5828 W Hayes Ave · West Allis, WI 53219

$190,000

4 bd · 1.0 ba · 1,526 sqft · SingleFamily · 2 Days on market

Built 1938 4,791 sqft lot Est $313k · 39% 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).

• ARV discount +15.0/15.0
• Cash flow +13.4/30.0
• 1% rule +5.5/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming Cape Cod in the heart of West Allis! Enjoy a cozy living room with a natural fireplace, an updated kitchen and bathroom, and two spacious bedrooms upstairs. The finished lower level offers a comfortable family room and a versatile den. Outside, you'll love the fenced backyard with direct access to a roomy 2.5-car garage. Warm, welcoming, and move-in ready--this home has it all!

Key facts

• Natural fireplace
• Updated kitchen
• Direct access garage

Tags

• NATURAL FIREPLACE
• UPDATED KITCHEN
• FINISHED LOWER LEVEL
• FENCED BACKYARD
• DIRECT ACCESS GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $3 ($30/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 6.3% 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.

Location & tenants

• 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: Longfellow Elementary (math 22% / reading 22%, grade F, #823 of 1,041 statewide, top 82%, 143 students, 73% FRL) — zoned schools average 73% FRL vs 48% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.1%/yr); 61 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 34% of the median local income ($70k/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.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $190,000

Questions for the listing agent

1. Built in 1938 — 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. 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: 1.05% ✓
• Cap rate: 6.31%
• Cash-on-cash: 0.06%
• DSCR: 1.00
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $312,830
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2331 S 61st St	0.17mi	3/1.0 (-1)	1,463 (-4%)	1mo	$277,000	$189	79
2566 S 64th St	0.39mi	4/1.5	1,483 (-3%)	1mo	$286,000	$193	74
2420 S 62nd St	0.20mi	3/2.0 (-1)	1,462 (-4%)	2mo	$300,000	$205	74
5224 W Rita Dr	0.36mi	3/1.5 (-1)	1,496 (-2%)	1mo	$376,100	$251	72
2231 S 62nd St	0.29mi	4/2.0	1,352 (-11%)	2mo	$338,000	$250	62
6223 W Lincoln Ave	0.26mi	4/1.0	1,306 (-14%)	2mo	$133,000	$102	62
2426 S 64th St	0.31mi	3/1.0 (-1)	1,361 (-11%)	1mo	$291,500	$214	61
2560 S 64th St	0.38mi	4/2.0	1,693 (+11%)	1mo	$325,000	$192	59
2051 S 55th St	0.46mi	3/1.0 (-1)	1,672 (+10%)	0mo	$235,000	$141	57
7004 W Arthur Ave	0.74mi	3/2.0 (-1)	1,607 (+5%)	1mo	$343,000	$213	47
1717 S 56th St	0.75mi	3/1.0 (-1)	1,401 (-8%)	2mo	$245,000	$175	45
2911 S 56th St	0.67mi	3/2.0 (-1)	1,356 (-11%)	0mo	$307,000	$226	41

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 · 5.09% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.51×
• Total profit: $-26,131
• Equity at exit: $28,330

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-3,334
• Equity at exit: $16,428

Cash invested: $53,200 (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 53219

• Home prices YoY: -29.8%
• Rents YoY: 5.1%
• Active inventory: 61
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,004 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$505 /mo · $6,059/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $3

Break-even live

Break-even rent $2,001

Max offer price $190,000

Occupancy floor 95%

Sensitivity live

Price	-10% $110	-5% $56	+0% $3	+5% $-51	+10% $-105
Rent	-10% $-156	-5% $-77	+0% $3	+5% $82	+10% $161
Rate	-1.0pp $98	-0.5pp $51	base $3	+0.5pp $-47	+1.0pp $-97

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2958 S 58th St Milwaukee, WI	4.0	2.0	1086	$2,500	$2.30	2d	1	0.69mi
2122 S 77th St Milwaukee, WI	4.0	1.5	1434	$1,895	$1.32	15d	1	1.18mi
1301 S 63rd St Uppr -6307 West Allis, WI	3.0	1.0	1150	$1,650	$1.43	24d	1	1.22mi
7745 W Beloit Rd Milwaukee, WI	3.0	1.5	1500	$1,875	$1.25	4d	1	1.25mi

Listing history 19 events

1. 2026-04-09
   status Pending
2. 2026-04-06
   listed $190,000 Active
3. 2026-02-04
   historical 405-char remark

   Show marketing remark (405 chars)

   Welcome to this charming Cape Cod in the heart of West Allis! Enjoy a cozy living room with a natural fireplace, an updated kitchen and bathroom, and two spacious bedrooms upstairs. The finished lower level offers a comfortable family room and a versatile den. Outside, you'll love the fenced backyard with direct access to a roomy 2.5-car garage. Warm, welcoming, and move-in ready--this home has it all!

4. 2025-08-22
   price $264,900 405-char remark

   Show marketing remark (405 chars)

   Welcome to this charming Cape Cod in the heart of West Allis! Enjoy a cozy living room with a natural fireplace, an updated kitchen and bathroom, and two spacious bedrooms upstairs. The finished lower level offers a comfortable family room and a versatile den. Outside, you'll love the fenced backyard with direct access to a roomy 2.5-car garage. Warm, welcoming, and move-in ready--this home has it all!

5. 2025-08-03
   listed $269,900 Active 405-char remark

   Show marketing remark (405 chars)

   Welcome to this charming Cape Cod in the heart of West Allis! Enjoy a cozy living room with a natural fireplace, an updated kitchen and bathroom, and two spacious bedrooms upstairs. The finished lower level offers a comfortable family room and a versatile den. Outside, you'll love the fenced backyard with direct access to a roomy 2.5-car garage. Warm, welcoming, and move-in ready--this home has it all!

6. 2022-08-17
   soldstatus $244,000
7. 2022-08-04
   soldstatus $244,000 Sold 312-char remark

   Show marketing remark (312 chars)

   This charming West Allis Cape Cod has all of the charm with a NFP in the living room, Great Storage, Updated Kitchen and Bathroom. 2nd level boasts 2 generous size bedrooms. Finished lower level with family room (presently used as a bedroom) and den. Backyard is fenced in with direct access to 2 1/2 car garage.

8. 2022-06-20
   historical Contingent 312-char remark

   Show marketing remark (312 chars)

   This charming West Allis Cape Cod has all of the charm with a NFP in the living room, Great Storage, Updated Kitchen and Bathroom. 2nd level boasts 2 generous size bedrooms. Finished lower level with family room (presently used as a bedroom) and den. Backyard is fenced in with direct access to 2 1/2 car garage.

9. 2022-06-15
   price $234,000 312-char remark

   Show marketing remark (312 chars)

   This charming West Allis Cape Cod has all of the charm with a NFP in the living room, Great Storage, Updated Kitchen and Bathroom. 2nd level boasts 2 generous size bedrooms. Finished lower level with family room (presently used as a bedroom) and den. Backyard is fenced in with direct access to 2 1/2 car garage.

10. 2022-05-05
    listed $238,000 Active 312-char remark

    Show marketing remark (312 chars)

    This charming West Allis Cape Cod has all of the charm with a NFP in the living room, Great Storage, Updated Kitchen and Bathroom. 2nd level boasts 2 generous size bedrooms. Finished lower level with family room (presently used as a bedroom) and den. Backyard is fenced in with direct access to 2 1/2 car garage.

11. 2015-08-19
    soldstatus $138,000
12. 2015-08-10
    soldstatus $138,000 Sold
13. 2015-05-21
    historical Contingent
14. 2015-05-15
    status Active
15. 2015-05-13
    historical Contingent
16. 2015-03-30
    status Active
17. 2015-03-26
    historical
18. 2015-02-23
    listed $138,900 Active
19. 1999-06-28
    soldstatus $119,100

ⓘ 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: $6,059 · $505/mo
• Projected year-2 tax: $6,059 · $505/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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,046
• − Mortgage interest: −$10,643
• − Property taxes: −$6,059
• − Insurance: −$950
• − Repairs & maintenance: −$1,924
• − Management: −$1,924
• − Depreciation: −$5,527
• Taxable loss: −$2,981
• Est. tax savings @ 24.0%: +$715
• After-tax cash flow: $746/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: West Allis-West Milwaukee School District
• NCES district ID: 5516260
• Math proficiency: 17% ▼ -16.00%
• Reading proficiency: 26% ▼ -12.00%
• Median HH income: $45,620
• Composite: 18.71/100
• National rank: #8881
• State rank: #328 of 342 in WI

Livability — West Allis

• Score: 79/100
• State rank: #69
• US rank: #1958

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Allis, WI
• County: Milwaukee County · 926,379 people
• City population: 57,365
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 34,764
• Household income: $70,388
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 902.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 59% Hispanic / Latino 31% Two or more races 16% Black 5% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 22% Puerto Rican 7%
• Common ancestry: Romanian 12% Portuguese 3% Lithuanian 3%
• Foreign-born: 10% · Canada, Philippines, China
• Languages at home: 77% English-only · Spanish 19% Other Asian/Pacific 2%

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: ▼ -118.46%
• Current HPI: 278.8314
• Rent YoY: ▲ 5.09%
• 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

+59.5% since first listed

19 events — show timeline

• 2026-04-09 Pending — METROMLS
• 2026-04-06 Listed $190,000 METROMLS
• 2026-02-04 Listing Removed — METROMLS
• 2025-08-22 Price Changed $264,900 METROMLS
• 2025-08-03 Listed $269,900 METROMLS
• 2022-08-17 Sold (Public Records) $244,000 Public Records
• 2022-08-04 Sold (MLS) $244,000 METROMLS
• 2022-06-20 Contingent — METROMLS
• 2022-06-15 Price Changed $234,000 METROMLS
• 2022-05-05 Listed $238,000 METROMLS
• 2015-08-19 Sold (Public Records) $138,000 Public Records
• 2015-08-10 Sold (MLS) $138,000 METROMLS
• 2015-05-21 Contingent — METROMLS
• 2015-05-15 Relisted — METROMLS
• 2015-05-13 Contingent — METROMLS
• 2015-03-30 Relisted — METROMLS
• 2015-03-26 Listing Removed — METROMLS
• 2015-02-23 Listed $138,900 METROMLS
• 1999-06-28 Sold (Public Records) $119,100 Public Records

Property tax history

+4.5%/yr

Latest (2024): $6,059 · +34.7% YoY. Source: county tax records.