Kenosha County

Kenosha County sits at a 6.06% gross rent-to-price ratio against a median home price of $333,954 and median rent of $1,687. The cap rate comes in at 3.94%, which places this market firmly in appreciation territory rather than cash-flow territory. Running the numbers at 6.85% financing with 20% down, the modeled monthly mortgage is $1,751, and after $590 in estimated expenses the position bleeds $654 per month, producing a cash-on-cash return of negative 10.22%. That is not a rounding error or an edge case. It is the base case at current rates. The appreciation score of 91 out of 100 and 6.71% year-over-year price growth tell you why some investors still buy here, but anyone expecting the rent check to carry the asset should look elsewhere.

The buyer this market suits is an appreciation-oriented investor with enough capital or other income to absorb a meaningful monthly shortfall while waiting for price gains to compound. The 6.71% YoY price growth is real and the appreciation score ranks among the higher readings in the state, so the thesis is not crazy if your hold period is long enough and you are underwriting to a future refinance or sale rather than current income. Cash-flow buyers are mismatched to this county at these price levels and this rate environment. A value-add operator could potentially close some of the gap by forcing rents above the $1,687 median, but the base-case shortfall of $654 per month is a high bar to clear through renovation alone. The affordability index of 58 and overall score of 65 (68th national percentile) suggest the market is competitive without being deeply discounted.

The tax and insurance load deserves a dedicated line on any underwrite. Using the state-average effective rate from Tax Foundation 2024 (with the honest caveat that actual county and township rates will differ), Wisconsin's rate comes in at 1.85%, which is high enough to materially affect cash flow. On a $333,954 purchase, that translates to $6,178 in annual property taxes and $768 in insurance, or $579 per month combined in tax and insurance carry. That $579 figure represents roughly one-third of the gross monthly rent and is a significant drag in an environment where the gross rent is only $1,687. At 1.85%, the state-average rate is high enough to deserve its own line on your underwrite, and investors should pull the specific Kenosha County mill rate before finalizing any model, because township-level rates in Wisconsin can vary meaningfully from the state average.

The stability score of 50 is the number that warrants the most scrutiny. Half of the scoring distribution rates this county higher on stability, which means there is concentration or demographic risk embedded here that a buyer should diligence before committing. Kenosha has historically had a manufacturing-oriented employment base, and markets with that profile can experience sharper rental demand swings during economic downturns than more diversified metros. No vacancy or crime statistics are available in the provided data, so those dimensions require independent research, but the stability score alone is a signal to stress-test your vacancy assumptions harder than you might in a more diversified market.

Compared to its neighbors, Kenosha's rent-to-price ratio of 6.06% is actually the highest in the peer group. Milwaukee County sits at 6.12%, essentially a wash, while Rock County (4.99%), Manitowoc County (4.95%), and Wood County (5.02%) all trail by 100 basis points or more. That means Kenosha's cash-flow problem is not that the rent yield is unusually poor relative to neighbors; it is that 6.06% gross yield simply cannot service debt at 6.85% interest while also covering taxes, insurance, and operating expenses in any of these markets. Milwaukee County at $273,685 median offers a lower entry price and nearly identical rent-to-price ratio, which may reduce the absolute dollar shortfall even if the percentage dynamics are similar. Choose Kenosha over Milwaukee when you specifically want the higher appreciation trajectory, the 6.71% YoY price growth signal, and a smaller metro dynamic that may offer more individual asset pricing inefficiencies. Choose a neighbor when the primary goal is minimizing monthly carry or when you need the stability score to come in higher.