510 W Main St · Waterford, WI 53185

$289,900

6 bd · 5.0 ba · 1,743 sqft · Other · 35 Days on market

Built 1902 7,840 sqft lot $166/sqft · 21% below area Est $366k · 21% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +10.6/30.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• DSCR +3.1/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare investor opportunity. Two flat in the heart of Waterford, close to all the schools. Lower 2 bedroom, upper one-bedroom in a well kept building. Full basement with laundry hook ups, large level lot and off street parking. All utilities metered separately and currently paid by tenants. Good rental history. Call today!

Key facts

• 7,840 sq ft lot
• Parking
• Built 1902

Property features AI

Finance

• Other: Number of units: 2; Unit 1 size approximately 996; Unit 2 size approximately 747
• Financial info: Property type: Multi-family; Zoning: Residential; Acreage: less than 1/2 acre (approximately 0.18)

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: Duplex; 2-story
• Construction: Information source for year built: Assessor/Public Record
• Exterior features: Vinyl exterior; Shed

Interior

• Kitchen: Lower unit: oven/range, refrigerator, dishwasher, garbage disposal; Upper unit: oven/range, refrigerator
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 1 bedroom (upper level)
• Bathrooms: Unit 1: 1 full bath and 1 half bath; Unit 2: 1 full bath
• Interior features: Full basement
• Laundry & utility: Upper unit: water softener; Washer and dryer excluded (belong to lower unit)

What this means for you Summary

Snapshot

• This is a 6-bed/5.0-bath other listed at $290k.

Deal economics

• At list price, monthly cash flow is $-141 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (23.6% below list).
• Recommended offer: $221k (23.6% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 1.7% in Waterford — 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 (#93 in WI, #2,332 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Waterford Graded J1 School District (town): math 54% / reading 47% proficiency, ranked #44 of 342 in WI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Evergreen Elementary (math 67% / reading 42%, grade C, #166 of 1,041 statewide, top 20%, 314 students, 12% FRL); Fox River Middle (math 45% / reading 49%, grade D+, #73 of 383 statewide, top 22%, 478 students, 18% FRL); Waterford High (math 40% / reading 41%, grade F, #90 of 483 statewide, top 19%, 952 students, 11% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 92 active listings in the ZIP; solid renter incomes; 505 units permitted in Racine County in 2024 (287 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Racine County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $103k; list at $290k implies a 181% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,452 (23.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.76% ✗
• Cap rate: 5.71%
• Cash-on-cash: -2.09%
• DSCR: 0.91
• GRM: 10.9

CMA / ARV

• ARV (median comp): $365,762
• List price: $289,900
• Delta: -20.74%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.8%
• Equity multiple: 0.31×
• Total profit: $-56,018
• Equity at exit: $43,225

10-year hold

• IRR: -12.7%
• Equity multiple: 0.25×
• Total profit: $-60,521
• Equity at exit: $25,065

Cash invested: $81,172 (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 53185

• Active inventory: 92
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,215 medium
• Mortgage (P&I): −$1,520
• Tax from tax record: −$250 /mo · $2,998/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $-141

Break-even live

Break-even rent $2,394

Max offer price $264,921

Occupancy floor —

Sensitivity live

Price	-10% $23	-5% $-59	+0% $-141	+5% $-223	+10% $-306
Rent	-10% $-316	-5% $-229	+0% $-141	+5% $-54	+10% $34
Rate	-1.0pp $5	-0.5pp $-68	base $-141	+0.5pp $-217	+1.0pp $-293

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-21
   days on market $289,900 Active 35 DOM
2. 2026-06-19
   days on market $289,900 Active 33 DOM
3. 2026-06-18
   days on market $289,900 Active 32 DOM
4. 2026-06-17
   days on market $289,900 Active 31 DOM
5. 2026-06-16
   days on market $289,900 Active 30 DOM
6. 2026-06-15
   days on market $289,900 Active 29 DOM
7. 2026-06-14
   days on market $289,900 Active 27 DOM
8. 2026-06-13
   days on market $289,900 Active 26 DOM
9. 2026-06-10
   days on market $289,900 Active 24 DOM
10. 2026-06-09
    days on market $289,900 Active 23 DOM
11. 2026-06-08
    days on market $289,900 Active 22 DOM
12. 2026-06-07
    days on market $289,900 Active 21 DOM
13. 2026-06-05
    days on market $289,900 Active 18 DOM
14. 2026-06-03
    days on market $289,900 Active 17 DOM
15. 2026-06-02
    days on market $289,900 Active 16 DOM
16. 2026-06-01
    days on market $289,900 Active 15 DOM
17. 2026-05-31
    days on market $289,900 Active 14 DOM
18. 2026-05-30
    days on market $289,900 Active 13 DOM
19. 2026-05-17
    listed $289,900 Active 552-char remark
20. 2026-05-15
    historical $289,900 552-char remark
21. 2016-07-05
    soldstatus $103,000
22. 2016-06-30
    status Pending

    Show marketing remark (322 chars)

    Rare investor opportunity. Two flat in the heart of Waterford, close to all the schools. Lower 2 bedroom, upper one-bedroom in a well kept building. Full basement with laundry hook ups, large level lot and off street parking. All utilities metered separately and currently paid by tenants. Good rental history. Call today!

23. 2016-06-30
    soldstatus $103,000 Sold

    Show marketing remark (322 chars)

    Rare investor opportunity. Two flat in the heart of Waterford, close to all the schools. Lower 2 bedroom, upper one-bedroom in a well kept building. Full basement with laundry hook ups, large level lot and off street parking. All utilities metered separately and currently paid by tenants. Good rental history. Call today!

24. 2016-06-29
    status Pending

    Show marketing remark (322 chars)

    Rare investor opportunity. Two flat in the heart of Waterford, close to all the schools. Lower 2 bedroom, upper one-bedroom in a well kept building. Full basement with laundry hook ups, large level lot and off street parking. All utilities metered separately and currently paid by tenants. Good rental history. Call today!

25. 2016-06-09
    historical Contingent
26. 2016-06-08
    historical Contingent

    Show marketing remark (322 chars)

    Rare investor opportunity. Two flat in the heart of Waterford, close to all the schools. Lower 2 bedroom, upper one-bedroom in a well kept building. Full basement with laundry hook ups, large level lot and off street parking. All utilities metered separately and currently paid by tenants. Good rental history. Call today!

27. 2016-05-18
    price
28. 2016-05-16
    price $127,900

    Show marketing remark (322 chars)

    Rare investor opportunity. Two flat in the heart of Waterford, close to all the schools. Lower 2 bedroom, upper one-bedroom in a well kept building. Full basement with laundry hook ups, large level lot and off street parking. All utilities metered separately and currently paid by tenants. Good rental history. Call today!

29. 2016-03-21
    status Reactivated
30. 2016-02-12
    historical Contingent
31. 2016-01-21
    listed New
32. 2016-01-07
    price $135,000

    Show marketing remark (322 chars)

    Rare investor opportunity. Two flat in the heart of Waterford, close to all the schools. Lower 2 bedroom, upper one-bedroom in a well kept building. Full basement with laundry hook ups, large level lot and off street parking. All utilities metered separately and currently paid by tenants. Good rental history. Call today!

33. 2015-11-18
    listed $139,900 Active

    Show marketing remark (322 chars)

    Rare investor opportunity. Two flat in the heart of Waterford, close to all the schools. Lower 2 bedroom, upper one-bedroom in a well kept building. Full basement with laundry hook ups, large level lot and off street parking. All utilities metered separately and currently paid by tenants. Good rental history. Call today!

ⓘ 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: $2,998 · $250/mo
• Projected year-2 tax: $4,180 · $348/mo
• Expected delta: +$1,183/yr (+$99/mo · 39.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,574
• − Mortgage interest: −$16,239
• − Property taxes: −$2,998
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,126
• − Management: −$2,126
• − Depreciation: −$8,433
• Taxable loss: −$6,797
• Est. tax savings @ 24.0%: +$1,631
• After-tax cash flow: $-65/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: Waterford Graded J1 School District
• NCES district ID: 5515660
• Math proficiency: 54% ▼ -2.00%
• Reading proficiency: 47% ▼ -7.00%
• Median HH income: $74,495
• Composite: 45.58/100
• National rank: #2595
• State rank: #44 of 342 in WI

Livability — Waterford

• Score: 79/100
• State rank: #93
• US rank: #2332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterford, WI
• County: Racine County · 146,693 people
• City population: 18,560
• Metro: Racine, WI
• Population (ZIP): 18,560
• Household income: $103,225
• Rent vs Own: 17.1% rent · 82.9% own
• Severe rent burden: 167.0

Population outlook (Racine County) Hauer SSP2

• Today (2025): 195,281 people
• By 2030: 193,725 · -0.8%
• By 2040: 188,159 · -3.6%
• By 2050: 181,323 · -7.1%
• By 2075: 174,342 · -10.7%
• By 2100: 166,870 · -14.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 14% Portuguese 5% Lithuanian 2%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Racine

• 2024 margin: Lean R (+6.2) · D 46.3% · R 52.5% · Other 1.2%
• 2008→2024 swing: -13.6pp toward R · 2008: 7.4pp · 2024: -6.2pp
• All cycles: 2024: R+6.2 2020: R+4.1 2016: R+4.4 2012: D+3.6 2008: D+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -214.26%
• Current HPI: 174.7082
• Rent YoY: —
• Metro: Racine, 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

+107.2% since first listed

15 events — show timeline

• 2026-05-17 Listed $289,900 METROMLS
• 2026-05-15 Coming Soon $289,900 METROMLS
• 2016-07-05 Sold (Public Records) $103,000 Public Records
• 2016-06-30 Pending — MRED as Distributed by MLS Grid
• 2016-06-30 Sold (MLS) $103,000 METROMLS
• 2016-06-29 Pending — METROMLS
• 2016-06-09 Contingent — MRED as Distributed by MLS Grid
• 2016-06-08 Contingent — METROMLS
• 2016-05-18 Price Changed — MRED as Distributed by MLS Grid
• 2016-05-16 Price Changed $127,900 METROMLS
• 2016-03-21 Relisted — MRED as Distributed by MLS Grid
• 2016-02-12 Contingent — MRED as Distributed by MLS Grid
• 2016-01-21 Listed — MRED as Distributed by MLS Grid
• 2016-01-07 Price Changed $135,000 METROMLS
• 2015-11-18 Listed $139,900 METROMLS

Property tax history

-0.0%/yr

Latest (2025): $2,998 · +6.1% YoY. Source: county tax records.