2118 Canary St · West Bend, WI 53090

$235,000

4 bd · 1.0 ba · 1,750 sqft · SingleFamily public records

Built 1974 9,147 sqft lot Est $350k · 33% 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).

• ARV discount +15.0/15.0
• Cash flow +14.7/30.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

4 bedroom, 2 bathroom home with approximately 1,750 sq ft and attached 2.5 car garage. Main level features kitchen and living room. Upper level includes 3 bedrooms and full bathroom. Lower level offers family room, 1 bedroom and full bathroom. Additional basement area includes laundry and storage space. Exterior features fenced backyard and storage shed. Property needs TLC and is being sold as is.

Key facts

• 9,147 sq ft lot
• 2 garage spots
• Built 1974

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $62 ($748/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 $215k (8.5% below list).
• Recommended offer: $215k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.4% in West Bend — 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 79/100 on livability (#80 in WI, #2,147 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, commute F.
• West Bend School District (suburban): math 50% / reading 43% proficiency, ranked #73 of 342 in WI (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fair Park Elementary (math 52% / reading 37%, grade F, #372 of 1,041 statewide, top 40%, 350 students, 41% FRL); Badger Middle (math 47% / reading 43%, grade D, #92 of 383 statewide, top 24%, 851 students, 32% FRL); West High (math 34% / reading 38%, grade F, #138 of 483 statewide, top 29%, 1,075 students, 28% FRL).
• Market conditions: 52 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 453 units permitted in Washington County in 2024 (105 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $215,000 (8.5% below list)

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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.
5. 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.
6. 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: 0.91% ✗
• Cap rate: 6.61%
• Cash-on-cash: 1.14%
• DSCR: 1.05
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $350,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
822 Clear View Dr	0.03mi	3/2.0 (-1)	1,731 (-1%)	6mo	$345,000	$199	83
2118 Canary St	0.00mi	4/2.0	1,971 (+13%)	0mo	$235,000	$119	75
1933 Deerfield Dr	0.17mi	3/2.0 (-1)	1,734 (-1%)	8mo	$346,000	$200	75
2106 Lenora Dr	0.12mi	3/2.0 (-1)	1,788 (+2%)	9mo	$368,000	$206	75
604 Robin St	0.24mi	3/1.0 (-1)	1,677 (-4%)	4mo	$300,000	$179	73
2111 Canary St	0.03mi	3/2.0 (-1)	1,960 (+12%)	0mo	$326,000	$166	69
2008 Lenora Dr	0.15mi	3/2.0 (-1)	1,880 (+7%)	3mo	$385,000	$205	69
925 Lenora Ct	0.23mi	3/2.0 (-1)	1,850 (+6%)	8mo	$298,500	$161	64
2112 Deerfield Dr	0.06mi	3/1.5 (-1)	1,500 (-14%)	6mo	$360,000	$240	62
1820 Lenora Dr	0.22mi	3/1.5 (-1)	1,940 (+11%)	10mo	$345,500	$178	56
628 Victoria St	0.17mi	3/2.0 (-1)	1,500 (-14%)	5mo	$359,900	$240	55
1137 Spruce St	0.72mi	3/2.0 (-1)	1,531 (-12%)	8mo	$428,900	$280	30

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: -14.5%
• Equity multiple: 0.48×
• Total profit: $-34,071
• Equity at exit: $35,039

10-year hold

• IRR: -5.7%
• Equity multiple: 0.63×
• Total profit: $-24,395
• Equity at exit: $20,319

Cash invested: $65,800 (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 53090

• Active inventory: 52
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,150 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$306 /mo · $3,671/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $62

Break-even live

Break-even rent $2,071

Max offer price $235,000

Occupancy floor 92%

Sensitivity live

Price	-10% $195	-5% $129	+0% $62	+5% $-4	+10% $-71
Rent	-10% $-108	-5% $-23	+0% $62	+5% $147	+10% $232
Rate	-1.0pp $181	-0.5pp $122	base $62	+0.5pp $1	+1.0pp $-61

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
318 Municipal Dr Unit NA West Bend, WI	3.0	2.0	1650	$2,150	$1.30	6d	1	0.46mi

Listing history 2 events

1. 2026-05-14
   listed $235,000
2. 2026-05-14
   historical

ⓘ 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: $3,671 · $306/mo
• Projected year-2 tax: $4,009 · $334/mo
• Expected delta: +$338/yr (+$28/mo · 9.2%)

ⓘ 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 ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,800
• − Mortgage interest: −$13,164
• − Property taxes: −$3,671
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − Depreciation: −$6,836
• Taxable loss: −$3,174
• Est. tax savings @ 24.0%: +$762
• After-tax cash flow: $1,510/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: West Bend School District
• NCES district ID: 5516290
• Math proficiency: 50% ▼ -4.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $59,641
• Composite: 40.84/100
• National rank: #3630
• State rank: #73 of 342 in WI

Livability — West Bend

• Score: 79/100
• State rank: #80
• US rank: #2147

Category grades

Amenities D+ Commute F Cost of living A+ Crime B Employment B Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Bend, WI
• City population: 27,817
• Population (ZIP): 21,889

Population outlook (Washington County) Hauer SSP2

• Today (2025): 137,678 people
• By 2030: 138,441 · +0.6%
• By 2040: 137,047 · -0.5%
• By 2050: 130,918 · -4.9%
• By 2075: 115,447 · -16.1%
• By 2100: 93,069 · -32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Romanian 10% Portuguese 3% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+36.3) · D 31.3% · R 67.6% · Other 1.2%
• 2008→2024 swing: -6.7pp toward R · 2008: -29.6pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+38.1 2016: R+40.5 2012: R+40.2 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.72%
• Current HPI: 176.9746
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-14 Listing Removed — METROMLS
• 2026-05-14 Listed $235,000 METROMLS

Property tax history

+0.7%/yr

Latest (2025): $3,671 · +6.7% YoY. Source: county tax records.