3723 N 17th St #3725 · Milwaukee, WI 53206

$29,000

3 bd · 1.0 ba · 1,040 sqft · SingleFamily · 55 Days on market

Built 1956 Poor condition 4,791 sqft lot $28/sqft · 60% below area ↓ 17% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0

Listing remarks MLS

This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $46,925 and the total scope of work totaling $53,925. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

Key facts

• 4,791 sq ft lot
• Built 1956
• Listed 55 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $29k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $668 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• Recommended offer: $28k (3.0% below list) — sets the bar for market timing.
• Cap rate 33.9% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 45% of the median local income ($29k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($200 loan paydown + $3k 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 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 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 3.79% ✓
• Cap rate: 33.92%
• Cash-on-cash: 98.67%
• DSCR: 5.39
• GRM: 2.2

CMA / ARV

• ARV (median comp): $72,416
• List price: $29,000
• Delta: -59.95%
• 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
3562 N 12th St	0.37mi	3/1.0	1,029 (-1%)	2mo	$89,900	$87	80
3534 N 12th St	0.39mi	3/1.0	1,002 (-4%)	2mo	$73,000	$73	74
1701 W Keefe Ave	0.26mi	2/1.0 (-1)	980 (-6%)	1mo	$130,000	$133	72
1128 W Capitol Dr	0.46mi	3/1.5	1,004 (-4%)	0mo	$130,000	$129	71
3342 N 24th St	0.60mi	2/1.0 (-1)	1,062 (+2%)	3mo	$115,000	$108	61
2234 W Melvina St	0.46mi	3/1.0	1,128 (+8%)	4mo	$98,000	$87	61
1508 W Concordia Ave	0.44mi	3/1.0	1,190 (+14%)	3mo	$150,000	$126	53
3157 N 15th St	0.64mi	3/1.5	1,118 (+8%)	4mo	$78,000	$70	52
4332 N 15th St	0.73mi	2/1.0 (-1)	1,090 (+5%)	2mo	$135,000	$124	52
3908 N 25th St	0.64mi	3/1.0	1,179 (+13%)	1mo	$73,200	$62	47
3828 N 26th St	0.67mi	3/1.0	1,177 (+13%)	7mo	$25,000	$21	41
4215 N 19th St	0.65mi	2/1.0 (-1)	1,190 (+14%)	8mo	$130,000	$109	34

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: 8.90×
• Total profit: $64,142
• Equity at exit: $26,125

10-year hold

• IRR: —
• Equity multiple: 21.92×
• Total profit: $169,867
• Equity at exit: $56,341

Cash invested: $8,120 (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: 2.2×

Monthly cashflow live

• Estimated rent: $1,099 high
• Mortgage (P&I): −$152
• Tax est. 1.5%: −$36 /mo · $435/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $668

Break-even live

Break-even rent $254

Max offer price $29,000

Occupancy floor 34%

Sensitivity live

Price	-10% $688	-5% $678	+0% $668	+5% $658	+10% $648
Rent	-10% $581	-5% $624	+0% $668	+5% $711	+10% $754
Rate	-1.0pp $682	-0.5pp $675	base $668	+0.5pp $660	+1.0pp $653

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3747 N 16th St Milwaukee, WI	2.0	1.0	1200	$875	$0.73	46d	1	0.07mi
3646 N 19th St Milwaukee, WI	2.0	1.0	935	$1,100	$1.18	6d	1	0.12mi
3927-3929 N 17th St Milwaukee, WI	2.0	1.0	900	$1,195	$1.33	46d	1	0.24mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	46d	1	0.30mi
3911 N 20th St Unit 3913 Milwaukee, WI	2.0	1.0	950	$995	$1.05	26d	1	0.35mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	19d	1	0.38mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	46d	1	0.49mi
3410 N 23rd St Milwaukee, WI	2.0	1.0	800	$800	$1.00	19d	1	0.51mi
620 W Melvina St Milwaukee, WI	3.0	1.0	1360	$1,495	$1.10	0d	1	0.69mi
1326 W Burleigh St Unit 1326 Lower Milwaukee, WI	2.0	1.0	900	$825	$0.92	4d	1	0.71mi
3908 N 6th St Milwaukee, WI	2.0	1.0	1100	$1,150	$1.05	26d	1	0.74mi
4048 N 7th St Milwaukee, WI	2.0	1.0	1100	$1,150	$1.05	26d	1	0.74mi
3901 N 27th St Unit 3907 Milwaukee, WI	2.0	1.0	715	$895	$1.25	26d	1	0.79mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	6d	1	0.80mi
3058 N 11th St Unit 3058 Lower Milwaukee, WI	2.0	1.0	840	$945	$1.12	26d	1	0.81mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	6d	1	0.82mi
2955 N 17th St Unit B UPSTAIRS Milwaukee, WI	2.0	1.0	1000	$900	$0.90	19d	1	0.86mi
3600 N Vel R. Phillips Ave Milwaukee, WI	2.0	1.0	900	$950	$1.06	6d	1	0.89mi
3377 N 28th St Unit 1 Milwaukee, WI	2.0	1.0	950	$1,100	$1.16	0d	1	0.90mi
4227 N 26th St Milwaukee, WI	2.0	1.0	950	$1,000	$1.05	19d	1	0.91mi
3039 N 24th Pl Unit 3039 Milwaukee, WI	2.0	1.0	800	$995	$1.24	18d	1	0.95mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	4d	1	0.96mi
3347 N 29th St Unit 3347A Milwaukee, WI	2.0	1.0	950	$845	$0.89	16d	1	0.97mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	46d	1	0.99mi
3025 N 6th St Milwaukee, WI	2.0	1.0	1153	$1,125	$0.98	46d	1	1.04mi
3703 N 1st St Unit Upper-3705 Milwaukee, WI	3.0	1.0	1034	$1,200	$1.16	46d	1	1.05mi
221 W Ring St Milwaukee, WI	3.0	1.0	1170	$1,498	$1.28	0d	1	1.08mi
4355 N 28th St Milwaukee, WI	2.0	1.0	1118	$975	$0.87	23d	1	1.15mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	19d	1	1.22mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	16d	1	1.22mi
3156 N 1st St Milwaukee, WI	2.0	1.0	900	$895	$0.99	46d	1	1.24mi
3228 N Achilles St Unit 3228A Milwaukee, WI	2.0	1.0	713	$895	$1.26	46d	1	1.25mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	26d	1	1.25mi
2517 W Hadley St Milwaukee, WI	2.0	1.0	850	$1,050	$1.24	16d	1	1.27mi
3373 N Richards St Milwaukee, WI	2.0	1.0	950	$1,150	$1.21	26d	1	1.27mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	46d	1	1.30mi
3037 N 1st St Milwaukee, WI	2.0	1.0	763	$990	$1.30	46d	1	1.30mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	26d	1	1.30mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	6d	1	1.30mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	6d	1	1.30mi

Listing history 11 events

1. 2026-06-09
   days on market $29,000 Active 55 DOM
2. 2026-06-08
   days on market $29,000 Active 54 DOM
3. 2026-06-07
   days on market $29,000 Active 53 DOM
4. 2026-06-05
   days on market $29,000 Active 50 DOM
5. 2026-06-03
   days on market $29,000 Active 49 DOM
6. 2026-06-02
   days on market $29,000 Active 48 DOM
7. 2026-06-01
   days on market $29,000 Active 47 DOM
8. 2026-05-31
   days on market $29,000 Active 46 DOM
9. 2026-04-13
   listed $29,000 Active 499-char remark

   Show marketing remark (499 chars)

   This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $46,925 and the total scope of work totaling $53,925. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

10. 2026-04-06
    historical 235-char remark

    Show marketing remark (235 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 March 30, 2026 AT 10:00am

11. 2026-02-23
    listed $34,800 Active 235-char remark

    Show marketing remark (235 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 March 30, 2026 AT 10:00am

ⓘ 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: $13,186
• − Mortgage interest: −$1,624
• − Property taxes: −$435
• − Insurance: −$145
• − Repairs & maintenance: −$1,055
• − Management: −$1,055
• − Depreciation: −$844
• Taxable income: $8,028
• Est. tax owed @ 24.0%: −$1,927
• After-tax cash flow: $6,085/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

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including structural repairs, landscaping, and fence repair. Immediate action is needed to stabilize the property and improve its value.

Repairs flagged

• Major Exposed framing — Structural damage
• Major Debris — Obstructs view and access
• Major Boarded up windows — Security and aesthetics

Value-add opportunities

• Both Landscaping and fence repair — Enhances curb appeal and security
• Both Interior and exterior repairs — Restores structural integrity and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed framing · Structural damage	Major	$15,000–50,000
Debris · Obstructs view and access	Major	$15,000–50,000
Boarded up windows · Security and aesthetics	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and fence repair — Enhances curb appeal and security ↑
• Both Interior and exterior repairs — Restores structural integrity and aesthetics ↑

ⓘ 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

-16.7% since first listed

3 events — show timeline

• 2026-04-13 Listed $29,000 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $34,800 METROMLS