508 8th St · Racine, WI 53403

$200,000

None bd · None ba · 2,290 sqft · MultiFamily public records · 1 Days on market

Built 1915 3,049 sqft lot Est $176k · 13% 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
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Large 4 unit with new siding, windows, roof, and driveway. Lower is very spacious with 2 bedrooms, living room, dining room, and eat-in kitchen. 2nd floor has 2 studios and 3rd floor is nice sized 1 bedroom. The units could use some minor TLC but are currently rented, market rents would be much higher with a minor rehab. Now is the time to acquire these multi-families at reduced prices!!

Key facts

• 3,049 sq ft lot
• Built 1915

Property features AI

Finance

• Other: Tenants' personal property excluded from sale
• Financial info: Property contains 4 units (income potential for investors)

Exterior

• Parking: Outdoor parking available; On-site parking (inside and outside spaces)
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Multi-family property; Apartment building with 1–2 stories; Zoning: R4
• Construction: Assessor/public record used for year built
• Exterior features: Vinyl exterior; Lot under 1/2 acre

Interior

• Bedrooms: Building contains 4 rental units
• Heating & cooling: Natural gas heat
• Interior features: Brick full basement; Apartment-style layout (multi-unit)

What this means for you Summary

Snapshot

• This is a 1×2bd/1.5ba + 3×1bd/1.5ba units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $365/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Cap rate 15.1% vs local median 4.0% 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, schools 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.
• Market conditions: Rents rising fast (+5.8%/yr); 91 active listings in the ZIP; 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).
• At $3,626/mo this rent would consume 73% of the median local household income ($60k/yr) (locally 1164% 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 $1k of loan paydown is wiped out by about $6k 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 + 5.8% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.81% ✓
• Cap rate: 15.06%
• Cash-on-cash: 31.30%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $176,330
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
921 Grand Ave	0.18mi	5/2.0	2,436 (+6%)	6mo	$230,000	$94	76
1140 Wisconsin Ave	0.42mi	—/—	2,254 (-2%)	8mo	$257,000	$114	71
1011 10th St	0.38mi	5/2.0	2,327 (+2%)	10mo	$165,000	$71	71
942 Grand Ave	0.22mi	5/2.0	2,228 (-3%)	17mo	$169,900	$76	71
918 Villa St	0.16mi	5/2.0	2,190 (-4%)	19mo	$230,000	$105	70
612 10th St	0.22mi	—/—	2,002 (-13%)	13mo	$127,550	$64	58
1125 Liberty St	0.54mi	5/2.0	2,156 (-6%)	17mo	$140,000	$65	51
1300 Park Ave	0.54mi	4/2.0	1,972 (-14%)	8mo	$195,000	$99	45
1437 Wisconsin Ave	0.72mi	6/2.0	2,460 (+7%)	21mo	$190,000	$77	36
1234 Highland Ave	0.60mi	4/2.0	1,948 (-15%)	20mo	$120,000	$62	31

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: 29.4%
• Equity multiple: 2.27×
• Total profit: $71,360
• Equity at exit: $29,821

10-year hold

• IRR: 38.3%
• Equity multiple: 5.08×
• Total profit: $228,574
• Equity at exit: $17,292

Cash invested: $56,000 (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 53403

• Rents YoY: 5.8%
• Active inventory: 91
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $3,626 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$271 /mo · $3,258/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $1,461

Break-even live

Break-even rent $1,777

Max offer price $200,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,574	-5% $1,517	+0% $1,461	+5% $1,404	+10% $1,348
Rent	-10% $1,174	-5% $1,318	+0% $1,461	+5% $1,604	+10% $1,747
Rate	-1.0pp $1,562	-0.5pp $1,512	base $1,461	+0.5pp $1,409	+1.0pp $1,356

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$954
▸ 3× units	1	1.5	$2,673
Total (4 units)			$3,626

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-17
   status $200,000 Pending 1 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $200,000 Active 1 DOM

ⓘ 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: $3,258 · $271/mo
• Projected year-2 tax: $3,479 · $290/mo
• Expected delta: +$221/yr (+$18/mo · 6.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $43,512
• − Mortgage interest: −$11,203
• − Property taxes: −$3,258
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,481
• − Management: −$3,481
• − Depreciation: −$5,818
• Taxable income: $15,271
• Est. tax owed @ 24.0%: −$3,665
• After-tax cash flow: $13,866/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): 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

+66.8% since first listed

3 events — show timeline

• 2026-06-16 Listed $200,000 METROMLS
• 2012-10-03 Listing Removed — METROMLS
• 2012-10-03 Listed $119,900 METROMLS

Property tax history

+2.2%/yr

Latest (2025): $3,258 · +10.9% YoY. Source: county tax records.