410 Dodie Dr #412 · Waukesha, WI 53189

$326,900

6 bd · 3.0 ba · 2,408 sqft · MultiFamily · 106 Days on market

Built 1968 0.28 ac lot Est $390k · 16% under

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Why this score? — see what drove the C 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 +19.8/30.0
• ARV discount +14.8/15.0
• DSCR +6.3/10.0
• 1% rule +5.2/10.0
• Livability +4.2/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Check out this rare duplex opportunity in Waukesha, featuring a spacious lower unit with 3 bedrooms and 1.5 baths, plus an upper unit offering 2 bedrooms, 1 bath, and its own private balcony. The property delivers excellent rental potential in a high-demand area. Duplexes like this are hard to find, especially at this price point. A very solid property ready for its next owner or investor.

Key facts

• Spacious lower unit
• Private balcony
• Solid property

Tags

• RARE DUPLEX OPPORTUNITY
• SPACIOUS LOWER UNIT
• PRIVATE BALCONY
• EXCELLENT RENTAL POTENTIAL
• HIGH-DEMAND AREA
• SOLID PROPERTY

What this means for you Summary

Snapshot

• This is a 1×3.0bd/1.5ba + 1×2.0bd/1.0ba units multifamily listed at $327k.

Deal economics

• At list price, monthly cash flow is $387 ($5k/yr) — positive. Per door: $193/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $327k).
• Recommended offer: $297k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 2.2% in Waukesha — 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 83/100 on livability (#41 in WI, #936 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: commute C-, amenities F.
• Waukesha School District (urban): math 38% / reading 38% proficiency, ranked #163 of 342 in WI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 110 active listings in the ZIP; high-income renter base; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).
• This rent runs 34% of the median local income ($117k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($297k) 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 $297,479 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.02% ✓
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $390,096
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2018 S Grand Ave #2020	0.26mi	6/3.0	2,463 (+2%)	19mo	$408,000	$166	68
300 Darlene Dr #302	0.33mi	6/3.0	2,550 (+6%)	8mo	$412,000	$162	68
2016 Coronado St #2018	0.21mi	5/2.5 (-1)	2,500 (+4%)	12mo	$399,900	$160	67
2000 S Grand Ave #2002	0.20mi	5/3.0 (-1)	2,366 (-2%)	21mo	$383,000	$162	65
308 Rivera Dr #310	0.26mi	5/2.5 (-1)	2,152 (-11%)	10mo	$445,000	$207	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-28,300
• Equity at exit: $48,742

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $7,266
• Equity at exit: $28,264

Cash invested: $91,532 (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 53189

• Active inventory: 110
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $3,349 medium
• Mortgage (P&I): −$1,714
• Tax est. 1.5%: −$409 /mo · $4,904/yr
• Insurance: −$136
• HOA: −$0
• Vacancy / Maint / Mgmt: −$703
• Net cashflow: $387

Break-even live

Break-even rent $2,860

Max offer price $326,900

Occupancy floor 83%

Sensitivity live

Price	-10% $612	-5% $500	+0% $387	+5% $274	+10% $161
Rent	-10% $122	-5% $254	+0% $387	+5% $519	+10% $651
Rate	-1.0pp $551	-0.5pp $470	base $387	+0.5pp $302	+1.0pp $216

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

Units	Beds	Baths	Est. rent
1× unit	3.0	1.5	$1,746
1× unit	2.0	1	$1,603
Total (2 units)			$3,349

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: $81,725
• Closing costs: $9,807
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-03-23
   status Pending
2. 2026-02-17
   status Active
3. 2026-02-05
   historical Contingent
4. 2026-02-01
   price $326,900
5. 2025-12-31
   price $329,400
6. 2025-12-06
   listed $329,900 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,188
• − Mortgage interest: −$18,311
• − Property taxes: −$4,904
• − Insurance: −$1,634
• − Repairs & maintenance: −$3,215
• − Management: −$3,215
• − Depreciation: −$9,510
• Taxable loss: −$601
• Est. tax savings @ 24.0%: +$144
• After-tax cash flow: $4,783/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.

Schools (NCES district)

• District: Waukesha School District
• NCES district ID: 5515780
• Math proficiency: 38% ▼ -5.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $63,054
• Composite: 34.09/100
• National rank: #5295
• State rank: #163 of 342 in WI

Livability — Waukesha

• Score: 83/100
• State rank: #41
• US rank: #936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukesha, WI
• County: Waukesha County · 231,951 people
• City population: 95,121
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 26,855
• Household income: $117,008
• Rent vs Own: 20.1% rent · 79.9% own
• Severe rent burden: 347.0

Population outlook (Waukesha County) Hauer SSP2

• Today (2025): 412,798 people
• By 2030: 418,092 · +1.3%
• By 2040: 420,872 · +2.0%
• By 2050: 413,862 · +0.3%
• By 2075: 402,782 · -2.4%
• By 2100: 365,796 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 6% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 12% Portuguese 4% Lithuanian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 93% English-only · Spanish 5% Other Asian/Pacific 1% Chinese 1%

Political lean MEDSL · Waukesha

• 2024 margin: R (+19.8) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +5.9pp toward D · 2008: -25.7pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+20.8 2016: R+27.1 2012: R+34.8 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -153.57%
• Current HPI: 261.8664
• 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

-0.9% since first listed

6 events — show timeline

• 2026-03-23 Pending — METROMLS
• 2026-02-17 Relisted — METROMLS
• 2026-02-05 Contingent — METROMLS
• 2026-02-01 Price Changed $326,900 METROMLS
• 2025-12-31 Price Changed $329,400 METROMLS
• 2025-12-06 Listed $329,900 METROMLS