1021 S 57th St #1023 · West Allis, WI 53214

$259,900

6 bd · 4.0 ba · 1,659 sqft · MultiFamily · 7 Days on market

Built 1924 5,227 sqft lot Est $246k · 6% over

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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 +25.2/30.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• ARV discount +4.9/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Well maintained w/ updates/appliances in upper kitchen. All new lower unit windows. Partially finished bsmnt w/ lower. Upper mstr bdrm has HWF & walk in closet. Completely weatherized thru Weatherization Assist. Prog. Ext walls, attic, hot water piping, expsed ductwork in bsmnt insulated. New Hi-efficiency furnace and water heater. All in 2009. On a lot and 1/2. Ideal for investor or owner/occupier

Key facts

• 5,227 sq ft lot
• Built 1924
• Listed 7 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $584 ($7k/yr) — positive. Per door: $292/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Cap rate 9.0% vs local median 4.3% in West Allis — 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 79/100 on livability (#69 in WI, #1,958 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• West Allis-West Milwaukee School District (urban): math 17% / reading 26% proficiency, ranked #328 of 342 in WI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Horace Mann Elementary (math 12% / reading 12%, grade F, #928 of 1,041 statewide, top 90%, 398 students, 82% FRL) — zoned schools average 82% FRL vs 48% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.3%/yr); 55 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $3,013/mo this rent would consume 59% of the median local household income ($61k/yr) (locally 1377% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $73k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $259,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.16% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.63%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $245,532
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1301 S 63rd St	0.37mi	5/2.0 (-1)	1,798 (+8%)	3mo	$337,000	$187	53
1813 S 60th St #1815	0.68mi	6/2.0	1,553 (-6%)	2mo	$275,000	$177	48
6205 W Mitchell St #6207	0.65mi	6/2.0	1,846 (+11%)	1mo	$230,000	$125	42
1242 S 46th St	0.70mi	6/2.0	1,660 (+0%)	23mo	$205,000	$123	40
230 S 61st St	0.62mi	5/2.0 (-1)	1,554 (-6%)	12mo	$230,000	$148	37
1632 S 61st St	0.54mi	5/2.0 (-1)	1,824 (+10%)	21mo	$275,000	$151	28
1820 S 56th St	0.69mi	5/2.0 (-1)	1,896 (+14%)	19mo	$195,000	$103	15

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: 3.7%
• Equity multiple: 1.15×
• Total profit: $11,059
• Equity at exit: $38,752

10-year hold

• IRR: 17.5%
• Equity multiple: 2.79×
• Total profit: $130,195
• Equity at exit: $22,471

Cash invested: $72,772 (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 53214

• Home prices YoY: -28.9%
• Rents YoY: 8.3%
• Active inventory: 55
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $3,013 high
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,898/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$633
• Net cashflow: $584

Break-even live

Break-even rent $2,274

Max offer price $259,900

Occupancy floor 76%

Sensitivity live

Price	-10% $764	-5% $674	+0% $584	+5% $494	+10% $405
Rent	-10% $346	-5% $465	+0% $584	+5% $703	+10% $822
Rate	-1.0pp $715	-0.5pp $650	base $584	+0.5pp $517	+1.0pp $448

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,012
Total (2 units)			$3,013

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-28
   status Pending
2. 2026-04-21
   listed $259,900 Active
3. 2012-10-09
   listed $149,900 408-char remark

   Show marketing remark (408 chars)

   Well maintained w/ updates/appliances in upper kitchen. All new lower unit windows. Partially finished bsmnt w/ lower. Upper mstr bdrm has HWF & walk in closet. Completely weatherized thru Weatherization Assist. Prog. Ext walls, attic, hot water piping, expsed ductwork in bsmnt insulated. New Hi-efficiency furnace and water heater. All in 2009. On a lot and 1/2. Ideal for investor or owner/occupier

4. 2012-10-09
   historical 408-char remark

   Show marketing remark (408 chars)

   Well maintained w/ updates/appliances in upper kitchen. All new lower unit windows. Partially finished bsmnt w/ lower. Upper mstr bdrm has HWF & walk in closet. Completely weatherized thru Weatherization Assist. Prog. Ext walls, attic, hot water piping, expsed ductwork in bsmnt insulated. New Hi-efficiency furnace and water heater. All in 2009. On a lot and 1/2. Ideal for investor or owner/occupier

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $36,156
• − Mortgage interest: −$14,558
• − Property taxes: −$3,898
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,892
• − Management: −$2,892
• − Depreciation: −$7,561
• Taxable income: $3,054
• Est. tax owed @ 24.0%: −$733
• After-tax cash flow: $6,277/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: West Allis-West Milwaukee School District
• NCES district ID: 5516260
• Math proficiency: 17% ▼ -16.00%
• Reading proficiency: 26% ▼ -12.00%
• Median HH income: $45,620
• Composite: 18.71/100
• National rank: #8881
• State rank: #328 of 342 in WI

Livability — West Allis

• Score: 79/100
• State rank: #69
• US rank: #1958

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Allis, WI
• County: Milwaukee County · 926,379 people
• City population: 57,365
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 34,480
• Household income: $60,962
• Rent vs Own: 45.1% rent · 54.9% own
• Severe rent burden: 1377.0

Population outlook (Milwaukee County) Hauer SSP2

• Today (2025): 995,758 people
• By 2030: 1,009,124 · +1.3%
• By 2040: 1,028,128 · +3.3%
• By 2050: 1,040,066 · +4.4%
• By 2075: 1,057,849 · +6.2%
• By 2100: 1,039,774 · +4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 18% Two or more races 12% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 12% Puerto Rican 4%
• Common ancestry: Romanian 11% Lithuanian 3% Portuguese 2%
• Foreign-born: 7% · Canada, China, Philippines
• Languages at home: 86% English-only · Spanish 10% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Milwaukee

• 2024 margin: Solid D (+38.5) · D 68.3% · R 29.8% · Other 1.8%
• 2008→2024 swing: +2.7pp toward D · 2008: 35.9pp · 2024: 38.5pp
• All cycles: 2024: D+38.5 2020: D+39.9 2016: D+37.5 2012: D+34.6 2008: D+35.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.31%
• Current HPI: 276.0476
• Rent YoY: ▲ 8.30%
• 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

+73.4% since first listed

4 events — show timeline

• 2026-04-28 Pending — METROMLS
• 2026-04-21 Listed $259,900 METROMLS
• 2012-10-09 Listing Removed — METROMLS
• 2012-10-09 Listed $149,900 METROMLS