N98W16351 Concord Rd · Germantown, WI 53022

$189,900

3 bd · 1.0 ba · 875 sqft · Other · 4 Days on market

Built 1955 0.48 ac lot

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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 +21.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.4/10.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 0.48 acre lot
• 2 garage spots
• Built 1955

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Municipal water
• Home design: Single-family home; One-story
• Construction: Information source for year built: Assessor/Public Record
• Exterior features: Vinyl exterior; Lot is approximately 0.48 acres; Less than 1/2 acre

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Master bedroom (12 x 9) on the main level; Bedroom 2 (12 x 9) on the main level; Bedroom 3 (12 x 10) on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Heating/cooling: Other (see remarks)
• Interior features: Full basement; Living room (18 x 12) on the main level; Kitchen (11 x 8) on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $190k.

Deal economics

• At list price, monthly cash flow is $278 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 8.1% 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.
• Zoned schools: Germantown High (math 47% / reading 47%, grade D-, #50 of 483 statewide, top 11%, 1,295 students, 14% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 79 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.04% ✓
• Cap rate: 8.05%
• Cash-on-cash: 6.28%
• DSCR: 1.28
• GRM: 8.0

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: -6.6%
• Equity multiple: 0.76×
• Total profit: $-13,021
• Equity at exit: $28,315

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $11,558
• Equity at exit: $16,419

Cash invested: $53,172 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,981 high
• Mortgage (P&I): −$996
• Tax from tax record: −$212 /mo · $2,539/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $278

Break-even live

Break-even rent $1,629

Max offer price $189,900

Occupancy floor 81%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Apple Tree Ct Menomonee Falls, WI	2.0	2.0	1100	$1,880	$1.71	1d	1	0.93mi
White Oak Cir Menomonee Falls, WI	2.0	2.0	1015	$1,515	$1.49	1d	2	1.09mi
W164N8835 Mill St Menomonee Falls, WI	2.0	1.0	726	$1,350	$1.86	10d	1	1.25mi
N88W15092 W Main St Menomonee Falls, WI	1.0–3.0	1.0–2.5	1234	$3,299	$2.67	3d	17	1.43mi
N88W15000 Main St Unit 55-2117 Menomonee Falls, WI	2.0	2.0	1119	$1,999	$1.79	43d	1	1.48mi
N88W15000 Main St Unit 55-2315 Menomonee Falls, WI	2.0	2.0	1119	$2,039	$1.82	43d	1	1.48mi
N88W15000 Main St Unit 55-2208 Menomonee Falls, WI	2.0	2.0	1119	$2,019	$1.80	43d	1	1.48mi
N88W15000 Main St Unit 55-2217 Menomonee Falls, WI	2.0	2.0	1119	$2,019	$1.80	4d	1	1.48mi

Listing history 4 events

1. 2026-06-10
   status $189,900 Pending 4 DOM
2. 2026-06-09
   days on market $189,900 Active 4 DOM
3. 2026-06-08
   days on market $189,900 Active 3 DOM
4. 2026-06-07
   listed $189,900 Active 2 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: $2,539 · $212/mo
• Projected year-2 tax: $3,026 · $252/mo
• Expected delta: +$487/yr (+$41/mo · 19.2%)

ⓘ 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 1/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,773
• − Mortgage interest: −$10,637
• − Property taxes: −$2,539
• − Insurance: −$950
• − Repairs & maintenance: −$1,902
• − Management: −$1,902
• − Depreciation: −$5,524
• Taxable income: $319
• Est. tax owed @ 24.0%: −$77
• After-tax cash flow: $3,265/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: 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

1 event — show timeline

• 2026-06-05 Listed $189,900 METROMLS

Property tax history

+0.7%/yr

Latest (2025): $2,539 · -8.3% YoY. Source: county tax records.