820 W Keefe Ave · Milwaukee, WI 53206

$114,900

5 bd · 2.0 ba · 1,571 sqft · SingleFamily public records · 15 Days on market

Built 1904 4,791 sqft lot Est $145k · 21% under

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Why this score? — see what drove the A 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
• Appreciation +10.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks

Cash cow. Now's your chance to start collecting rent on this single family home. Currently renewed with section 8 for 2100/mo. Now's your chance to get in the game with a rental that beats the one per cent rule.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1904

Property features AI

Finance

• Other: Tenant's personal property excluded from sale

Exterior

• Parking: 2-car garage
• Utilities: Municipal water; Municipal sewer; Natural gas service
• Home design: Single-family home; 2-story
• Construction: Less than 1/2 acre lot (approximately 0.11 acre); Zoned RT4
• Exterior features: Vinyl and wood exterior

Interior

• Kitchen: Kitchen located on main level
• Bedrooms: Master bedroom on upper level; Bedroom 2 on main level; Bedrooms 3 and 4 on upper level
• Flooring: Wood floors
• Bathrooms: Three full bathrooms; Baths include tub only, ceramic tile, shower over tub, and shower stall
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Cable/Satellite available; Wood floors; Full basement

🏷️ Possibly a rental listed for sale. The $114,900 price doesn't fit this home's estimated sale value (~$144,532) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $668 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.3% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1,773/mo this rent would consume 73% 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 $12k of equity ($794 loan paydown + $11k 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 $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $89k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,176 (1.5% below list)

Questions for the listing agent

1. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.54% ✓
• Cap rate: 13.27%
• Cash-on-cash: 24.93%
• DSCR: 2.11
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $144,532
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3783 N 9th St	0.30mi	4/2.0 (-1)	1,562 (-1%)	2mo	$220,000	$141	78
3558 N 11th St	0.16mi	5/1.5	1,656 (+5%)	5mo	$150,000	$91	78
3700 N 14th St	0.38mi	5/2.0	1,611 (+2%)	2mo	$205,000	$127	76
3279 N Dr William Finlayson St	0.34mi	4/2.0 (-1)	1,504 (-4%)	1mo	$202,500	$135	72
3766 N Vel R Phillips Ave	0.44mi	4/3.0 (-1)	1,621 (+3%)	4mo	$129,000	$80	62
3230 N 12th St	0.38mi	5/1.0	1,762 (+12%)	4mo	$140,000	$79	55
3206 N 12th St	0.41mi	4/1.0 (-1)	1,710 (+9%)	3mo	$25,800	$15	54
3234 N Achilles St	0.69mi	4/1.5 (-1)	1,645 (+5%)	1mo	$105,000	$64	52
3146 N 15th St	0.56mi	5/1.5	1,761 (+12%)	5mo	$90,000	$51	47
3153 N Dr William Finlayson St	0.46mi	4/2.0 (-1)	1,797 (+14%)	7mo	$203,000	$113	44
3927 N 16th St	0.65mi	4/2.0 (-1)	1,755 (+12%)	4mo	$161,900	$92	42
2937 N 11th St	0.69mi	4/2.0 (-1)	1,347 (-14%)	1mo	$155,000	$115	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 45.8%
• Equity multiple: 4.56×
• Total profit: $114,509
• Equity at exit: $103,511

10-year hold

• IRR: 41.8%
• Equity multiple: 11.16×
• Total profit: $326,922
• Equity at exit: $223,225

Cash invested: $32,172 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,773 high
• Mortgage (P&I): −$603
• Tax from tax record: −$82 /mo · $982/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $668

Break-even live

Break-even rent $927

Max offer price $114,900

Occupancy floor 57%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 E Burleigh St Unit 223 Milwaukee, WI	4.0	1.0	1153	$1,395	$1.21	43d	1	0.85mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	1.08mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	1.26mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.30mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	1.48mi

Listing history 11 events

1. 2026-06-18
   days on market $114,900 Active 15 DOM
2. 2026-06-17
   days on market $114,900 Active 14 DOM
3. 2026-06-16
   days on market $114,900 Active 13 DOM
4. 2026-06-15
   days on market $114,900 Active 12 DOM
5. 2026-06-13
   days on market $114,900 Active 10 DOM
6. 2026-06-13
   days on market $114,900 Active 9 DOM
7. 2026-06-09
   days on market $114,900 Active 6 DOM
8. 2026-06-08
   days on market $114,900 Active 5 DOM
9. 2026-06-07
   days on market $114,900 Active 4 DOM
10. 2026-06-03
    remarks 211-char remark
11. 2026-06-03
    listed $114,900 Active 1 DOM

ⓘ 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: $982 · $82/mo
• Projected year-2 tax: $1,554 · $130/mo
• Expected delta: +$572/yr (+$48/mo · 58.2%)

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

Taxation est. · year 1

• Rental income: $21,277
• − Mortgage interest: −$6,436
• − Property taxes: −$982
• − Insurance: −$574
• − Repairs & maintenance: −$1,702
• − Management: −$1,702
• − Depreciation: −$3,343
• Taxable income: $6,537
• Est. tax owed @ 24.0%: −$1,569
• After-tax cash flow: $6,452/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

+296.2% since first listed

3 events — show timeline

• 2026-06-03 Listed $114,900 METROMLS
• 2025-05-20 Sold (Public Records) $89,000 Public Records
• 1982-05-01 Sold (Public Records) $29,000 Public Records

Property tax history

-7.0%/yr

Latest (2024): $982 · -34.5% YoY. Source: county tax records.