4661 N 21st St · Milwaukee, WI 53209

$66,825

2 bd · 1.0 ba · 744 sqft · SingleFamily public records · 1 Days on market

Built 1947 4,791 sqft lot $90/sqft · 31% below area Est $97k · 31% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants ONLY. BIDS DUE May 18th, 2026 AT 10:00am

Key facts

• 4,791 sq ft lot
• Garage
• Built 1947

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: Single-family home; One-story
• Construction: Property records indicate year built (assessor/public record)
• Exterior features: Brick / brick-and-stone exterior

Interior

• Kitchen: Kitchen on main level (10 x 10)
• Bedrooms: Master bedroom on main level (10 x 10)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Full basement; Living room on main level (10 x 10)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $67k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($974 rent vs $67k).
• Cap rate 11.1% 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 (+8.6%/yr); 168 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $462 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $19k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 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.
• Current owner paid $19k; list at $67k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,825

Questions for the listing agent

1. Built in 1947 — 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: 1.46% ✓
• Cap rate: 11.07%
• Cash-on-cash: 17.05%
• DSCR: 1.76
• GRM: 5.7

CMA / ARV

• ARV (median comp): $96,869
• List price: $66,825
• Delta: -15.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4757 N 21st St	0.11mi	2/1.0	704 (-5%)	1mo	$132,305	$188	85
1961 W Purdue St	0.17mi	2/1.0	744 (0%)	19mo	$129,900	$175	77
4636 N 19th St	0.25mi	2/1.0	800 (+8%)	11mo	$136,500	$171	67
4928 N 27th St	0.51mi	2/1.0	728 (-2%)	8mo	$115,000	$158	66
5038 N 19th Pl	0.50mi	2/1.0	752 (+1%)	11mo	$154,000	$205	66
4930 N 22nd St	0.34mi	2/1.0	705 (-5%)	15mo	$64,000	$91	62
2909 W Fairmount Ave	0.68mi	2/1.0	735 (-1%)	10mo	$70,500	$96	58
4348 N 30th St	0.73mi	2/1.0	710 (-5%)	9mo	$109,000	$154	51
4502 N 28th St	0.52mi	2/1.0	839 (+13%)	8mo	$75,000	$89	48
3105 W Glendale Ave	0.70mi	2/1.0	725 (-3%)	19mo	$50,000	$69	47
5012 N 28th St	0.63mi	2/1.0	800 (+8%)	14mo	$70,000	$88	47
4556 N 30th St	0.60mi	2/1.0	852 (+14%)	13mo	$25,500	$30	37

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.60×
• Total profit: $11,286
• Equity at exit: $9,964

10-year hold

• IRR: 26.7%
• Equity multiple: 3.95×
• Total profit: $55,212
• Equity at exit: $5,778

Cash invested: $18,711 (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 53209

• Rents YoY: 8.6%
• Active inventory: 168
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $974 high
• Mortgage (P&I): −$350
• Tax from tax record: −$125 /mo · $1,503/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $266

Break-even live

Break-even rent $637

Max offer price $66,825

Occupancy floor 68%

Sensitivity live

Price	-10% $304	-5% $285	+0% $266	+5% $247	+10% $228
Rent	-10% $189	-5% $227	+0% $266	+5% $304	+10% $343
Rate	-1.0pp $299	-0.5pp $283	base $266	+0.5pp $248	+1.0pp $231

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: $16,706
• Closing costs: $2,005
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4603 N 29th St Unit 3 Milwaukee, WI	1.0	1.0	510	$750	$1.47	24d	1	0.58mi
1917 W Atkinson Ave #4 Milwaukee, WI	1.0	1.0	496	$795	$1.60	44d	1	0.92mi
3921 N 17th St Apt 3 Milwaukee, WI	1.0	1.0	650	$800	$1.23	44d	1	0.99mi
4651 N 36th St #4 Milwaukee, WI	2.0	1.0	747	$945	$1.27	24d	1	1.02mi
3901 N 27th St Unit 3907 Milwaukee, WI	2.0	1.0	715	$895	$1.25	24d	1	1.09mi
4572 N 38th St Unit 2 Milwaukee, WI	2.0	1.0	600	$950	$1.58	44d	1	1.12mi
500 W Hampton Ave Milwaukee, WI	2.0	1.0	710	$1,165	$1.64	13d	1	1.12mi
306 W Hampton Ave Milwaukee, WI	1.0	1.0	700	$1,200	$1.71	44d	1	1.24mi
1135 W Atkinson Ave Unit 8 Milwaukee, WI	1.0	1.0	600	$700	$1.17	44d	1	1.35mi
1135 W Atkinson Ave Unit 9 Milwaukee, WI	1.0	1.0	600	$700	$1.17	24d	1	1.35mi
1625 W Keefe Ave Unit 4 Milwaukee, WI	1.0	1.0	750	$725	$0.97	24d	1	1.44mi
3444 N 17th St Milwaukee, WI	1.0	1.0	600	$695	$1.16	44d	1	1.47mi

Listing history 3 events

1. 2026-06-17
   pricestatusdays on marketlisting id $66,825 Active 1 DOM
2. 2026-04-13
   listed $81,600 Active 220-char remark

   Show marketing remark (220 chars)

   This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants ONLY. BIDS DUE May 18th, 2026 AT 10:00am

3. 1976-04-01
   soldstatus $19,000

ⓘ 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: $1,503 · $125/mo
• Projected year-2 tax: $1,503 · $125/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $11,686
• − Mortgage interest: −$3,743
• − Property taxes: −$1,503
• − Insurance: −$334
• − Repairs & maintenance: −$935
• − Management: −$935
• − Depreciation: −$1,944
• Taxable income: $2,292
• Est. tax owed @ 24.0%: −$550
• After-tax cash flow: $2,639/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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

+251.7% since first listed

4 events — show timeline

• 2026-06-10 Listed $66,825 METROMLS
• 2026-05-20 Listing Removed — METROMLS
• 2026-04-13 Listed $81,600 METROMLS
• 1976-04-01 Sold (Public Records) $19,000 Public Records

Property tax history

+1.2%/yr

Latest (2024): $1,503 · -81.7% YoY. Source: county tax records.