425 E Broadway · Waukesha, WI 53186

$449,900

4 bd · 2.0 ba · 4,000 sqft · MultiFamily · 30 Days on market

Built 1875 Poor condition 8,712 sqft lot $112/sqft · 7% below area Est $483k · 7% under ↓ 31% since listing

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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).

• Cash flow +12.0/30.0
• ARV discount +10.6/15.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Schools +3.4/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Completely updated 3 unit building. All units turnkey and ready to be occupied. Lower front office space, rear 1 bedroom apartment, and larger upper 3 bedroom apartment. Sperate utlities, oniste laundry, plenty of parking, quite yet good visbility on Broadway.

Key facts

• 8,712 sq ft lot
• Parking
• Built 1875

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $450k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $435k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $380k (15.4% below list).
• Recommended offer: $380k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.2% in Waukesha — 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 83/100 on livability (#41 in WI, #936 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: commute C-, amenities F.
• Waukesha School District (urban): math 38% / reading 38% proficiency, ranked #163 of 342 in WI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hadfield Elementary (math 12% / reading 17%, grade F, #910 of 1,041 statewide, top 88%, 366 students, 76% FRL); Les Paul Middle (math 34% / reading 42%, grade F, #166 of 383 statewide, top 44%, 582 students, 35% FRL); South High (math 16% / reading 27%, grade F, #362 of 483 statewide, top 75%, 890 students, 51% FRL) — zoned schools average 54% FRL vs 30% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 38% district-wide (-13 pts) — the specific schools serving this property underperform the Waukesha School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+11.5%/yr); 38 active listings in the ZIP; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).
• At $3,805/mo this rent would consume 61% of the median local household income ($75k/yr) (locally 1452% 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 $13k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $380,500 (15.4% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1875 — 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 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?
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 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: 0.85% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.98%
• DSCR: 0.96
• GRM: 9.9

CMA / ARV

• ARV (median comp): $483,197
• List price: $449,900
• Delta: -6.89%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.53×
• Total profit: $-59,311
• Equity at exit: $67,082

10-year hold

• IRR: 2.9%
• Equity multiple: 1.25×
• Total profit: $31,645
• Equity at exit: $38,899

Cash invested: $125,972 (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 53186

• Rents YoY: 11.5%
• Active inventory: 38
• Price-to-rent: 17.2×

Monthly cashflow live

• Estimated rent: $3,805 medium
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$799
• Net cashflow: $-103

Break-even live

Break-even rent $3,936

Max offer price $434,966

Occupancy floor 98%

Sensitivity live

Price	-10% $208	-5% $52	+0% $-103	+5% $-259	+10% $-414
Rent	-10% $-404	-5% $-254	+0% $-103	+5% $47	+10% $197
Rate	-1.0pp $123	-0.5pp $11	base $-103	+0.5pp $-220	+1.0pp $-338

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,181
1× unit	1	1	$1,623
Total (2 units)			$3,805

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-07
   status Pending 260-char remark

   Show marketing remark (308 chars)

   Well updated mixed use building featuring a large upper 3 bedroom, 1 bath unit with a valuted ceiling living room, updated kitchen and in unit laundry. The first floor contains a mondern office space with a 1 bed, 1 bath residential unit in the back. Plenty of off street parking for residents and customers.

2. 2026-05-07
   status Pending 308-char remark

   Show marketing remark (308 chars)

   Well updated mixed use building featuring a large upper 3 bedroom, 1 bath unit with a valuted ceiling living room, updated kitchen and in unit laundry. The first floor contains a mondern office space with a 1 bed, 1 bath residential unit in the back. Plenty of off street parking for residents and customers.

3. 2026-04-07
   listed $449,900 Active 260-char remark

   Show marketing remark (308 chars)

   Well updated mixed use building featuring a large upper 3 bedroom, 1 bath unit with a valuted ceiling living room, updated kitchen and in unit laundry. The first floor contains a mondern office space with a 1 bed, 1 bath residential unit in the back. Plenty of off street parking for residents and customers.

4. 2026-04-07
   listed $449,900 Active 308-char remark

   Show marketing remark (308 chars)

   Well updated mixed use building featuring a large upper 3 bedroom, 1 bath unit with a valuted ceiling living room, updated kitchen and in unit laundry. The first floor contains a mondern office space with a 1 bed, 1 bath residential unit in the back. Plenty of off street parking for residents and customers.

5. 2025-04-07
   historical
6. 2025-01-17
   price $575,000
7. 2024-12-06
   listed $599,000 Active
8. 2024-06-26
   historical
9. 2024-03-13
   historical $1,800
10. 2024-02-15
    listed $1,800
11. 2024-01-19
    listed $649,900 Active

ⓘ 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: $45,660
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,653
• − Management: −$3,653
• − Depreciation: −$13,088
• Taxable loss: −$8,933
• Est. tax savings @ 24.0%: +$2,144
• After-tax cash flow: $905/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

The property requires extensive repairs and maintenance, including landscaping, fencing, and roof inspection. Immediate action is needed to improve its condition and value.

Repairs flagged

• Major landscaping — Overgrown vegetation needs trimming
• Major fencing — No visible fencing
• Major roof — No visible roof condition

Value-add opportunities

• Both landscaping and fencing — Improves curb appeal and safety
• Both roof inspection and repair — Ensures structural integrity and safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
landscaping · Overgrown vegetation needs trimming	Major	$15,000–50,000
fencing · No visible fencing	Major	$15,000–50,000
roof · No visible roof condition	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both landscaping and fencing — Improves curb appeal and safety ↑
• Both roof inspection and repair — Ensures structural integrity and safety ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Waukesha School District
• NCES district ID: 5515780
• Math proficiency: 38% ▼ -5.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $63,054
• Composite: 34.09/100
• National rank: #5295
• State rank: #163 of 342 in WI

Livability — Waukesha

• Score: 83/100
• State rank: #41
• US rank: #936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukesha, WI
• County: Waukesha County · 231,951 people
• City population: 95,121
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 33,374
• Household income: $74,588
• Rent vs Own: 44.9% rent · 55.1% own
• Severe rent burden: 1452.0

Population outlook (Waukesha County) Hauer SSP2

• Today (2025): 412,798 people
• By 2030: 418,092 · +1.3%
• By 2040: 420,872 · +2.0%
• By 2050: 413,862 · +0.3%
• By 2075: 402,782 · -2.4%
• By 2100: 365,796 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 14% Two or more races 7% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Romanian 10% Portuguese 3% Lithuanian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 90% English-only · Spanish 8% Other Asian/Pacific 1%

Political lean MEDSL · Waukesha

• 2024 margin: R (+19.8) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +5.9pp toward D · 2008: -25.7pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+20.8 2016: R+27.1 2012: R+34.8 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.24%
• Current HPI: 253.0496
• Rent YoY: ▲ 11.46%
• 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

-30.8% since first listed

11 events — show timeline

• 2026-05-07 Pending — METROMLS
• 2026-05-07 Pending — METROMLS
• 2026-04-07 Listed $449,900 METROMLS
• 2026-04-07 Listed $449,900 METROMLS
• 2025-04-07 Listing Removed — METROMLS
• 2025-01-17 Price Changed $575,000 METROMLS
• 2024-12-06 Listed $599,000 METROMLS
• 2024-06-26 Listing Removed — METROMLS
• 2024-03-13 Rental Removed $1,800 BUILDIUM
• 2024-02-15 Listed for Rent $1,800 BUILDIUM
• 2024-01-19 Listed $649,900 METROMLS