3213 Washington Ave · Racine, WI 53405

$369,900

None bd · None ba · 6,880 sqft · MultiFamily · 32 Days on market

Built 1919 Poor condition 5,227 sqft lot Est $358k · at est. ↓ 7% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.0/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +1.5/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Four (4) apartments upstairs, two (2) commercial storefronts. All units are leased to long term tenants. Newer roof and mechanicals.

Key facts

• Apartments upstairs
• Newer roof
• Mechanicals

Tags

• NEWER ROOF
• MECHANICALS
• COMMERCIAL STOREFRONTS
• APARTMENTS UPSTAIRS

Property features AI

Finance

• Other: Includes 4 stoves, 4 refrigerators, 1 washer and 1 dryer; Excludes seller's and tenants' personal property

Exterior

• Parking: Outdoor parking; On-site parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Apartment building; 1–2 stories; Zoned B2
• Construction: Less than 1/2 acre lot; Lot size 0.12 acres; Year built per assessor/public record
• Exterior features: Brick, stone and wood exterior

Interior

• Kitchen: 4 stoves; 4 refrigerators
• Heating & cooling: Central air; Forced air heating; Hot water/steam heating; Natural gas fuel
• Interior features: Full basement; Apartment building with 6 units
• Laundry & utility: Seller-owned washer; Seller-owned dryer; Seller-owned water heater

What this means for you Summary

Snapshot

• This is a multifamily listed at $370k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $370k).
• Recommended offer: $359k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.4% 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; 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• At $7,583/mo this rent would consume 131% 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 $3k of loan paydown is wiped out by about $11k 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 $104k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $358,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1919 — 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 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?
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: 2.05% ✓
• Cap rate: 17.43%
• Cash-on-cash: 39.79%
• DSCR: 2.77
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $357,760
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3213 Washington Ave	0.00mi	—/—	6,880 (0%)	0mo	$360,000	$52	100

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: 36.1%
• Equity multiple: 2.53×
• Total profit: $158,905
• Equity at exit: $55,153

10-year hold

• IRR: 42.8%
• Equity multiple: 5.06×
• Total profit: $420,488
• Equity at exit: $31,982

Cash invested: $103,572 (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: 24.4×

Monthly cashflow live

• Estimated rent: $7,583 high
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,548/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,592
• Net cashflow: $3,434

Break-even live

Break-even rent $3,236

Max offer price $369,900

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$7,584
Total (6 units)			$7,583

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-04
   status Pending
2. 2026-04-28
   price $369,900
3. 2026-04-21
   status Active
4. 2026-04-19
   historical Contingent
5. 2026-04-02
   listed $375,000 Active
6. 2026-02-11
   historical 132-char remark

   Show marketing remark (132 chars)

   Four (4) apartments upstairs, two (2) commercial storefronts. All units are leased to long term tenants. Newer roof and mechanicals.

7. 2026-01-16
   historical Contingent 132-char remark

   Show marketing remark (132 chars)

   Four (4) apartments upstairs, two (2) commercial storefronts. All units are leased to long term tenants. Newer roof and mechanicals.

8. 2026-01-07
   listed $375,000 Active 132-char remark

   Show marketing remark (132 chars)

   Four (4) apartments upstairs, two (2) commercial storefronts. All units are leased to long term tenants. Newer roof and mechanicals.

9. 2025-12-30
   historical 132-char remark

   Show marketing remark (132 chars)

   Four (4) apartments upstairs, two (2) commercial storefronts. All units are leased to long term tenants. Newer roof and mechanicals.

10. 2025-11-20
    listed $399,000 Active 132-char remark

    Show marketing remark (132 chars)

    Four (4) apartments upstairs, two (2) commercial storefronts. All units are leased to long term tenants. Newer roof and mechanicals.

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,996
• − Mortgage interest: −$20,720
• − Property taxes: −$5,548
• − Insurance: −$1,850
• − Repairs & maintenance: −$7,280
• − Management: −$7,280
• − Depreciation: −$10,761
• Taxable income: $37,558
• Est. tax owed @ 24.0%: −$9,014
• After-tax cash flow: $32,197/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 · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including a new roof and exterior work. Landscaping and fencing would significantly improve its curb appeal and value.

Repairs flagged

• Major roof — Signs of significant wear
• Major exterior siding — Weathered and in poor condition

Value-add opportunities

• Both landscaping and fencing — Enhances curb appeal and safety
• Both exterior painting — Improves appearance and value
• Both roof repair — Essential for structural integrity and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of significant wear	Major	$15,000–50,000
exterior siding · Weathered and in poor condition	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both landscaping and fencing — Enhances curb appeal and safety ↑
• Both exterior painting — Improves appearance and value ↑
• Both roof repair — Essential for structural integrity and value ↑

ⓘ 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: 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

-7.3% since first listed

10 events — show timeline

• 2026-05-04 Pending — METROMLS
• 2026-04-28 Price Changed $369,900 METROMLS
• 2026-04-21 Relisted — METROMLS
• 2026-04-19 Contingent — METROMLS
• 2026-04-02 Listed $375,000 METROMLS
• 2026-02-11 Listing Removed — METROMLS
• 2026-01-16 Contingent — METROMLS
• 2026-01-07 Listed $375,000 METROMLS
• 2025-12-30 Listing Removed — METROMLS
• 2025-11-20 Listed $399,000 METROMLS