1116 Grove Ave #1118 · Racine, WI 53405

$414,900

None bd · None ba · 4,000 sqft · MultiFamily · 73 Days on market

Built 1969 Good condition 4,791 sqft lot $104/sqft · 28% above area Est $325k · 28% over ↓ 1% since listing

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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 +26.5/30.0
• DSCR +9.1/10.0
• 1% rule +7.1/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Schools +1.5/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Centrally located property with 2 apartments up and 2 retail business spaces below. Potential income from all 4 in excess of $4700/month. Currently a barber shop and a beauty shop on first floor and 2 apartments on 2nd floor. Potential for retail business or insurance agency or ??? Roof is 2 years old with a 20-year transferrable warranty, materials and labor. Ample parking on side and rear of building. Show south side upper and lower immediately. North side upper and lower are occupied and require 24 hrs. notice. Lower left unit is vacant, listed MLS #1939695. Let the tenants pay the mortgage. POSITIVE CASH FLOW!$!$

Key facts

• Roof 2 years old
• Centrally located
• Potential income

Tags

• CENTRALLY LOCATED
• POTENTIAL INCOME
• 2 APARTMENTS
• RETAIL BUSINESS SPACES
• ROOF 2 YEARS OLD
• 20-YEAR TRANSFERRABLE WARRANTY

What this means for you Summary

Snapshot

• This is a multifamily listed at $415k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $415k).
• Recommended offer: $390k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 4.0% in Racine — 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 80/100 on livability (#58 in WI, #1,622 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, schools D-.
• Racine Unified School District (urban): math 12% / reading 20% proficiency, ranked #335 of 342 in WI (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 45 active listings in the ZIP; 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• At $5,023/mo this rent would consume 87% of the median local household income ($69k/yr) (locally 430% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Racine County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $116k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($390k) is reasonable based on typical stale-listing flexibility.

Recommended offer $390,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.37%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $325,346
• List price: $414,900
• Delta: 27.53%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1302 Quincy Ave	0.28mi	—/—	3,717 (-7%)	6mo	$250,000	$67	70
2016 Kinzie Ave	0.68mi	—/—	3,819 (-4%)	1mo	$336,000	$88	60
1100 Valley Dr	0.75mi	—/—	3,432 (-14%)	6mo	$330,000	$96	37

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: 0.7%
• Equity multiple: 1.03×
• Total profit: $2,960
• Equity at exit: $61,863

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $93,172
• Equity at exit: $35,873

Cash invested: $116,172 (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 53405

• Active inventory: 45
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $5,023 high
• Mortgage (P&I): −$2,176
• Tax est. 1.5%: −$519 /mo · $6,224/yr
• Insurance: −$173
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,055
• Net cashflow: $1,101

Break-even live

Break-even rent $3,629

Max offer price $414,900

Occupancy floor 73%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,024
Total (4 units)			$5,023

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: $103,725
• Closing costs: $12,447
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $414,900 Active 73 DOM
2. 2026-06-18
   days on market $414,900 Active 72 DOM
3. 2026-06-17
   days on market $414,900 Active 71 DOM
4. 2026-06-16
   days on market $414,900 Active 70 DOM
5. 2026-06-15
   days on market $414,900 Active 69 DOM
6. 2026-06-14
   days on market $414,900 Active 67 DOM
7. 2026-06-13
   days on market $414,900 Active 66 DOM
8. 2026-06-10
   days on market $414,900 Active 64 DOM
9. 2026-06-09
   days on market $414,900 Active 63 DOM
10. 2026-06-08
    days on market $414,900 Active 62 DOM
11. 2026-06-07
    days on market $414,900 Active 61 DOM
12. 2026-06-05
    days on market $414,900 Active 58 DOM
13. 2026-06-03
    days on market $414,900 Active 57 DOM
14. 2026-06-02
    days on market $414,900 Active 56 DOM
15. 2026-06-01
    days on market $414,900 Active 55 DOM
16. 2026-05-31
    days on market $414,900 Active 54 DOM
17. 2026-05-30
    days on market $414,900 Active 53 DOM
18. 2026-05-14
    price $414,900 624-char remark

    Show marketing remark (624 chars)

    Centrally located property with 2 apartments up and 2 retail business spaces below. Potential income from all 4 in excess of $4700/month. Currently a barber shop and a beauty shop on first floor and 2 apartments on 2nd floor. Potential for retail business or insurance agency or ??? Roof is 2 years old with a 20-year transferrable warranty, materials and labor. Ample parking on side and rear of building. Show south side upper and lower immediately. North side upper and lower are occupied and require 24 hrs. notice. Lower left unit is vacant, listed MLS #1939695. Let the tenants pay the mortgage. POSITIVE CASH FLOW!$!$

19. 2026-04-07
    listed $419,900 Active 624-char remark

    Show marketing remark (624 chars)

    Centrally located property with 2 apartments up and 2 retail business spaces below. Potential income from all 4 in excess of $4700/month. Currently a barber shop and a beauty shop on first floor and 2 apartments on 2nd floor. Potential for retail business or insurance agency or ??? Roof is 2 years old with a 20-year transferrable warranty, materials and labor. Ample parking on side and rear of building. Show south side upper and lower immediately. North side upper and lower are occupied and require 24 hrs. notice. Lower left unit is vacant, listed MLS #1939695. Let the tenants pay the mortgage. POSITIVE CASH FLOW!$!$

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $60,276
• − Mortgage interest: −$23,241
• − Property taxes: −$6,224
• − Insurance: −$2,074
• − Repairs & maintenance: −$4,822
• − Management: −$4,822
• − Depreciation: −$12,070
• Taxable income: $7,023
• Est. tax owed @ 24.0%: −$1,686
• After-tax cash flow: $11,525/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.

Condition & rehab AI · 14 photos

Good 80/100 Cosmetic rehab

The property is in good condition with a good roof, clean interiors, and good curb appeal. It has the potential for rental income and could benefit from some exterior painting and window replacements to further increase its value.

Value-add opportunities

• Both Paint the exterior walls — Painting the exterior walls can improve the curb appeal and increase the property's value.
• Both Replace any damaged windows — Replacing damaged windows can improve the property's energy efficiency and increase its value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls — Painting the exterior walls can improve the curb appeal and increase the property's value. ↑
• Both Replace any damaged windows — Replacing damaged windows can improve the property's energy efficiency and increase its value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Racine Unified School District
• NCES district ID: 5512360
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 20% ▬ 0.00%
• Median HH income: $50,716
• Composite: 14.64/100
• National rank: #9405
• State rank: #335 of 342 in WI

Livability — Racine

• Score: 80/100
• State rank: #58
• US rank: #1622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Racine, WI
• County: Racine County · 146,693 people
• City population: 67,505
• Metro: Racine, WI
• Population (ZIP): 26,793
• Household income: $69,242
• Rent vs Own: 23.7% rent · 76.3% own
• Severe rent burden: 430.0

Population outlook (Racine County) Hauer SSP2

• Today (2025): 195,281 people
• By 2030: 193,725 · -0.8%
• By 2040: 188,159 · -3.6%
• By 2050: 181,323 · -7.1%
• By 2075: 174,342 · -10.7%
• By 2100: 166,870 · -14.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Hispanic / Latino 17% Two or more races 15% Black 12% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Romanian 7% Portuguese 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Racine

• 2024 margin: Lean R (+6.2) · D 46.3% · R 52.5% · Other 1.2%
• 2008→2024 swing: -13.6pp toward R · 2008: 7.4pp · 2024: -6.2pp
• All cycles: 2024: R+6.2 2020: R+4.1 2016: R+4.4 2012: D+3.6 2008: D+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -220.43%
• Current HPI: 189.5192
• Rent YoY: —
• Metro: Racine, 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

-1.2% since first listed

2 events — show timeline

• 2026-05-14 Price Changed $414,900 METROMLS
• 2026-04-07 Listed $419,900 METROMLS