1930 57th St

Kenosha, WI 53140

$204,900B-

5 bd · 2.5 ba · 2,226 sqft · Built 1898 · MultiFamily · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,498/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$288
• HOA: −$0
• Vac / Maint / Mgmt: −$735
• Net cashflow: $1,401/mo
• Annual: $16,808/yr
• Cap rate: 14.50%
• Cash-on-cash: 29.30%
• DSCR: 2.30
• 1% rule: 1.71%
• Cash to close: $57,372

Investor read

• This is a 1×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $205k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $700/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• It's been on market 60 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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-.
• 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.
• Zoned schools: Frank Elementary (math 12% / reading 2%, grade F, #957 of 1,041 statewide, top 92%, 326 students, 92% FRL); Washington Middle (math 8% / reading 15%, grade F, #369 of 383 statewide, top 96%, 413 students, 87% FRL); Indian Trail High School And Academy (math 21% / reading 34%, grade F, #256 of 483 statewide, top 54%, 1,980 students, 42% FRL) — zoned schools average 74% FRL vs 45% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 28% district-wide (-13 pts) — the specific schools serving this property underperform the Kenosha School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.0%/yr); 43 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 259 units permitted in Kenosha County in 2024 (8 in 5+ unit buildings).
• 5 sale attempts since 9y 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 $30k; list at $205k implies a 583% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $57k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.5% vs local median 3.8% 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 $3,498/mo this rent would consume 72% 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 60 days. Have you received any prior offers? Is the seller open to a 3% 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 1898 — 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.