2643 N 24th St · Milwaukee, WI 53206

$105,000

4 bd · 2.0 ba · 1,948 sqft · MultiFamily · 59 Days on market

Built 1900 Fair condition 5,662 sqft lot $54/sqft · 99% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

INVESTOR PROPERTY OR BUYER WITH FHA W/ 203K LOAN!!! 2/3 Duplex. New plumbing, and electrical, New windows for most windows. New front and rear doors. New porch front and rear. Double lot Sold as-is.

Key facts

• New plumbing
• New front doors
• New rear doors

Tags

• NEW PLUMBING
• NEW ELECTRICAL
• NEW WINDOWS
• NEW FRONT DOORS
• NEW REAR DOORS
• NEW PORCH

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $105k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $965 ($12k/yr) — positive. Per door: $482/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.3% 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; 16 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 $2,140/mo this rent would consume 88% 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 59 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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.
• Current owner paid $30k; list at $105k implies a 250% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

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

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.04% ✓
• Cap rate: 17.32%
• Cash-on-cash: 39.39%
• DSCR: 2.75
• GRM: 4.1

CMA / ARV

• ARV (median comp): $52,633
• List price: $105,000
• Delta: 99.49%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2847 N 26th St	0.32mi	4/2.0	1,863 (-4%)	2mo	$70,000	$38	76
2638 N 22nd St	0.15mi	4/2.0	1,687 (-13%)	3mo	$55,000	$33	68
2973 N 26th St	0.46mi	4/2.0	2,074 (+6%)	4mo	$150,000	$72	64
3218 N 26th St	0.74mi	4/2.0	1,986 (+2%)	3mo	$165,000	$83	60
2972 N 28th St	0.51mi	4/2.0	1,757 (-10%)	0mo	$141,806	$81	60
2020 W Hopkins St	0.69mi	4/2.0	2,050 (+5%)	0mo	$105,000	$51	59
2875 N 27th St #2877	0.39mi	4/2.0	2,200 (+13%)	4mo	$71,500	$33	57
2237 N 15th St #2239	0.75mi	4/2.0	2,024 (+4%)	3mo	$95,000	$47	56
2931 W Chambers St #2933	0.59mi	5/2.0 (+1)	2,080 (+7%)	3mo	$116,000	$56	54
3202 N 24th St #3204	0.70mi	4/2.0	2,169 (+11%)	2mo	$165,000	$76	46
2944 N 28th St #2946	0.48mi	5/2.0 (+1)	2,232 (+15%)	3mo	$165,000	$74	46
2866 N 34th St Unit 2866A	0.73mi	5/2.0 (+1)	1,713 (-12%)	4mo	$68,000	$40	37

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: 58.2%
• Equity multiple: 5.42×
• Total profit: $129,987
• Equity at exit: $94,592

10-year hold

• IRR: 53.8%
• Equity multiple: 13.33×
• Total profit: $362,540
• 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: 8.2×

Monthly cashflow live

• Estimated rent: $2,140 high
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $965

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 50%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,140
Total (2 units)			$2,140

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 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	0.09mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.32mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.38mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	0.44mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	0.77mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.88mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.10mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	1.18mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	23d	1	1.19mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.28mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.31mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	1.32mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	44d	1	1.41mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	44d	1	1.41mi
2478-2480 W Juneau Ave Unit 2478 Milwaukee, WI	4.0	1.0	1375	$1,495	$1.09	23d	1	1.44mi
2634 N Doctor M.L.K. Jr Dr Milwaukee, WI	5.0	2.5	2512	$3,700	$1.47	44d	1	1.48mi

Listing history 21 events

1. 2026-06-18
   days on market $105,000 Active 59 DOM
2. 2026-06-17
   days on market $105,000 Active 58 DOM
3. 2026-06-16
   days on market $105,000 Active 57 DOM
4. 2026-06-15
   days on market $105,000 Active 56 DOM
5. 2026-06-13
   days on market $105,000 Active 54 DOM
6. 2026-06-13
   days on market $105,000 Active 53 DOM
7. 2026-06-09
   days on market $105,000 Active 50 DOM
8. 2026-06-08
   days on market $105,000 Active 49 DOM
9. 2026-06-07
   days on market $105,000 Active 48 DOM
10. 2026-06-05
    days on market $105,000 Active 45 DOM
11. 2026-06-03
    days on market $105,000 Active 44 DOM
12. 2026-06-02
    days on market $105,000 Active 43 DOM
13. 2026-06-01
    days on market $105,000 Active 42 DOM
14. 2026-05-31
    days on market $105,000 Active 41 DOM
15. 2026-04-20
    listed $105,000 Active 198-char remark

    Show marketing remark (198 chars)

    INVESTOR PROPERTY OR BUYER WITH FHA W/ 203K LOAN!!! 2/3 Duplex. New plumbing, and electrical, New windows for most windows. New front and rear doors. New porch front and rear. Double lot Sold as-is.

16. 2026-02-21
    historical 172-char remark

    Show marketing remark (172 chars)

    INVESTOR ONLY PROPERTY!!! 2/3 Duplex. New plumbing, and electrical, New windows for most windows. New front and rear doors. New porch front and rear. Double lot Sold as-is.

17. 2026-01-02
    listed $115,000 Active 172-char remark

    Show marketing remark (172 chars)

    INVESTOR ONLY PROPERTY!!! 2/3 Duplex. New plumbing, and electrical, New windows for most windows. New front and rear doors. New porch front and rear. Double lot Sold as-is.

18. 2024-04-24
    soldstatus $30,000 Sold
19. 2024-04-08
    historical Contingent
20. 2024-04-01
    listed $45,000 Active
21. 2023-07-18
    historical

ⓘ 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: $25,680
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$2,054
• − Management: −$2,054
• − Depreciation: −$3,055
• Taxable income: $10,535
• Est. tax owed @ 24.0%: −$2,528
• After-tax cash flow: $9,051/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 · 4 photos

Fair 45/100 Moderate rehab

This property requires significant exterior repairs and maintenance, including roof and siding work, to improve its condition and value.

Repairs flagged

• Major roof — Siding condition suggests potential underlying roof issues
• Major exterior siding — Weathered and worn
• Major landscaping — Unkempt and overgrown

Value-add opportunities

• Both paint exterior — Fresh paint can improve curb appeal and property value
• Both landscaping — A well-maintained yard can increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Siding condition suggests potential underlying roof issues	Major	$15,000–50,000
exterior siding · Weathered and worn	Major	$15,000–50,000
landscaping · Unkempt and overgrown	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint exterior — Fresh paint can improve curb appeal and property value ↑
• Both landscaping — A well-maintained yard can increase both resale and rental value ↑

ⓘ 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): 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

+133.3% since first listed

7 events — show timeline

• 2026-04-20 Listed $105,000 METROMLS
• 2026-02-21 Listing Removed — METROMLS
• 2026-01-02 Listed $115,000 METROMLS
• 2024-04-24 Sold (MLS) $30,000 METROMLS
• 2024-04-08 Contingent — METROMLS
• 2024-04-01 Listed $45,000 METROMLS
• 2023-07-18 Rental Removed — APPFOLIO