6226 W Port Ave Unit C32 · Milwaukee, WI 53223

$43,000

2 bd · 1.0 ba · 1,056 sqft · Condo · 49 Days on market

Built 1970 Fair condition $41/sqft · 43% below area Est $75k · 43% under $250/mo HOA · 18% of rent ↓ 44% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfect for an owner occupant looking for some sweat equity! Condo needing some updates. Located in district 09. Only available to Owner Occupant offers for the 1st 30 days on market. (until 5/14/26) $300 in essential repairs. There is discoloration in the basement. Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition. Buyer to do their own due diligence regarding condo info.

Key facts

• $250 HOA
• Built 1970
• Listed 49 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $43k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $558 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• Recommended offer: $42k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.9% vs local median 5.1% in Milwaukee — 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 81/100 on livability (#55 in WI, #1,534 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, schools F, crime F.
• Milwaukee School District (urban): math 10% / reading 18% proficiency, ranked #337 of 342 in WI (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 46 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $297 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $41,710 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1970 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 3.25% ✓
• Cap rate: 21.86%
• Cash-on-cash: 55.60%
• DSCR: 3.47
• GRM: 2.6

CMA / ARV

• ARV (median comp): $75,368
• List price: $43,000
• Delta: -42.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 54.1%
• Equity multiple: 3.39×
• Total profit: $28,736
• Equity at exit: $6,411

10-year hold

• IRR: 59.3%
• Equity multiple: 6.94×
• Total profit: $71,481
• Equity at exit: $3,718

Cash invested: $12,040 (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 53223

• Home prices YoY: -27.7%
• Active inventory: 46
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,399 high
• Mortgage (P&I): −$225
• Tax est. 1.5%: −$54 /mo · $645/yr
• Insurance: −$18
• HOA: −$250
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $558

Break-even live

Break-even rent $693

Max offer price $43,000

Occupancy floor 55%

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: $10,750
• Closing costs: $1,290
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6011 W Port Ave Apt 203H Milwaukee, WI	1.0	1.0	725	$995	$1.37	43d	1	0.18mi
6401 W Bradley Rd Milwaukee, WI	1.0–3.0	1.0–2.5	882	$1,475	$1.67	1d	2	0.27mi
5005 W Bradley Rd Milwaukee, WI	2.0	1.0	1064	$1,299	$1.22	14d	2	0.85mi
5005 W Bradley Rd Milwaukee, WI	2.0	1.0	1149	$1,299	$1.13	43d	1	0.85mi
5829 W Helena St Milwaukee, WI	3.0	2.0	1212	$2,200	$1.82	10d	1	0.92mi
7290 W Dean Rd Milwaukee, WI	2.0	1.0–1.5	625	$1,545	$2.47	1d	8	0.98mi
5401 W Presidio Ln Milwaukee, WI	2.0	2.0	1200	$1,685	$1.40	1d	13	1.01mi
7300 W Dean Rd Milwaukee, WI	1.0–2.0	1.0–1.5	850	$1,545	$1.82	2d	8	1.08mi
7601 W Donna Ct #1 Milwaukee, WI	2.0	1.5	872	$1,250	$1.43	23d	1	1.20mi
6951 N 76th St Apt 112 Milwaukee, WI	2.0	1.0	1025	$1,100	$1.07	23d	1	1.29mi
6762 N 52nd St Milwaukee, WI	2.0	2.0	1309	$1,500	$1.15	14d	1	1.42mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-02
   statusdays on market $43,000 Pending 49 DOM
2. 2026-06-01
   days on market $43,000 Active 48 DOM
3. 2026-05-31
   days on market $43,000 Active 47 DOM
4. 2026-04-14
   listed $43,000 Active 661-char remark

   Show marketing remark (661 chars)

   Perfect for an owner occupant looking for some sweat equity! Condo needing some updates. Located in district 09. Only available to Owner Occupant offers for the 1st 30 days on market. (until 5/14/26) $300 in essential repairs. There is discoloration in the basement. Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition. Buyer to do their own due diligence regarding condo info.

5. 2026-04-06
   historical 235-char remark

   Show marketing remark (235 chars)

   This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00am

6. 2026-02-23
   listed $77,100 Active 235-char remark

   Show marketing remark (235 chars)

   This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00am

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,785
• − Mortgage interest: −$2,409
• − Property taxes: −$645
• − Insurance: −$215
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − HOA: −$3,000
• − Depreciation: −$1,251
• Taxable income: $6,580
• Est. tax owed @ 24.0%: −$1,579
• After-tax cash flow: $5,115/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 · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations, including repairs to plumbing and missing cabinet doors, to improve its condition and value.

Repairs flagged

• Major Exposed plumbing in kitchen — Exposed plumbing indicates potential water damage
• Major Missing cabinet doors in bathrooms — Missing cabinet doors indicate lack of storage
• Major Dirty sink in bathrooms — Dirty sink indicates poor maintenance

Value-add opportunities

• Resale Paint walls — Fresh paint enhances curb appeal
• Rental Clean sink — Clean sink attracts renters
• Both Install cabinet doors — Cabinet doors improve functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed plumbing in kitchen · Exposed plumbing indicates potential water damage	Major	$15,000–50,000
Missing cabinet doors in bathrooms · Missing cabinet doors indicate lack of storage	Major	$15,000–50,000
Dirty sink in bathrooms · Dirty sink indicates poor maintenance	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale Paint walls — Fresh paint enhances curb appeal ↑
• Rental Clean sink — Clean sink attracts renters ↑
• Both Install cabinet doors — Cabinet doors improve functionality and aesthetics ↑

ⓘ 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: Milwaukee School District
• NCES district ID: 5509600
• Math proficiency: 10% ▼ -5.00%
• Reading proficiency: 18% ▬ 0.00%
• Median HH income: $36,339
• Composite: 11.61/100
• National rank: #9696
• State rank: #337 of 342 in WI

Livability — Milwaukee

• Score: 81/100
• State rank: #55
• US rank: #1534

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milwaukee, WI
• County: Milwaukee County · 926,379 people
• City population: 573,768
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 28,793
• Household income: $60,839
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 1084.0

Population outlook (Milwaukee County) Hauer SSP2

• Today (2025): 995,758 people
• By 2030: 1,009,124 · +1.3%
• By 2040: 1,028,128 · +3.3%
• By 2050: 1,040,066 · +4.4%
• By 2075: 1,057,849 · +6.2%
• By 2100: 1,039,774 · +4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 57% White 29% Asian 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Other Asian/Pacific 4% Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Milwaukee

• 2024 margin: Solid D (+38.5) · D 68.3% · R 29.8% · Other 1.8%
• 2008→2024 swing: +2.7pp toward D · 2008: 35.9pp · 2024: 38.5pp
• All cycles: 2024: D+38.5 2020: D+39.9 2016: D+37.5 2012: D+34.6 2008: D+35.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.51%
• Current HPI: 283.4147
• 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

-44.2% since first listed

3 events — show timeline

• 2026-04-14 Listed $43,000 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $77,100 METROMLS