237 Waverly Pl · Waukesha, WI 53186

$199,900

2 bd · 1.0 ba · 1,401 sqft · SingleFamily public records · 3 Days on market

Built 1900 6,534 sqft lot Est $312k · 36% 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 +13.0/30.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• DSCR +3.9/10.0
• 1% rule +3.5/10.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2-bedroom, 1-bath farmhouse-style home in the City of Waukesha! Built in 1900, this 1.5 story home offers 1,024 sq ft. of character, including hardwood floors, China cabinet, inviting front and back porches, and a private backyard with cottage gardens. The exterior has been recently painted, and the roof and mechanicals have been updated. Inside is ready for your ideas and personal touches. Great opportunity to build equity while preserving the charm of a classic home. Convenient location close to parks, schools, shopping, and downtown Waukesha. Property is being sold as-is as part of an estate. Home will require significant cosmetic updating and is best suited for buyers seeking

Key facts

• Private backyard
• Updated roof
• Cottage gardens

Tags

• HARDWOOD FLOORS
• FRONT AND BACK PORCHES
• PRIVATE BACKYARD
• COTTAGE GARDENS
• RECENTLY PAINTED EXTERIOR
• UPDATED ROOF

Property features AI

Finance

• Other: Lot size less than 1/2 acre (approximately 0.15 acre)

Exterior

• Parking: Detached 1-car garage
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Single-family home; 1.5-story design; Sidewalks on lot; Zoned residential
• Construction: Wood exterior; Full stone basement
• Exterior features: Patio; Screened porch (main level); Garden shed

Interior

• Kitchen: Kitchen on main level — 15 x 8; Garbage disposal; Oven/Range; Refrigerator
• Bedrooms: Master bedroom (upper) — 13 x 15; Bedroom 2 (main) — 8 x 11
• Flooring: Wood floors; Ceramic tile in bathroom
• Bathrooms: 1 full bathroom; Tub only; Shower over tub; Ceramic tile; Lower level stubbed for an additional bathroom
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Water softener (seller leased); Cable/satellite available; Wood floors
• Laundry & utility: Washer and dryer included; Washer and dryer located on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-13 ($-153/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (15.3% below list).
• Recommended offer: $169k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.2% in Waukesha — 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 83/100 on livability (#41 in WI, #936 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: commute C-, amenities F.
• Waukesha School District (urban): math 38% / reading 38% proficiency, ranked #163 of 342 in WI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+11.5%/yr); 40 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $88k; list at $200k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,261 (15.3% below list)

Questions for the listing agent

1. 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?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.85% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $312,423
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 S West Ave	0.06mi	3/2.0 (+1)	1,308 (-7%)	6mo	$298,000	$228	72
117 Central Ave	0.25mi	3/1.0 (+1)	1,309 (-7%)	3mo	$275,350	$210	70
316 Harrison Ave	0.30mi	3/2.0 (+1)	1,341 (-4%)	2mo	$355,000	$265	68
225 Wilson Ave	0.38mi	3/2.0 (+1)	1,483 (+6%)	8mo	$315,000	$212	57
916 S Grand Ave	0.54mi	3/1.5 (+1)	1,288 (-8%)	0mo	$310,000	$241	54
312 W Wabash Ave	0.38mi	2/1.5	1,225 (-13%)	7mo	$295,000	$241	54
314 Coolidge Ave	0.57mi	3/2.0 (+1)	1,363 (-3%)	8mo	$318,000	$233	54
313 W Roberta Ave	0.55mi	3/2.0 (+1)	1,304 (-7%)	2mo	$275,000	$211	52
614 S Grand Ave	0.39mi	2/1.0	1,193 (-15%)	6mo	$264,000	$221	52
505 Bethesda Ct	0.53mi	3/1.0 (+1)	1,254 (-10%)	3mo	$280,000	$223	50
118 W Roberta Ave	0.69mi	3/1.0 (+1)	1,542 (+10%)	0mo	$338,000	$219	46
111 W Laflin Ave	0.54mi	3/2.0 (+1)	1,570 (+12%)	8mo	$137,500	$88	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.4%
• Equity multiple: 0.57×
• Total profit: $-24,252
• Equity at exit: $29,806

10-year hold

• IRR: 3.8%
• Equity multiple: 1.33×
• Total profit: $18,575
• Equity at exit: $17,284

Cash invested: $55,972 (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 53186

• Rents YoY: 11.5%
• Active inventory: 40
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,693 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$218 /mo · $2,620/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $-13

Break-even live

Break-even rent $1,709

Max offer price $197,650

Occupancy floor 96%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
155 Frame Ave Waukesha, WI	3.0	1.0	1000	$1,950	$1.95	4d	1	0.49mi
304 W North St Waukesha, WI	1.0–2.0	1.0–2.0	928	$1,787	$1.93	1d	19	0.69mi
120 Cambridge Ave Waukesha, WI	2.0–3.0	2.0	1071	$1,500	$1.40	1d	7	1.10mi

Listing history 6 events

1. 2026-06-17
   status $199,900 Pending 3 DOM
2. 2026-06-17
   days on market $199,900 Active 3 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   days on market $199,900 Active 2 DOM
5. 2026-06-15
   remarks 625-char remark
6. 2026-06-15
   listed $199,900 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: $2,620 · $218/mo
• Projected year-2 tax: $3,159 · $263/mo
• Expected delta: +$539/yr (+$45/mo · 20.6%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 52% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $20,311
• − Mortgage interest: −$11,198
• − Property taxes: −$2,620
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,625
• − Management: −$1,625
• − Depreciation: −$5,815
• Taxable loss: −$3,570
• Est. tax savings @ 24.0%: +$857
• After-tax cash flow: $704/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: Waukesha School District
• NCES district ID: 5515780
• Math proficiency: 38% ▼ -5.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $63,054
• Composite: 34.09/100
• National rank: #5295
• State rank: #163 of 342 in WI

Livability — Waukesha

• Score: 83/100
• State rank: #41
• US rank: #936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukesha, WI
• County: Waukesha County · 231,951 people
• City population: 95,121
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 33,374
• Household income: $74,588
• Rent vs Own: 44.9% rent · 55.1% own
• Severe rent burden: 1452.0

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 (80%)
• Race & ethnicity: White 80% Hispanic / Latino 14% Two or more races 7% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Romanian 10% Portuguese 3% Lithuanian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 90% English-only · Spanish 8% Other Asian/Pacific 1%

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: ▼ -167.24%
• Current HPI: 253.0496
• Rent YoY: ▲ 11.46%
• 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

+568.6% since first listed

3 events — show timeline

• 2026-06-14 Listed $199,900 METROMLS
• 1995-07-01 Sold (Public Records) $87,500 Public Records
• 1978-10-01 Sold (Public Records) $29,900 Public Records

Property tax history

+0.5%/yr

Latest (2024): $2,620 · +3.6% YoY. Source: county tax records.