1615 60th St

Kenosha, WI 53140

$3,200,000B

None bd · None ba · 32,361 sqft · Built 1964 · MultiFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $47,462/mo
• Mortgage (P&I): −$16,781
• Tax + insurance: −$4,912
• HOA: −$0
• Vac / Maint / Mgmt: −$9,967
• Net cashflow: $15,802/mo
• Annual: $189,619/yr
• Cap rate: 12.22%
• Cash-on-cash: 21.16%
• DSCR: 1.94
• 1% rule: 1.48%
• Cash to close: $896,000

Investor read

• This is a multifamily listed at $3.20M.
• At list price, monthly cash flow is $16k ($190k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($47k rent vs $3.20M).
• It's been on market 35 days — a 3% lower offer ($3.10M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.10M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $22k of loan paydown is wiped out by about $96k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#31 in WI, #680 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+.
• Kenosha School District (suburban): math 26% / reading 31% proficiency, ranked #287 of 342 in WI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.0%/yr); 43 active listings in the ZIP; 259 units permitted in Kenosha County in 2024 (8 in 5+ unit buildings).
• 2 sale attempts since 12y ago 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.
• Current owner paid $2.35M; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $896k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.2% vs local median 4.0% in Kenosha — 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 $47,462/mo this rent would consume 982% of the median local household income ($58k/yr) (locally 1576% 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 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1964 — 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 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?
• 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.