6633 Hillside Ln

Wauwatosa, WI 53213

$169,000B-

2 bd · 1.0 ba · 630 sqft · Built 1950 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,837/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$327
• HOA: −$0
• Vac / Maint / Mgmt: −$386
• Net cashflow: $238/mo
• Annual: $2,858/yr
• Cap rate: 8.38%
• Cash-on-cash: 7.45%
• DSCR: 1.33
• 1% rule: 1.09%
• Cash to close: $47,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $169k.
• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#19 in WI, #257 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Wauwatosa School District (suburban): math 45% / reading 52% proficiency, ranked #55 of 342 in WI (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $56/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.9%/yr); 53 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• Current owner paid $82k; list at $169k implies a 105% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $47k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.4% vs local median 2.5% in Wauwatosa — 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.

Questions for listing agent

• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.