1605 Vogt Dr · West Bend, WI 53095

$699,900

9 bd · 6.0 ba · 5,376 sqft · MultiFamily · 34 Days on market

Built 1994 Fair condition 0.36 ac lot

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Why this score? — see what drove the D 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 +13.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Fantastic Investment opportunity with a rare 4 Family built in 1994 and owned by one owner in the heart of West Bend. Each unit is a town house style with 2 plus bedrooms and at least 1.5 Baths and attached garages. One of the units is exceptionally large with 3 bedrooms. Convenient walkable location is hard to match. Seller has performed a whole property inspection report available for buyers to review.

Key facts

• Town house style
• 0.36 acre lot
• 4 garage spots

Tags

• MULTI FAMILY PROPERTY
• INVESTMENT OPPORTUNITY
• TOWN HOUSE STYLE
• CONVENIENT WALKABLE LOCATION

Property features AI

Finance

• Other: All kitchen appliances included per unit; Seller's personal property excluded

Exterior

• Parking: 1 parking space; Attached garage with basement access, opener included, fits 4+ cars (4 garage spaces total)
• Utilities: Municipal water; Municipal sewer; Electric service
• Home design: Two-story single-family home; Zoned commercial
• Construction: Aluminum and aluminum/steel exterior; Brick and brick/stone accents; Year built: public record (see assessor)
• Exterior features: Deck; Sidewalks

Interior

• Kitchen: Cooktop; Dishwasher; Oven; Range; Refrigerator
• Bathrooms: Master bathroom has tub/shower combo; Shower over tub; 4 half baths; 4 full baths
• Heating & cooling: Electric heat; Heating/cooling: Other (see remarks)
• Interior features: Block exposed basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 9-bed/6.0-bath multifamily listed at $700k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $60 ($724/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $620k (11.4% below list).
• Recommended offer: $620k (11.4% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 2.4% in West Bend — 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 79/100 on livability (#80 in WI, #2,147 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, commute F.
• West Bend School District (suburban): math 50% / reading 43% proficiency, ranked #73 of 342 in WI (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mclane Elementary (math 67% / reading 62%, grade B, #55 of 1,041 statewide, top 7%, 380 students, 33% FRL); Badger Middle (math 47% / reading 43%, grade D, #92 of 383 statewide, top 24%, 851 students, 32% FRL); West High (math 34% / reading 38%, grade F, #138 of 483 statewide, top 29%, 1,075 students, 28% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 106 active listings in the ZIP; solid renter incomes; 453 units permitted in Washington County in 2024 (105 in 5+ unit buildings).
• At $6,199/mo this rent would consume 92% of the median local household income ($81k/yr) (locally 690% 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 $5k of loan paydown is wiped out by about $21k 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

• It's been on market 34 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $619,900 (11.4% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.89% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.37%
• DSCR: 1.02
• GRM: 9.4

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: -15.7%
• Equity multiple: 0.44×
• Total profit: $-109,476
• Equity at exit: $104,357

10-year hold

• IRR: -7.2%
• Equity multiple: 0.54×
• Total profit: $-90,000
• Equity at exit: $60,515

Cash invested: $195,972 (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 53095

• Active inventory: 106
• Price-to-rent: 37.6×

Monthly cashflow live

• Estimated rent: $6,199 medium
• Mortgage (P&I): −$3,670
• Tax est. 1.5%: −$875 /mo · $10,498/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,302
• Net cashflow: $60

Break-even live

Break-even rent $6,123

Max offer price $699,900

Occupancy floor 94%

Sensitivity live

Price	-10% $544	-5% $302	+0% $60	+5% $-181	+10% $-423
Rent	-10% $-429	-5% $-185	+0% $60	+5% $305	+10% $550
Rate	-1.0pp $413	-0.5pp $238	base $60	+0.5pp $-121	+1.0pp $-306

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$6,200
Total (4 units)			$6,199

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: $174,975
• Closing costs: $20,997
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-21
   status Pending 407-char remark

   Show marketing remark (407 chars)

   Fantastic Investment opportunity with a rare 4 Family built in 1994 and owned by one owner in the heart of West Bend. Each unit is a town house style with 2 plus bedrooms and at least 1.5 Baths and attached garages. One of the units is exceptionally large with 3 bedrooms. Convenient walkable location is hard to match. Seller has performed a whole property inspection report available for buyers to review.

2. 2026-05-21
   status Pending

   Show marketing remark (407 chars)

   Fantastic Investment opportunity with a rare 4 Family built in 1994 and owned by one owner in the heart of West Bend. Each unit is a town house style with 2 plus bedrooms and at least 1.5 Baths and attached garages. One of the units is exceptionally large with 3 bedrooms. Convenient walkable location is hard to match. Seller has performed a whole property inspection report available for buyers to review.

3. 2026-04-21
   historical Contingent

   Show marketing remark (407 chars)

   Fantastic Investment opportunity with a rare 4 Family built in 1994 and owned by one owner in the heart of West Bend. Each unit is a town house style with 2 plus bedrooms and at least 1.5 Baths and attached garages. One of the units is exceptionally large with 3 bedrooms. Convenient walkable location is hard to match. Seller has performed a whole property inspection report available for buyers to review.

4. 2026-04-21
   historical Contingent 407-char remark

   Show marketing remark (407 chars)

   Fantastic Investment opportunity with a rare 4 Family built in 1994 and owned by one owner in the heart of West Bend. Each unit is a town house style with 2 plus bedrooms and at least 1.5 Baths and attached garages. One of the units is exceptionally large with 3 bedrooms. Convenient walkable location is hard to match. Seller has performed a whole property inspection report available for buyers to review.

5. 2026-04-17
   listed $699,900 Active 407-char remark

   Show marketing remark (407 chars)

   Fantastic Investment opportunity with a rare 4 Family built in 1994 and owned by one owner in the heart of West Bend. Each unit is a town house style with 2 plus bedrooms and at least 1.5 Baths and attached garages. One of the units is exceptionally large with 3 bedrooms. Convenient walkable location is hard to match. Seller has performed a whole property inspection report available for buyers to review.

6. 2026-04-13
   historical $699,900 407-char remark

   Show marketing remark (407 chars)

   Fantastic Investment opportunity with a rare 4 Family built in 1994 and owned by one owner in the heart of West Bend. Each unit is a town house style with 2 plus bedrooms and at least 1.5 Baths and attached garages. One of the units is exceptionally large with 3 bedrooms. Convenient walkable location is hard to match. Seller has performed a whole property inspection report available for buyers to review.

7. 2026-04-13
   listed $699,900 Active

   Show marketing remark (407 chars)

   Fantastic Investment opportunity with a rare 4 Family built in 1994 and owned by one owner in the heart of West Bend. Each unit is a town house style with 2 plus bedrooms and at least 1.5 Baths and attached garages. One of the units is exceptionally large with 3 bedrooms. Convenient walkable location is hard to match. Seller has performed a whole property inspection report available for buyers to review.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $74,388
• − Mortgage interest: −$39,205
• − Property taxes: −$10,498
• − Insurance: −$3,500
• − Repairs & maintenance: −$5,951
• − Management: −$5,951
• − Depreciation: −$20,361
• Taxable loss: −$11,078
• Est. tax savings @ 24.0%: +$2,659
• After-tax cash flow: $3,383/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and updates to its roof, exterior, landscaping, and interior systems, which would significantly improve its condition and value.

Repairs flagged

• Major roof — Signs of wear and discoloration suggest significant damage and potential leaks.
• Major exterior siding — The siding is worn and peeling, indicating a need for replacement.
• Major exterior paint — The paint is peeling, indicating a need for repainting.
• Major landscaping — The landscaping is overgrown and unkempt, which detracts from the property's curb appeal and value.
• Major interior walls and flooring — The exterior condition suggests the interior may also be in poor condition, requiring repairs and updates.
• Major systems — The overall condition of the property suggests that the systems may also be in poor condition, requiring updates and repairs.

Value-add opportunities

• Both roof replacement — Replacing the roof would address a major issue and improve the property's overall condition.
• Both exterior siding and paint — Updating the siding and repainting would improve the property's curb appeal and overall condition.
• Both landscaping — A well-maintained landscape would enhance the property's curb appeal and attract potential buyers or tenants.
• Both interior repairs and updates — Updating the interior would address the poor condition and improve the property's overall condition and value.
• Both system updates — Updating the systems would improve the property's functionality and overall condition, making it more attractive to potential buyers or tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and discoloration suggest significant damage and potential leaks.	Major	$15,000–50,000
exterior siding · The siding is worn and peeling, indicating a need for replacement.	Major	$15,000–50,000
exterior paint · The paint is peeling, indicating a need for repainting.	Major	$15,000–50,000
landscaping · The landscaping is overgrown and unkempt, which detracts from the property's curb appeal and value.	Major	$15,000–50,000
interior walls and flooring · The exterior condition suggests the interior may also be in poor condition, requiring repairs and updates.	Major	$15,000–50,000
systems · The overall condition of the property suggests that the systems may also be in poor condition, requiring updates and repairs.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof replacement — Replacing the roof would address a major issue and improve the property's overall condition. ↑
• Both exterior siding and paint — Updating the siding and repainting would improve the property's curb appeal and overall condition. ↑
• Both landscaping — A well-maintained landscape would enhance the property's curb appeal and attract potential buyers or tenants. ↑
• Both interior repairs and updates — Updating the interior would address the poor condition and improve the property's overall condition and value. ↑
• Both system updates — Updating the systems would improve the property's functionality and overall condition, making it more attractive to potential buyers or tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: West Bend School District
• NCES district ID: 5516290
• Math proficiency: 50% ▼ -4.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $59,641
• Composite: 40.84/100
• National rank: #3630
• State rank: #73 of 342 in WI

Livability — West Bend

• Score: 79/100
• State rank: #80
• US rank: #2147

Category grades

Amenities D+ Commute F Cost of living A+ Crime B Employment B Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Bend, WI
• County: Washington County · 47,863 people
• City population: 27,817
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 27,817
• Household income: $80,830
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 690.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 9% Portuguese 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% 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: ▼ -160.92%
• Current HPI: 177.7054
• 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

+0.0% since first listed

7 events — show timeline

• 2026-05-21 Pending — METROMLS
• 2026-05-21 Pending — METROMLS
• 2026-04-21 Contingent — METROMLS
• 2026-04-21 Contingent — METROMLS
• 2026-04-17 Listed $699,900 METROMLS
• 2026-04-13 Coming Soon $699,900 METROMLS
• 2026-04-13 Listed $699,900 METROMLS