2304 Thor Ave · Racine, WI 53405

$214,900

3 bd · 2.0 ba · 1,710 sqft · MultiFamily public records · 41 Days on market

Built 1920 4,791 sqft lot $126/sqft · 10% above area Est $196k · 10% over

---

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 +27.4/30.0
• DSCR +9.6/10.0
• 1% rule +7.8/10.0
• Livability +4.0/5.0
• ARV discount +3.1/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• 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 MLS

Beautiful duplex with lots of yard space and character!3 off street parking spacesUpper and lower units are rented out for a total of $2150 a month and are month to monthNew water heater installed 02/2026Room sizes estimated

Key facts

• Off street parking
• Water heater
• Yard space

Tags

• YARD SPACE
• OFF STREET PARKING
• WATER HEATER

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $208k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 4.0% in Racine — 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 80/100 on livability (#58 in WI, #1,622 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, schools D-.
• Racine Unified School District (urban): math 12% / reading 20% proficiency, ranked #335 of 342 in WI (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 45 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• At $2,745/mo this rent would consume 48% of the median local household income ($69k/yr) (locally 430% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Racine County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.55%
• DSCR: 1.56
• GRM: 6.5

CMA / ARV

• ARV (median comp): $195,948
• List price: $214,900
• Delta: 9.67%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
218 Island Ave	0.41mi	3/2.0	1,616 (-6%)	2mo	$232,000	$144	70
332 Luedtke Ave	0.32mi	4/2.0 (+1)	1,760 (+3%)	6mo	$175,000	$99	70
609 Belmont Ave	0.19mi	3/2.0	1,743 (+2%)	23mo	$185,000	$106	69
2102 Carmel Ave	0.11mi	4/2.0 (+1)	1,731 (+1%)	24mo	$180,000	$104	68
1905 Ehlert St	0.37mi	4/2.0 (+1)	1,520 (-11%)	1mo	$210,000	$138	58
1333 Grove Ave	0.68mi	4/2.0 (+1)	1,725 (+1%)	17mo	$247,000	$143	48
1108 Reschke Ave	0.67mi	4/2.0 (+1)	1,616 (-6%)	15mo	$160,000	$99	42
1345 Deane Blvd	0.60mi	3/2.0	1,938 (+13%)	12mo	$238,000	$123	39
3725 Haven Ave	0.74mi	3/2.0	1,932 (+13%)	12mo	$210,000	$109	34
1626 12th St	0.66mi	4/2.0 (+1)	1,950 (+14%)	23mo	$35,000	$18	21

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $5,329
• Equity at exit: $32,042

10-year hold

• IRR: 11.9%
• Equity multiple: 1.94×
• Total profit: $56,551
• Equity at exit: $18,581

Cash invested: $60,172 (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 53405

• Active inventory: 45
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,745 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$323 /mo · $3,874/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $629

Break-even live

Break-even rent $1,948

Max offer price $214,900

Occupancy floor 72%

Sensitivity live

Price	-10% $751	-5% $690	+0% $629	+5% $568	+10% $508
Rent	-10% $412	-5% $521	+0% $629	+5% $738	+10% $846
Rate	-1.0pp $737	-0.5pp $684	base $629	+0.5pp $574	+1.0pp $517

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,744
Total (2 units)			$2,745

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3224 Osborne Blvd Racine, WI	3.0	2.0	1696	$2,200	$1.30	21d	1	0.45mi
1612 Winslow St Racine, WI	3.0	1.0	1200	$1,300	$1.08	21d	1	0.53mi
945 N Memorial Dr Unit 1-2-3 Racine, WI	3.0	1.0	1500	$1,450	$0.97	21d	1	0.81mi
2200 Northwestern Ave Racine, WI	2.0	1.0–2.0	839	$1,825	$2.17	13d	12	1.04mi
2220 Northwestern Ave Racine, WI	1.0–3.0	1.0–2.0	899	$2,175	$2.42	13d	19	1.05mi
2328 21st St Racine, WI	3.0	1.0	1239	$1,750	$1.41	13d	1	1.36mi
1210 Erie St Racine, WI	3.0	1.0	1350	$1,150	$0.85	13d	1	1.42mi

Listing history 27 events

1. 2026-06-19
   days on market $214,900 Active 41 DOM
2. 2026-06-18
   days on market $214,900 Active 40 DOM
3. 2026-06-17
   days on market $214,900 Active 39 DOM
4. 2026-06-16
   days on market $214,900 Active 38 DOM
5. 2026-06-15
   pricedays on market $214,900 Active 37 DOM
6. 2026-05-16
   price $219,900 224-char remark

   Show marketing remark (224 chars)

   Beautiful duplex with lots of yard space and character!3 off street parking spacesUpper and lower units are rented out for a total of $2150 a month and are month to monthNew water heater installed 02/2026Room sizes estimated

7. 2026-05-06
   price $224,900 224-char remark

   Show marketing remark (224 chars)

   Beautiful duplex with lots of yard space and character!3 off street parking spacesUpper and lower units are rented out for a total of $2150 a month and are month to monthNew water heater installed 02/2026Room sizes estimated

8. 2026-04-29
   status Active 224-char remark

   Show marketing remark (224 chars)

   Beautiful duplex with lots of yard space and character!3 off street parking spacesUpper and lower units are rented out for a total of $2150 a month and are month to monthNew water heater installed 02/2026Room sizes estimated

9. 2026-03-09
   status Pending 224-char remark

   Show marketing remark (224 chars)

   Beautiful duplex with lots of yard space and character!3 off street parking spacesUpper and lower units are rented out for a total of $2150 a month and are month to monthNew water heater installed 02/2026Room sizes estimated

10. 2026-03-01
    listed $229,900 Active 224-char remark

    Show marketing remark (171 chars)

    Beautiful duplex with lots of yard space and off street parking space for up to 3 cars. Both units currently rented and generating $2150 total in income. Come take a look!

11. 2026-03-01
    historical 171-char remark

    Show marketing remark (171 chars)

    Beautiful duplex with lots of yard space and off street parking space for up to 3 cars. Both units currently rented and generating $2150 total in income. Come take a look!

12. 2026-03-01
    listed $229,900 Active 171-char remark

    Show marketing remark (171 chars)

    Beautiful duplex with lots of yard space and off street parking space for up to 3 cars. Both units currently rented and generating $2150 total in income. Come take a look!

13. 2023-07-24
    soldstatus $200,000
14. 2023-07-21
    soldstatus $200,000 Sold
15. 2023-06-20
    historical Contingent
16. 2023-06-13
    listed $179,000 Active
17. 2020-10-15
    soldstatus $125,000
18. 2019-11-14
    soldstatus $110,000
19. 2016-02-07
    historical
20. 2015-08-10
    listed $110,000 Active
21. 2012-10-09
    historical
22. 2012-10-09
    listed $114,900
23. 2012-10-09
    historical
24. 2012-10-09
    listed $114,900
25. 2010-05-10
    soldstatus $48,000
26. 2010-05-10
    soldstatus $48,000
27. 2010-05-06
    soldstatus $96,000

ⓘ 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: $3,874 · $323/mo
• Projected year-2 tax: $3,925 · $327/mo
• Expected delta: +$51/yr (+$4/mo · 1.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,940
• − Mortgage interest: −$12,038
• − Property taxes: −$3,874
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,635
• − Management: −$2,635
• − Depreciation: −$6,252
• Taxable income: $4,432
• Est. tax owed @ 24.0%: −$1,064
• After-tax cash flow: $6,487/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: Racine Unified School District
• NCES district ID: 5512360
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 20% ▬ 0.00%
• Median HH income: $50,716
• Composite: 14.64/100
• National rank: #9405
• State rank: #335 of 342 in WI

Livability — Racine

• Score: 80/100
• State rank: #58
• US rank: #1622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Racine, WI
• County: Racine County · 146,693 people
• City population: 67,505
• Metro: Racine, WI
• Population (ZIP): 26,793
• Household income: $69,242
• Rent vs Own: 23.7% rent · 76.3% own
• Severe rent burden: 430.0

Population outlook (Racine County) Hauer SSP2

• Today (2025): 195,281 people
• By 2030: 193,725 · -0.8%
• By 2040: 188,159 · -3.6%
• By 2050: 181,323 · -7.1%
• By 2075: 174,342 · -10.7%
• By 2100: 166,870 · -14.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Hispanic / Latino 17% Two or more races 15% Black 12% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Romanian 7% Portuguese 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Racine

• 2024 margin: Lean R (+6.2) · D 46.3% · R 52.5% · Other 1.2%
• 2008→2024 swing: -13.6pp toward R · 2008: 7.4pp · 2024: -6.2pp
• All cycles: 2024: R+6.2 2020: R+4.1 2016: R+4.4 2012: D+3.6 2008: D+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -220.43%
• Current HPI: 189.5192
• Rent YoY: —
• Metro: Racine, 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

+129.1% since first listed

22 events — show timeline

• 2026-05-16 Price Changed $219,900 METROMLS
• 2026-05-06 Price Changed $224,900 METROMLS
• 2026-04-29 Relisted — METROMLS
• 2026-03-09 Pending — METROMLS
• 2026-03-01 Listed $229,900 METROMLS
• 2026-03-01 Listing Removed — METROMLS
• 2026-03-01 Listed $229,900 METROMLS
• 2023-07-24 Sold (Public Records) $200,000 Public Records
• 2023-07-21 Sold (MLS) $200,000 METROMLS
• 2023-06-20 Contingent — METROMLS
• 2023-06-13 Listed $179,000 METROMLS
• 2020-10-15 Sold (Public Records) $125,000 Public Records
• 2019-11-14 Sold (Public Records) $110,000 Public Records
• 2016-02-07 Listing Removed — METROMLS
• 2015-08-10 Listed $110,000 METROMLS
• 2012-10-09 Listed $114,900 METROMLS
• 2012-10-09 Listing Removed — METROMLS
• 2012-10-09 Listed $114,900 METROMLS
• 2012-10-09 Listing Removed — METROMLS
• 2010-05-10 Sold (Public Records) $48,000 Public Records
• 2010-05-10 Sold (Public Records) $48,000 Public Records
• 2010-05-06 Sold (MLS) $96,000 METROMLS

Property tax history

+3.1%/yr

Latest (2025): $3,874 · +12.7% YoY. Source: county tax records.