W164N9039 Water St · Menomonee Falls, WI 53051

$125,000

3 bd · 1.0 ba · 1,405 sqft · SingleFamily public records · 23 Days on market

Built 1900 10,018 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rehab?Project Lover? Investor? Landlord? This opportunity is calling for you. The property sits on a beautiful lot, very close to the Menomonee River. It's location is extremely walk-able and honestly hard to beat in Menomonee Falls. This home requires extensive repairs and renovations and as such, the price reflects that. It will likely not qualify for financing and it is being sold AS IS - WHERE IS. Buyers can expect a significant project, but for someone with the vision and willingness to take on the job, the potential ahead is substantial!

Key facts

• Walk-able location
• Beautiful lot
• Menomonee river

Tags

• MENOMONEE RIVER
• WALK-ABLE LOCATION
• BEAUTIFUL LOT

Property features AI

Finance

• Other: Seller is including oven, washer, playset, two window AC units, and other seller personal property

Exterior

• Parking: Detached 2-car garage; Approximately 2.5 garage parking spaces total
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: 1.5-story single-family home; Entry level on main floor; Less than 1/2 acre lot (approximately 0.23 acre); Residential zoning
• Construction: Aluminum/steel exterior construction; Year built per assessor/public record
• Exterior features: Aluminum/steel exterior; River frontage nearby; Garden shed

Interior

• Kitchen: Kitchen on main level (18 x 17)
• Bedrooms: Main-level master bedroom (8 x 9); Main-level bedroom 2 (11 x 7); Upper-level bedroom 3 (11 x 11); Upper-level bedroom 4 (9 x 10)
• Bathrooms: One full bathroom with shower over tub
• Heating & cooling: Forced air heating; Window/wall air conditioning (includes two window AC units)
• Interior features: Crawl space; Other basement features (see remarks); Shower over tub
• Laundry & utility: Washer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $676 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 2.3% in Menomonee Falls — 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 72/100 on livability (#223 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Menomonee Falls School District (suburban): math 52% / reading 46% proficiency, ranked #53 of 342 in WI (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Menomonee Falls High (math 44% / reading 48%, grade D-, #57 of 483 statewide, top 12%, 1,285 students, 22% FRL).
• Market conditions: 229 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

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 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?
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 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: 1.70% ✓
• Cap rate: 12.78%
• Cash-on-cash: 23.17%
• DSCR: 2.03
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $356,870
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
N89W16081 Main St	0.29mi	3/2.0	1,454 (+4%)	2mo	$320,000	$220	75
W168N9130 Falls Ave	0.25mi	3/1.0	1,497 (+6%)	10mo	$380,000	$254	69
N88W17170 Main St	0.54mi	3/2.0	1,415 (+1%)	3mo	$325,000	$230	68
N89W15981 Cleveland Ave	0.30mi	3/1.5	1,546 (+10%)	2mo	$405,000	$262	66
W168N9091 Garden Ave	0.31mi	3/2.0	1,265 (-10%)	8mo	$342,500	$271	58
N86W16193 Arthur Ave	0.54mi	3/1.5	1,546 (+10%)	6mo	$325,000	$210	51
N87W15675 Belleview Blvd	0.64mi	3/2.0	1,295 (-8%)	3mo	$390,000	$301	50
N84W16544 Ann Ave	0.70mi	3/1.0	1,510 (+8%)	6mo	$345,000	$228	50
N85W17144 Lee Pl	0.73mi	3/1.5	1,356 (-4%)	10mo	$340,000	$251	50
W165N8592 Dardis Ave	0.57mi	3/2.0	1,252 (-11%)	9mo	$345,000	$276	44
W163N9517 Cheyenne Dr	0.59mi	3/1.5	1,590 (+13%)	8mo	$335,000	$211	42
N85W16521 Mary Ct	0.67mi	3/2.0	1,256 (-11%)	9mo	$325,000	$259	39

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: 16.2%
• Equity multiple: 1.65×
• Total profit: $22,909
• Equity at exit: $18,638

10-year hold

• IRR: 24.9%
• Equity multiple: 3.17×
• Total profit: $75,852
• Equity at exit: $10,808

Cash invested: $35,000 (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 53051

• Active inventory: 229
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,122 high
• Mortgage (P&I): −$656
• Tax from tax record: −$293 /mo · $3,516/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $676

Break-even live

Break-even rent $1,267

Max offer price $125,000

Occupancy floor 63%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Apple Tree Ct Menomonee Falls, WI	2.0	2.0	1100	$1,880	$1.71	1d	1	0.36mi
N89W15642 Main St Menomonee Falls, WI	3.0	1.0	1473	$1,745	$1.18	20d	1	0.53mi
White Oak Cir Menomonee Falls, WI	2.0	2.0	1015	$1,515	$1.49	1d	2	0.84mi
N88W15092 W Main St Menomonee Falls, WI	1.0–3.0	1.0–2.5	1234	$3,299	$2.67	3d	17	0.87mi
W158N8398 Steven Mack Dr Menomonee Falls, WI	2.0	1.0	910	$1,405	$1.54	1d	1	0.92mi
N88W15000 Main St Unit 55-2315 Menomonee Falls, WI	2.0	2.0	1119	$2,039	$1.82	43d	1	0.94mi
N88W15000 Main St Unit 55-2208 Menomonee Falls, WI	2.0	2.0	1119	$2,019	$1.80	43d	1	0.94mi
N88W15000 Main St Unit 55-2117 Menomonee Falls, WI	2.0	2.0	1119	$1,999	$1.79	43d	1	0.94mi
N88W15000 Main St Unit 55-2316 Menomonee Falls, WI	3.0	2.0	1297	$2,395	$1.85	20d	1	0.94mi
N88W15000 Main St Unit 55-2116 Menomonee Falls, WI	3.0	2.0	1297	$2,299	$1.77	4d	1	0.94mi
N88W15000 Main St Unit 55-2216 Menomonee Falls, WI	3.0	2.0	1297	$2,375	$1.83	43d	1	0.94mi
N88W15000 Main St Unit 55-2201 Menomonee Falls, WI	3.0	2.0	1296	$2,355	$1.82	4d	1	0.94mi
N88W15000 Main St Unit 55-2217 Menomonee Falls, WI	2.0	2.0	1119	$2,019	$1.80	4d	1	0.94mi
N88W15000 Main St Unit 55-2101 Menomonee Falls, WI	3.0	2.0	1296	$2,335	$1.80	43d	1	0.94mi
N88W15000 Main St Unit 55-2211 Menomonee Falls, WI	2.0	2.0	1364	$2,269	$1.66	43d	1	0.94mi
N88W15000 Main St Unit 55-2307 Menomonee Falls, WI	3.0	2.5	1691	$2,994	$1.77	20d	1	0.94mi
W184N8987 Maryhill Dr Menomonee Falls, WI	3.0	1.5	1365	$2,395	$1.75	43d	1	1.25mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $125,000 Pending 23 DOM
2. 2026-06-09
   days on market $125,000 Active 20 DOM
3. 2026-06-08
   days on market $125,000 Active 19 DOM
4. 2026-06-07
   days on market $125,000 Active 18 DOM
5. 2026-06-05
   pricestatusdays on market $125,000 Active 15 DOM
6. 2026-06-03
   days on market $150,000 Contingent 14 DOM
7. 2026-06-02
   days on market $150,000 Contingent 13 DOM
8. 2026-06-02
   status $150,000 Contingent 12 DOM
9. 2026-06-01
   days on market $150,000 Active 12 DOM
10. 2026-05-31
    days on market $150,000 Active 11 DOM
11. 2026-05-20
    listed $150,000 Active

ⓘ 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: $3,516 · $293/mo
• Projected year-2 tax: $3,516 · $293/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,466
• − Mortgage interest: −$7,002
• − Property taxes: −$3,516
• − Insurance: −$625
• − Repairs & maintenance: −$2,037
• − Management: −$2,037
• − Depreciation: −$3,636
• Taxable income: $6,612
• Est. tax owed @ 24.0%: −$1,587
• After-tax cash flow: $6,524/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: Menomonee Falls School District
• NCES district ID: 5509060
• Math proficiency: 52% ▼ -5.00%
• Reading proficiency: 46% ▼ -3.00%
• Median HH income: $66,783
• Composite: 43.6/100
• National rank: #2972
• State rank: #53 of 342 in WI

Livability — Menomonee Falls

• Score: 72/100
• State rank: #223
• US rank: #5987

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Menomonee Falls, WI
• County: Waukesha County · 231,951 people
• City population: 39,559
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 39,559
• Household income: $100,031
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 1014.0

Population outlook (Waukesha County) Hauer SSP2

• Today (2025): 412,798 people
• By 2030: 418,092 · +1.3%
• By 2040: 420,872 · +2.0%
• By 2050: 413,862 · +0.3%
• By 2075: 402,782 · -2.4%
• By 2100: 365,796 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 5% Asian 5% Two or more races 5% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 9% Portuguese 3% Lithuanian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Other Asian/Pacific 2% Other Indo-European 2%

Political lean MEDSL · Waukesha

• 2024 margin: R (+19.8) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +5.9pp toward D · 2008: -25.7pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+20.8 2016: R+27.1 2012: R+34.8 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -200.39%
• Current HPI: 224.0408
• Rent YoY: —
• 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

1 event — show timeline

• 2026-05-20 Listed $150,000 METROMLS

Property tax history

-2.2%/yr

Latest (2024): $3,516 · +5.6% YoY. Source: county tax records.