2029 W Donges Bay Rd #2031 · Mequon, WI 53092

$450,000

4 bd · 2.0 ba · 2,284 sqft · MultiFamily · 9 Days on market

Built 1928 Good condition 0.84 ac lot

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Why this score? — see what drove the C- 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 +18.4/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Schools +5.6/10.0
• 1% rule +4.9/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Charming Mequon duplex set on a stunning park-like lot with a beautiful yard surrounded by nature. Warm natural woodwork & gleaming hardwood floors add timeless character throughout. Neutral paint & flooring colors. Spacious layout features built-ins, oversized pantries, & light-filled living spaces that feel bright & inviting. Oversized bedrooms with plenty of closet space. Enjoy outdoor living with two decks perfect for relaxing or entertaining. Convenient 2-car attached garage plus a large driveway that offers ample parking. Functional basement includes washers, dryers & storage. Ideally located near great schools, shopping, & just minutes from downtown

Key facts

• Natural woodwork
• Park-like lot
• Oversized pantries

Tags

• PARK-LIKE LOT
• NATURAL WOODWORK
• HARDWOOD FLOORS
• BUILT-INS
• OVERSIZED PANTRIES
• LIGHT-FILLED LIVING SPACES

Property features AI

Finance

• Financial info: Property is multi-family with 2 units (Unit 1 approx. 1,434; Unit 2 approx. 850); Inclusions: Lower unit appliances (stove, refrigerator, dishwasher, disposal), Upper unit appliances (stove, refrigerator, dishwasher, disposal), and 2 washers and 2 dryers in the basement; Exclusions: Tenants' personal property

Exterior

• Parking: One marked parking space (additional garage parking available); Attached 2-car garage (total 2 garage spaces)
• Utilities: Municipal sewer; Well water; Electric service setup indicates multiple meters (1 and 2 electric meters listed)
• Home design: 1.5-story multi-family building; Residential zoning
• Construction: Aluminum siding; Year built per assessor/public records
• Exterior features: Aluminum/steel exterior; Lot size about 0.84 acre (approximately 1/2 to 1 acre)

Interior

• Kitchen: Unit 1 kitchen includes stove, refrigerator, dishwasher, disposal; Unit 2 kitchen includes stove, refrigerator, dishwasher, disposal (kitchen approx. 19 x 22)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (both bedrooms on upper level; master approx. 13 x 12, second bedroom approx. 11 x 10)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Interior features: Full block basement
• Laundry & utility: Two washers and two dryers located in the basement; 1 electric meter for one unit and 2 electric meters reported (separate electric services); Well water

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $450k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive. Per door: $210/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $447k (0.7% below list).
• Recommended offer: $447k (0.7% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 1.2% in Mequon — 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 70/100 on livability (#288 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Mequon-Thiensville School District (suburban): math 60% / reading 61% proficiency, ranked #13 of 342 in WI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Donges Bay Elementary (math 72% / reading 67%, grade A-, #24 of 1,041 statewide, top 3%, 501 students, 10% FRL); Homestead High (math 49% / reading 62%, grade C, #18 of 483 statewide, top 4%, 1,265 students, 12% FRL) — zoned schools at 11% FRL track the district average.
• Market conditions: 67 active listings in the ZIP; high-income renter base; 575 units permitted in Ozaukee County in 2024 (280 in 5+ unit buildings).
• This rent runs 42% of the median local income ($128k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Ozaukee County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $446,700 (0.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 7.41%
• Cash-on-cash: 3.99%
• DSCR: 1.18
• GRM: 8.4

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: -10.0%
• Equity multiple: 0.63×
• Total profit: $-46,160
• Equity at exit: $67,096

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-5,552
• Equity at exit: $38,908

Cash invested: $126,000 (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 53092

• Active inventory: 67
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $4,467 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$938
• Net cashflow: $419

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 86%

Sensitivity live

Price	-10% $730	-5% $575	+0% $419	+5% $264	+10% $108
Rent	-10% $66	-5% $243	+0% $419	+5% $596	+10% $772
Rate	-1.0pp $646	-0.5pp $534	base $419	+0.5pp $302	+1.0pp $184

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,468
Total (2 units)			$4,467

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $450,000 Active 9 DOM
2. 2026-06-18
   days on market $450,000 Active 6 DOM
3. 2026-06-17
   days on market $450,000 Active 5 DOM
4. 2026-06-16
   days on market $450,000 Active 4 DOM
5. 2026-06-15
   days on market $450,000 Active 3 DOM
6. 2026-06-13
   remarks 675-char remark
7. 2026-06-13
   listed $450,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,604
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,288
• − Management: −$4,288
• − Depreciation: −$13,091
• Taxable loss: −$2,271
• Est. tax savings @ 24.0%: +$545
• After-tax cash flow: $5,574/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 · 11 photos

Good 75/100 Cosmetic rehab

This charming Mequon duplex is in good condition with a good condition score of 75. It has a good roof, exterior, and foundation. The kitchen and bathrooms could benefit from some minor repairs and maintenance. The property is located in a desirable area with a large yard and trees surrounding it.

Repairs flagged

• Minor Kitchen cabinets — Some cabinets show signs of wear and tear.
• Minor Kitchen countertops — Countertops appear to be in good condition but could benefit from a fresh coat of paint or a new finish.

Value-add opportunities

• Resale Paint kitchen cabinets — Fresh paint can enhance the appearance of the kitchen and make it more appealing to potential buyers.
• Rental Replace countertops — New countertops can improve the functionality and aesthetic of the kitchen, making it more attractive to renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Some cabinets show signs of wear and tear.	Minor	$500–3,000
Kitchen countertops · Countertops appear to be in good condition but could benefit from a fresh coat of paint or a new finish.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint kitchen cabinets — Fresh paint can enhance the appearance of the kitchen and make it more appealing to potential buyers. ↑
• Rental Replace countertops — New countertops can improve the functionality and aesthetic of the kitchen, making it more attractive to renters. ↑

ⓘ 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: Mequon-Thiensville School District
• NCES district ID: 5509130
• Math proficiency: 60% ▼ -4.00%
• Reading proficiency: 61% ▼ -6.00%
• Median HH income: $95,299
• Composite: 55.82/100
• National rank: #1208
• State rank: #13 of 342 in WI

Livability — Mequon

• Score: 70/100
• State rank: #288
• US rank: #7511

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mequon, WI
• County: Ozaukee County · 64,110 people
• City population: 20,886
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 20,886
• Household income: $128,156
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 441.0

Population outlook (Ozaukee County) Hauer SSP2

• Today (2025): 91,557 people
• By 2030: 92,993 · +1.6%
• By 2040: 94,492 · +3.2%
• By 2050: 94,539 · +3.3%
• By 2075: 98,061 · +7.1%
• By 2100: 93,682 · +2.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 4% Two or more races 4% Asian 3% Black 3%
• Common ancestry: Romanian 8% Scotch-Irish 6% Lithuanian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Russian/Polish/Slavic 2% Spanish 2% Arabic 1%

Political lean MEDSL · Ozaukee

• 2024 margin: R (+10.5) · D 44.1% · R 54.6% · Other 1.3%
• 2008→2024 swing: +11.2pp toward D · 2008: -21.7pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+12.0 2016: R+19.3 2012: R+30.4 2008: R+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.70%
• Current HPI: 143.838
• Rent YoY: —
• Metro: Milwaukee-Waukesha, 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

1 event — show timeline

• 2026-06-12 Listed $450,000 METROMLS