1023 W Washington St Unit 1023A · West Bend, WI 53095

$315,000

4 bd · 2.0 ba · 1,912 sqft · MultiFamily · 56 Days on market

Built 1905 Good condition 9,147 sqft lot $165/sqft · 9% above area Est $289k · 9% over ↓ 5% since listing

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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 +22.3/30.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• ARV discount +3.4/15.0
• 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

Upper Lower Duplex investment opportunity in West Bend. This property features plenty of parking space with 8 spots. Water Heater was installed in 2026. Furnace was installed in 2022, and the garage is equipped with a 220V/100 amp electrical service. Conveniently located near many businesses, restaurants, and parks. Check it out!

Key facts

• 9,147 sq ft lot
• 2 garage spots
• Built 1905

Property features AI

Finance

• Other: Inclusions: 2 refrigerators, 2 dishwashers, 2 oven/stoves, washer, dryer, 2 owned water softeners, window rods, 3 mounted TVs, shed, grill, 3 window AC units; Exclusions: seller's and tenant's personal property
• Financial info: Property is a 2-unit rental (duplex)

Exterior

• Parking: Detached 2-car garage; Additional 1 parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Residential zoning; Lot is less than 1/2 acre (approx. 0.21 acre)
• Construction: Year built from assessor/public record
• Exterior features: Vinyl siding; Detached shed; Grill

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 12 x 11); Includes 2 ovens/stoves, 2 dishwashers (see inclusions)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master bedroom on upper level, approx. 12 x 13)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: 3 window AC units
• Interior features: Full basement; Vinyl exterior (noted with interior info)
• Laundry & utility: Washer and dryer included; 2 water softeners (owned)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $315k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $517 ($6k/yr) — positive. Per door: $259/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $315k).
• Recommended offer: $306k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.5% in West Bend — 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 79/100 on livability (#80 in WI, #2,147 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, commute F.
• West Bend School District (suburban): math 50% / reading 43% proficiency, ranked #73 of 342 in WI (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 107 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 453 units permitted in Washington County in 2024 (105 in 5+ unit buildings).
• At $3,410/mo this rent would consume 51% of the median local household income ($81k/yr) (locally 690% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($306k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $305,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 1905 — 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 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. 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: 1.08% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.03%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (median comp): $288,791
• List price: $315,000
• Delta: 9.08%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
245 N 8th Ave	0.19mi	4/2.0	1,840 (-4%)	13mo	$320,000	$174	74
135 N 10th Ave #137	0.18mi	5/2.0 (+1)	2,008 (+5%)	7mo	$175,000	$87	73
1047 W Washington St	0.03mi	3/2.0 (-1)	1,628 (-15%)	2mo	$246,000	$151	67
1052 Poplar St	0.39mi	4/2.0	1,700 (-11%)	12mo	$278,500	$164	54
151 Edgewood Ln	0.55mi	3/2.0 (-1)	1,725 (-10%)	2mo	$220,000	$128	52
507 S Main St Unit 507A	0.75mi	3/3.0 (-1)	2,006 (+5%)	6mo	$300,000	$150	42
513 Bender Rd #515	0.75mi	5/2.0 (+1)	1,729 (-10%)	6mo	$305,000	$176	40
531 N 18th Ave #533	0.60mi	4/2.0	2,168 (+13%)	20mo	$380,000	$175	33

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: -5.5%
• Equity multiple: 0.80×
• Total profit: $-18,064
• Equity at exit: $46,968

10-year hold

• IRR: 4.2%
• Equity multiple: 1.30×
• Total profit: $26,880
• Equity at exit: $27,235

Cash invested: $88,200 (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 53095

• Active inventory: 107
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $3,410 high
• Mortgage (P&I): −$1,652
• Tax est. 1.5%: −$394 /mo · $4,725/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $517

Break-even live

Break-even rent $2,756

Max offer price $315,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,410
Total (2 units)			$3,410

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
433 N Main St West Bend, WI	3.0	1.0–2.5	1097	$2,895	$2.64	2d	36	0.28mi

Listing history 15 events

1. 2026-06-18
   days on market $315,000 Active 56 DOM
2. 2026-06-17
   days on market $315,000 Active 55 DOM
3. 2026-06-16
   days on market $315,000 Active 54 DOM
4. 2026-06-15
   days on market $315,000 Active 53 DOM
5. 2026-06-13
   days on market $315,000 Active 51 DOM
6. 2026-06-09
   days on market $315,000 Active 47 DOM
7. 2026-06-08
   days on market $315,000 Active 46 DOM
8. 2026-06-08
   days on market $315,000 Active 45 DOM
9. 2026-06-05
   days on market $315,000 Active 42 DOM
10. 2026-06-03
    days on market $315,000 Active 41 DOM
11. 2026-06-02
    days on market $315,000 Active 40 DOM
12. 2026-06-01
    days on market $315,000 Active 39 DOM
13. 2026-05-31
    days on market $315,000 Active 38 DOM
14. 2026-05-05
    price $320,000 331-char remark
15. 2026-04-23
    listed $330,000 Active 331-char remark

ⓘ 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 1/10 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: $40,920
• − Mortgage interest: −$17,645
• − Property taxes: −$4,725
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,274
• − Management: −$3,274
• − Depreciation: −$9,164
• Taxable income: $1,264
• Est. tax owed @ 24.0%: −$303
• After-tax cash flow: $5,901/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 · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained, recently updated duplex is ready for immediate occupancy and offers a good return on investment.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and property value
• Rental Replace worn-out door knobs — Improves tenant satisfaction and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and property value ↑
• Rental Replace worn-out door knobs — Improves tenant satisfaction and reduces maintenance costs ↑

ⓘ 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: West Bend School District
• NCES district ID: 5516290
• Math proficiency: 50% ▼ -4.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $59,641
• Composite: 40.84/100
• National rank: #3630
• State rank: #73 of 342 in WI

Livability — West Bend

• Score: 79/100
• State rank: #80
• US rank: #2147

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Bend, WI
• County: Washington County · 47,863 people
• City population: 27,817
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 27,817
• Household income: $80,830
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 690.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 137,678 people
• By 2030: 138,441 · +0.6%
• By 2040: 137,047 · -0.5%
• By 2050: 130,918 · -4.9%
• By 2075: 115,447 · -16.1%
• By 2100: 93,069 · -32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 9% Portuguese 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+36.3) · D 31.3% · R 67.6% · Other 1.2%
• 2008→2024 swing: -6.7pp toward R · 2008: -29.6pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+38.1 2016: R+40.5 2012: R+40.2 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.92%
• Current HPI: 177.7054
• 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

-4.5% since first listed

3 events — show timeline

• 2026-05-28 Price Changed $315,000 METROMLS
• 2026-05-05 Price Changed $320,000 METROMLS
• 2026-04-23 Listed $330,000 METROMLS