6410 W National Ave · West Allis, WI 53214

$385,000

None bd · None ba · 3,000 sqft · MultiFamily · 17 Days on market

Built 1908 4,791 sqft lot Est $402k · at est.

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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 +9.4/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Well-maintained four-unit property in a convenient West Allis location near shopping, dining, and commuter routes. The building features a strong unit mix of two 2-bedroom units and two 3-bedroom units, each with functional layouts and full bathrooms, totaling approximately 3,000 sq ft above grade. Recent improvements include a full tear-off roof (2025) along with updated furnaces and water heaters, helping reduce near-term capital expenses. Fully tenant-occupied with current rents of $3,745/month and tenants responsible for gas, heat, and electricity. Off-street parking and proximity to public transit support consistent rental demand in an established West Allis location.

Key facts

• Strong unit mix
• Updated furnaces
• Four-unit property

Tags

• FOUR-UNIT PROPERTY
• STRONG UNIT MIX
• FULL TEAR-OFF ROOF
• UPDATED FURNACES
• UPDATED WATER HEATERS
• OFF-STREET PARKING

Property features AI

Finance

• Other: Inclusions: 4 refrigerators and 4 stoves; Exclusions: Tenant's personal property
• Financial info: Property has 4 residential units

Exterior

• Parking: Inside parking available; Outdoor parking available; Extra parking space available
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Apartment building; 1–2 stories; Multi-family property; Residential zoning
• Construction: Less than 1/2 acre lot; Lot size about 0.11 acres; Year built per assessor/public record
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: 4 stoves included; 4 refrigerators included
• Bedrooms: 4 units (multi-family property)
• Heating & cooling: Natural gas heating
• Interior features: Block full basement
• Laundry & utility: Seller-owned water heater

What this means for you Summary

Snapshot

• This is a multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $385k).
• Recommended offer: $379k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 4.3% in West Allis — 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 79/100 on livability (#69 in WI, #1,958 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• West Allis-West Milwaukee School District (urban): math 17% / reading 26% proficiency, ranked #328 of 342 in WI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+8.3%/yr); 55 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $6,379/mo this rent would consume 126% of the median local household income ($61k/yr) (locally 1377% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $108k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 14y 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 $316k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $379,225 (1.5% below list)

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.66% ✓
• Cap rate: 13.71%
• Cash-on-cash: 26.48%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $402,000
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1229 S 72nd St #1231	0.55mi	4/2.0	2,844 (-5%)	6mo	$202,500	$71	60
1448 S 73rd St #1450	0.55mi	6/2.0	2,760 (-8%)	3mo	$370,000	$134	58
5501 W Greenfield Ave	0.56mi	—/—	2,880 (-4%)	23mo	$320,000	$111	48
5223 W Greenfield Ave #5225	0.70mi	5/2.0	2,726 (-9%)	8mo	$400,000	$147	46
6611 W Main St	0.70mi	—/—	3,300 (+10%)	22mo	$465,000	$141	33

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 25.9%
• Equity multiple: 2.14×
• Total profit: $122,926
• Equity at exit: $57,405

10-year hold

• IRR: 36.5%
• Equity multiple: 5.23×
• Total profit: $455,954
• Equity at exit: $33,288

Cash invested: $107,800 (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 53214

• Home prices YoY: -28.9%
• Rents YoY: 8.3%
• Active inventory: 55
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $6,379 high
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,340
• Net cashflow: $2,379

Break-even live

Break-even rent $3,368

Max offer price $385,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,988
▸ 2× units	3	1	$3,392
Total (4 units)			$6,379

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-05-18
   status Pending
2. 2026-04-30
   historical 681-char remark

   Show marketing remark (681 chars)

   Well-maintained four-unit property in a convenient West Allis location near shopping, dining, and commuter routes. The building features a strong unit mix of two 2-bedroom units and two 3-bedroom units, each with functional layouts and full bathrooms, totaling approximately 3,000 sq ft above grade. Recent improvements include a full tear-off roof (2025) along with updated furnaces and water heaters, helping reduce near-term capital expenses. Fully tenant-occupied with current rents of $3,745/month and tenants responsible for gas, heat, and electricity. Off-street parking and proximity to public transit support consistent rental demand in an established West Allis location.

3. 2026-04-30
   listed $385,000 Active

   Show marketing remark (681 chars)

   Well-maintained four-unit property in a convenient West Allis location near shopping, dining, and commuter routes. The building features a strong unit mix of two 2-bedroom units and two 3-bedroom units, each with functional layouts and full bathrooms, totaling approximately 3,000 sq ft above grade. Recent improvements include a full tear-off roof (2025) along with updated furnaces and water heaters, helping reduce near-term capital expenses. Fully tenant-occupied with current rents of $3,745/month and tenants responsible for gas, heat, and electricity. Off-street parking and proximity to public transit support consistent rental demand in an established West Allis location.

4. 2026-04-28
   status Active 681-char remark

   Show marketing remark (681 chars)

   Well-maintained four-unit property in a convenient West Allis location near shopping, dining, and commuter routes. The building features a strong unit mix of two 2-bedroom units and two 3-bedroom units, each with functional layouts and full bathrooms, totaling approximately 3,000 sq ft above grade. Recent improvements include a full tear-off roof (2025) along with updated furnaces and water heaters, helping reduce near-term capital expenses. Fully tenant-occupied with current rents of $3,745/month and tenants responsible for gas, heat, and electricity. Off-street parking and proximity to public transit support consistent rental demand in an established West Allis location.

5. 2026-04-13
   status Pending 681-char remark

   Show marketing remark (681 chars)

   Well-maintained four-unit property in a convenient West Allis location near shopping, dining, and commuter routes. The building features a strong unit mix of two 2-bedroom units and two 3-bedroom units, each with functional layouts and full bathrooms, totaling approximately 3,000 sq ft above grade. Recent improvements include a full tear-off roof (2025) along with updated furnaces and water heaters, helping reduce near-term capital expenses. Fully tenant-occupied with current rents of $3,745/month and tenants responsible for gas, heat, and electricity. Off-street parking and proximity to public transit support consistent rental demand in an established West Allis location.

6. 2026-04-08
   historical 714-char remark

   Show marketing remark (714 chars)

   Well-maintained four-unit property located in a convenient West Allis location close to shopping, dining, and commuter routes. The building offers a desirable unit mix of two 2-bedroom units and two 3-bedroom units, each with one full bathroom, along with approximately 3,000 square feet above grade. Hardwood floors add character, and a full tear-off roof completed in 2025 provides significant long-term value. Many updates have been completed to the furnaces and water heaters, offering additional peace of mind. The property includes six off-street parking spaces for tenant convenience. Fully tenant-occupied, this is a strong opportunity for investors seeking a well-located asset in the heart of West Allis.

7. 2026-04-07
   listed $385,000 Active 681-char remark

   Show marketing remark (681 chars)

   Well-maintained four-unit property in a convenient West Allis location near shopping, dining, and commuter routes. The building features a strong unit mix of two 2-bedroom units and two 3-bedroom units, each with functional layouts and full bathrooms, totaling approximately 3,000 sq ft above grade. Recent improvements include a full tear-off roof (2025) along with updated furnaces and water heaters, helping reduce near-term capital expenses. Fully tenant-occupied with current rents of $3,745/month and tenants responsible for gas, heat, and electricity. Off-street parking and proximity to public transit support consistent rental demand in an established West Allis location.

8. 2026-03-16
   historical

   Show marketing remark (714 chars)

   Well-maintained four-unit property located in a convenient West Allis location close to shopping, dining, and commuter routes. The building offers a desirable unit mix of two 2-bedroom units and two 3-bedroom units, each with one full bathroom, along with approximately 3,000 square feet above grade. Hardwood floors add character, and a full tear-off roof completed in 2025 provides significant long-term value. Many updates have been completed to the furnaces and water heaters, offering additional peace of mind. The property includes six off-street parking spaces for tenant convenience. Fully tenant-occupied, this is a strong opportunity for investors seeking a well-located asset in the heart of West Allis.

9. 2026-03-16
   listed $395,000 Active 714-char remark

   Show marketing remark (714 chars)

   Well-maintained four-unit property located in a convenient West Allis location close to shopping, dining, and commuter routes. The building offers a desirable unit mix of two 2-bedroom units and two 3-bedroom units, each with one full bathroom, along with approximately 3,000 square feet above grade. Hardwood floors add character, and a full tear-off roof completed in 2025 provides significant long-term value. Many updates have been completed to the furnaces and water heaters, offering additional peace of mind. The property includes six off-street parking spaces for tenant convenience. Fully tenant-occupied, this is a strong opportunity for investors seeking a well-located asset in the heart of West Allis.

10. 2026-02-16
    listed $425,000 Active
11. 2022-04-15
    soldstatus $316,400 Sold
12. 2022-02-18
    historical Contingent
13. 2022-02-14
    status Active
14. 2022-01-19
    historical Contingent
15. 2021-12-21
    price $335,000
16. 2021-09-20
    price $340,000
17. 2021-07-19
    listed $350,000 Active
18. 2017-12-15
    soldstatus $198,000 Sold
19. 2017-10-26
    historical
20. 2017-09-14
    price $210,900
21. 2017-07-25
    listed $215,900 Active
22. 2012-10-05
    listed $294,900
23. 2012-10-05
    historical
24. 2012-10-05
    historical
25. 2012-10-05
    listed $115,000
26. 2012-10-04
    historical
27. 2012-10-04
    listed $294,900
28. 2009-02-03
    soldstatus $106,000

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

Taxation est. · year 1

• Rental income: $76,548
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$1,925
• − Repairs & maintenance: −$6,124
• − Management: −$6,124
• − Depreciation: −$11,200
• Taxable income: $23,834
• Est. tax owed @ 24.0%: −$5,720
• After-tax cash flow: $22,825/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: West Allis-West Milwaukee School District
• NCES district ID: 5516260
• Math proficiency: 17% ▼ -16.00%
• Reading proficiency: 26% ▼ -12.00%
• Median HH income: $45,620
• Composite: 18.71/100
• National rank: #8881
• State rank: #328 of 342 in WI

Livability — West Allis

• Score: 79/100
• State rank: #69
• US rank: #1958

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Allis, WI
• County: Milwaukee County · 926,379 people
• City population: 57,365
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 34,480
• Household income: $60,962
• Rent vs Own: 45.1% rent · 54.9% own
• Severe rent burden: 1377.0

Population outlook (Milwaukee County) Hauer SSP2

• Today (2025): 995,758 people
• By 2030: 1,009,124 · +1.3%
• By 2040: 1,028,128 · +3.3%
• By 2050: 1,040,066 · +4.4%
• By 2075: 1,057,849 · +6.2%
• By 2100: 1,039,774 · +4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 18% Two or more races 12% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 12% Puerto Rican 4%
• Common ancestry: Romanian 11% Lithuanian 3% Portuguese 2%
• Foreign-born: 7% · Canada, China, Philippines
• Languages at home: 86% English-only · Spanish 10% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Milwaukee

• 2024 margin: Solid D (+38.5) · D 68.3% · R 29.8% · Other 1.8%
• 2008→2024 swing: +2.7pp toward D · 2008: 35.9pp · 2024: 38.5pp
• All cycles: 2024: D+38.5 2020: D+39.9 2016: D+37.5 2012: D+34.6 2008: D+35.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.31%
• Current HPI: 276.0476
• Rent YoY: ▲ 8.30%
• 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

+263.2% since first listed

28 events — show timeline

• 2026-05-18 Pending — METROMLS
• 2026-04-30 Listing Removed — METROMLS
• 2026-04-30 Listed $385,000 METROMLS
• 2026-04-28 Relisted — METROMLS
• 2026-04-13 Pending — METROMLS
• 2026-04-08 Listing Removed — METROMLS
• 2026-04-07 Listed $385,000 METROMLS
• 2026-03-16 Listing Removed — METROMLS
• 2026-03-16 Listed $395,000 METROMLS
• 2026-02-16 Listed $425,000 METROMLS
• 2022-04-15 Sold (MLS) $316,400 METROMLS
• 2022-02-18 Contingent — METROMLS
• 2022-02-14 Relisted — METROMLS
• 2022-01-19 Contingent — METROMLS
• 2021-12-21 Price Changed $335,000 METROMLS
• 2021-09-20 Price Changed $340,000 METROMLS
• 2021-07-19 Listed $350,000 METROMLS
• 2017-12-15 Sold (MLS) $198,000 METROMLS
• 2017-10-26 Listing Removed — METROMLS
• 2017-09-14 Price Changed $210,900 METROMLS
• 2017-07-25 Listed $215,900 METROMLS
• 2012-10-05 Listing Removed — METROMLS
• 2012-10-05 Listed $294,900 METROMLS
• 2012-10-05 Listed $115,000 METROMLS
• 2012-10-05 Listing Removed — METROMLS
• 2012-10-04 Listed $294,900 METROMLS
• 2012-10-04 Listing Removed — METROMLS
• 2009-02-03 Sold (MLS) $106,000 METROMLS