1659 S Carriage Ln #8

New Berlin, WI 53151

$219,777D

2 bd · 2.0 ba · 1,088 sqft · Built 1979 · Condo · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,321/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$366
• HOA: −$340
• Vac / Maint / Mgmt: −$487
• Net cashflow: $-25/mo
• Annual: $-301/yr
• Cap rate: 6.16%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• 1% rule: 1.06%
• Cash to close: $61,538

Investor read

• This is a 2-bed/2.0-bath condo listed at $220k. Condition is rated good.
• 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).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $216k (1.7% below list) — sets the bar for cash-flow.
• 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.
• 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).
• 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.

Questions for listing agent

• 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?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.