9500 N Green Bay Rd #105

Brown Deer, WI 53209

$69,900D+

1 bd · 1.0 ba · 762 sqft · Built 1966 · Condo · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,324/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$122
• HOA: −$578
• Vac / Maint / Mgmt: −$278
• Net cashflow: $-21/mo
• Annual: $-251/yr
• Cap rate: 5.93%
• Cash-on-cash: -1.28%
• DSCR: 0.94
• 1% rule: 1.89%
• Cash to close: $19,572

Investor read

• This is a 1-bed/1.0-bath condo listed at $70k.
• At list price, monthly cash flow is $-21 ($-251/yr) — negative.
• To cash-flow at today's rent, offer at most $66k (5.3% below list).
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $66k (5.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#60 in WI, #1,658 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, amenities F.
• Brown Deer School District (suburban): math 19% / reading 26% proficiency, ranked #317 of 342 in WI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 44% of rent.
• Market conditions: Rents rising fast (+8.6%/yr); 168 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $20k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 5.9% vs local median 4.3% in Brown Deer — 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 33% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?