151 N University Dr #215 · West Bend, WI 53095

$149,000

2 bd · 2.0 ba · 1,380 sqft · Condo public records · 208 Days on market

Built 1972 $108/sqft · at area comps Est $145k · at est. $259/mo HOA · 17% of rent

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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 +12.8/30.0
• ARV discount +6.3/15.0
• 1% rule +5.4/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sought after spacious 3-bedroom, 2-bath second-floor condo in the Embassy Condominiums. Corner units add abundant natural light This 1,380 sq ft unit offers a large living room, dining area, and kitchen with appliances included. Primary bedroom features an attached full bath. Enjoy secure entry, an assigned underground heated parking space, storage locker, elevator, on-floor laundry, outdoor pool, clubhouse, exercise room, and green space. Condo fee includes water, sewer, trash, snow removal, lawn care, and common area maintenance. Just completely freshly painted. Great West Bend location close to shopping and amenities.

Key facts

• Outdoor pool
• Green space
• Secure entry

Tags

• SECURE ENTRY
• ASSIGNED UNDERGROUND PARKING
• OUTDOOR POOL
• CLUBHOUSE
• EXERCISE ROOM
• GREEN SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $149k.

Deal economics

• At list price, monthly cash flow is $-13 ($-152/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (1.5% below list).
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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.

Location & tenants

• 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.
• Market conditions: 107 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 453 units permitted in Washington County in 2024 (105 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 208 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $94k; list at $149k implies a 58% gain — meaningful room to come down on a strong offer.

Recommended offer $131,120 (12.0% 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 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.04% ✓
• Cap rate: 6.19%
• Cash-on-cash: -0.36%
• DSCR: 0.98
• GRM: 8.0

CMA / ARV

• ARV (median comp): $145,092
• List price: $149,000
• Delta: 2.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.8%
• Equity multiple: 0.41×
• Total profit: $-24,798
• Equity at exit: $22,216

10-year hold

• IRR: -8.4%
• Equity multiple: 0.47×
• Total profit: $-22,007
• Equity at exit: $12,883

Cash invested: $41,720 (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 53095

• Active inventory: 107
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,557 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$140 /mo · $1,679/yr
• Insurance: −$62
• HOA: −$259
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-13

Break-even live

Break-even rent $1,573

Max offer price $146,760

Occupancy floor 96%

Sensitivity live

Price	-10% $72	-5% $29	+0% $-13	+5% $-55	+10% $-97
Rent	-10% $-136	-5% $-74	+0% $-13	+5% $49	+10% $110
Rate	-1.0pp $62	-0.5pp $25	base $-13	+0.5pp $-51	+1.0pp $-91

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
433 N Main St West Bend, WI	3.0	1.0–2.5	1097	$2,395	$2.18	2d	36	1.29mi

HOA detail condo

• Monthly dues: $259 · $3,108/yr
• Likely covers: watersewertrashlandscapingsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $149,000 Active 208 DOM
2. 2026-06-18
   days on market $149,000 Active 205 DOM
3. 2026-06-16
   remarks 676-char remark
4. 2026-06-16
   days on market $149,000 Active 204 DOM
5. 2026-06-15
   days on market $149,000 Active 203 DOM
6. 2026-06-13
   days on market $149,000 Active 201 DOM
7. 2026-06-09
   days on market $149,000 Active 197 DOM
8. 2026-06-08
   days on market $149,000 Active 196 DOM
9. 2026-06-08
   days on market $149,000 Active 195 DOM
10. 2026-06-05
    days on market $149,000 Active 192 DOM
11. 2026-06-03
    pricedays on market $149,000 Active 191 DOM
12. 2026-06-02
    days on market $159,000 Active 190 DOM
13. 2026-06-01
    days on market $159,000 Active 189 DOM
14. 2026-05-31
    days on market $159,000 Active 188 DOM
15. 2026-04-20
    price $159,000 628-char remark

    Show marketing remark (628 chars)

    Sought after spacious 3-bedroom, 2-bath second-floor condo in the Embassy Condominiums. Corner units add abundant natural light This 1,380 sq ft unit offers a large living room, dining area, and kitchen with appliances included. Primary bedroom features an attached full bath. Enjoy secure entry, an assigned underground heated parking space, storage locker, elevator, on-floor laundry, outdoor pool, clubhouse, exercise room, and green space. Condo fee includes water, sewer, trash, snow removal, lawn care, and common area maintenance. Just completely freshly painted. Great West Bend location close to shopping and amenities.

16. 2026-02-17
    status Active 628-char remark

    Show marketing remark (628 chars)

    Sought after spacious 3-bedroom, 2-bath second-floor condo in the Embassy Condominiums. Corner units add abundant natural light This 1,380 sq ft unit offers a large living room, dining area, and kitchen with appliances included. Primary bedroom features an attached full bath. Enjoy secure entry, an assigned underground heated parking space, storage locker, elevator, on-floor laundry, outdoor pool, clubhouse, exercise room, and green space. Condo fee includes water, sewer, trash, snow removal, lawn care, and common area maintenance. Just completely freshly painted. Great West Bend location close to shopping and amenities.

17. 2026-02-02
    historical Contingent 628-char remark

    Show marketing remark (628 chars)

    Sought after spacious 3-bedroom, 2-bath second-floor condo in the Embassy Condominiums. Corner units add abundant natural light This 1,380 sq ft unit offers a large living room, dining area, and kitchen with appliances included. Primary bedroom features an attached full bath. Enjoy secure entry, an assigned underground heated parking space, storage locker, elevator, on-floor laundry, outdoor pool, clubhouse, exercise room, and green space. Condo fee includes water, sewer, trash, snow removal, lawn care, and common area maintenance. Just completely freshly painted. Great West Bend location close to shopping and amenities.

18. 2025-11-24
    listed $169,000 Active 628-char remark

    Show marketing remark (628 chars)

    Sought after spacious 3-bedroom, 2-bath second-floor condo in the Embassy Condominiums. Corner units add abundant natural light This 1,380 sq ft unit offers a large living room, dining area, and kitchen with appliances included. Primary bedroom features an attached full bath. Enjoy secure entry, an assigned underground heated parking space, storage locker, elevator, on-floor laundry, outdoor pool, clubhouse, exercise room, and green space. Condo fee includes water, sewer, trash, snow removal, lawn care, and common area maintenance. Just completely freshly painted. Great West Bend location close to shopping and amenities.

19. 2002-06-13
    soldstatus $94,500

ⓘ 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: $1,679 · $140/mo
• Projected year-2 tax: $2,218 · $185/mo
• Expected delta: +$539/yr (+$45/mo · 32.1%)

ⓘ 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 ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,678
• − Mortgage interest: −$8,346
• − Property taxes: −$1,679
• − Insurance: −$745
• − Repairs & maintenance: −$1,494
• − Management: −$1,494
• − HOA: −$3,108
• − Depreciation: −$4,335
• Taxable loss: −$2,523
• Est. tax savings @ 24.0%: +$605
• After-tax cash flow: $453/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 Bend School District
• NCES district ID: 5516290
• Math proficiency: 50% ▼ -4.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $59,641
• Composite: 40.84/100
• National rank: #3630
• State rank: #73 of 342 in WI

Livability — West Bend

• Score: 79/100
• State rank: #80
• US rank: #2147

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Bend, WI
• County: Washington County · 47,863 people
• City population: 27,817
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 27,817
• Household income: $80,830
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 690.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 137,678 people
• By 2030: 138,441 · +0.6%
• By 2040: 137,047 · -0.5%
• By 2050: 130,918 · -4.9%
• By 2075: 115,447 · -16.1%
• By 2100: 93,069 · -32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 9% Portuguese 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+36.3) · D 31.3% · R 67.6% · Other 1.2%
• 2008→2024 swing: -6.7pp toward R · 2008: -29.6pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+38.1 2016: R+40.5 2012: R+40.2 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.92%
• Current HPI: 177.7054
• Rent YoY: —
• 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

+68.3% since first listed

5 events — show timeline

• 2026-04-20 Price Changed $159,000 METROMLS
• 2026-02-17 Relisted — METROMLS
• 2026-02-02 Contingent — METROMLS
• 2025-11-24 Listed $169,000 METROMLS
• 2002-06-13 Sold (Public Records) $94,500 Public Records

Property tax history

+6.8%/yr

Latest (2025): $1,679 · +7.7% YoY. Source: county tax records.