604 N Westfield Rd Unit A · Madison, WI 53717

$182,900

2 bd · 1.0 ba · 885 sqft · Condo public records · 40 Days on market

Built 1974 $340/mo HOA · 18% of rent

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Why this score? — see what drove the D- 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 +8.5/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

This two-bedroom, one-bath west side condo is the opportunity you've been waiting for! This unit features a smart, functional layout with a bright living space and cozy bedrooms. Enjoy your morning coffee or unwind in the evening on the spacious private balcony overlooking beautifully maintained green space-a rare bonus that adds both privacy and tranquility. The kitchen includes a newer dishwasher and garbage disposal. Additional perks include an assigned storage unit with ample space and the convenience of your own garage stall. Unbeatable location just 8 minutes from Hilldale Shopping Center. Close to grocery, retail, dining, and everything Madison's west side has to offer. This is a sta

Key facts

• $340 HOA
• Parking
• Built 1974

Property features AI

Finance

• Other: Part of an 8-unit building within a 40-unit association; Zoning: PD
• Financial info: Pets permitted
• HOA & community: Monthly condo fee of $340; Common green space; Laundry facilities in the association

Exterior

• Parking: Attached 1-car garage with opener included
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Condo (Garden unit)
• Construction: Full poured-concrete basement
• Exterior features: Deck; Exterior of wood and brick

Interior

• Kitchen: Range/oven; Refrigerator; Dishwasher; Microwave; Garbage disposal
• Bedrooms: Main-level primary bedroom (15 x 10); Main-level second bedroom (11 x 11)
• Flooring: Wood or wood-look floors
• Bathrooms: One full bathroom; At least one tub; No ensuite in the primary bedroom
• Heating & cooling: Radiant heat; Wall air conditioning; Natural gas heat fuel
• Interior features: Wood or wood-look floors; Cable/satellite available; Storage locker included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $183k.

Deal economics

• At list price, monthly cash flow is $-216 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (20.9% below list).
• Meets the 1% rule at list price ($2k rent vs $183k).
• Recommended offer: $145k (20.9% below list) — sets the bar for cash-flow.
• Cap rate 5.2% vs local median 2.4% in Madison — 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 (#39 in WI, #819 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Madison Metropolitan School District (urban): math 35% / reading 40% proficiency, ranked #193 of 342 in WI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crestwood Elementary (math 42% / reading 62%, grade C-, #215 of 1,041 statewide, top 23%, 272 students, 34% FRL); Vel Phillips Memorial High (math 43% / reading 54%, grade D, #46 of 483 statewide, top 10%, 2,025 students, 39% FRL).
• Zoned-school proficiency averages 50% at this address vs 38% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Madison Metropolitan School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 38 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,747 (20.9% 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 40 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.04% ✓
• Cap rate: 5.24%
• Cash-on-cash: -3.76%
• DSCR: 0.83
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -24.7%
• Equity multiple: 0.16×
• Total profit: $-43,088
• Equity at exit: $27,271

10-year hold

• IRR: -19.7%
• Equity multiple: -0.05×
• Total profit: $-53,995
• Equity at exit: $15,814

Cash invested: $51,212 (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 53717

• Active inventory: 38
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,895 high
• Mortgage (P&I): −$959
• Tax from tax record: −$282 /mo · $3,390/yr
• Insurance: −$76
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$340
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-216

Break-even live

Break-even rent $2,169

Max offer price $144,747

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: $45,725
• Closing costs: $5,487
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
902 N High Point Rd Madison, WI	1.0–2.0	1.0	691	$1,280	$1.85	14d	6	0.62mi
1020 N High Point Rd Madison, WI	2.0	1.0–2.0	882	$1,885	$2.14	14d	16	0.67mi
7510 Tree Ln Madison, WI	2.0	1.0	980	$1,682	$1.72	19d	2	0.76mi
1124 N High Point Rd Madison, WI	1.0–2.0	1.0–2.0	1098	$1,825	$1.66	14d	9	0.78mi
1203 Sweeney Dr Middleton, WI	1.0–2.0	1.0	910	$1,685	$1.85	14d	6	0.83mi
238 Randolph Dr Madison, WI	2.0	1.0–2.0	840	$1,895	$2.26	43d	1	0.85mi
610 Junction Rd Madison, WI	2.0	2.0	1112	$2,155	$1.94	14d	2	0.90mi
301 Harbour Town Dr Madison, WI	1.0–2.0	1.0–2.0	1014	$1,825	$1.80	43d	2	0.98mi
33 W Oakbridge Ct Madison, WI	1.0–2.0	1.0–2.0	922	$2,060	$2.23	14d	15	1.02mi
7601 Mineral Point Rd Madison, WI	1.0	1.0	736	$1,155	$1.57	14d	1	1.05mi
8502 Old Sauk Rd Middleton, WI	2.0	1.0–2.0	987	$2,125	$2.15	14d	12	1.08mi
260 Junction Rd Madison, WI	1.0–3.0	1.0–2.0	1115	$1,920	$1.72	14d	7	1.11mi
477 S High Point Rd Madison, WI	2.0	1.0–2.0	1000	$1,862	$1.86	14d	21	1.26mi
8309 Greenway Blvd Middleton, WI	2.0	1.0–2.0	857	$2,940	$3.43	23d	1	1.28mi
225 Nautilus Dr Unit 4 Madison, WI	2.0	1.0	750	$1,325	$1.77	19d	1	1.33mi
1800 Parmenter St Unit 224 Middleton, WI	1.0	1.0	768	$1,899	$2.47	14d	1	1.38mi
6503 Grand Teton Plz Madison, WI	1.0–2.0	1.0–2.0	899	$2,290	$2.55	21d	33	1.39mi
7600 Terrace Ave Unit 314 Middleton, WI	1.0	1.0	778	$1,958	$2.52	23d	1	1.39mi
7600 Terrace Ave Apt 214 Middleton, WI	1.0	1.0	778	$1,716	$2.21	23d	1	1.39mi
7710 Terrace Ave Middleton, WI	1.0–2.0	1.0–2.0	957	$2,575	$2.69	23d	6	1.41mi
7449 Weekend Way Madison, WI	3.0	1.0–2.0	860	$2,370	$2.76	14d	39	1.42mi
7551 Hubbard Ave Middleton, WI	2.0	1.0–2.0	944	$2,925	$3.10	23d	36	1.42mi
639 N Pleasant View Rd Middleton, WI	2.0	1.0–2.0	928	$1,895	$2.04	14d	18	1.42mi
309 Island Dr Madison, WI	2.0	1.0	750	$1,650	$2.20	43d	1	1.42mi
7611 Elmwood Ave Apt 503 Middleton, WI	1.0	1.0	771	$2,087	$2.71	23d	1	1.42mi
7609 Elmwood Ave Apt 410 Middleton, WI	1.0	1.0	794	$1,885	$2.37	14d	1	1.44mi
7609 Elmwood Ave Unit 412 Middleton, WI	1.0	1.0	794	$1,902	$2.40	23d	1	1.44mi
7022 Hubbard Ave Unit 7022-02 Middleton, WI	2.0	1.0	612	$1,200	$1.96	14d	1	1.45mi
8561 Greenway Blvd Middleton, WI	1.0–2.0	1.0–2.0	1035	$1,960	$1.89	14d	9	1.47mi
512 S Yellowstone Dr Madison, WI	2.0	1.0–2.0	803	$2,100	$2.62	14d	11	1.50mi

HOA detail condo

• Monthly dues: $340 · $4,080/yr
• Likely covers: trash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-15
   days on market $182,900 Active 40 DOM
2. 2026-06-14
   days on market $182,900 Active 38 DOM
3. 2026-06-13
   days on market $182,900 Active 37 DOM
4. 2026-06-10
   days on market $182,900 Active 35 DOM
5. 2026-06-09
   days on market $182,900 Active 34 DOM
6. 2026-06-08
   days on market $182,900 Active 33 DOM
7. 2026-06-07
   days on market $182,900 Active 32 DOM
8. 2026-06-03
   days on market $182,900 Active 28 DOM
9. 2026-06-02
   days on market $182,900 Active 27 DOM
10. 2026-06-01
    days on market $182,900 Active 26 DOM
11. 2026-05-31
    days on market $182,900 Active 25 DOM
12. 2026-05-31
    days on market $182,900 Active 24 DOM
13. 2026-05-03
    listed $182,900 Active 783-char remark
14. 2022-09-22
    soldstatus $160,000

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

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $3,390 · $282/mo
• Projected year-2 tax: $3,390 · $282/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 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: $22,746
• − Mortgage interest: −$10,245
• − Property taxes: −$3,390
• − Insurance: −$1,581
• − Repairs & maintenance: −$1,820
• − Management: −$1,820
• − HOA: −$4,080
• − Depreciation: −$5,321
• Taxable loss: −$5,511
• Est. tax savings @ 24.0%: +$1,323
• After-tax cash flow: $-1,269/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: Madison Metropolitan School District
• NCES district ID: 5508520
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 40% ▲ 3.00%
• Median HH income: $51,654
• Composite: 32.56/100
• National rank: #5686
• State rank: #193 of 342 in WI

Livability — Madison

• Score: 84/100
• State rank: #39
• US rank: #819

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, WI
• County: Dane County · 506,461 people
• City population: 301,931
• Metro: Madison, WI
• Population (ZIP): 13,052
• Household income: $98,180
• Rent vs Own: 46.7% rent · 53.3% own
• Severe rent burden: 489.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Asian 14% Black 9% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Portuguese 6% Romanian 5% Slovak 4%
• Foreign-born: 15% · China, Canada, Vietnam
• Languages at home: 85% English-only · Other Indo-European 5% Other Asian/Pacific 3% Spanish 3%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -169.94%
• Current HPI: 271.3627
• Rent YoY: —
• Metro: Madison, 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

+14.3% since first listed

3 events — show timeline

• 2026-06-16 Listing Removed — SCWMLS
• 2026-05-03 Listed $182,900 SCWMLS
• 2022-09-22 Sold (Public Records) $160,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $3,390 · +11.8% YoY. Source: county tax records.