932 N 68th St #934

Wauwatosa, WI 53213

$399,900D

4 bd · 2.0 ba · 2,050 sqft · Built 1929 · MultiFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,503/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$666
• HOA: −$0
• Vac / Maint / Mgmt: −$736
• Net cashflow: $4/mo
• Annual: $45/yr
• Cap rate: 6.30%
• Cash-on-cash: 0.04%
• DSCR: 1.00
• 1% rule: 0.88%
• Cash to close: $111,972

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $400k. Condition is rated fair.
• At list price, monthly cash flow is $4 ($45/yr) — positive. Per door: $2/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $350k (12.4% below list).
• It's been on market 26 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $350k (12.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#19 in WI, #257 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Wauwatosa School District (suburban): math 45% / reading 52% proficiency, ranked #55 of 342 in WI (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Jefferson Elementary (math 57% / reading 52%, grade C, #166 of 1,041 statewide, top 20%, 238 students, 26% FRL); Longfellow Middle (math 41% / reading 53%, grade D+, #73 of 383 statewide, top 22%, 737 students, 18% FRL); East High (math 53% / reading 64%, grade C, #14 of 483 statewide, top 3%, 1,067 students, 20% FRL) — zoned schools at 21% FRL track the district average.
• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.9%/yr); 52 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $264k; list at $400k implies a 51% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 2.5% in Wauwatosa — 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 41% of the median local income ($102k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1929 — 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — No visible damage, but may need inspection for leaks or damage.
• Moderate: exterior siding — Siding appears weathered with some discoloration and minor peeling.