1221 N 24th St · Milwaukee, WI 53205

$239,900

5 bd · 2.0 ba · 2,325 sqft · SingleFamily · 56 Days on market

Built 1886 Excellent condition 3,920 sqft lot $103/sqft · at area comps Est $248k · at est.

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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 +17.8/30.0
• ARV discount +9.0/15.0
• Appreciation +6.5/10.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +0.9/10.0

Listing remarks

Completely renovated 5 bed, 2 bath home with 2 car parking slab nearby Milwaukee High School of the Arts. Completely remodeled kitchen, new luxury vinyl plank floors and restored and refinished original hardwood floors. Both bathrooms feature tiled tub surrounds. New 200 amp electric service, new wiring, and electric fixtures. All new interior and exterior plumbing pipes and drains/sewers to the street. All new furnace and ductwork throughout. New insulation, roof, and siding. Many more updates, like a new construction home. Note: Broker does not verify room sizes. * MKE Homes program: Must be owner occupied for 5 years, no LLC's.

Key facts

• New electric service
• Renovated home
• New wiring

Tags

• RENOVATED HOME
• REMODELED KITCHEN
• LUXURY VINYL PLANK FLOORS
• RESTORED HARDWOOD FLOORS
• NEW ELECTRIC SERVICE
• NEW WIRING

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $198 ($2k/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 $235k (2.1% below list).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.9% 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: 35 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 60d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,350/mo this rent would consume 89% of the median local household income ($32k/yr) (locally 23% 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 $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 13265% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $232,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.98% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.54%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $247,972
• List price: $239,900
• Delta: -3.26%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2903 W Mckinley Blvd	0.36mi	5/2.5	2,537 (+9%)	1mo	$249,900	$99	65
2426 W Highland Ave	0.13mi	4/3.0 (-1)	2,194 (-6%)	14mo	$262,275	$120	64
845 N 22nd St	0.38mi	5/2.0	2,470 (+6%)	11mo	$230,000	$93	63
1028 N 29th St	0.40mi	5/2.5	2,519 (+8%)	7mo	$250,600	$99	59
2938 W State St	0.48mi	5/1.5	2,455 (+6%)	12mo	$253,000	$103	56
1254 N 20th St	0.29mi	4/3.0 (-1)	2,516 (+8%)	11mo	$290,450	$115	55
3313 W Kilbourn Ave	0.72mi	5/2.0	2,323 (-0%)	13mo	$195,000	$84	55
1333 N 31st St	0.50mi	4/2.0 (-1)	2,180 (-6%)	9mo	$155,000	$71	54
1011 N 21st St	0.28mi	5/2.0	2,026 (-13%)	17mo	$229,800	$113	52
1326 N 32nd St	0.53mi	5/3.0	2,491 (+7%)	10mo	$240,000	$96	51
1725 N 18th St	0.62mi	4/3.5 (-1)	2,400 (+3%)	6mo	$289,000	$120	49
955 N 34th St	0.73mi	4/2.0 (-1)	2,352 (+1%)	14mo	$220,000	$94	47

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

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.9%
• Equity multiple: 1.62×
• Total profit: $41,864
• Equity at exit: $108,185

10-year hold

• IRR: 13.1%
• Equity multiple: 2.95×
• Total profit: $131,047
• Equity at exit: $166,973

Cash invested: $67,172 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 9 active · 4 under contract
• Months of supply: 10.8 mo (9%/mo absorbed)
• Median asking: $289,900 ($118/sqft)
• Median days on market: 89 d
• This list price: 22% of active listings are priced below it
• ARV vs active asking: -9.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 53205

• Home prices YoY: 0.8%
• Active inventory: 35
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,350 high
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $198

Break-even live

Break-even rent $2,099

Max offer price $239,900

Occupancy floor 87%

Sensitivity live

Price	-10% $364	-5% $281	+0% $198	+5% $115	+10% $33
Rent	-10% $13	-5% $106	+0% $198	+5% $291	+10% $384
Rate	-1.0pp $319	-0.5pp $259	base $198	+0.5pp $136	+1.0pp $73

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: $59,975
• Closing costs: $7,197
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	59d	1	0.61mi
2028 W Michigan St Milwaukee, WI	6.0	2.0	2005	$2,325	$1.16	17d	1	0.61mi
1227 W Juneau Ave Unit 1227 Milwaukee, WI	4.0	1.0	3022	$1,550	$0.51	93d	1	0.76mi
958 N 35th St Milwaukee, WI	5.0	1.0	1600	$2,100	$1.31	36d	1	0.76mi
2057 N 34th St Milwaukee, WI	5.0	1.0	1784	$1,700	$0.95	41d	1	1.06mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	93d	1	1.22mi

Property features AI

Finance

• Other: Environmentally friendly features: low-energy windows and reclaimed/recycled content; other notes in remarksBlinds includedSeller's personal property excluded

Exterior

• Parking: One parking space
• Utilities: Municipal waterMunicipal sewer
• Home design: Two-story single-family homeEstimated 2,001–2,500 total living areaLess than 1/2 acre lot (approximately 0.09 acre)Zoned RT3
• Construction: Information source lists year built from assessor/public record
• Exterior features: Aluminum trimVinyl sidingSidewalks

Interior

• Kitchen: Kitchen island13 x 15 kitchenOvenRangeNew stove/range included
• Bedrooms: Main-level primary bedroom (15 x 10)Upper-level bedroom (10 x 13)Upper-level bedroom (15 x 11)Upper-level bedroom (14 x 8)Upper-level bedroom (9 x 8)
• Flooring: Wood floorsCeramic tile in bathrooms
• Bathrooms: Two full bathroomsCeramic tileTub-only and shower-over-tub optionsShower stall
• Heating & cooling: Forced-air heatingNatural gas heat
• Interior features: PantryWalk-in closetsWood floorsBlock full basement with sump pump
• Laundry & utility: Mud room (6 x 9)

Listing history 29 events

1. 2026-07-07
   days on market $239,900 Active 56 DOM
2. 2026-07-06
   days on market $239,900 Active 55 DOM
3. 2026-07-05
   days on market $239,900 Active 54 DOM
4. 2026-07-03
   days on market $239,900 Active 52 DOM
5. 2026-07-02
   days on market $239,900 Active 51 DOM
6. 2026-07-01
   days on market $239,900 Active 50 DOM
7. 2026-06-30
   days on market $239,900 Active 49 DOM
8. 2026-06-29
   days on market $239,900 Active 48 DOM
9. 2026-06-28
   days on market $239,900 Active 47 DOM
10. 2026-06-27
    days on market $239,900 Active 46 DOM
11. 2026-06-27
    days on market $239,900 Active 45 DOM
12. 2026-06-25
    days on market $239,900 Active 43 DOM
13. 2026-06-22
    days on market $239,900 Active 41 DOM
14. 2026-06-21
    days on market $239,900 Active 40 DOM
15. 2026-06-18
    days on market $239,900 Active 37 DOM
16. 2026-06-17
    days on market $239,900 Active 36 DOM
17. 2026-06-16
    days on market $239,900 Active 35 DOM
18. 2026-06-15
    days on market $239,900 Active 34 DOM
19. 2026-06-13
    days on market $239,900 Active 32 DOM
20. 2026-06-13
    days on market $239,900 Active 31 DOM
21. 2026-06-09
    days on market $239,900 Active 28 DOM
22. 2026-06-08
    days on market $239,900 Active 27 DOM
23. 2026-06-07
    days on market $239,900 Active 26 DOM
24. 2026-06-05
    days on market $239,900 Active 23 DOM
25. 2026-06-03
    days on market $239,900 Active 22 DOM
26. 2026-06-02
    days on market $239,900 Active 21 DOM
27. 2026-06-01
    days on market $239,900 Active 20 DOM
28. 2026-05-31
    days on market $239,900 Active 19 DOM
29. 2026-05-12
    listed $249,900 Active 715-char remark

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,196
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − Depreciation: −$6,979
• Taxable loss: −$1,530
• Est. tax savings @ 24.0%: +$367
• After-tax cash flow: $2,747/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 · 30 photos

Excellent 95/100 None rehab

This completely renovated home is move-in ready with new kitchen, bathrooms, flooring, and HVAC. It offers excellent curb appeal and is ideal for owner-occupancy or investment.

Value-add opportunities

• Resale Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Resale Landscaping improvements — Enhances curb appeal and adds value. ↑
• Resale Upgrading light fixtures — Modernizes the home and improves energy efficiency. ↑
• Both Adding smart home features — Enhances home's appeal and adds value for both resale and rental. ↑

F Composite school gradezoned avg 8/100

Zoned Schools

Elementary Milwaukee Academy Of Chinese Language F WI #957/1,041 Nat'l #40,092/41,679 High Milwaukee High School Of The Arts F WI #462/483 Nat'l #16,463/17,239

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

A Composite livability gradescore 81/100

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 · 995,758 people
• City population: 573,768
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 9,265
• Household income: $31,529
• Rent vs Own: 72.6% rent · 27.4% own
• Severe rent burden: 23% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (80%)
• Race & ethnicity: Black 80% Asian 7% White 6% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 1% Lithuanian 1% Swedish 1%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Other Asian/Pacific 5% Spanish 5%

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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: ▲ 3.02%
• Current HPI: 363.0038
• Rent YoY: —
• Metro: Milwaukee-Waukesha, WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

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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

Property features AI

Finance

• Other: Environmentally friendly features: low-energy windows and reclaimed/recycled content; other notes in remarksBlinds includedSeller's personal property excluded

Exterior

• Parking: One parking space
• Utilities: Municipal waterMunicipal sewer
• Home design: Two-story single-family homeEstimated 2,001–2,500 total living areaLess than 1/2 acre lot (approximately 0.09 acre)Zoned RT3
• Construction: Information source lists year built from assessor/public record
• Exterior features: Aluminum trimVinyl sidingSidewalks

Interior

• Kitchen: Kitchen island13 x 15 kitchenOvenRangeNew stove/range included
• Bedrooms: Main-level primary bedroom (15 x 10)Upper-level bedroom (10 x 13)Upper-level bedroom (15 x 11)Upper-level bedroom (14 x 8)Upper-level bedroom (9 x 8)
• Flooring: Wood floorsCeramic tile in bathrooms
• Bathrooms: Two full bathroomsCeramic tileTub-only and shower-over-tub optionsShower stall
• Heating & cooling: Forced-air heatingNatural gas heat
• Interior features: PantryWalk-in closetsWood floorsBlock full basement with sump pump
• Laundry & utility: Mud room (6 x 9)

Price history

-99.3% since first listed

4 events — show timeline

• 2026-06-08 Rental Removed $1,795 APPFOLIO
• 2026-05-26 Listed for Rent $1,795 APPFOLIO
• 2026-05-24 Price Changed $239,900 METROMLS
• 2026-05-12 Listed $249,900 METROMLS