1605 Vogt Dr

West Bend, WI 53095

$699,900D

9 bd · 6.0 ba · 5,376 sqft · Built 1994 · MultiFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,199/mo
• Mortgage (P&I): −$3,670
• Tax + insurance: −$1,166
• HOA: −$0
• Vac / Maint / Mgmt: −$1,302
• Net cashflow: $60/mo
• Annual: $724/yr
• Cap rate: 6.40%
• Cash-on-cash: 0.37%
• DSCR: 1.02
• 1% rule: 0.89%
• Cash to close: $195,972

Investor read

• This is a 9-bed/6.0-bath multifamily listed at $700k. Condition is rated fair.
• 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).
• It's been on market 34 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $620k (11.4% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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 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.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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?
• 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 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.

Repairs flagged (vision-AI assessment)

• 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.