N115W20994 Brookside Dr · Germantown, WI 53022

$125,000

3 bd · 2.0 ba · 1,680 sqft · SingleFamily · 297 Days on market

Built 2001 Fair condition $74/sqft · 69% below area $750/mo HOA · 37% of rent ↓ 9% since listing

---

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).

• Cash flow +11.9/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• DSCR +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS IS A MANUFACTURED HOME! MONTHLY LOT RENTAL IS $825 PER MONTH AND INCLUDES GARBAGE PICK UP AND MAINTENANCE OF ROADS. WATER/SEWER $25-$35/MONTH AND PERSONAL PROPERTY TAX IS $77.89, MAKING YOUR TOTAL PAYMENT $927.89 MONTHLY WILL NEED SPECIAL FINANCING! Gorgeous open concept Ranch! Huge vaulted ceiling LR opens to the large eat in kitchen with all appl and center island, along with the formal dining room! Awesome screened in porch is a bonus! Nice utility room and 2.5 car attached garage. Down the hall you'll find 3 nice sized BRs including the MBR suite with a double sink vanity and huge closets! Vaulted ceilings throughout! Excellent private yard, watch the deer from your Great Room! Major updates completed: Furnace and AC 2025, Water heater 2025 Low maintenance living at it's finest!

Key facts

• 25 garage spots
• Built 2001
• Listed 296 days

🏷️ Possibly a rental listed for sale. The $125,000 price doesn't fit this home's estimated sale value (~$406,787) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-31 ($-373/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (3.6% below list).
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 2.1% in Germantown — 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 72/100 on livability (#229 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Germantown School District (suburban): math 50% / reading 45% proficiency, ranked #52 of 342 in WI (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: 79 active listings in the ZIP; solid renter incomes; 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 $864 of loan paydown is wiped out by about $4k 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

• It's been on market 297 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $110,000 (12.0% 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. It's been on market 297 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.60% ✓
• Cap rate: 5.99%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• GRM: 5.2

CMA / ARV

• ARV (median comp): $406,787
• List price: $125,000
• Delta: -69.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
N115W21106 Brookside Cir	0.08mi	3/2.0	1,600 (-5%)	1mo	$125,000	$78	88
N115W20062 Woodland Dr	0.57mi	3/2.0	1,700 (+1%)	20mo	$410,000	$241	54
N113W20494 Edgewood Dr	0.38mi	3/1.5	1,546 (-8%)	20mo	$312,000	$202	50
W199N11348 Rosewood Ave	0.71mi	3/2.0	1,840 (+10%)	10mo	$489,900	$266	43

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: -17.5%
• Equity multiple: 0.38×
• Total profit: $-21,742
• Equity at exit: $18,638

10-year hold

• IRR: -8.8%
• Equity multiple: 0.44×
• Total profit: $-19,484
• Equity at exit: $10,808

Cash invested: $35,000 (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 53022

• Active inventory: 79
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,004 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$750
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $-31

Break-even live

Break-even rent $2,043

Max offer price $120,507

Occupancy floor 97%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $750 · $9,000/yr
• Likely covers: watersewertrash

Listing history 10 events

1. 2026-06-13
   days on market $125,000 Active 297 DOM
2. 2026-06-09
   days on market $125,000 Active 293 DOM
3. 2026-06-08
   days on market $125,000 Active 292 DOM
4. 2026-06-07
   days on market $125,000 Active 291 DOM
5. 2026-06-03
   days on market $125,000 Active 287 DOM
6. 2026-06-02
   days on market $125,000 Active 286 DOM
7. 2026-06-01
   days on market $125,000 Active 285 DOM
8. 2026-05-31
   days on market $125,000 Active 284 DOM
9. 2025-11-03
   price $125,000 800-char remark

   Show marketing remark (800 chars)

   THIS IS A MANUFACTURED HOME! MONTHLY LOT RENTAL IS $825 PER MONTH AND INCLUDES GARBAGE PICK UP AND MAINTENANCE OF ROADS. WATER/SEWER $25-$35/MONTH AND PERSONAL PROPERTY TAX IS $77.89, MAKING YOUR TOTAL PAYMENT $927.89 MONTHLY WILL NEED SPECIAL FINANCING! Gorgeous open concept Ranch! Huge vaulted ceiling LR opens to the large eat in kitchen with all appl and center island, along with the formal dining room! Awesome screened in porch is a bonus! Nice utility room and 2.5 car attached garage. Down the hall you'll find 3 nice sized BRs including the MBR suite with a double sink vanity and huge closets! Vaulted ceilings throughout! Excellent private yard, watch the deer from your Great Room! Major updates completed: Furnace and AC 2025, Water heater 2025 Low maintenance living at it's finest!

10. 2025-08-16
    listed $138,000 Active 800-char remark

    Show marketing remark (800 chars)

    THIS IS A MANUFACTURED HOME! MONTHLY LOT RENTAL IS $825 PER MONTH AND INCLUDES GARBAGE PICK UP AND MAINTENANCE OF ROADS. WATER/SEWER $25-$35/MONTH AND PERSONAL PROPERTY TAX IS $77.89, MAKING YOUR TOTAL PAYMENT $927.89 MONTHLY WILL NEED SPECIAL FINANCING! Gorgeous open concept Ranch! Huge vaulted ceiling LR opens to the large eat in kitchen with all appl and center island, along with the formal dining room! Awesome screened in porch is a bonus! Nice utility room and 2.5 car attached garage. Down the hall you'll find 3 nice sized BRs including the MBR suite with a double sink vanity and huge closets! Vaulted ceilings throughout! Excellent private yard, watch the deer from your Great Room! Major updates completed: Furnace and AC 2025, Water heater 2025 Low maintenance living at it's finest!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,042
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,923
• − Management: −$1,923
• − HOA: −$9,000
• − Depreciation: −$3,636
• Taxable loss: −$1,943
• Est. tax savings @ 24.0%: +$466
• After-tax cash flow: $94/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The home requires moderate repairs and maintenance, including painting and landscaping, to improve its condition and value.

Repairs flagged

• Moderate Exterior siding — Siding shows signs of wear and discoloration.
• Moderate Landscaping — Landscaping appears unkempt and could benefit from trimming and maintenance.
• Minor Interior paint — Paint appears slightly faded in some areas, but not severely damaged.

Value-add opportunities

• Both Painting exterior siding — Fresh paint can improve curb appeal and home value.
• Both Landscaping trimming and maintenance — A well-maintained yard can enhance curb appeal and attract potential buyers.
• Both Interior painting — Fresh paint can make the interior look more inviting and improve the home's value.
• Both HVAC maintenance — A clean and functioning HVAC system is essential for comfort and can improve energy efficiency.
• Both Kitchen and bathroom updates — Updating these spaces can increase the home's appeal and value, especially for potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Siding shows signs of wear and discoloration.	Moderate	$3,000–15,000
Landscaping · Landscaping appears unkempt and could benefit from trimming and maintenance.	Moderate	$3,000–15,000
Interior paint · Paint appears slightly faded in some areas, but not severely damaged.	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both Painting exterior siding — Fresh paint can improve curb appeal and home value. ↑
• Both Landscaping trimming and maintenance — A well-maintained yard can enhance curb appeal and attract potential buyers. ↑
• Both Interior painting — Fresh paint can make the interior look more inviting and improve the home's value. ↑
• Both HVAC maintenance — A clean and functioning HVAC system is essential for comfort and can improve energy efficiency. ↑
• Both Kitchen and bathroom updates — Updating these spaces can increase the home's appeal and value, especially for potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Germantown School District
• NCES district ID: 5505160
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $80,496
• Composite: 43.66/100
• National rank: #2961
• State rank: #52 of 342 in WI

Livability — Germantown

• Score: 72/100
• State rank: #229
• US rank: #6122

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: Germantown, WI
• County: Washington County · 47,863 people
• City population: 20,046
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 20,046
• Household income: $100,890
• Rent vs Own: 22.8% rent · 77.2% own
• Severe rent burden: 384.0

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 (82%)
• Race & ethnicity: White 82% Asian 7% Black 4% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Romanian 10% Portuguese 3% Lithuanian 2%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Other Indo-European 2% Spanish 1%

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: ▼ -142.24%
• Current HPI: 169.5534
• 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

-9.4% since first listed

2 events — show timeline

• 2025-11-03 Price Changed $125,000 SCWMLS
• 2025-08-16 Listed $138,000 SCWMLS