9913 W Lisbon Ave Unit 9915, 9917, 9919

Milwaukee, WI 53222

$649,900F

None bd · None ba · — sqft · Built 1962 · Condo · Active · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,404/mo
• Mortgage (P&I): −$3,408
• Tax + insurance: −$1,083
• HOA: −$0
• Vac / Maint / Mgmt: −$295
• Net cashflow: $-3,383/mo
• Annual: $-40,590/yr
• Cap rate: 0.05%
• Cash-on-cash: -22.31%
• DSCR: 0.01
• 1% rule: 0.22%
• Cash to close: $181,972

Investor read

• This is a condo listed at $650k. Condition is rated fair.
• At list price, monthly cash flow is $-3k ($-41k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (75.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (78.4% below list).
• It's been on market 141 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (78.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#55 in WI, #1,534 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, schools F, crime F.
• Milwaukee School District (urban): math 10% / reading 18% proficiency, ranked #337 of 342 in WI (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.9%/yr); 63 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 0.0% vs local median 5.1% in Milwaukee — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• It's been on market 141 days. Have you received any prior offers? Is the seller open to a 78% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: roof — Aged appearance
• Major: HVAC/mechanicals — Likely outdated and inefficient
• Major: interior walls/paint — Needs fresh paint and possibly repairs
• Major: windows — Likely old and possibly drafty