12323 233rd Ave · Salem Lakes, WI 53179

$75,000

2 bd · 1.5 ba · 1,034 sqft · SingleFamily public records · 4 Days on market

Built 1940 4,356 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Near Cross Lake! Perfect for investor! Selling ''as-is'' no VA or FHA.

Key facts

• 4,356 sq ft lot
• Built 1940
• Listed 4 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 15.3% vs local median 1.8% in Salem Lakes — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Salem School District (suburban): math 34% / reading 37% proficiency, ranked #196 of 342 in WI (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Salem Elementary (math 34% / reading 37%, grade F, #608 of 1,041 statewide, top 58%, 1,000 students, 33% FRL).
• Market conditions: 31 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 259 units permitted in Kenosha County in 2024 (8 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $25k; list at $75k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.95% ✓
• Cap rate: 15.28%
• Cash-on-cash: 32.11%
• DSCR: 2.43
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $245,058
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23433 124th Pl	0.17mi	2/1.0	1,076 (+4%)	17mo	$187,500	$174	69
23605 125th St	0.26mi	3/1.0 (+1)	1,034 (0%)	18mo	$210,000	$203	66
23619 124th St	0.26mi	3/2.0 (+1)	1,000 (-3%)	17mo	$285,000	$285	62
23607 125th St	0.26mi	3/2.0 (+1)	1,144 (+11%)	7mo	$255,000	$223	57
110 Lakewood Dr	0.43mi	3/1.0 (+1)	1,091 (+6%)	9mo	$200,000	$183	56
394 Birchwood Dr	0.71mi	3/1.0 (+1)	1,036 (+0%)	5mo	$192,000	$185	55
23809 125th St	0.39mi	3/1.0 (+1)	1,152 (+11%)	1mo	$296,500	$257	55
23515 127th St	0.33mi	2/2.0	1,180 (+14%)	15mo	$280,000	$237	46
269 Lakewood Dr	0.69mi	3/2.5 (+1)	1,098 (+6%)	4mo	$305,519	$278	45
12507 240th Ave	0.49mi	3/1.0 (+1)	1,148 (+11%)	9mo	$30,000	$26	44
22221 121st St	0.65mi	2/1.0	1,184 (+14%)	0mo	$360,000	$304	43
277 Sunset Ln	0.71mi	3/2.0 (+1)	1,128 (+9%)	11mo	$308,000	$273	36

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: 27.2%
• Equity multiple: 2.13×
• Total profit: $23,702
• Equity at exit: $11,183

10-year hold

• IRR: 34.7%
• Equity multiple: 4.19×
• Total profit: $66,998
• Equity at exit: $6,485

Cash invested: $21,000 (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 53179

• Home prices YoY: -30.6%
• Active inventory: 31
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,463 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$169 /mo · $2,031/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $562

Break-even live

Break-even rent $752

Max offer price $75,000

Occupancy floor 57%

Sensitivity live

Price	-10% $604	-5% $583	+0% $562	+5% $541	+10% $519
Rent	-10% $446	-5% $504	+0% $562	+5% $620	+10% $677
Rate	-1.0pp $600	-0.5pp $581	base $562	+0.5pp $542	+1.0pp $523

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
565 Drom Ct Unit 2A Antioch, IL	2.0	1.0	900	$1,450	$1.61	19d	1	0.94mi
556 Main St Antioch, IL	2.0	1.0	1000	$1,475	$1.48	0d	1	0.97mi

Listing history 3 events

1. 2026-02-16
   status Pending
2. 2026-02-12
   listed $75,000 Active
3. 1999-07-01
   soldstatus $25,000

ⓘ 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: $2,031 · $169/mo
• Projected year-2 tax: $2,031 · $169/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,555
• − Mortgage interest: −$4,201
• − Property taxes: −$2,031
• − Insurance: −$375
• − Repairs & maintenance: −$1,404
• − Management: −$1,404
• − Depreciation: −$2,182
• Taxable income: $5,957
• Est. tax owed @ 24.0%: −$1,430
• After-tax cash flow: $5,313/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: Salem School District
• NCES district ID: 5513350
• Math proficiency: 34% ▼ -13.00%
• Reading proficiency: 37% ▼ -3.00%
• Median HH income: $67,521
• Composite: 32.43/100
• National rank: #5725
• State rank: #196 of 342 in WI

Livability — Salem Lakes

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Salem Lakes, WI
• City population: 18,215
• Population (ZIP): 6,724

Population outlook (Kenosha County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 174,923 · +0.5%
• By 2040: 173,895 · -0.1%
• By 2050: 170,102 · -2.3%
• By 2075: 162,952 · -6.4%
• By 2100: 154,781 · -11.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 12% Two or more races 11% Black 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 11% Portuguese 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 4% German/W. Germanic 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Kenosha

• 2024 margin: Lean R (+6.2) · D 46.2% · R 52.5% · Other 1.3%
• 2008→2024 swing: -24.3pp toward R · 2008: 18.1pp · 2024: -6.2pp
• All cycles: 2024: R+6.2 2020: R+3.1 2016: R+0.3 2012: D+12.3 2008: D+18.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -127.13%
• Current HPI: 288.6464
• 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

+200.0% since first listed

3 events — show timeline

• 2026-02-16 Pending — METROMLS
• 2026-02-12 Listed $75,000 METROMLS
• 1999-07-01 Sold (Public Records) $25,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $2,031 · +4.1% YoY. Source: county tax records.