2000 W Pierce St · Milwaukee, WI 53204

$240,000

5 bd · 2.0 ba · 2,210 sqft · SingleFamily public records · 1 Days on market

Built 1895 4,356 sqft lot Est $203k · 18% over

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Why this score? — see what drove the D 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 +15.4/30.0
• Appreciation +10.0/10.0
• DSCR +4.7/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0

Listing remarks

Step back in time with this 1895 Victorian 5bed 2bath gem in Milwaukee, bursting with timeless craftsmanship and amazing character. The main level welcomes you with a stunning grand staircase and an expansive open-concept living and family room, which can be separated by gorgeous, original era pocket doors. From the incredible millwork to the classic hardwood floors, the historic detail here is unmatched. Upstairs features 5 spacious bedrooms , offering the perfect canvas for your vision. While it needs some love and restorative updates, this solid home represents a time when houses were truly built the right way. Complete with a shared driveway and 4 dedicated parking spots, you are just m

Key facts

• Grand staircase
• Incredible millwork
• Open-concept living

Tags

• GRAND STAIRCASE
• OPEN-CONCEPT LIVING
• ORIGINAL ERA POCKET DOORS
• INCREDIBLE MILLWORK
• CLASSIC HARDWOOD FLOORS
• HISTORIC DETAIL

Property features AI

Exterior

• Parking: 3-car garage; Additional 1 parking space
• Utilities: Municipal water; Municipal sewer; Electric service; Natural gas service
• Home design: Two-story single-family home; Less than 1/2 acre lot (approx. 0.1 acre); Zoned for single-family
• Construction: Built (year from assessor/public record)
• Exterior features: Brick, brick/stone, and wood exterior

Interior

• Kitchen: Microwave; Oven; Range; Refrigerator; Refrigerator and stove included
• Bedrooms: Master bedroom (Upper) — 17 x 12; Bedroom 2 (Upper) — 15 x 11; Bedroom 3 (Upper) — 11 x 11; Bedroom 4 (Upper) — 14 x 8; Bedroom 5 (Upper) — 9 x 8
• Flooring: Wood floors; Ceramic tile in baths
• Bathrooms: 2 full bathrooms; Ceramic tile; Tub-only and shower-over-tub options; Shower stall; Lower level stubbed for additional bathroom
• Heating & cooling: Radiant/hot water heating; Heat fuel: Electric and natural gas
• Interior features: Expandable attic; Wood floors; Full basement
• Laundry & utility: Washer/dryer connections (listed equipment includes major kitchen appliances)

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (13.0% below list).
• Recommended offer: $209k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,088/mo this rent would consume 55% 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 $26k of equity ($2k loan paydown + $24k 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 $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $55k; list at $240k implies a 336% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,844 (13.0% below list)

Questions for the listing agent

1. Built in 1895 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.68%
• DSCR: 1.07
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $203,320
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1001 S 18th St	0.26mi	5/2.5	2,196 (-1%)	7mo	$145,000	$66	79
2030 W Pierce St	0.04mi	4/1.5 (-1)	2,058 (-7%)	6mo	$190,000	$92	75
2232 W Greenfield Ave	0.53mi	5/1.5	2,400 (+9%)	15mo	$215,000	$90	46
1138 S 19th St	0.37mi	4/3.0 (-1)	1,952 (-12%)	16mo	$200,000	$102	41

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: 25.2%
• Equity multiple: 3.00×
• Total profit: $134,602
• Equity at exit: $216,211

10-year hold

• IRR: 21.9%
• Equity multiple: 6.77×
• Total profit: $387,544
• Equity at exit: $466,267

Cash invested: $67,200 (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: 9.6×

Monthly cashflow live

• Estimated rent: $2,088 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$197 /mo · $2,364/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $94

Break-even live

Break-even rent $1,969

Max offer price $240,000

Occupancy floor 90%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2028 W Michigan St Milwaukee, WI	6.0	2.0	2005	$2,450	$1.22	10d	1	0.95mi

Listing history 19 events

1. 2026-06-18
   pricedays on marketlisting id $240,000 Active 1 DOM
2. 2026-06-18
   days on market $250,000 Active 31 DOM
3. 2026-06-17
   days on market $250,000 Active 30 DOM
4. 2026-06-16
   days on market $250,000 Active 29 DOM
5. 2026-06-15
   days on market $250,000 Active 28 DOM
6. 2026-06-13
   days on market $250,000 Active 26 DOM
7. 2026-06-13
   days on market $250,000 Active 25 DOM
8. 2026-06-09
   days on market $250,000 Active 22 DOM
9. 2026-06-08
   days on market $250,000 Active 21 DOM
10. 2026-06-07
    days on market $250,000 Active 20 DOM
11. 2026-06-05
    days on market $250,000 Active 17 DOM
12. 2026-06-03
    days on market $250,000 Active 16 DOM
13. 2026-06-02
    days on market $250,000 Active 15 DOM
14. 2026-06-01
    days on market $250,000 Active 14 DOM
15. 2026-05-31
    days on market $250,000 Active 13 DOM
16. 2026-05-18
    listed $250,000 Active
17. 2019-01-23
    soldstatus $55,000
18. 2018-08-26
    listed $65,000 Active
19. 1998-12-16
    soldstatus $45,000

ⓘ 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: $2,364 · $197/mo
• Projected year-2 tax: $3,402 · $284/mo
• Expected delta: +$1,038/yr (+$86/mo · 43.9%)

ⓘ 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 ≥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: $25,061
• − Mortgage interest: −$13,444
• − Property taxes: −$2,364
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,005
• − Management: −$2,005
• − Depreciation: −$6,982
• Taxable loss: −$2,938
• Est. tax savings @ 24.0%: +$705
• After-tax cash flow: $1,836/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): 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

+455.6% since first listed

4 events — show timeline

• 2026-05-18 Listed $250,000 METROMLS
• 2019-01-23 Sold (Public Records) $55,000 Public Records
• 2018-08-26 Listed $65,000 METROMLS
• 1998-12-16 Sold (Public Records) $45,000 Public Records

Property tax history

+2.2%/yr

Latest (2024): $2,364 · -34.6% YoY. Source: county tax records.