NORFOLK Plan · Mount Pleasant, WI 53403

$324,990

3 bd · 2.5 ba · 1,543 sqft · MultiFamily · 150 Days on market

Good condition

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +5.1/30.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Condition / age +4.0/5.0
• Schools +1.5/10.0
• 1% rule +0.8/10.0
• DSCR +0.0/10.0
• 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

The Norfolk is a two-story attached single family floor plan featured in our Pike River Crossing community in Mt. Pleasant, Wisconsin. With stone exterior accents, covered front porches, and rear load garages, the Norfolk is sure to impress. Inside this 3 bedroom, 2.5 bathroom home, you will find 1,543 square feet of living space. The living area is open concept, where your kitchen, great room, and dining areas blend seamlessly into a space perfect for everyday living and entertaining. Off the garage is a convenient mudroom perfect for storing shoes and coats. The kitchen features classic cabinetry, quartz countertops, peninsula island, and stainless steel appliances, which make meal prep easy. You'll never be too far from the action with the living and dining area right there. A roomy loft, which is perfect for a home office or kids game room is located at the top of the stairs. Every bedroom has carpeted floors and a closet in each room. Whether these rooms become bedrooms or office spaces, there is sure to be comfort. Enjoy an additional full bathroom and a convenient laundry room on the second floor. The primary bedroom has its own walk-in closet and en suite bathroom. The private bathroom includes a double vanity with quartz countertops. Get in touch with us today to learn about the Norfolk plan at Pike River Crossing.

Key facts

• Classic cabinetry
• Convenient mudroom
• Rear load garages

Tags

• STONE EXTERIOR ACCENTS
• COVERED FRONT PORCHES
• REAR LOAD GARAGES
• OPEN CONCEPT LIVING AREA
• CONVENIENT MUDROOM
• CLASSIC CABINETRY

🏗️ New construction. The $324,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $309,851.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $325k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-713 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (36.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (44.4% below list).
• Recommended offer: $181k (44.4% below list) — sets the bar for 1% rule.
• Cap rate 3.5% vs local median 2.1% in Mount Pleasant — 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 84/100 on livability (#38 in WI, #778 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, cost of living A+; Watch: schools D+, amenities F.
• 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: Rents rising fast (+5.8%/yr); 91 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• This rent runs 36% of the median local income ($60k/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 $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.

Recommended offer $180,844 (44.4% 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. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.58% ✗
• Cap rate: 3.53%
• Cash-on-cash: -9.86%
• DSCR: 0.56
• GRM: 14.3

CMA / ARV

• ARV (median comp): $309,851
• List price: $324,990
• Delta: 4.89%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.84% rent growth · sell at horizon

5-year hold

• IRR: -30.9%
• Equity multiple: -0.04×
• Total profit: $-90,256
• Equity at exit: $46,200

10-year hold

• IRR: -23.5%
• Equity multiple: -0.31×
• Total profit: $-113,811
• Equity at exit: $26,790

Cash invested: $86,758 (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 53403

• Rents YoY: 5.8%
• Active inventory: 91
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $1,808 medium
• Mortgage (P&I): −$1,625
• Tax est. 1.5%: −$387 /mo · $4,648/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $-713

Break-even live

Break-even rent $2,711

Max offer price $206,730

Occupancy floor —

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: $77,463
• Closing costs: $9,296
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4301 Yates Dr Racine, WI	3.0	1.0–2.0	1193	$2,595	$2.17	2d	27	0.65mi

Listing history 19 events

1. 2026-06-19
   days on market $324,990 Active 150 DOM
2. 2026-06-18
   days on market $324,990 Active 149 DOM
3. 2026-06-17
   days on market $324,990 Active 148 DOM
4. 2026-06-16
   days on market $324,990 Active 147 DOM
5. 2026-06-15
   days on market $324,990 Active 146 DOM
6. 2026-06-14
   days on market $324,990 Active 144 DOM
7. 2026-06-13
   days on market $324,990 Active 143 DOM
8. 2026-06-10
   days on market $324,990 Active 141 DOM
9. 2026-06-09
   days on market $324,990 Active 140 DOM
10. 2026-06-08
    days on market $324,990 Active 139 DOM
11. 2026-06-07
    days on market $324,990 Active 138 DOM
12. 2026-06-05
    days on market $324,990 Active 135 DOM
13. 2026-06-03
    days on market $324,990 Active 134 DOM
14. 2026-06-02
    days on market $324,990 Active 133 DOM
15. 2026-06-01
    days on market $324,990 Active 132 DOM
16. 2026-05-31
    days on market $324,990 Active 131 DOM
17. 2026-05-30
    days on market $324,990 Active 130 DOM
18. 2026-03-04
    price $324,990 1345-char remark

    Show marketing remark (1345 chars)

    The Norfolk is a two-story attached single family floor plan featured in our Pike River Crossing community in Mt. Pleasant, Wisconsin. With stone exterior accents, covered front porches, and rear load garages, the Norfolk is sure to impress. Inside this 3 bedroom, 2.5 bathroom home, you will find 1,543 square feet of living space. The living area is open concept, where your kitchen, great room, and dining areas blend seamlessly into a space perfect for everyday living and entertaining. Off the garage is a convenient mudroom perfect for storing shoes and coats. The kitchen features classic cabinetry, quartz countertops, peninsula island, and stainless steel appliances, which make meal prep easy. You'll never be too far from the action with the living and dining area right there. A roomy loft, which is perfect for a home office or kids game room is located at the top of the stairs. Every bedroom has carpeted floors and a closet in each room. Whether these rooms become bedrooms or office spaces, there is sure to be comfort. Enjoy an additional full bathroom and a convenient laundry room on the second floor. The primary bedroom has its own walk-in closet and en suite bathroom. The private bathroom includes a double vanity with quartz countertops. Get in touch with us today to learn about the Norfolk plan at Pike River Crossing.

19. 2026-01-20
    listed $323,990 Active 1345-char remark

    Show marketing remark (1345 chars)

    The Norfolk is a two-story attached single family floor plan featured in our Pike River Crossing community in Mt. Pleasant, Wisconsin. With stone exterior accents, covered front porches, and rear load garages, the Norfolk is sure to impress. Inside this 3 bedroom, 2.5 bathroom home, you will find 1,543 square feet of living space. The living area is open concept, where your kitchen, great room, and dining areas blend seamlessly into a space perfect for everyday living and entertaining. Off the garage is a convenient mudroom perfect for storing shoes and coats. The kitchen features classic cabinetry, quartz countertops, peninsula island, and stainless steel appliances, which make meal prep easy. You'll never be too far from the action with the living and dining area right there. A roomy loft, which is perfect for a home office or kids game room is located at the top of the stairs. Every bedroom has carpeted floors and a closet in each room. Whether these rooms become bedrooms or office spaces, there is sure to be comfort. Enjoy an additional full bathroom and a convenient laundry room on the second floor. The primary bedroom has its own walk-in closet and en suite bathroom. The private bathroom includes a double vanity with quartz countertops. Get in touch with us today to learn about the Norfolk plan at Pike River Crossing.

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

Taxation est. · year 1

• Rental income: $21,701
• − Mortgage interest: −$17,356
• − Property taxes: −$4,648
• − Insurance: −$1,549
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − Depreciation: −$9,014
• Taxable loss: −$14,338
• Est. tax savings @ 24.0%: +$3,441
• After-tax cash flow: $-5,111/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 · 1 photo

Good 80/100 Cosmetic rehab

This two-story attached single-family home in Mount Pleasant, Wisconsin, is in excellent condition with no visible repairs needed. It offers a good return on investment with updates that can significantly increase its resale and rental value.

Value-add opportunities

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and can increase property value
• Both New flooring in high-traffic areas — Improves aesthetics and can increase property value
• Both New kitchen appliances — Modernizes the kitchen and can increase property value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and can increase property value ↑
• Both New flooring in high-traffic areas — Improves aesthetics and can increase property value ↑
• Both New kitchen appliances — Modernizes the kitchen and can increase property 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 — Mount Pleasant

• Score: 84/100
• State rank: #38
• US rank: #778

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Pleasant, WI
• County: Racine County · 146,693 people
• City population: 25,778
• Metro: Racine, WI
• Population (ZIP): 27,009
• Household income: $59,820
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1164.0

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 0.69)
• Race & ethnicity: White 42% Black 27% Hispanic / Latino 24% Two or more races 16%
• Hispanic origin (detail): Mexican 19% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 84% English-only · Spanish 15%

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: ▼ -147.08%
• Current HPI: 191.0012
• Rent YoY: ▲ 5.84%
• 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

+0.3% since first listed

2 events — show timeline

• 2026-03-04 Price Changed $324,990 Zillow
• 2026-01-20 Listed $323,990 Zillow