2172 S 84th St Unit 2174R, 2176R

West Allis, WI 53227

$314,900C+

None bd · None ba · — sqft · Built 1922 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,886/mo
• Mortgage (P&I): −$1,651
• Tax + insurance: −$525
• HOA: −$0
• Vac / Maint / Mgmt: −$816
• Net cashflow: $894/mo
• Annual: $10,725/yr
• Cap rate: 9.70%
• Cash-on-cash: 12.16%
• DSCR: 1.54
• 1% rule: 1.23%
• Cash to close: $88,172

Investor read

• This is a 3 × 1-bed/1-bath units multifamily listed at $315k. Condition is rated fair.
• At list price, monthly cash flow is $894 ($11k/yr) — positive. Per door: $298/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#69 in WI, #1,958 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• West Allis-West Milwaukee School District (urban): math 17% / reading 26% proficiency, ranked #328 of 342 in WI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Franklin Elementary (math 17% / reading 32%, grade F, #783 of 1,041 statewide, top 79%, 229 students, 68% FRL); Frank Lloyd Wright Intermediate (math 17% / reading 29%, grade F, #330 of 383 statewide, top 87%, 761 students, 64% FRL); Central High (math 8% / reading 14%, grade F, #438 of 483 statewide, top 91%, 1,007 students, 68% FRL) — zoned schools average 66% FRL vs 48% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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 since 3y ago; this cycle's ask is 43% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $230k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $88k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.7% vs local median 4.3% in West Allis — 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.
• At $3,886/mo this rent would consume 64% of the median local household income ($73k/yr) (locally 905% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.

Repairs flagged (vision-AI assessment)

• Minor: Painting exterior — Light wear on siding
• Minor: Landscaping — Some overgrown areas