5700 W Wahner Ave #101 · Brown Deer, WI 53223

$75,000

2 bd · 1.5 ba · 1,000 sqft · Condo · 2 Days on market

Built 1980 $380/mo HOA · 23% of rent

---

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
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy this 2 BR, 1.5 BA first floor unit, which overlooks the common green space. An additional window brings light into the generous sized Living Room. Updated kitchen with additional counters and cabinets. Laminate floor which give the appearance a light colored wood floor in all main living areas. 1 underground heated parking spot and secured storage unit. Enjoy the pool, clubhouse and common recreation areas. Condo dues are $266.79 (2017) and $284.75 (2018), includes water/sewer and heat.

Key facts

• Swimming pool
• Game room
• On-site laundry

Tags

• CUSTOM-MADE COFFEE BAR
• UPDATED OAK CABINETRY
• ASSIGNED PARKING SPOT
• SWIMMING POOL
• GAME ROOM
• ON-SITE LAUNDRY

Property features AI

Finance

• HOA & community: Monthly condo fee of $380; Community amenities: clubhouse, common green space, pool (outdoor), laundry facilities

Exterior

• Parking: Attached underground garage with opener; 1-car garage space
• Utilities: Municipal water; Municipal sewer; Electric service (standard)
• Home design: Condo unit in a 2-story building; Condominium (Royal Gardens); Unit type: 1 story
• Construction: Assessor/public record for year built
• Exterior features: Brick, brick/stone, and wood exterior; Pond on the property; Zoned residential

Interior

• Kitchen: Dishwasher; Garbage disposal; Oven; Range; Refrigerator
• Bedrooms: Master bedroom (Main) — 14 x 12; Bedroom 2 (Main) — 12 x 11
• Flooring: Wood or simulated wood floors
• Bathrooms: One full bathroom; One half bathroom; Master bathroom with tub (shower over tub / tub only descriptions)
• Heating & cooling: Radiant / hot water heating; Wall or sleeve air conditioning in living room
• Interior features: Cable/satellite available; High-speed internet; Storage lockers; Wood or simulated wood floors
• Laundry & utility: Laundry facilities in the association

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 12.5% vs local median 4.3% in Brown Deer — 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 (#60 in WI, #1,658 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D, amenities F.
• Brown Deer School District (suburban): math 19% / reading 26% proficiency, ranked #317 of 342 in WI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Brown Deer Elementary (math 18% / reading 25%, grade F, #855 of 1,041 statewide, top 82%, 709 students, 60% FRL); Brown Deer Middle/High (math 19% / reading 26%, grade F, #347 of 483 statewide, top 72%, 944 students, 53% FRL) — zoned schools average 56% FRL vs 33% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 46 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 32% of the median local income ($61k/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 $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $35k; list at $75k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $75,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 2.19% ✓
• Cap rate: 12.46%
• Cash-on-cash: 22.02%
• DSCR: 1.98
• GRM: 3.8

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: 15.0%
• Equity multiple: 1.60×
• Total profit: $12,657
• Equity at exit: $11,183

10-year hold

• IRR: 23.9%
• Equity multiple: 3.08×
• Total profit: $43,714
• 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 53223

• Home prices YoY: -27.7%
• Active inventory: 46
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,646 high
• Mortgage (P&I): −$393
• Tax from tax record: −$110 /mo · $1,322/yr
• Insurance: −$31
• HOA: −$380
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $385

Break-even live

Break-even rent $1,158

Max offer price $75,000

Occupancy floor 72%

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 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8901 N Park Plaza Ct Milwaukee, WI	1.0–2.0	1.0–2.0	975	$1,505	$1.54	1d	1	0.64mi
8725 N 43rd St Milwaukee, WI	1.0–3.0	1.0–3.0	1189	$2,155	$1.81	1d	12	0.84mi
8925 N Deerwood Dr Brown Deer, WI	3.0	1.0–2.0	1067	$2,388	$2.24	1d	17	0.89mi
8600 N Deerwood Dr Brown Deer, WI	2.0	1.0–2.0	916	$2,006	$2.19	43d	12	0.99mi
8600 N Deerwood Dr Brown Deer, WI	1.0–2.0	1.0–2.0	946	$1,949	$2.06	1d	15	0.99mi
7290 W Dean Rd Milwaukee, WI	2.0	1.0–1.5	625	$1,545	$2.47	1d	8	1.02mi
6401 W Bradley Rd Milwaukee, WI	1.0–3.0	1.0–2.5	882	$1,475	$1.67	1d	2	1.05mi
7300 W Dean Rd Milwaukee, WI	1.0–2.0	1.0–1.5	850	$1,545	$1.82	2d	8	1.08mi
5005 W Bradley Rd Milwaukee, WI	2.0	1.0	1064	$1,299	$1.22	14d	2	1.09mi
5005 W Bradley Rd Milwaukee, WI	2.0	1.0	1149	$1,299	$1.13	43d	1	1.09mi
4401 W Deer Run Dr Brown Deer, WI	1.0–3.0	1.0–2.0	995	$1,710	$1.72	1d	10	1.14mi
7601 W Donna Ct #1 Milwaukee, WI	2.0	1.5	872	$1,250	$1.43	23d	1	1.24mi
6011 W Port Ave Apt 203H Milwaukee, WI	1.0	1.0	725	$995	$1.37	43d	1	1.29mi
4201 W Hawthorne Trace Rd Brown Deer, WI	1.0–2.0	1.0–2.0	889	$1,627	$1.83	1d	13	1.41mi

HOA detail condo

• Monthly dues: $380 · $4,560/yr
• Likely covers: watersewerpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-26
   listed $75,000 Active
2. 2017-12-21
   soldstatus $35,000 Sold 497-char remark

   Show marketing remark (497 chars)

   Enjoy this 2 BR, 1.5 BA first floor unit, which overlooks the common green space. An additional window brings light into the generous sized Living Room. Updated kitchen with additional counters and cabinets. Laminate floor which give the appearance a light colored wood floor in all main living areas. 1 underground heated parking spot and secured storage unit. Enjoy the pool, clubhouse and common recreation areas. Condo dues are $266.79 (2017) and $284.75 (2018), includes water/sewer and heat.

3. 2017-12-01
   historical Contingent 497-char remark

   Show marketing remark (497 chars)

   Enjoy this 2 BR, 1.5 BA first floor unit, which overlooks the common green space. An additional window brings light into the generous sized Living Room. Updated kitchen with additional counters and cabinets. Laminate floor which give the appearance a light colored wood floor in all main living areas. 1 underground heated parking spot and secured storage unit. Enjoy the pool, clubhouse and common recreation areas. Condo dues are $266.79 (2017) and $284.75 (2018), includes water/sewer and heat.

4. 2017-11-15
   listed $45,500 Active 497-char remark

   Show marketing remark (497 chars)

   Enjoy this 2 BR, 1.5 BA first floor unit, which overlooks the common green space. An additional window brings light into the generous sized Living Room. Updated kitchen with additional counters and cabinets. Laminate floor which give the appearance a light colored wood floor in all main living areas. 1 underground heated parking spot and secured storage unit. Enjoy the pool, clubhouse and common recreation areas. Condo dues are $266.79 (2017) and $284.75 (2018), includes water/sewer and heat.

5. 2002-09-06
   soldstatus $48,900
6. 2000-10-16
   soldstatus $47,000

ⓘ 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: $1,322 · $110/mo
• Projected year-2 tax: $1,355 · $113/mo
• Expected delta: +$33/yr (+$3/mo · 2.5%)

ⓘ 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 ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,748
• − Mortgage interest: −$4,201
• − Property taxes: −$1,322
• − Insurance: −$375
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − HOA: −$4,560
• − Depreciation: −$2,182
• Taxable income: $3,948
• Est. tax owed @ 24.0%: −$948
• After-tax cash flow: $3,676/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: Brown Deer School District
• NCES district ID: 5501800
• Math proficiency: 19% ▼ -19.00%
• Reading proficiency: 26% ▼ -9.00%
• Median HH income: $57,375
• Composite: 20.67/100
• National rank: #8534
• State rank: #317 of 342 in WI

Livability — Brown Deer

• Score: 80/100
• State rank: #60
• US rank: #1658

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brown Deer, WI
• County: Milwaukee County · 926,379 people
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 28,793
• Household income: $60,839
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 1084.0

Population outlook (Milwaukee County) Hauer SSP2

• Today (2025): 995,758 people
• By 2030: 1,009,124 · +1.3%
• By 2040: 1,028,128 · +3.3%
• By 2050: 1,040,066 · +4.4%
• By 2075: 1,057,849 · +6.2%
• By 2100: 1,039,774 · +4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 57% White 29% Asian 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Other Asian/Pacific 4% Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Milwaukee

• 2024 margin: Solid D (+38.5) · D 68.3% · R 29.8% · Other 1.8%
• 2008→2024 swing: +2.7pp toward D · 2008: 35.9pp · 2024: 38.5pp
• All cycles: 2024: D+38.5 2020: D+39.9 2016: D+37.5 2012: D+34.6 2008: D+35.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.51%
• Current HPI: 283.4147
• 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

+59.6% since first listed

6 events — show timeline

• 2026-05-26 Listed $75,000 METROMLS
• 2017-12-21 Sold (MLS) $35,000 METROMLS
• 2017-12-01 Contingent — METROMLS
• 2017-11-15 Listed $45,500 METROMLS
• 2002-09-06 Sold (Public Records) $48,900 Public Records
• 2000-10-16 Sold (Public Records) $47,000 Public Records

Property tax history

+0.4%/yr

Latest (2024): $1,322 · +118.1% YoY. Source: county tax records.