSP2

• Today (2025): 995,758 people
• By 2030: 1,009,124 · +1.3%
• By 2040: 1,028,128 · +3.3%
• By 2050: 1,040,066 · +4.4%
• By 2075: 1,057,849 · +6.2%
• By 2100: 1,039,774 · +4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 7% Hispanic / Latino 5% Asian 5% Two or more races 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 10% Portuguese 4% Lithuanian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Milwaukee

• 2024 margin: Solid D (+38.5) · D 68.3% · R 29.8% · Other 1.8%
• 2008→2024 swing: +2.7pp toward D · 2008: 35.9pp · 2024: 38.5pp
• All cycles: 2024: D+38.5 2020: D+39.9 2016: D+37.5 2012: D+34.6 2008: D+35.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -227.28%
• Current HPI: 253.6781
• Rent YoY: ▲ 3.26%
• Metro: Milwaukee-Waukesha, 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

+58.4% since first listed

4 events — show timeline

• 2026-06-17 Listed $189,900 METROMLS
• 2006-05-04 Sold (Public Records) $167,000 Public Records
• 2006-04-27 Sold (MLS) $167,000 METROMLS
• 2001-12-03 Sold (Public Records) $119,900 Public Records

Property tax history

+0.5%/yr

Latest (2024): $3,474 · +7.0% YoY. Source: county tax records.