2232 W Mitchell St #2234 · Milwaukee, WI 53204

$99,900

4 bd · 2.0 ba · 2,600 sqft · MultiFamily · 5 Days on market

Built 1910 Poor condition 3,920 sqft lot Est $177k · 43% 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
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +1.5/5.0
• 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

Attention investors, rehabbers and landlords! Make this LARGE 3/2 duplex w/ 2-car garage your next value-add project! Each of the spacious units feature an eat-in kitchen, and formal dining room/living rooms. Large attic could be finished for additional living space. City has total sq. ft. at 2,600, and current assessed value of $161,000! Bona fide CASH OFFERS ONLY as this property will unlikely qualify for conventional financing. The property needs a roof and other work, but appears to have solid bones! Sold in as-is condition.

Key facts

• 3,920 sq ft lot
• 2 garage spots
• Built 1910

Property features AI

Finance

• Financial info: Property is a two-unit income property

Exterior

• Parking: Detached 2-car garage (total 2 garage parking spaces)
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Estimated finished living area range: 1,251–1,500 per unit
• Construction: Built (year per assessor/public record); Block foundation
• Exterior features: Vinyl exterior; Lot is approximately 0.09 acres (less than 1/2 acre); Zoned LB2

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 12 x 12)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms (master and other bedrooms on upper level; dimensions: master 12 x 11, bedroom 2 11 x 10)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement with block construction
• Laundry & utility: Separate electric and gas meters (2 electric meters, 2 gas meters)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $669/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Cap rate 22.4% 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 (+2.0%/yr); 55 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,568/mo this rent would consume 67% of the median local household income ($46k/yr) (locally 2357% 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 ($691 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 + 2.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

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 1910 — 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: 2.57% ✓
• Cap rate: 22.37%
• Cash-on-cash: 57.41%
• DSCR: 3.55
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $176,800
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 W Mitchell St #2234	0.00mi	5/2.0 (+1)	2,600 (0%)	0mo	$160,000	$62	95
2206 W Burnham St #2208	0.15mi	4/2.0	2,430 (-6%)	15mo	$151,500	$62	69
2055 S 25th St #2057	0.41mi	4/2.0	2,344 (-10%)	2mo	$280,000	$119	63
2121 S Muskego Ave #2123	0.45mi	4/2.0	2,400 (-8%)	22mo	$175,000	$73	48
1633 S 30th St	0.50mi	5/2.0 (+1)	2,303 (-11%)	6mo	$126,467	$55	48
742 S 25th St #744	0.74mi	4/2.0	2,566 (-1%)	21mo	$165,000	$64	46
1117 S Layton Blvd #1119	0.58mi	5/2.0 (+1)	2,896 (+11%)	6mo	$310,000	$107	44
1131 S 19th St	0.53mi	4/2.0	2,255 (-13%)	19mo	$195,000	$86	38
2104 W Lincoln Ave	0.65mi	5/2.0 (+1)	2,293 (-12%)	15mo	$155,000	$68	32

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 · 2.0% rent growth · sell at horizon

5-year hold

• IRR: 69.2%
• Equity multiple: 5.90×
• Total profit: $137,128
• Equity at exit: $89,998

10-year hold

• IRR: 62.5%
• Equity multiple: 12.86×
• Total profit: $331,881
• Equity at exit: $194,084

Cash invested: $27,972 (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 53204

• Home prices YoY: 19.0%
• Rents YoY: 2.0%
• Active inventory: 55
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,568 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $1,338

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,568
Total (2 units)			$2,568

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-23
   historical Contingent
2. 2026-05-21
   listed $99,900 Active
3. 2026-05-19
   historical $99,900

ⓘ 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 ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,816
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$2,465
• − Management: −$2,465
• − Depreciation: −$2,906
• Taxable income: $15,385
• Est. tax owed @ 24.0%: −$3,692
• After-tax cash flow: $12,368/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 · 5 photos

Poor 30/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to a livable condition. Significant investments in the roof, exterior, and interior systems are necessary to increase its value.

Repairs flagged

• Major roof — No visible roof condition
• Major exterior siding — Worn siding
• Major steps — Damaged steps
• Major kitchen cabinets — Worn cabinets
• Major bathroom fixtures — Exposed pipes
• Major HVAC radiators — Exposed pipes
• Major landscaping — Overgrown lawn

Value-add opportunities

• Both New roof — Critical to the structural integrity and appearance
• Both New exterior siding — Improves curb appeal and durability
• Both New steps — Enhances safety and appearance
• Both New kitchen cabinets — Modernizes the space and increases functionality
• Both New bathroom fixtures — Enhances functionality and appearance
• Both New HVAC radiators — Improves comfort and energy efficiency
• Both Landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible roof condition	Major	$15,000–50,000
exterior siding · Worn siding	Major	$15,000–50,000
steps · Damaged steps	Major	$15,000–50,000
kitchen cabinets · Worn cabinets	Major	$15,000–50,000
bathroom fixtures · Exposed pipes	Major	$15,000–50,000
HVAC radiators · Exposed pipes	Major	$15,000–50,000
landscaping · Overgrown lawn	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both New roof — Critical to the structural integrity and appearance ↑
• Both New exterior siding — Improves curb appeal and durability ↑
• Both New steps — Enhances safety and appearance ↑
• Both New kitchen cabinets — Modernizes the space and increases functionality ↑
• Both New bathroom fixtures — Enhances functionality and appearance ↑
• Both New HVAC radiators — Improves comfort and energy efficiency ↑
• Both Landscaping — Enhances curb appeal and property 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): 39,996
• Household income: $45,934
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 2357.0

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 Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 35% White 15% Black 11% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 51% Puerto Rican 13%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 35% English-only · Spanish 61% Other Asian/Pacific 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: ▲ 64.27%
• Current HPI: 403.236
• Rent YoY: ▲ 2.00%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-23 Contingent — METROMLS
• 2026-05-21 Listed $99,900 METROMLS
• 2026-05-19 Coming Soon $99,900 METROMLS