831 College Ave #833 · Racine, WI 53403

$799,000

None bd · None ba · — sqft · Condo · 105 Days on market

Built 1928 Fair condition

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Why this score? — see what drove the F 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 +7.5/15.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.5/10.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Solid 12-unit brick apartment building in Racine, ideally located near Lake Michigan. All units feature 1 bedroom and 1 bathroom with practical layouts and and original woodwork. This property offers consistent rental income and strong tenant appeal. Close to the lakefront, parks, downtown amenities, and public transportation. A great investment opportunity in a high-demand area.

Key facts

• Close to parks
• Close to lakefront
• Near lake michigan

Tags

• BRICK APARTMENT BUILDING
• NEAR LAKE MICHIGAN
• CONSISTENT RENTAL INCOME
• STRONG TENANT APPEAL
• CLOSE TO LAKEFRONT
• CLOSE TO PARKS

Property features AI

Finance

• Other: Inclusions: 12 stoves and 12 fridges; Exclusions: Seller/tenant personal property
• Financial info: 12 units in the building

Exterior

• Parking: Combination of inside and outside parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Apartment building; 1-2 stories
• Construction: Block basement
• Exterior features: Brick exterior; Brick/stone accents; Zoning: R4; Lot size less than 1/2 acre

Interior

• Kitchen: Includes 12 stoves and 12 refrigerators
• Heating & cooling: Hot water/steam heating; Natural gas fuel
• Interior features: Basement with block construction, full height, walk-out/outer door, includes laundry facilities
• Laundry & utility: Laundry facilities in basement; Seller-owned water heater

What this means for you Summary

Snapshot

• This is a condo listed at $799k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-5k ($-57k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (85.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (87.3% below list).
• Recommended offer: $101k (87.3% below list) — sets the bar for 1% rule.
• Cap rate -0.8% vs local median 4.0% in Racine — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Case High (math 16% / reading 33%, grade F, #287 of 483 statewide, top 71%, 1,884 students, 51% FRL).
• Market conditions: Rents rising fast (+5.8%/yr); 91 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($727k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,478 (87.3% 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 105 days. Have you received any prior offers? Is the seller open to a 87% 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. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 0.13% ✗
• Cap rate: -0.80%
• Cash-on-cash: -25.32%
• DSCR: -0.13
• GRM: 65.6

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1420 Wisconsin Ave Unit 1422,1422 1/2	0.60mi	—/—	—	3mo	$285,000	—	57

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 · 5.84% rent growth · sell at horizon

5-year hold

• IRR: -72.0%
• Equity multiple: -0.91×
• Total profit: $-427,096
• Equity at exit: $119,133

10-year hold

• IRR: —
• Equity multiple: -2.33×
• Total profit: $-745,972
• Equity at exit: $69,083

Cash invested: $223,720 (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 53403

• Rents YoY: 5.8%
• Active inventory: 91
• Price-to-rent: 65.6×

Monthly cashflow live

• Estimated rent: $1,015 high
• Mortgage (P&I): −$4,190
• Tax est. 1.5%: −$999 /mo · $11,985/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $-4,720

Break-even live

Break-even rent $6,990

Max offer price $116,004

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
909 College Ave Unit 4 Racine, WI	1.0	1.0	550	$875	$1.59	21d	1	0.10mi
939 College Ave Unit 4 Racine, WI	1.0	1.0	—	$1,000	—	13d	1	0.16mi
612 10th St Unit Lower Front Racine, WI	1.0	1.0	527	$845	$1.60	21d	1	0.22mi
614 6th St Unit 1 Racine, WI	1.0	1.0	600	$895	$1.49	21d	1	0.23mi
1108 Wisconsin Ave Apt 204 Racine, WI	1.0	1.0	—	$975	—	21d	1	0.30mi
815 11th St Racine, WI	2.0	1.0	800	$1,100	$1.38	13d	1	0.39mi
922 Elm St Unit 922 Upper Racine, WI	2.0	1.0	777	$925	$1.19	21d	1	0.56mi
1540 Park Ave Unit 301 Racine, WI	3.0	1.0	950	$1,200	$1.26	21d	1	0.78mi
512 16th St Unit 2 Racine, WI	3.0	1.0	959	$1,095	$1.14	21d	1	0.78mi
1210 Erie St Racine, WI	3.0	1.0	1350	$1,150	$0.85	13d	1	0.83mi
1623 Maple St Unit 2 Racine, WI	2.0	1.0	—	$1,000	—	21d	1	0.84mi
1612 Winslow St Racine, WI	3.0	1.0	1200	$1,300	$1.08	21d	1	0.87mi
1722 Wisconsin Ave Unit 2 Racine, WI	3.0	1.0	1380	$1,860	$1.35	21d	1	0.95mi
945 N Memorial Dr Unit 1-2-3 Racine, WI	3.0	1.0	1500	$1,450	$0.97	21d	1	0.98mi
1915 Washington Ave #109 Racine, WI	1.0	1.0	—	$900	—	13d	1	1.14mi
1130 Carlisle Ave Apt 113 Racine, WI	1.0	1.0	650	$1,050	$1.62	21d	1	1.22mi
720 Chicago St Racine, WI	2.0	1.0	900	$1,200	$1.33	21d	1	1.28mi
1746 Chatham St Unit Lower front Racine, WI	1.0	1.0	—	$1,100	—	13d	1	1.36mi
1201 Hagerer St Unit 3 Racine, WI	1.0	1.0	—	$845	—	21d	1	1.41mi
1840 Saint Clair St Racine, WI	3.0	1.0	1250	$1,350	$1.08	21d	1	1.44mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-19
   days on market $799,000 Active 105 DOM
2. 2026-06-18
   days on market $799,000 Active 104 DOM
3. 2026-06-17
   days on market $799,000 Active 103 DOM
4. 2026-06-16
   days on market $799,000 Active 102 DOM
5. 2026-06-15
   days on market $799,000 Active 101 DOM
6. 2026-06-14
   days on market $799,000 Active 99 DOM
7. 2026-06-13
   days on market $799,000 Active 98 DOM
8. 2026-06-10
   days on market $799,000 Active 96 DOM
9. 2026-06-09
   days on market $799,000 Active 95 DOM
10. 2026-06-08
    days on market $799,000 Active 94 DOM
11. 2026-06-07
    days on market $799,000 Active 93 DOM
12. 2026-06-05
    days on market $799,000 Active 90 DOM
13. 2026-06-03
    days on market $799,000 Active 89 DOM
14. 2026-06-02
    days on market $799,000 Active 88 DOM
15. 2026-06-01
    days on market $799,000 Active 87 DOM
16. 2026-05-31
    days on market $799,000 Active 86 DOM
17. 2026-05-30
    days on market $799,000 Active 85 DOM
18. 2026-03-05
    listed $799,000 Active
19. 2025-12-22
    historical 382-char remark

    Show marketing remark (382 chars)

    Solid 12-unit brick apartment building in Racine, ideally located near Lake Michigan. All units feature 1 bedroom and 1 bathroom with practical layouts and and original woodwork. This property offers consistent rental income and strong tenant appeal. Close to the lakefront, parks, downtown amenities, and public transportation. A great investment opportunity in a high-demand area.

20. 2025-06-17
    listed $799,000 Active 382-char remark

    Show marketing remark (382 chars)

    Solid 12-unit brick apartment building in Racine, ideally located near Lake Michigan. All units feature 1 bedroom and 1 bathroom with practical layouts and and original woodwork. This property offers consistent rental income and strong tenant appeal. Close to the lakefront, parks, downtown amenities, and public transportation. A great investment opportunity in a high-demand area.

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

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: $12,177
• − Mortgage interest: −$44,756
• − Property taxes: −$11,985
• − Insurance: −$3,995
• − Repairs & maintenance: −$974
• − Management: −$974
• − Depreciation: −$23,244
• Taxable loss: −$73,751
• Est. tax savings @ 24.0%: +$17,700
• After-tax cash flow: $-38,940/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 · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and value. Key areas for improvement include painting, updating kitchen and bathroom fixtures, and landscaping.

Repairs flagged

• Minor Kitchen cabinets — Light wear
• Minor Kitchen countertops — Scratches
• Minor Bathroom fixtures — Some wear
• Minor Paint — Light wear

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace worn-out kitchen cabinets and countertops — Improves functionality and aesthetics
• Both Replace worn-out bathroom fixtures — Enhances functionality and aesthetics
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Light wear	Minor	$500–3,000
Kitchen countertops · Scratches	Minor	$500–3,000
Bathroom fixtures · Some wear	Minor	$500–3,000
Paint · Light wear	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace worn-out kitchen cabinets and countertops — Improves functionality and aesthetics ↑
• Both Replace worn-out bathroom fixtures — Enhances functionality and aesthetics ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value ↑

ⓘ 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: 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): 27,009
• Household income: $59,820
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1164.0

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 0.69)
• Race & ethnicity: White 42% Black 27% Hispanic / Latino 24% Two or more races 16%
• Hispanic origin (detail): Mexican 19% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 84% English-only · Spanish 15%

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: ▼ -147.08%
• Current HPI: 191.0012
• Rent YoY: ▲ 5.84%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-03-05 Listed $799,000 METROMLS
• 2025-12-22 Listing Removed — METROMLS
• 2025-06-17 Listed $799,000 METROMLS