S75W16775 Jacob Ct

Muskego, WI 53150

$229,900D+

2 bd · 1.0 ba · 1,027 sqft · Built 1991 · Condo · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,417/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$200
• Vac / Maint / Mgmt: −$508
• Net cashflow: $121/mo
• Annual: $1,450/yr
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• 1% rule: 1.05%
• Cash to close: $64,372

Investor read

• This is a 2-bed/1.0-bath condo listed at $230k.
• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• It's been on market 33 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $223k (3.0% 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 $7k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#228 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Muskego-Norway School District (suburban): math 73% / reading 61% proficiency, ranked #5 of 342 in WI (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Muskego High (math 50% / reading 57%, grade C-, #28 of 483 statewide, top 6%, 1,686 students, 4% FRL).
• Zoned-school proficiency averages 54% at this address vs 67% district-wide (-14 pts) — the specific schools serving this property underperform the Muskego-Norway School District average; the district grade overstates school quality for this exact location.
• Market conditions: 52 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).
• 2 sale attempts since 13y 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 $113k; list at $230k implies a 103% gain — meaningful room to come down on a strong offer.
• Cap rate 6.9% vs local median 1.6% in Muskego — 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.

Questions for listing agent

• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.
• 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.