151 N University Dr #215

West Bend, WI 53095

$149,000D

2 bd · 2.0 ba · 1,380 sqft · Built 1972 · Condo · Active · 208 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,557/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$202
• HOA: −$259
• Vac / Maint / Mgmt: −$327
• Net cashflow: $-13/mo
• Annual: $-152/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.36%
• DSCR: 0.98
• 1% rule: 1.04%
• Cash to close: $41,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $149k.
• 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).
• It's been on market 208 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?