410 Dodie Dr #412

Waukesha, WI 53189

$326,900C

6 bd · 3.0 ba · 2,408 sqft · Built 1968 · MultiFamily · Pending · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,349/mo
• Mortgage (P&I): −$1,714
• Tax + insurance: −$545
• HOA: −$0
• Vac / Maint / Mgmt: −$703
• Net cashflow: $387/mo
• Annual: $4,639/yr
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• 1% rule: 1.02%
• Cash to close: $91,532

Investor read

• This is a 1×3.0bd/1.5ba + 1×2.0bd/1.0ba units multifamily listed at $327k.
• 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).
• It's been on market 106 days — a 9% lower offer ($297k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $297k (9.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Zoned schools: White Rock Campus (226 students, 27% FRL); Horning Middle (math 24% / reading 33%, grade F, #282 of 383 statewide, top 76%, 618 students, 54% FRL); South High (math 16% / reading 27%, grade F, #362 of 483 statewide, top 75%, 890 students, 51% FRL).
• Zoned-school proficiency averages 25% at this address vs 38% district-wide (-13 pts) — the specific schools serving this property underperform the Waukesha School District average; the district grade overstates school quality for this exact location.
• Market conditions: 108 active listings in the ZIP; high-income renter base; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).
• 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 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.
• This rent runs 34% of the median local income ($117k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.