6920 13th Ave

Kenosha, WI 53143

$204,900B-

3 bd · 2.0 ba · 1,484 sqft · Built 1918 · MultiFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,717/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$262
• HOA: −$0
• Vac / Maint / Mgmt: −$571
• Net cashflow: $810/mo
• Annual: $9,724/yr
• Cap rate: 11.04%
• Cash-on-cash: 16.95%
• DSCR: 1.75
• 1% rule: 1.33%
• Cash to close: $57,372

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $205k.
• At list price, monthly cash flow is $810 ($10k/yr) — positive. Per door: $405/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• It's been on market 57 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#31 in WI, #680 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+.
• Kenosha School District (suburban): math 26% / reading 31% proficiency, ranked #287 of 342 in WI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 259 units permitted in Kenosha County in 2024 (8 in 5+ unit buildings).
• 24 sale attempts since 11y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $205k implies a 659% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $57k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.0% vs local median 4.0% in Kenosha — 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.
• At $2,717/mo this rent would consume 48% of the median local household income ($68k/yr) (locally 813% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.