1718 Erie St · Racine, WI 53402

$190,000

5 bd · 2.0 ba · 2,462 sqft · MultiFamily public records · 84 Days on market

Built 1884 5,662 sqft lot $77/sqft · 11% below area Est $196k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +9.0/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• 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 MLS

Turnkey investment opportunity with built-in cash flow! This well-maintained duplex features two 2-bedroom, 1-bath units, each offering functional layouts and great rental appeal. The lower unit has been nicely remodeled with modern finishes, making it desirable for tenants, while the upper unit offers value-add potential for increased rents with some updates. Property includes a large fenced backyard, perfect for tenant enjoyment, plus a private driveway for off-street parking. No garage but driveway parking for 2 vehicles. Excellent tenant payment history with leases already in place--start earning income from day one. This property may qualify for DSCR financing, making it an easy addition to your portfolio. Don't miss this opportunity to secure a performing asset with upside potential!

Key facts

• Private driveway
• Modern finishes
• 5,662 sq ft lot

Tags

• WELL MAINTAINED DUPLEX
• LARGE FENCED BACKYARD
• PRIVATE DRIVEWAY
• MODERN FINISHES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $793 ($10k/yr) — positive. Per door: $396/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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: 106 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• This rent runs 44% of the median local income ($76k/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 $1k of loan paydown is wiped out by about $6k 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 $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% 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 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.46% ✓
• Cap rate: 11.30%
• Cash-on-cash: 17.88%
• DSCR: 1.80
• GRM: 5.7

CMA / ARV

• ARV (median comp): $196,471
• List price: $190,000
• Delta: -3.29%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1723 Erie St	0.02mi	5/2.0	2,311 (-6%)	4mo	$110,000	$48	86
1738 Chatham St	0.17mi	5/2.0	2,416 (-2%)	9mo	$211,000	$87	82
1600 N Main St Unit 1600 1/2	0.20mi	5/2.0	2,569 (+4%)	8mo	$188,000	$73	77
1715 Saint Clair St	0.06mi	4/2.0 (-1)	2,209 (-10%)	5mo	$169,000	$77	71
1325 Buchanan St	0.37mi	6/2.0 (+1)	2,429 (-1%)	13mo	$157,000	$65	64
1825 Erie St	0.09mi	6/2.0 (+1)	2,200 (-11%)	11mo	$248,000	$113	64
1910 Lasalle St	0.28mi	6/2.0 (+1)	2,219 (-10%)	7mo	$232,000	$105	60
1526 Lasalle St	0.31mi	4/2.0 (-1)	2,216 (-10%)	15mo	$130,000	$59	52
2206 Geneva St	0.55mi	4/2.0 (-1)	2,400 (-2%)	18mo	$245,000	$102	50
1208 Hagerer St	0.39mi	5/2.0	2,165 (-12%)	17mo	$175,200	$81	48
2064 Douglas Ave	0.65mi	6/2.0 (+1)	2,603 (+6%)	18mo	$143,000	$55	40
1306 Walton Ave	0.65mi	4/2.0 (-1)	2,196 (-11%)	17mo	$235,000	$107	32

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: 9.4%
• Equity multiple: 1.37×
• Total profit: $19,803
• Equity at exit: $28,330

10-year hold

• IRR: 18.6%
• Equity multiple: 2.55×
• Total profit: $82,660
• Equity at exit: $16,428

Cash invested: $53,200 (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 53402

• Active inventory: 106
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,780 high
• Mortgage (P&I): −$996
• Tax from tax record: −$328 /mo · $3,934/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$584
• Net cashflow: $793

Break-even live

Break-even rent $1,776

Max offer price $190,000

Occupancy floor 66%

Sensitivity live

Price	-10% $900	-5% $847	+0% $793	+5% $739	+10% $685
Rent	-10% $573	-5% $683	+0% $793	+5% $903	+10% $1,012
Rate	-1.0pp $888	-0.5pp $841	base $793	+0.5pp $744	+1.0pp $693

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,780
Total (2 units)			$2,780

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1300 Buchanan St Racine, WI	5.0	1.5	2282	$1,850	$0.81	22d	1	0.42mi

Listing history 22 events

1. 2026-06-19
   days on market $190,000 Active 84 DOM
2. 2026-06-18
   days on market $190,000 Active 83 DOM
3. 2026-06-17
   days on market $190,000 Active 82 DOM
4. 2026-06-16
   days on market $190,000 Active 81 DOM
5. 2026-06-15
   days on market $190,000 Active 80 DOM
6. 2026-06-14
   days on market $190,000 Active 78 DOM
7. 2026-06-13
   days on market $190,000 Active 77 DOM
8. 2026-06-10
   days on market $190,000 Active 75 DOM
9. 2026-06-09
   days on market $190,000 Active 74 DOM
10. 2026-06-08
    days on market $190,000 Active 73 DOM
11. 2026-06-07
    days on market $190,000 Active 72 DOM
12. 2026-06-05
    days on market $190,000 Active 69 DOM
13. 2026-06-03
    days on market $190,000 Active 68 DOM
14. 2026-06-02
    days on market $190,000 Active 67 DOM
15. 2026-06-01
    days on market $190,000 Active 66 DOM
16. 2026-05-31
    days on market $190,000 Active 65 DOM
17. 2026-05-30
    days on market $190,000 Active 64 DOM
18. 2026-03-27
    listed $190,000 Active 800-char remark

    Show marketing remark (800 chars)

    Turnkey investment opportunity with built-in cash flow! This well-maintained duplex features two 2-bedroom, 1-bath units, each offering functional layouts and great rental appeal. The lower unit has been nicely remodeled with modern finishes, making it desirable for tenants, while the upper unit offers value-add potential for increased rents with some updates. Property includes a large fenced backyard, perfect for tenant enjoyment, plus a private driveway for off-street parking. No garage but driveway parking for 2 vehicles. Excellent tenant payment history with leases already in place--start earning income from day one. This property may qualify for DSCR financing, making it an easy addition to your portfolio. Don't miss this opportunity to secure a performing asset with upside potential!

19. 2012-03-12
    listed $94,900 85-char remark

    Show marketing remark (85 chars)

    Many updates to property. Newer Roof And carpeting. Good condition. Motivated Seller.

20. 2012-03-12
    historical 85-char remark

    Show marketing remark (85 chars)

    Many updates to property. Newer Roof And carpeting. Good condition. Motivated Seller.

21. 2012-03-12
    listed $117,900

    Show marketing remark (85 chars)

    Many updates to property. Newer Roof And carpeting. Good condition. Motivated Seller.

22. 2012-03-12
    historical

    Show marketing remark (85 chars)

    Many updates to property. Newer Roof And carpeting. Good condition. Motivated Seller.

ⓘ 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: $3,934 · $328/mo
• Projected year-2 tax: $3,934 · $328/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 ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,360
• − Mortgage interest: −$10,643
• − Property taxes: −$3,934
• − Insurance: −$950
• − Repairs & maintenance: −$2,669
• − Management: −$2,669
• − Depreciation: −$5,527
• Taxable income: $6,968
• Est. tax owed @ 24.0%: −$1,672
• After-tax cash flow: $7,841/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: 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): 34,850
• Household income: $75,751
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 820.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 10% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Romanian 7% Portuguese 5% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 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: ▼ -128.62%
• Current HPI: 182.6117
• 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

+61.2% since first listed

5 events — show timeline

• 2026-03-27 Listed $190,000 METROMLS
• 2012-03-12 Listing Removed — METROMLS
• 2012-03-12 Listed $94,900 METROMLS
• 2012-03-12 Listing Removed — METROMLS
• 2012-03-12 Listed $117,900 METROMLS

Property tax history

+0.6%/yr

Latest (2025): $3,934 · +10.5% YoY. Source: county tax records.