18275 Brookfield Lake Dr Unit 93 · Brookfield, WI 53045

$274,000

2 bd · 2.0 ba · 1,213 sqft · Condo · 62 Days on market

Built 1993 $385/mo HOA · 15% 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).

• Cash flow +10.9/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ground Floor unit, located on eastern most point of project. Features large LR with gas FP, KIT w/ snack bar, 2 full baths, large MBR w/ double closets, in-unit laundry, private entry, private back yard with patio.

Key facts

• Raised snack bar
• Spacious kitchen
• Newer appliances

Tags

• FIRST-FLOOR RANCH CONDO
• OPEN LAYOUT
• SPACIOUS KITCHEN
• NEWER APPLIANCES
• RAISED SNACK BAR
• GAS FIREPLACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $274k.

Deal economics

• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (7.7% below list).
• Recommended offer: $253k (7.8% below list) — sets the bar for cash-flow.
• Cap rate 5.8% vs local median 2.9% in Brookfield — 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 (#75 in WI, #1,988 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F, commute F.
• Elmbrook School District (suburban): math 61% / reading 60% proficiency, ranked #14 of 342 in WI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Swanson Elementary (math 59% / reading 53%, grade C+, #154 of 1,041 statewide, top 15%, 823 students, 10% FRL); Wisconsin Hills Middle (math 59% / reading 59%, grade B, #23 of 383 statewide, top 6%, 814 students, 10% FRL); Brookfield Central High (math 57% / reading 65%, grade C+, #5 of 483 statewide, top 1%, 1,192 students, 10% FRL) — zoned schools at 10% FRL track the district average.
• Market conditions: 52 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,885 units permitted in Waukesha County in 2024 (696 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 $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.

Recommended offer $252,506 (7.8% 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 62 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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 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?
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 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: 0.92% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.90%
• DSCR: 0.92
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -19.4%
• Equity multiple: 0.32×
• Total profit: $-51,972
• Equity at exit: $40,854

10-year hold

• IRR: -11.9%
• Equity multiple: 0.29×
• Total profit: $-54,518
• Equity at exit: $23,691

Cash invested: $76,720 (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 53045

• Active inventory: 52
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,528 medium
• Mortgage (P&I): −$1,437
• Tax from tax record: −$183 /mo · $2,192/yr
• Insurance: −$114
• HOA: −$385
• Vacancy / Maint / Mgmt: −$531
• Net cashflow: $-122

Break-even live

Break-even rent $2,682

Max offer price $252,506

Occupancy floor 100%

Sensitivity live

Price	-10% $33	-5% $-44	+0% $-122	+5% $-199	+10% $-277
Rent	-10% $-321	-5% $-222	+0% $-122	+5% $-22	+10% $78
Rate	-1.0pp $16	-0.5pp $-52	base $-122	+0.5pp $-193	+1.0pp $-265

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: $68,500
• Closing costs: $8,220
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18275 Brookfield Lake Dr Brookfield, WI	3.0	2.0	1436	$2,695	$1.88	45d	1	0.02mi
260 N Lord St Brookfield, WI	2.0	1.0–2.0	1065	$2,925	$2.75	3d	23	1.16mi
20275 Independence Dr Unit B Brookfield, WI	2.0	2.0	1312	$2,400	$1.83	5d	1	1.43mi

HOA detail condo

• Monthly dues: $385 · $4,620/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-01-29
   soldstatus $265,000
2. 2026-01-07
   status Pending
3. 2025-11-26
   price $274,000
4. 2025-11-05
   listed $289,000 Active
5. 2005-09-02
   soldstatus $162,000
6. 2005-08-26
   soldstatus $162,000 214-char remark

   Show marketing remark (214 chars)

   Ground Floor unit, located on eastern most point of project. Features large LR with gas FP, KIT w/ snack bar, 2 full baths, large MBR w/ double closets, in-unit laundry, private entry, private back yard with patio.

ⓘ 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: $2,192 · $183/mo
• Projected year-2 tax: $3,630 · $303/mo
• Expected delta: +$1,439/yr (+$120/mo · 65.6%)

ⓘ 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 ≥99°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: $30,334
• − Mortgage interest: −$15,348
• − Property taxes: −$2,192
• − Insurance: −$1,370
• − Repairs & maintenance: −$2,427
• − Management: −$2,427
• − HOA: −$4,620
• − Depreciation: −$7,971
• Taxable loss: −$6,020
• Est. tax savings @ 24.0%: +$1,445
• After-tax cash flow: $-15/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: Elmbrook School District
• NCES district ID: 5501770
• Math proficiency: 61% ▼ -7.00%
• Reading proficiency: 60% ▼ -1.00%
• Median HH income: $91,055
• Composite: 55.43/100
• National rank: #1249
• State rank: #14 of 342 in WI

Livability — Brookfield

• Score: 79/100
• State rank: #75
• US rank: #1988

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Waukesha County · 231,951 people
• City population: 45,004
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 23,329
• Household income: $123,750
• Rent vs Own: 23.7% rent · 76.3% own
• Severe rent burden: 714.0

Population outlook (Waukesha County) Hauer SSP2

• Today (2025): 412,798 people
• By 2030: 418,092 · +1.3%
• By 2040: 420,872 · +2.0%
• By 2050: 413,862 · +0.3%
• By 2075: 402,782 · -2.4%
• By 2100: 365,796 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Asian 12% Two or more races 6% Hispanic / Latino 3% Black 1%
• Common ancestry: Romanian 11% Portuguese 4% Lithuanian 2%
• Foreign-born: 12% · China, Canada, South Korea
• Languages at home: 85% English-only · Other Indo-European 5% Chinese 3% Other Asian/Pacific 3%

Political lean MEDSL · Waukesha

• 2024 margin: R (+19.8) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +5.9pp toward D · 2008: -25.7pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+20.8 2016: R+27.1 2012: R+34.8 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -133.11%
• Current HPI: 238.7506
• 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

+63.6% since first listed

6 events — show timeline

• 2026-01-29 Sold (Public Records) $265,000 Public Records
• 2026-01-07 Pending — METROMLS
• 2025-11-26 Price Changed $274,000 METROMLS
• 2025-11-05 Listed $289,000 METROMLS
• 2005-09-02 Sold (Public Records) $162,000 Public Records
• 2005-08-26 Sold (MLS) $162,000 METROMLS

Property tax history

+1.6%/yr

Latest (2024): $2,192 · +5.2% YoY. Source: county tax records.