971 S Imperial Dr

Hartland, WI 53029

$350,000F

3 bd · 1.5 ba · 1,805 sqft · Built 1985 · Condo · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,847/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$431
• HOA: −$35
• Vac / Maint / Mgmt: −$598
• Net cashflow: $-52/mo
• Annual: $-619/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.63%
• DSCR: 0.97
• 1% rule: 0.81%
• Cash to close: $98,000

Investor read

• This is a 3-bed/1.5-bath condo listed at $350k.
• At list price, monthly cash flow is $-52 ($-619/yr) — negative.
• To cash-flow at today's rent, offer at most $341k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $285k (18.6% below list).
• It's been on market 16 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $285k (18.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#130 in WI, #3,370 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Hartland-Lakeside J3 School District (suburban): math 70% / reading 62% proficiency, ranked #8 of 342 in WI (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: North Elementary (475 students, 17% FRL); North Shore Middle (math 75% / reading 63%, grade A, #5 of 383 statewide, top 1%, 335 students, 20% FRL); Arrowhead High (math 63% / reading 53%, grade C, #15 of 483 statewide, top 3%, 2,086 students, 9% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: 48 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).
• Cap rate 6.1% vs local median 1.3% in Hartland — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.