W210N11678 Pinecrest Ln

Germantown, WI 53022

$85,000D+

2 bd · 2.0 ba · 1,456 sqft · Built 1989 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,810/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$825
• Vac / Maint / Mgmt: −$380
• Net cashflow: $17/mo
• Annual: $208/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.87%
• DSCR: 1.04
• 1% rule: 2.13%
• Cash to close: $23,800

Investor read

• This is a 2-bed/2.0-bath single-family listed at $85k. Condition is rated fair.
• At list price, monthly cash flow is $17 ($208/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#229 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Germantown School District (suburban): math 50% / reading 45% proficiency, ranked #52 of 342 in WI (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Amy Belle Elementary (math 57% / reading 37%, grade D-, #319 of 1,041 statewide, top 34%, 363 students, 14% FRL); Kennedy Middle (math 44% / reading 49%, grade D+, #85 of 383 statewide, top 23%, 898 students, 14% FRL); Germantown High (math 47% / reading 47%, grade D-, #50 of 483 statewide, top 11%, 1,295 students, 14% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: HOA is 46% of rent.
• Market conditions: 82 active listings in the ZIP; solid renter incomes; 453 units permitted in Washington County in 2024 (105 in 5+ unit buildings).
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 6.5% vs local median 2.2% in Germantown — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Repairs flagged (vision-AI assessment)

• Minor: Paint — Some wear visible on walls and cabinets
• Minor: Landscaping — Some landscaping appears unkempt