106 W Seeboth St #820

Milwaukee, WI 53204

$549,900D-

2 bd · 2.0 ba · 1,476 sqft · Built 2006 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,582/mo
• Mortgage (P&I): −$2,884
• Tax + insurance: −$1,538
• HOA: −$925
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-4,096/mo
• Annual: $-49,156/yr
• Cap rate: -2.50%
• Cash-on-cash: -31.41%
• DSCR: -0.40
• 1% rule: 0.29%
• Cash to close: $153,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $550k.
• At list price, monthly cash flow is $-4k ($-49k/yr) — negative.
• To cash-flow at today's rent, offer at most $37k (93.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (71.2% below list).
• It's been on market 99 days — a 9% lower offer ($500k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (93.2% below list) — sets the bar for cash-flow.
• In year one you build about $59k of equity ($4k loan paydown + $55k appreciation (10.0% local appreciation)).
• Location reads 81/100 on livability (#55 in WI, #1,534 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, schools F, crime F.
• Watch-outs: property tax is 2.7% of price; flood insurance adds $66/mo; HOA is 58% of rent.
• Market conditions: Rents rising (+2.0%/yr); 57 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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.
• 9 sale attempts since 13y ago; this cycle's ask has dropped $40k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $472k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$95k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate -2.5% vs local median 5.1% in Milwaukee — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 41% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 99 days. Have you received any prior offers? Is the seller open to a 93% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.