927 Marquette St · Racine, WI 53404

$265,000

None bd · None ba · 2,963 sqft · MultiFamily public records · 37 Days on market

Built 1869 5,662 sqft lot Est $201k · 32% over

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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investors, take note! Whether you're building your portfolio or just starting, this 4-unit property is a fantastic opportunity. Each unit features 2 bedrooms and 1 bath, with numerous updates already completed. Conveniently located near downtown Racine, this property is close to public parking, transportation, shopping and restaurants, making it highly desirable for tenants. With current rental income at $3,425/month, it's a proven earner! A city parking lot adjacent to the property is being used by tenants, adding convenience. Don't miss out on this gem!

Key facts

• 5,662 sq ft lot
• Built 1869
• Listed 37 days

Property features AI

Finance

• Other: 4 units in building; Tenants' personal property excluded

Exterior

• Parking: Inside parking; Outside parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Apartment building; 1–2 stories
• Construction: Less than 1/2 acre lot (approximately 0.13 acre); Zoned R-3
• Exterior features: Vinyl and wood exterior

Interior

• Kitchen: 4 refrigerators included (as seen in apartments); 4 stoves included (as seen in apartments)
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Full brick basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $367/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.9% 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.
• 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.
• Zoned schools: Julian Thomas Elementary (math 2% / reading 2%, grade F, #1,024 of 1,041 statewide, top 100%, 571 students, 90% FRL); Starbuck - An Ib World School (math 8% / reading 21%, grade F, #366 of 383 statewide, top 96%, 509 students, 62% FRL); Horlick High (math 11% / reading 22%, grade F, #411 of 483 statewide, top 85%, 1,340 students, 67% FRL) — zoned schools average 73% FRL vs 57% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 25 active listings in the ZIP; 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• At $4,621/mo this rent would consume 110% of the median local household income ($50k/yr) (locally 746% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 $74k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $130k; list at $265k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1869 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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 1869 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.74% ✓
• Cap rate: 12.94%
• Cash-on-cash: 23.74%
• DSCR: 2.06
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $201,484
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1245 Superior St	0.33mi	4/2.0	3,000 (+1%)	1mo	$50,000	$17	82
932 Peck Ave	0.25mi	—/—	2,787 (-6%)	3mo	$219,000	$79	76
1027 Albert St	0.36mi	8/3.0	2,945 (-1%)	23mo	$230,000	$78	64
1753 State St	0.53mi	4/2.0	2,730 (-8%)	12mo	$100,000	$37	52
1615 W 6th St	0.64mi	6/2.0	2,651 (-10%)	1mo	$190,000	$72	51
1301 Summit Ave	0.66mi	—/—	2,622 (-12%)	7mo	$179,000	$68	44
932 Center St	0.74mi	9/2.0	2,900 (-2%)	21mo	$150,000	$52	44
245 N Memorial Dr	0.59mi	4/2.0	3,186 (+8%)	20mo	$56,000	$18	43
903 Villa St	0.74mi	8/3.0	3,238 (+9%)	11mo	$220,000	$68	41
1600 N Main St Unit 1600 1/2	0.68mi	5/2.0	2,569 (-13%)	8mo	$188,000	$73	39
732 Park Ave	0.62mi	—/—	3,372 (+14%)	23mo	$225,000	$67	29

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: 17.0%
• Equity multiple: 1.68×
• Total profit: $50,819
• Equity at exit: $39,512

10-year hold

• IRR: 25.5%
• Equity multiple: 3.23×
• Total profit: $165,777
• Equity at exit: $22,912

Cash invested: $74,200 (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 53404

• Home prices YoY: -33.1%
• Active inventory: 25
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $4,621 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$683 /mo · $8,194/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$970
• Net cashflow: $1,468

Break-even live

Break-even rent $2,763

Max offer price $265,000

Occupancy floor 63%

Sensitivity live

Price	-10% $1,618	-5% $1,543	+0% $1,468	+5% $1,393	+10% $1,318
Rent	-10% $1,103	-5% $1,285	+0% $1,468	+5% $1,650	+10% $1,833
Rate	-1.0pp $1,601	-0.5pp $1,535	base $1,468	+0.5pp $1,399	+1.0pp $1,329

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,620
Total (4 units)			$4,621

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-08
   status Pending
2. 2026-04-01
   listed $265,000 Active
3. 2024-12-05
   status Pending 561-char remark

   Show marketing remark (561 chars)

   Investors, take note! Whether you're building your portfolio or just starting, this 4-unit property is a fantastic opportunity. Each unit features 2 bedrooms and 1 bath, with numerous updates already completed. Conveniently located near downtown Racine, this property is close to public parking, transportation, shopping and restaurants, making it highly desirable for tenants. With current rental income at $3,425/month, it's a proven earner! A city parking lot adjacent to the property is being used by tenants, adding convenience. Don't miss out on this gem!

4. 2024-12-05
   historical 561-char remark

   Show marketing remark (561 chars)

   Investors, take note! Whether you're building your portfolio or just starting, this 4-unit property is a fantastic opportunity. Each unit features 2 bedrooms and 1 bath, with numerous updates already completed. Conveniently located near downtown Racine, this property is close to public parking, transportation, shopping and restaurants, making it highly desirable for tenants. With current rental income at $3,425/month, it's a proven earner! A city parking lot adjacent to the property is being used by tenants, adding convenience. Don't miss out on this gem!

5. 2024-12-01
   listed $260,000 Active 561-char remark

   Show marketing remark (561 chars)

   Investors, take note! Whether you're building your portfolio or just starting, this 4-unit property is a fantastic opportunity. Each unit features 2 bedrooms and 1 bath, with numerous updates already completed. Conveniently located near downtown Racine, this property is close to public parking, transportation, shopping and restaurants, making it highly desirable for tenants. With current rental income at $3,425/month, it's a proven earner! A city parking lot adjacent to the property is being used by tenants, adding convenience. Don't miss out on this gem!

6. 2021-04-01
   soldstatus $130,000 Sold 720-char remark

   Show marketing remark (720 chars)

   If you're looking to become an investor or add to your portfolio this could be the one for you! 4 - two bedroom units are fully rented at $2,050 per month (MTM). All units have their own furnace & water heater, tenants pay gas & electric. City Parking Lot located next door, free for tenants & owner. Operating income statement provided by seller is located under documents. This home is located steps away from the State Street shopping corridor and a few blocks away from Downtown Racine, lakefront and the acclaimed North Beach. Surrounded by a school, bus lines, shopping & restaurants this home is perfectly convenient for the tenants. Home does need some TLC & is priced accordingly.

7. 2021-02-03
   historical Contingent 720-char remark

   Show marketing remark (720 chars)

   If you're looking to become an investor or add to your portfolio this could be the one for you! 4 - two bedroom units are fully rented at $2,050 per month (MTM). All units have their own furnace & water heater, tenants pay gas & electric. City Parking Lot located next door, free for tenants & owner. Operating income statement provided by seller is located under documents. This home is located steps away from the State Street shopping corridor and a few blocks away from Downtown Racine, lakefront and the acclaimed North Beach. Surrounded by a school, bus lines, shopping & restaurants this home is perfectly convenient for the tenants. Home does need some TLC & is priced accordingly.

8. 2021-01-21
   listed $135,000 Active 720-char remark

   Show marketing remark (720 chars)

   If you're looking to become an investor or add to your portfolio this could be the one for you! 4 - two bedroom units are fully rented at $2,050 per month (MTM). All units have their own furnace & water heater, tenants pay gas & electric. City Parking Lot located next door, free for tenants & owner. Operating income statement provided by seller is located under documents. This home is located steps away from the State Street shopping corridor and a few blocks away from Downtown Racine, lakefront and the acclaimed North Beach. Surrounded by a school, bus lines, shopping & restaurants this home is perfectly convenient for the tenants. Home does need some TLC & is priced accordingly.

9. 2014-09-30
   soldstatus $75,000
10. 2012-10-03
    listed $24,000
11. 2012-10-03
    historical
12. 2010-01-21
    soldstatus $16,500
13. 2005-11-28
    soldstatus $158,000
14. 2005-11-23
    soldstatus $158,000

ⓘ 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: $8,194 · $683/mo
• Projected year-2 tax: $8,194 · $683/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: $55,452
• − Mortgage interest: −$14,844
• − Property taxes: −$8,194
• − Insurance: −$1,325
• − Repairs & maintenance: −$4,436
• − Management: −$4,436
• − Depreciation: −$7,709
• Taxable income: $14,507
• Est. tax owed @ 24.0%: −$3,482
• After-tax cash flow: $14,130/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): 13,703
• Household income: $50,428
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 746.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 40% White 35% Black 21% Two or more races 21%
• Hispanic origin (detail): Mexican 34% Puerto Rican 5%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 2%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 83% English-only · Spanish 14% Other Indo-European 1% Tagalog/Filipino 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: ▼ -104.32%
• Current HPI: 210.906
• 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

+67.7% since first listed

14 events — show timeline

• 2026-05-08 Pending — METROMLS
• 2026-04-01 Listed $265,000 METROMLS
• 2024-12-05 Pending — METROMLS
• 2024-12-05 Listing Removed — METROMLS
• 2024-12-01 Listed $260,000 METROMLS
• 2021-04-01 Sold (MLS) $130,000 METROMLS
• 2021-02-03 Contingent — METROMLS
• 2021-01-21 Listed $135,000 METROMLS
• 2014-09-30 Sold (Public Records) $75,000 Public Records
• 2012-10-03 Listing Removed — METROMLS
• 2012-10-03 Listed $24,000 METROMLS
• 2010-01-21 Sold (MLS) $16,500 METROMLS
• 2005-11-28 Sold (Public Records) $158,000 Public Records
• 2005-11-23 Sold (MLS) $158,000 METROMLS

Property tax history

+11.0%/yr

Latest (2025): $8,194 · +33.5% YoY. Source: county tax records.