907 High St Unit 907A

West Bend, WI 53090

$375,000D+

4 bd · 2.0 ba · 1,968 sqft · Built 1953 · MultiFamily · Coming Soon · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,877/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$814
• Net cashflow: $471/mo
• Annual: $5,655/yr
• Cap rate: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• 1% rule: 1.03%
• Cash to close: $105,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $375k. Condition is rated average.
• At list price, monthly cash flow is $471 ($6k/yr) — positive. Per door: $236/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#80 in WI, #2,147 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, commute F.
• West Bend School District (suburban): math 50% / reading 43% proficiency, ranked #73 of 342 in WI (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Green Tree Elementary (math 42% / reading 32%, grade F, #562 of 1,041 statewide, top 58%, 379 students, 45% FRL); Badger Middle (math 47% / reading 43%, grade D, #92 of 383 statewide, top 24%, 851 students, 32% FRL); West High (math 34% / reading 38%, grade F, #138 of 483 statewide, top 29%, 1,075 students, 28% FRL).
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 52 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 453 units permitted in Washington County in 2024 (105 in 5+ unit buildings).
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 7.8% vs local median 2.4% in West Bend — 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

• 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?
• Built in 1953 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: interior walls/paint — Paint appears worn in some areas
• Major: interior walls/paint — Paint appears worn in some areas