2013 De Koven Ave · Racine, WI 53403

$159,900

4 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 89 Days on market

Built 1910 4,356 sqft lot $159/sqft · 22% below area Est $205k · 22% under

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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 +16.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• 1% rule +4.8/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for an owner occupant or investor to purchase this freshly remodeled home. New flooring and paint throughout, New Kitchen and bath. Home is ready to move it!

Key facts

• 4,356 sq ft lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $85 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (2.4% below list).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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: Rents rising fast (+5.8%/yr); 91 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• This rent runs 31% of the median local income ($60k/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 $5k 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.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $160k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.98% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.27%
• DSCR: 1.10
• GRM: 8.5

CMA / ARV

• ARV (median comp): $204,780
• List price: $159,900
• Delta: -21.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2301 Olive St	0.37mi	3/1.5 (-1)	1,008 (0%)	4mo	$160,000	$159	73
1640 Boyd Ave	0.34mi	3/1.0 (-1)	1,045 (+4%)	3mo	$175,000	$167	71
2042 Hickory Grove Ave	0.21mi	3/2.0 (-1)	967 (-4%)	6mo	$193,000	$200	69
1900 Arlington Ave	0.27mi	3/1.0 (-1)	1,112 (+10%)	2mo	$220,000	$198	64
2514 James Blvd	0.47mi	3/1.5 (-1)	1,029 (+2%)	6mo	$250,000	$243	63
1950 Grange Ave	0.40mi	3/1.0 (-1)	1,100 (+9%)	1mo	$242,000	$220	60
1550 Packard Ave	0.42mi	3/1.0 (-1)	1,087 (+8%)	4mo	$72,500	$67	59
2143 Howe St	0.70mi	3/1.0 (-1)	1,040 (+3%)	1mo	$107,777	$104	56
1801 Arlington Ave Ave	0.32mi	3/2.0 (-1)	1,140 (+13%)	4mo	$241,900	$212	51
1628 Mead St	0.63mi	3/1.0 (-1)	897 (-11%)	3mo	$161,000	$179	45
1827 Franklin St	0.70mi	3/1.0 (-1)	1,155 (+15%)	2mo	$53,500	$46	37
2908 Arlington Ave	0.59mi	3/1.5 (-1)	1,159 (+15%)	6mo	$190,000	$164	35

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 · 5.84% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.65×
• Total profit: $-15,870
• Equity at exit: $23,842

10-year hold

• IRR: 3.6%
• Equity multiple: 1.30×
• Total profit: $13,298
• Equity at exit: $13,825

Cash invested: $44,772 (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 53403

• Rents YoY: 5.8%
• Active inventory: 91
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,561 high
• Mortgage (P&I): −$839
• Tax from tax record: −$243 /mo · $2,920/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $85

Break-even live

Break-even rent $1,454

Max offer price $159,900

Occupancy floor 90%

Sensitivity live

Price	-10% $175	-5% $130	+0% $85	+5% $40	+10% $-6
Rent	-10% $-38	-5% $23	+0% $85	+5% $147	+10% $208
Rate	-1.0pp $165	-0.5pp $126	base $85	+0.5pp $43	+1.0pp $1

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2328 21st St Racine, WI	3.0	1.0	1239	$1,750	$1.41	14d	1	0.25mi
512 16th St Unit 2 Racine, WI	3.0	1.0	959	$1,095	$1.14	22d	1	0.97mi
1540 Park Ave Unit 301 Racine, WI	3.0	1.0	950	$1,200	$1.26	22d	1	0.99mi
1722 Wisconsin Ave Unit 2 Racine, WI	3.0	1.0	1380	$1,860	$1.35	22d	1	1.05mi
1612 Winslow St Racine, WI	3.0	1.0	1200	$1,300	$1.08	22d	1	1.46mi

Listing history 11 events

1. 2026-06-01
   days on market $159,900 Active 89 DOM
2. 2026-05-31
   days on market $159,900 Active 88 DOM
3. 2026-05-30
   days on market $159,900 Active 87 DOM
4. 2026-04-29
   status Active 175-char remark

   Show marketing remark (175 chars)

   Great opportunity for an owner occupant or investor to purchase this freshly remodeled home. New flooring and paint throughout, New Kitchen and bath. Home is ready to move it!

5. 2026-04-12
   historical Contingent 175-char remark

   Show marketing remark (175 chars)

   Great opportunity for an owner occupant or investor to purchase this freshly remodeled home. New flooring and paint throughout, New Kitchen and bath. Home is ready to move it!

6. 2026-03-23
   price $159,900 175-char remark

   Show marketing remark (175 chars)

   Great opportunity for an owner occupant or investor to purchase this freshly remodeled home. New flooring and paint throughout, New Kitchen and bath. Home is ready to move it!

7. 2026-03-12
   price $169,900 175-char remark

   Show marketing remark (175 chars)

   Great opportunity for an owner occupant or investor to purchase this freshly remodeled home. New flooring and paint throughout, New Kitchen and bath. Home is ready to move it!

8. 2026-03-04
   listed $174,900 Active 175-char remark

   Show marketing remark (175 chars)

   Great opportunity for an owner occupant or investor to purchase this freshly remodeled home. New flooring and paint throughout, New Kitchen and bath. Home is ready to move it!

9. 2026-01-09
   historical $1,995
10. 2025-11-25
    listed $1,995
11. 2023-02-06
    soldstatus $63,000

ⓘ 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: $2,920 · $243/mo
• Projected year-2 tax: $2,939 · $245/mo
• Expected delta: +$19/yr (+$2/mo · 0.7%)

ⓘ 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 · 14 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: $18,734
• − Mortgage interest: −$8,957
• − Property taxes: −$2,920
• − Insurance: −$800
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − Depreciation: −$4,652
• Taxable loss: −$1,591
• Est. tax savings @ 24.0%: +$382
• After-tax cash flow: $1,400/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): 27,009
• Household income: $59,820
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1164.0

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 0.69)
• Race & ethnicity: White 42% Black 27% Hispanic / Latino 24% Two or more races 16%
• Hispanic origin (detail): Mexican 19% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 84% English-only · Spanish 15%

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: ▼ -147.08%
• Current HPI: 191.0012
• Rent YoY: ▲ 5.84%
• 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

+153.8% since first listed

8 events — show timeline

• 2026-04-29 Relisted — METROMLS
• 2026-04-12 Contingent — METROMLS
• 2026-03-23 Price Changed $159,900 METROMLS
• 2026-03-12 Price Changed $169,900 METROMLS
• 2026-03-04 Listed $174,900 METROMLS
• 2026-01-09 Rental Removed $1,995 APPFOLIO
• 2025-11-25 Listed for Rent $1,995 APPFOLIO
• 2023-02-06 Sold (Public Records) $63,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $2,920 · +10.4% YoY. Source: county tax records.