2022 W Keefe Ave Unit 2022A · Milwaukee, WI 53206

$59,900

4 bd · 2.0 ba · 1,914 sqft · MultiFamily · 5 Days on market

Built 1915 Fair condition 3,484 sqft lot Est $77k · 22% under ↓ 31% since listing

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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 +2.2/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

2/2 duplex property, ready for your rehab vision. Each unit features 2bd/1ba, kitchen, living room, dining room, lower unit has a pantry and extra cabinet space. Upper unit has rear porch access. There's a 2c detached garage and fenced backyard. Full basement with laundry hookups, storage lockers and separate mechanicals. Newer vinyl windows through most of the property. Bring back the luster and shine with this diamond in the rough. Property being sold As-Is Where-Is with no guarantees or warranties. Refer to condition report for more information regarding city lead pipe replacement completed.

Key facts

• Pantry
• Duplex property
• Extra cabinet space

Tags

• DUPLEX PROPERTY
• PANTRY
• EXTRA CABINET SPACE
• REAR PORCH ACCESS
• ROOF ACCESS
• FENCED BACKYARD

Property features AI

Finance

• Other: Lot size about 0.08 acre (less than 1/2 acre); Property located in the city of Milwaukee

Exterior

• Parking: Detached 2-car garage; Approximately 2.5 garage parking spaces (total)
• Utilities: Municipal water; Municipal sewer
• Home design: 2-story duplex; Multi-family property; Zoning: RT3
• Construction: Aluminum exterior material; Year built: public/assessor records
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement; Duplex layout (2 units)
• Laundry & utility: Separate meters: 2 electric meters, 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $555/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Cap rate 28.5% 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); 160 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,930/mo this rent would consume 79% 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 $6k of equity ($414 loan paydown + $6k 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 $17k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 3.22% ✓
• Cap rate: 28.54%
• Cash-on-cash: 79.47%
• DSCR: 4.54
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $76,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2022 W Keefe Ave Unit 2022A	0.00mi	4/2.0	1,914 (0%)	1mo	$55,000	$29	100
3607 N 20th St	0.08mi	4/2.0	2,046 (+7%)	2mo	$115,000	$56	83
2450 W Keefe Ave #2452	0.30mi	3/2.0 (-1)	1,831 (-4%)	1mo	$35,000	$19	73
2020 W Hopkins St	0.43mi	4/2.0	2,050 (+7%)	0mo	$105,000	$51	68
3905 N 13th St #3907	0.64mi	4/2.0	1,884 (-2%)	2mo	$144,500	$77	66
3283 N 14th St #3285	0.53mi	4/2.0	2,044 (+7%)	2mo	$80,000	$39	62
4047 N 19th St #4049	0.59mi	4/2.0	1,815 (-5%)	2mo	$134,900	$74	62
4045 N 26th St Unit 4045A	0.70mi	4/2.0	1,963 (+3%)	2mo	$66,100	$34	61
1304 W Ring St Unit 1304A	0.61mi	5/2.0 (+1)	1,851 (-3%)	1mo	$70,000	$38	60
3748 N 17th St	0.38mi	4/2.0	2,161 (+13%)	2mo	$80,000	$37	59
3202 N 24th St #3204	0.43mi	4/2.0	2,169 (+13%)	2mo	$165,000	$76	56
3220 N 24th Pl Unit 3220A	0.44mi	3/2.0 (-1)	1,626 (-15%)	1mo	$65,000	$40	48

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: 94.0%
• Equity multiple: 7.77×
• Total profit: $113,596
• Equity at exit: $53,963

10-year hold

• IRR: 90.4%
• Equity multiple: 19.14×
• Total profit: $304,214
• Equity at exit: $116,373

Cash invested: $16,772 (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: 160
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,930 high
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $1,111

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 37%

Sensitivity live

Price	-10% $1,152	-5% $1,131	+0% $1,111	+5% $1,090	+10% $1,069
Rent	-10% $958	-5% $1,035	+0% $1,111	+5% $1,187	+10% $1,263
Rate	-1.0pp $1,141	-0.5pp $1,126	base $1,111	+0.5pp $1,095	+1.0pp $1,079

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,930
Total (2 units)			$1,930

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	18d	1	0.04mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	0.54mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	0.61mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	1.00mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	1.17mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	1.31mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	1.45mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	1.47mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	1.47mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	1.50mi

Listing history 5 events

1. 2026-05-18
   historical 601-char remark

   Show marketing remark (601 chars)

   2/2 duplex property, ready for your rehab vision. Each unit features 2bd/1ba, kitchen, living room, dining room, lower unit has a pantry and extra cabinet space. Upper unit has rear porch access. There's a 2c detached garage and fenced backyard. Full basement with laundry hookups, storage lockers and separate mechanicals. Newer vinyl windows through most of the property. Bring back the luster and shine with this diamond in the rough. Property being sold As-Is Where-Is with no guarantees or warranties. Refer to condition report for more information regarding city lead pipe replacement completed.

2. 2026-05-18
   listed $59,900 Active 579-char remark

   Show marketing remark (601 chars)

   2/2 duplex property, ready for your rehab vision. Each unit features 2bd/1ba, kitchen, living room, dining room, lower unit has a pantry and extra cabinet space. Upper unit has rear porch access. There's a 2c detached garage and fenced backyard. Full basement with laundry hookups, storage lockers and separate mechanicals. Newer vinyl windows through most of the property. Bring back the luster and shine with this diamond in the rough. Property being sold As-Is Where-Is with no guarantees or warranties. Refer to condition report for more information regarding city lead pipe replacement completed.

3. 2026-05-01
   price $69,900 601-char remark

   Show marketing remark (601 chars)

   2/2 duplex property, ready for your rehab vision. Each unit features 2bd/1ba, kitchen, living room, dining room, lower unit has a pantry and extra cabinet space. Upper unit has rear porch access. There's a 2c detached garage and fenced backyard. Full basement with laundry hookups, storage lockers and separate mechanicals. Newer vinyl windows through most of the property. Bring back the luster and shine with this diamond in the rough. Property being sold As-Is Where-Is with no guarantees or warranties. Refer to condition report for more information regarding city lead pipe replacement completed.

4. 2026-04-26
   price $74,900 601-char remark

   Show marketing remark (601 chars)

   2/2 duplex property, ready for your rehab vision. Each unit features 2bd/1ba, kitchen, living room, dining room, lower unit has a pantry and extra cabinet space. Upper unit has rear porch access. There's a 2c detached garage and fenced backyard. Full basement with laundry hookups, storage lockers and separate mechanicals. Newer vinyl windows through most of the property. Bring back the luster and shine with this diamond in the rough. Property being sold As-Is Where-Is with no guarantees or warranties. Refer to condition report for more information regarding city lead pipe replacement completed.

5. 2026-04-08
   listed $79,900 Active 601-char remark

   Show marketing remark (601 chars)

   2/2 duplex property, ready for your rehab vision. Each unit features 2bd/1ba, kitchen, living room, dining room, lower unit has a pantry and extra cabinet space. Upper unit has rear porch access. There's a 2c detached garage and fenced backyard. Full basement with laundry hookups, storage lockers and separate mechanicals. Newer vinyl windows through most of the property. Bring back the luster and shine with this diamond in the rough. Property being sold As-Is Where-Is with no guarantees or warranties. Refer to condition report for more information regarding city lead pipe replacement completed.

ⓘ 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: $23,160
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,853
• − Management: −$1,853
• − Depreciation: −$1,743
• Taxable income: $13,159
• Est. tax owed @ 24.0%: −$3,158
• After-tax cash flow: $10,171/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 2/2 duplex requires moderate renovations to modernize and improve its condition, focusing on the kitchen, bathrooms, flooring, and interior walls.

Repairs flagged

• Major kitchen cabinets — severely worn
• Major bathroom fixtures — old and worn
• Major flooring — worn hardwood
• Major interior walls/paint — scuffed and peeling

Value-add opportunities

• Resale new kitchen cabinets and countertops — modernizing the kitchen
• Resale new bathroom fixtures and tile — modernizing the bathrooms
• Resale new flooring — modernizing the living spaces
• Resale painting interior walls and trim — refreshing the interior
• Both HVAC upgrade — improving comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely worn	Major	$15,000–50,000
bathroom fixtures · old and worn	Major	$15,000–50,000
flooring · worn hardwood	Major	$15,000–50,000
interior walls/paint · scuffed and peeling	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale new kitchen cabinets and countertops — modernizing the kitchen ↑
• Resale new bathroom fixtures and tile — modernizing the bathrooms ↑
• Resale new flooring — modernizing the living spaces ↑
• Resale painting interior walls and trim — refreshing the interior ↑
• Both HVAC upgrade — improving comfort and energy efficiency ↑

ⓘ 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

-31.2% since first listed

7 events — show timeline

• 2026-06-03 Sold (MLS) $55,000 METROMLS
• 2026-05-23 Pending — METROMLS
• 2026-05-18 Listing Removed — METROMLS
• 2026-05-18 Listed $59,900 METROMLS
• 2026-05-01 Price Changed $69,900 METROMLS
• 2026-04-26 Price Changed $74,900 METROMLS
• 2026-04-08 Listed $79,900 METROMLS