4146 N Bartlett Ave #4148

Shorewood, WI 53211

$439,900D+

4 bd · 2.0 ba · 2,400 sqft · Built 1950 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,430/mo
• Mortgage (P&I): −$2,307
• Tax + insurance: −$733
• HOA: −$0
• Vac / Maint / Mgmt: −$720
• Net cashflow: $-330/mo
• Annual: $-3,964/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.22%
• DSCR: 0.86
• 1% rule: 0.78%
• Cash to close: $123,172

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $440k. Condition is rated good.
• At list price, monthly cash flow is $-330 ($-4k/yr) — negative. Per door: $-165/mo.
• To cash-flow at today's rent, offer at most $392k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (22.0% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $343k (22.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 93/100 on livability (#2 in WI, #13 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living D+.
• Shorewood School District (suburban): math 56% / reading 60% proficiency, ranked #23 of 342 in WI (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Lake Bluff Elementary (math 69% / reading 64%, grade B+, #48 of 1,041 statewide, top 5%, 508 students, 22% FRL); Shorewood Intermediate (math 45% / reading 56%, grade C, #53 of 383 statewide, top 14%, 287 students, 21% FRL); Shorewood High (math 47% / reading 62%, grade C-, #21 of 483 statewide, top 5%, 636 students, 22% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.5%/yr); 70 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 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.
• Cap rate 5.4% vs local median 2.0% in Shorewood — 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.
• At $3,430/mo this rent would consume 55% of the median local household income ($75k/yr) (locally 2472% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1950 — 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 A-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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?