1654 S Carriage Ln · New Berlin, WI 53151

$175,000

2 bd · 1.5 ba · 950 sqft · Condo public records · 28 Days on market

Built 1973 $340/mo HOA · 12% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking to stop renting? Look no further! This unit provides you that opportunity. This main level unit is a 2 bedroom 2 bath unit. Updated kitchen flooring and tile backsplash provide a nice look. In unit laundry provides the convenience of all in one condo life! Just minutes from Brookfield Square Shopping Center, restaurants, night life, shopping centers and I-94 make this an incredibly desirable location. Schedule your buyers showing today!

Key facts

• Desirable location
• In unit laundry
• Tile backsplash

Tags

• UPDATED KITCHEN FLOORING
• TILE BACKSPLASH
• IN UNIT LAUNDRY
• DESIRABLE LOCATION

Property features AI

Finance

• HOA & community: Monthly condo fee of $340; Association amenities include pool and common green space; 48 units in the association (16 units in this building)

Exterior

• Parking: Detached 1-car garage with opener
• Utilities: Municipal water; Municipal sewer; Electric service
• Home design: Condo unit in a 2-story building; Unit type listed as 1-story
• Construction: Condominium (Coachlight Village II)
• Exterior features: Brick, brick/stone and vinyl exterior; Common green space; Outdoor pool

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Garbage disposal
• Bedrooms: Master bedroom (Main level) — approximately 12 x 11; Bedroom 2 (Main level) — approximately 10 x 10
• Bathrooms: One full bath; One half bath; Master bathroom with tub/shower combo; Additional tub-only bath
• Heating & cooling: Radiant/hot water heating (electric fuel)
• Interior features: Cable/satellite available; In-unit laundry; Walk-in closet(s)
• Laundry & utility: Washer and dryer in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $803 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 3.6% in New Berlin — 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 71/100 on livability (#275 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• New Berlin School District (suburban): math 61% / reading 52% proficiency, ranked #24 of 342 in WI (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Poplar Creek Elementary (math 60% / reading 50%, grade C, #159 of 1,041 statewide, top 16%, 476 students, 24% FRL); New Berlin West Middle/High (math 50% / reading 47%, grade D, #46 of 483 statewide, top 10%, 1,047 students, 17% FRL).
• Market conditions: 48 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $175k implies a 75% gain — meaningful room to come down on a strong offer.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.63% ✓
• Cap rate: 11.80%
• Cash-on-cash: 19.66%
• DSCR: 1.87
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 11.8%
• Equity multiple: 1.47×
• Total profit: $22,963
• Equity at exit: $26,093

10-year hold

• IRR: 20.8%
• Equity multiple: 2.77×
• Total profit: $86,610
• Equity at exit: $15,131

Cash invested: $49,000 (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 53151

• Active inventory: 48
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,852 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$120 /mo · $1,436/yr
• Insurance: −$73
• HOA: −$340
• Vacancy / Maint / Mgmt: −$599
• Net cashflow: $803

Break-even live

Break-even rent $1,836

Max offer price $175,000

Occupancy floor 67%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 S Moorland Rd Brookfield, WI	3.0	1.0–2.0	986	$2,852	$2.89	1d	31	1.02mi

HOA detail condo

• Monthly dues: $340 · $4,080/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-02
   historical Contingent
2. 2026-04-30
   listed $175,000 Active
3. 2018-03-22
   soldstatus $100,000

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

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $1,436 · $120/mo
• Projected year-2 tax: $2,337 · $195/mo
• Expected delta: +$901/yr (+$75/mo · 62.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $34,224
• − Mortgage interest: −$9,803
• − Property taxes: −$1,436
• − Insurance: −$875
• − Repairs & maintenance: −$2,738
• − Management: −$2,738
• − HOA: −$4,080
• − Depreciation: −$5,091
• Taxable income: $7,464
• Est. tax owed @ 24.0%: −$1,791
• After-tax cash flow: $7,842/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: New Berlin School District
• NCES district ID: 5510470
• Math proficiency: 61% ▼ -4.00%
• Reading proficiency: 52% ▼ -7.00%
• Median HH income: $75,015
• Composite: 50.61/100
• National rank: #1843
• State rank: #24 of 342 in WI

Livability — New Berlin

• Score: 71/100
• State rank: #275
• US rank: #7161

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Berlin, WI
• City population: 40,213
• Population (ZIP): 32,865

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 (83%)
• Race & ethnicity: White 83% Asian 7% Two or more races 5% Hispanic / Latino 5% Black 2%
• Common ancestry: Romanian 15% Portuguese 4% Lithuanian 3%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 90% English-only · Other Indo-European 3% Spanish 2% Other Asian/Pacific 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: ▼ -190.05%
• Current HPI: 263.598
• Rent YoY: —
• Metro: —
• 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

+75.0% since first listed

3 events — show timeline

• 2026-05-02 Contingent — METROMLS
• 2026-04-30 Listed $175,000 METROMLS
• 2018-03-22 Sold (Public Records) $100,000 Public Records

Property tax history

-0.2%/yr

Latest (2024): $1,436 · +27.5% YoY. Source: county tax records.