1315 67th Pl

Kenosha, WI 53143

$119,900B+

4 bd · 1.0 ba · 1,619 sqft · Built 1907 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,016/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$231
• HOA: −$0
• Vac / Maint / Mgmt: −$423
• Net cashflow: $733/mo
• Annual: $8,792/yr
• Cap rate: 13.63%
• Cash-on-cash: 26.19%
• DSCR: 2.17
• 1% rule: 1.68%
• Cash to close: $33,572

Investor read

• This is a 4-bed/1.0-bath multifamily listed at $120k.
• At list price, monthly cash flow is $733 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#31 in WI, #680 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-.
• Kenosha School District (suburban): math 26% / reading 31% proficiency, ranked #287 of 342 in WI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Brass Community School (math 2% / reading 2%, grade F, #1,024 of 1,041 statewide, top 100%, 328 students, 94% FRL); Lincoln Middle (math 8% / reading 13%, grade F, #370 of 383 statewide, top 97%, 449 students, 82% FRL); Tremper High (math 13% / reading 25%, grade F, #395 of 483 statewide, top 82%, 1,540 students, 45% FRL) — zoned schools average 74% FRL vs 45% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 11% at this address vs 28% district-wide (-18 pts) — the specific schools serving this property underperform the Kenosha School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 34 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 259 units permitted in Kenosha County in 2024 (8 in 5+ unit buildings).
• 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.
• Current owner paid $62k; list at $120k implies a 93% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.6% vs local median 3.8% in Kenosha — 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.
• This rent runs 35% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.