3205 N 20th St #3207 · Milwaukee, WI 53206

$18,750

3 bd · 2.0 ba · 1,761 sqft · MultiFamily · 107 Days on market

Built 1906 3,484 sqft lot $11/sqft · 71% below area

---

Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This is a City Of Milwaukee owned Tax Foreclosure. Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$127,600 (Total Scope Of Work:$144,100) Investor financing available through Good Faith Funding, LLC

Key facts

• 3,484 sq ft lot
• 2 garage spots
• Built 1906

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $19k.

Deal economics

• At list price, monthly cash flow is $901 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $19k).
• Recommended offer: $17k (9.0% below list) — sets the bar for market timing.
• Cap rate 63.9% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $1,304/mo this rent would consume 53% 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 $2k of equity ($130 loan paydown + $2k 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $6k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2k; list at $19k implies a 650% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $17,062 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 6.96% ✓
• Cap rate: 63.94%
• Cash-on-cash: 205.87%
• DSCR: 10.16
• GRM: 1.2

CMA / ARV

• ARV (median comp): $63,602
• List price: $18,750
• Delta: -70.52%
• 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
3258 N 23rd St Unit 3258A	0.17mi	3/2.0	1,836 (+4%)	6mo	$24,000	$13	80
3220 N 24th Pl Unit 3220A	0.29mi	3/2.0	1,626 (-8%)	1mo	$65,000	$40	73
2450 W Keefe Ave #2452	0.50mi	3/2.0	1,831 (+4%)	1mo	$35,000	$19	69
2972 N 28th St	0.61mi	4/2.0 (+1)	1,757 (-0%)	0mo	$141,806	$81	66
2420 W Concordia Ave #2422	0.31mi	4/2.0 (+1)	1,882 (+7%)	6mo	$70,000	$37	64
2022 W Keefe Ave Unit 2022A	0.38mi	4/2.0 (+1)	1,914 (+9%)	1mo	$55,000	$29	62
2848 N 19th St	0.44mi	4/2.0 (+1)	1,650 (-6%)	3mo	$60,000	$36	61
3065 N 10th St	0.70mi	4/2.0 (+1)	1,753 (-0%)	2mo	$60,000	$34	60
1818 W Nash St	0.57mi	3/2.0	1,581 (-10%)	2mo	$135,000	$85	54
2847 N 26th St	0.62mi	4/2.0 (+1)	1,863 (+6%)	2mo	$70,000	$38	54
2638 N 22nd St	0.71mi	4/2.0 (+1)	1,687 (-4%)	3mo	$55,000	$33	52
3218 N 26th St	0.41mi	4/2.0 (+1)	1,986 (+13%)	3mo	$165,000	$83	52

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: —
• Equity multiple: 15.19×
• Total profit: $74,489
• Equity at exit: $16,891

10-year hold

• IRR: —
• Equity multiple: 37.45×
• Total profit: $191,360
• Equity at exit: $36,427

Cash invested: $5,250 (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: 1.2×

Monthly cashflow live

• Estimated rent: $1,304 high
• Mortgage (P&I): −$98
• Tax est. 1.5%: −$23 /mo · $281/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $901

Break-even live

Break-even rent $164

Max offer price $18,750

Occupancy floor 26%

Sensitivity live

Price	-10% $914	-5% $907	+0% $901	+5% $894	+10% $888
Rent	-10% $798	-5% $849	+0% $901	+5% $952	+10% $1,004
Rate	-1.0pp $910	-0.5pp $905	base $901	+0.5pp $896	+1.0pp $891

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: $4,688
• Closing costs: $562
• Reserves months: —
• Total cash needed: —

Rent comps 12 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	0.39mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	25d	1	0.70mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	45d	1	0.70mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	25d	1	0.77mi
912 W Hadley St Milwaukee, WI	2.0	1.0	2222	$1,250	$0.56	16d	1	0.91mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	0.95mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	3d	1	1.02mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	6d	1	1.38mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	25d	1	1.41mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	4d	1	1.45mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	25d	1	1.48mi
2719 N 1st St Milwaukee, WI	2.0	1.0	1300	$1,095	$0.84	16d	1	1.48mi

Listing history 27 events

1. 2026-06-21
   days on market $18,750 Active 107 DOM
2. 2026-06-18
   days on market $18,750 Active 104 DOM
3. 2026-06-17
   days on market $18,750 Active 103 DOM
4. 2026-06-16
   days on market $18,750 Active 102 DOM
5. 2026-06-15
   days on market $18,750 Active 101 DOM
6. 2026-06-13
   days on market $18,750 Active 99 DOM
7. 2026-06-13
   days on market $18,750 Active 98 DOM
8. 2026-06-09
   days on market $18,750 Active 95 DOM
9. 2026-06-08
   days on market $18,750 Active 94 DOM
10. 2026-06-07
    days on market $18,750 Active 93 DOM
11. 2026-06-05
    days on market $18,750 Active 90 DOM
12. 2026-06-03
    days on market $18,750 Active 89 DOM
13. 2026-06-02
    days on market $18,750 Active 88 DOM
14. 2026-06-01
    days on market $18,750 Active 87 DOM
15. 2026-05-31
    days on market $18,750 Active 86 DOM
16. 2026-05-11
    price $18,750 265-char remark

    Show marketing remark (265 chars)

    This is a City Of Milwaukee owned Tax Foreclosure. Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$127,600 (Total Scope Of Work:$144,100) Investor financing available through Good Faith Funding, LLC

17. 2026-03-06
    listed $25,000 Active 265-char remark

    Show marketing remark (265 chars)

    This is a City Of Milwaukee owned Tax Foreclosure. Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$127,600 (Total Scope Of Work:$144,100) Investor financing available through Good Faith Funding, LLC

18. 2026-02-17
    status Pending 238-char remark

    Show marketing remark (238 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 will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

19. 2026-02-17
    historical 238-char remark

    Show marketing remark (238 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 will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

20. 2026-01-12
    listed $27,400 Active 238-char remark

    Show marketing remark (238 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 will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

21. 2020-09-24
    soldstatus $2,500 Sold
22. 2019-10-21
    status Active
23. 2019-05-09
    historical Contingent
24. 2018-07-18
    listed $2,600 Active
25. 2013-01-12
    listed $15,000
26. 2013-01-12
    historical
27. 2011-06-17
    soldstatus $8,800

ⓘ 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: $15,650
• − Mortgage interest: −$1,050
• − Property taxes: −$281
• − Insurance: −$94
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − Depreciation: −$545
• Taxable income: $11,175
• Est. tax owed @ 24.0%: −$2,682
• After-tax cash flow: $8,126/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): 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

+113.1% since first listed

12 events — show timeline

• 2026-05-11 Price Changed $18,750 METROMLS
• 2026-03-06 Listed $25,000 METROMLS
• 2026-02-17 Pending — METROMLS
• 2026-02-17 Listing Removed — METROMLS
• 2026-01-12 Listed $27,400 METROMLS
• 2020-09-24 Sold (MLS) $2,500 METROMLS
• 2019-10-21 Relisted — METROMLS
• 2019-05-09 Contingent — METROMLS
• 2018-07-18 Listed $2,600 METROMLS
• 2013-01-12 Listing Removed — METROMLS
• 2013-01-12 Listed $15,000 METROMLS
• 2011-06-17 Sold (MLS) $8,800 METROMLS