1659 S Carriage Ln #8 · New Berlin, WI 53151

$219,777

2 bd · 2.0 ba · 1,088 sqft · Condo · 12 Days on market

Built 1979 Good condition $340/mo HOA · 15% 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 +12.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Schools +5.1/10.0
• DSCR +3.8/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Sought after open concept 2 bedroom, 2 bath unit. .. kitchen refreshed - New Cabinets & counters. Some fresh paint. .. neutral decor. HUGE separate storage area. Outstanding location . .. near shopping and xway access. Low New Berlin taxes. Rooms have been virtually staged for your spacial orientation pleasure !

Key facts

• $340 HOA
• Garage
• Built 1979

Property features AI

Finance

• Other: Zoning: RM1
• HOA & community: Monthly condo fee of $340; Association common green space; Coachlight Village Condominium; 8 units in building; 48 units in association

Exterior

• Parking: Detached 1-car garage with opener; One garage parking space
• Utilities: Municipal water; Municipal sewer; No waste disposal system
• Home design: Condo, 2-story building; Unit type: 1-story (within building)
• Construction: Brick/stone construction; Below-grade unfinished area present
• Exterior features: Private entry; Brick and stone exterior

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher; Garbage disposal; Pantry shelving
• Bedrooms: Master bedroom (Main) — 14 x 12; Bedroom 2 (Main) — 12 x 11
• Flooring: Wood or simulation wood floors
• Bathrooms: Two full bathrooms; Master bathroom; Shower stall; Shower over tub / tub only options
• Heating & cooling: Forced air heating (electric); Central air conditioning
• Interior features: Cable/Satellite available; High-speed internet available; In-unit laundry; Pantry; Wood or wood-look flooring
• Laundry & utility: Washer and dryer included; In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $220k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-25 ($-301/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (1.7% below list).
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $216k (1.7% below list) — sets the bar for cash-flow.
• Cap rate 6.2% vs local median 3.6% in New Berlin — 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 71/100 on livability (#275 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• New Berlin School District (suburban): math 61% / reading 52% proficiency, ranked #24 of 342 in WI (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Poplar Creek Elementary (math 60% / reading 50%, grade C, #159 of 1,041 statewide, top 16%, 476 students, 24% FRL); New Berlin West Middle/High (math 50% / reading 47%, grade D, #46 of 483 statewide, top 10%, 1,047 students, 17% FRL).
• Market conditions: 44 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $216,143 (1.7% 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. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 6.16%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• GRM: 7.9

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: -17.0%
• Equity multiple: 0.40×
• Total profit: $-36,969
• Equity at exit: $32,769

10-year hold

• IRR: -8.6%
• Equity multiple: 0.46×
• Total profit: $-33,260
• Equity at exit: $19,002

Cash invested: $61,538 (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 53151

• Active inventory: 44
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,321 medium
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,297/yr
• Insurance: −$92
• HOA: −$340
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $-25

Break-even live

Break-even rent $2,353

Max offer price $216,143

Occupancy floor 96%

Sensitivity live

Price	-10% $127	-5% $51	+0% $-25	+5% $-101	+10% $-177
Rent	-10% $-208	-5% $-117	+0% $-25	+5% $67	+10% $158
Rate	-1.0pp $86	-0.5pp $31	base $-25	+0.5pp $-82	+1.0pp $-140

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: $54,944
• Closing costs: $6,593
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1345 Dover Pl Brookfield, WI	3.0	1.5	1460	$2,099	$1.44	3d	1	0.35mi
355 S Moorland Rd Brookfield, WI	3.0	1.0–2.0	986	$2,852	$2.89	3d	31	1.02mi

HOA detail condo

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

Listing history 2 events

1. 2026-04-20
   status Pending
2. 2026-04-08
   listed $219,777 Active

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

Taxation est. · year 1

• Rental income: $27,854
• − Mortgage interest: −$12,311
• − Property taxes: −$3,297
• − Insurance: −$1,099
• − Repairs & maintenance: −$2,228
• − Management: −$2,228
• − HOA: −$4,080
• − Depreciation: −$6,394
• Taxable loss: −$3,783
• Est. tax savings @ 24.0%: +$908
• After-tax cash flow: $606/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

A well-maintained 2-bedroom, 2-bathroom condo with fresh paint and new cabinets, ready for a new owner.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and resale value
• Resale Replace countertops — Modernizes the kitchen and improves aesthetics
• Both Install new flooring — Improves the overall look and feel of the home

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and resale value ↑
• Resale Replace countertops — Modernizes the kitchen and improves aesthetics ↑
• Both Install new flooring — Improves the overall look and feel of the home ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: New Berlin School District
• NCES district ID: 5510470
• Math proficiency: 61% ▼ -4.00%
• Reading proficiency: 52% ▼ -7.00%
• Median HH income: $75,015
• Composite: 50.61/100
• National rank: #1843
• State rank: #24 of 342 in WI

Livability — New Berlin

• Score: 71/100
• State rank: #275
• US rank: #7161

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Berlin, WI
• City population: 40,213
• Population (ZIP): 32,865

Population outlook (Waukesha County) Hauer SSP2

• Today (2025): 412,798 people
• By 2030: 418,092 · +1.3%
• By 2040: 420,872 · +2.0%
• By 2050: 413,862 · +0.3%
• By 2075: 402,782 · -2.4%
• By 2100: 365,796 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 7% Two or more races 5% Hispanic / Latino 5% Black 2%
• Common ancestry: Romanian 15% Portuguese 4% Lithuanian 3%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 90% English-only · Other Indo-European 3% Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Waukesha

• 2024 margin: R (+19.8) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +5.9pp toward D · 2008: -25.7pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+20.8 2016: R+27.1 2012: R+34.8 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -190.05%
• Current HPI: 263.598
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-04-20 Pending — METROMLS
• 2026-04-08 Listed $219,777 METROMLS