4075 S 84th St #4

Greenfield, WI 53228

$114,500D-

1 bd · 1.0 ba · 680 sqft · Built 1969 · Condo · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,204/mo
• Mortgage (P&I): −$600
• Tax + insurance: −$154
• HOA: −$300
• Vac / Maint / Mgmt: −$253
• Net cashflow: $-103/mo
• Annual: $-1,235/yr
• Cap rate: 5.21%
• Cash-on-cash: -3.85%
• DSCR: 0.83
• 1% rule: 1.05%
• Cash to close: $32,060

Investor read

• This is a 1-bed/1.0-bath condo listed at $114k.
• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $96k (15.9% below list).
• Meets the 1% rule at list price ($1k rent vs $114k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $96k (15.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $792 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#23 in WI, #361 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• Greenfield School District (suburban): math 27% / reading 34% proficiency, ranked #271 of 342 in WI (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Maple Grove Elementary (math 27% / reading 32%, grade F, #705 of 1,041 statewide, top 71%, 464 students, 52% FRL); Greenfield Middle (math 24% / reading 31%, grade F, #295 of 383 statewide, top 78%, 750 students, 52% FRL); Greenfield High (math 17% / reading 29%, grade F, #343 of 483 statewide, top 72%, 1,157 students, 47% FRL) — zoned schools average 50% FRL vs 32% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 25% of rent.
• Market conditions: 23 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 4 sale attempts since 13y 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.
• Current owner paid $55k; list at $114k implies a 109% gain — meaningful room to come down on a strong offer.
• Cap rate 5.2% vs local median 2.7% in Greenfield — 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.

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?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.