2112 Pine Ridge Ct Unit H · Grafton, WI 53024

$324,900

3 bd · 4.0 ba · 1,622 sqft · Condo · 18 Days on market

Built 1999 $200/sqft · 13% below area Est $372k · 13% under $230/mo HOA · 9% of rent

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Why this score? — see what drove the D- 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 +13.2/15.0
• Cash flow +7.5/30.0
• Schools +6.0/10.0
• Livability +3.8/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Hard to find popular Pine Ridge Condo. This is the larger upper unit 1622 SF with 3rd bedroom (could be a den) 2 full bathsand walk in closets. Living room features a gas fireplace and walkout to a balcony deck, 1 car garage has direct stairway access to the 2nd floor unit. Project amenities include outdoor pool, hot tub/spa, clubhouse/party room. Move in immediately.

Key facts

• Outdoor pool
• Pine ridge condo
• Hot tub

Tags

• PINE RIDGE CONDO
• UPPER UNIT
• GAS FIREPLACE
• BALCONY DECK
• OUTDOOR POOL
• HOT TUB

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-401 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (21.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $245k (24.6% below list).
• Recommended offer: $245k (24.6% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 1.1% in Grafton — 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 75/100 on livability (#145 in WI, #3,879 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Cedarburg School District (suburban): math 71% / reading 64% proficiency, ranked #4 of 342 in WI (top 1%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 140 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 575 units permitted in Ozaukee County in 2024 (280 in 5+ unit buildings).
• This rent runs 32% of the median local income ($92k/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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Ozaukee County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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.
• Current owner paid $179k; list at $325k implies a 82% gain — meaningful room to come down on a strong offer.

Recommended offer $244,890 (24.6% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.75% ✗
• Cap rate: 4.81%
• Cash-on-cash: -5.28%
• DSCR: 0.76
• GRM: 11.1

CMA / ARV

• ARV (median comp): $372,007
• List price: $324,900
• Delta: -12.66%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -25.3%
• Equity multiple: 0.14×
• Total profit: $-78,071
• Equity at exit: $48,444

10-year hold

• IRR: -21.3%
• Equity multiple: -0.10×
• Total profit: $-100,464
• Equity at exit: $28,091

Cash invested: $90,972 (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 53024

• Active inventory: 140
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,449 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$266 /mo · $3,193/yr
• Insurance: −$135
• HOA: −$230
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $-401

Break-even live

Break-even rent $2,956

Max offer price $254,128

Occupancy floor —

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: $81,225
• Closing costs: $9,747
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 W Oak St Grafton, WI	3.0	2.5	1700	$2,395	$1.41	44d	1	0.14mi
5465 Cedar Ct Unit 3 Cedarburg, WI	2.0	1.5	1400	$2,350	$1.68	44d	1	0.58mi
Hanover Ave Cedarburg, WI	1.0–2.0	1.0–2.0	1155	$2,580	$2.23	2d	6	1.24mi
W62N438 Hanover Ave Cedarburg, WI	3.0–4.0	2.0–3.0	1973	$3,560	$1.80	2d	4	1.31mi

HOA detail condo

• Monthly dues: $230 · $2,760/yr
• Likely covers: gaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-05-09
   status Pending 370-char remark

   Show marketing remark (370 chars)

   Hard to find popular Pine Ridge Condo. This is the larger upper unit 1622 SF with 3rd bedroom (could be a den) 2 full bathsand walk in closets. Living room features a gas fireplace and walkout to a balcony deck, 1 car garage has direct stairway access to the 2nd floor unit. Project amenities include outdoor pool, hot tub/spa, clubhouse/party room. Move in immediately.

2. 2026-04-16
   listed $324,900 Active 370-char remark

   Show marketing remark (370 chars)

   Hard to find popular Pine Ridge Condo. This is the larger upper unit 1622 SF with 3rd bedroom (could be a den) 2 full bathsand walk in closets. Living room features a gas fireplace and walkout to a balcony deck, 1 car garage has direct stairway access to the 2nd floor unit. Project amenities include outdoor pool, hot tub/spa, clubhouse/party room. Move in immediately.

3. 2018-10-23
   soldstatus $179,000
4. 2017-05-31
   soldstatus $170,000
5. 2017-05-26
   soldstatus $170,000 Sold 479-char remark

   Show marketing remark (479 chars)

   Rare 3 bedroom 2 full bath End Unit for sale in model condition. Home features a open concept vaulted living room with cornered gas F. P. connected to a gourmet kitchen with a raised snackbar and attached dining room. Nice size bedrooms including the master w/ a full bath & the 3rd bedroom thats 22 x 12. Has a covered porch patio area. Accented solar lighting in LR. 1 car attached garage. Relax and enjoy the clubhouse, exercise room, pool and hot tub! Serene setting

6. 2017-04-16
   historical Contingent 479-char remark

   Show marketing remark (479 chars)

   Rare 3 bedroom 2 full bath End Unit for sale in model condition. Home features a open concept vaulted living room with cornered gas F. P. connected to a gourmet kitchen with a raised snackbar and attached dining room. Nice size bedrooms including the master w/ a full bath & the 3rd bedroom thats 22 x 12. Has a covered porch patio area. Accented solar lighting in LR. 1 car attached garage. Relax and enjoy the clubhouse, exercise room, pool and hot tub! Serene setting

7. 2017-04-11
   listed $179,900 Active 479-char remark

   Show marketing remark (479 chars)

   Rare 3 bedroom 2 full bath End Unit for sale in model condition. Home features a open concept vaulted living room with cornered gas F. P. connected to a gourmet kitchen with a raised snackbar and attached dining room. Nice size bedrooms including the master w/ a full bath & the 3rd bedroom thats 22 x 12. Has a covered porch patio area. Accented solar lighting in LR. 1 car attached garage. Relax and enjoy the clubhouse, exercise room, pool and hot tub! Serene setting

8. 2013-07-12
   historical
9. 2013-07-12
   listed $159,000
10. 2013-07-12
    listed $164,900
11. 2013-07-12
    historical
12. 2011-09-28
    soldstatus $130,000

ⓘ 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: $3,193 · $266/mo
• Projected year-2 tax: $4,602 · $383/mo
• Expected delta: +$1,409/yr (+$117/mo · 44.1%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,387
• − Mortgage interest: −$18,199
• − Property taxes: −$3,193
• − Insurance: −$1,624
• − Repairs & maintenance: −$2,351
• − Management: −$2,351
• − HOA: −$2,760
• − Depreciation: −$9,452
• Taxable loss: −$10,543
• Est. tax savings @ 24.0%: +$2,530
• After-tax cash flow: $-2,277/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: Cedarburg School District
• NCES district ID: 5502460
• Math proficiency: 71% ▲ 4.00%
• Reading proficiency: 64% ▼ -2.00%
• Median HH income: $80,718
• Composite: 60.27/100
• National rank: #856
• State rank: #4 of 342 in WI

Livability — Grafton

• Score: 75/100
• State rank: #145
• US rank: #3879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grafton, WI
• County: Ozaukee County · 64,110 people
• City population: 18,982
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 18,982
• Household income: $92,390
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 393.0

Population outlook (Ozaukee County) Hauer SSP2

• Today (2025): 91,557 people
• By 2030: 92,993 · +1.6%
• By 2040: 94,492 · +3.2%
• By 2050: 94,539 · +3.3%
• By 2075: 98,061 · +7.1%
• By 2100: 93,682 · +2.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Romanian 11% Portuguese 4% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Russian/Polish/Slavic 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Ozaukee

• 2024 margin: R (+10.5) · D 44.1% · R 54.6% · Other 1.3%
• 2008→2024 swing: +11.2pp toward D · 2008: -21.7pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+12.0 2016: R+19.3 2012: R+30.4 2008: R+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.38%
• Current HPI: 178.6048
• Rent YoY: —
• Metro: Milwaukee-Waukesha, 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

+149.9% since first listed

12 events — show timeline

• 2026-05-09 Pending — METROMLS
• 2026-04-16 Listed $324,900 METROMLS
• 2018-10-23 Sold (Public Records) $179,000 Public Records
• 2017-05-31 Sold (Public Records) $170,000 Public Records
• 2017-05-26 Sold (MLS) $170,000 METROMLS
• 2017-04-16 Contingent — METROMLS
• 2017-04-11 Listed $179,900 METROMLS
• 2013-07-12 Listed $159,000 METROMLS
• 2013-07-12 Listing Removed — METROMLS
• 2013-07-12 Listing Removed — METROMLS
• 2013-07-12 Listed $164,900 METROMLS
• 2011-09-28 Sold (Public Records) $130,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $3,193 · +9.2% YoY. Source: county tax records.