3281 N 24th St · Milwaukee, WI 53206

$105,000

4 bd · 3.0 ba · 1,104 sqft · Land public records · 33 Days on market

Built 2026 4,791 sqft lot

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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 +28.3/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks

NEW CONSTRUCTION!!! This home is part of the Early Childhood Education (ECE) Homeownership Initiative and is exclusively available to ECE Educators. For questions on eligibility, please contact directly.

Key facts

• 4,791 sq ft lot
• Built 2026
• Listed 33 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $105k.

Deal economics

• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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: Rents rising fast (+8.3%/yr); 150 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $1,344/mo this rent would consume 55% of the median local household income ($29k/yr) (locally 2061% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $11k of equity ($726 loan paydown + $10k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $29k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $10k; list at $105k implies a 950% gain — meaningful room to come down on a strong offer.

Recommended offer $101,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.72%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 36.8%
• Equity multiple: 3.92×
• Total profit: $85,712
• Equity at exit: $94,592

10-year hold

• IRR: 33.6%
• Equity multiple: 9.61×
• Total profit: $253,211
• Equity at exit: $203,992

Cash invested: $29,400 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,344 high
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $336

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 70%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.24mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	1d	1	0.31mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	16d	1	0.33mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	0.46mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	43d	1	0.57mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	0.63mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	0.69mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	16d	1	0.71mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	0.71mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	0.80mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	1d	1	0.92mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	0.95mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	16d	1	0.96mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.15mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.18mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	1.32mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	16d	1	1.47mi

Listing history 3 events

1. 2026-04-23
   status Pending
2. 2026-03-19
   listed $105,000 Active
3. 1997-06-26
   soldstatus $10,000

ⓘ 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 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,127
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$3,055
• Taxable income: $2,510
• Est. tax owed @ 24.0%: −$603
• After-tax cash flow: $3,430/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: 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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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: Predominantly Black (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

+950.0% since first listed

3 events — show timeline

• 2026-04-23 Pending — METROMLS
• 2026-03-19 Listed $105,000 METROMLS
• 1997-06-26 Sold (Public Records) $10,000 Public Records