3856 N 22nd St · Milwaukee, WI 53206

$25,425

5 bd · 2.0 ba · 2,264 sqft · MultiFamily public records · 104 Days on market

Built 1910 4,356 sqft lot $11/sqft · 74% 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:$43,180 (Total Scope Of Work:$48,170)

Key facts

• 4,356 sq ft lot
• Parking
• Built 1910

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $23k (9.0% below list) — sets the bar for market timing.
• Cap rate 74.9% 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); 150 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,062/mo this rent would consume 84% 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 $3k of equity ($176 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $23,136 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 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 1910 — 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: 8.11% ✓
• Cap rate: 74.88%
• Cash-on-cash: 244.97%
• DSCR: 11.90
• GRM: 1.0

CMA / ARV

• ARV (median comp): $97,860
• List price: $25,425
• Delta: -74.02%
• 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
3382 N 23rd St #3384	0.46mi	4/2.0 (-1)	2,266 (+0%)	0mo	$152,435	$67	73
4148 N 24th Pl	0.41mi	4/2.0 (-1)	2,298 (+2%)	2mo	$123,000	$54	72
3748 N 17th St	0.39mi	4/2.0 (-1)	2,161 (-4%)	2mo	$80,000	$37	68
3381 N 21st St #3383	0.46mi	4/2.0 (-1)	2,364 (+4%)	2mo	$71,000	$30	65
3607 N 20th St	0.27mi	4/2.0 (-1)	2,046 (-10%)	2mo	$115,000	$56	64
3615 N 13th St	0.64mi	4/2.0 (-1)	2,326 (+3%)	1mo	$90,000	$39	59
4105 N 24th St #4107	0.34mi	4/2.0 (-1)	1,988 (-12%)	3mo	$180,000	$91	56
3266 N 17th St	0.71mi	4/2.0 (-1)	2,322 (+3%)	2mo	$185,000	$80	56
4215 N 26th St #4217	0.53mi	4/2.0 (-1)	2,080 (-8%)	2mo	$190,000	$91	55
3381 N 22nd St	0.46mi	4/2.0 (-1)	2,043 (-10%)	3mo	$49,900	$24	55
3202 N 24th St #3204	0.72mi	4/2.0 (-1)	2,169 (-4%)	2mo	$165,000	$76	52
4045 N 26th St Unit 4045A	0.42mi	4/2.0 (-1)	1,963 (-13%)	2mo	$66,100	$34	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: 17.48×
• Total profit: $117,335
• Equity at exit: $22,905

10-year hold

• IRR: —
• Equity multiple: 43.11×
• Total profit: $299,803
• Equity at exit: $49,395

Cash invested: $7,119 (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: 150
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $2,062 high
• Mortgage (P&I): −$133
• Tax est. 1.5%: −$32 /mo · $381/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $1,453

Break-even live

Break-even rent $222

Max offer price $25,425

Occupancy floor 25%

Sensitivity live

Price	-10% $1,471	-5% $1,462	+0% $1,453	+5% $1,444	+10% $1,436
Rent	-10% $1,290	-5% $1,372	+0% $1,453	+5% $1,535	+10% $1,616
Rate	-1.0pp $1,466	-0.5pp $1,460	base $1,453	+0.5pp $1,447	+1.0pp $1,440

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,062
Total (2 units)			$2,062

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: $6,356
• Closing costs: $763
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	0.33mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	0.68mi

Listing history 20 events

1. 2026-06-18
   days on market $25,425 Active 104 DOM
2. 2026-06-17
   days on market $25,425 Active 103 DOM
3. 2026-06-16
   days on market $25,425 Active 102 DOM
4. 2026-06-15
   days on market $25,425 Active 101 DOM
5. 2026-06-13
   days on market $25,425 Active 99 DOM
6. 2026-06-13
   days on market $25,425 Active 98 DOM
7. 2026-06-09
   days on market $25,425 Active 95 DOM
8. 2026-06-08
   days on market $25,425 Active 94 DOM
9. 2026-06-07
   days on market $25,425 Active 93 DOM
10. 2026-06-05
    days on market $25,425 Active 90 DOM
11. 2026-06-03
    days on market $25,425 Active 89 DOM
12. 2026-06-02
    days on market $25,425 Active 88 DOM
13. 2026-06-01
    days on market $25,425 Active 87 DOM
14. 2026-05-31
    days on market $25,425 Active 86 DOM
15. 2026-05-11
    price $25,425 202-char remark

    Show marketing remark (202 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:$43,180 (Total Scope Of Work:$48,170)

16. 2026-03-06
    listed $33,900 Active 202-char remark

    Show marketing remark (202 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:$43,180 (Total Scope Of Work:$48,170)

17. 2026-02-17
    status Pending 136-char remark

    Show marketing remark (136 chars)

    This is a City of Milwaukee tax foreclosed property. Sealed Bids due by 2/16/2026 at 10:00AM. Owner Occupant offers will be prioritized.

18. 2026-02-17
    historical 136-char remark

    Show marketing remark (136 chars)

    This is a City of Milwaukee tax foreclosed property. Sealed Bids due by 2/16/2026 at 10:00AM. Owner Occupant offers will be prioritized.

19. 2026-01-14
    listed $35,600 Active 136-char remark

    Show marketing remark (136 chars)

    This is a City of Milwaukee tax foreclosed property. Sealed Bids due by 2/16/2026 at 10:00AM. Owner Occupant offers will be prioritized.

20. 1989-07-01
    soldstatus $17,000

ⓘ 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: $24,744
• − Mortgage interest: −$1,424
• − Property taxes: −$381
• − Insurance: −$127
• − Repairs & maintenance: −$1,980
• − Management: −$1,980
• − Depreciation: −$740
• Taxable income: $18,113
• Est. tax owed @ 24.0%: −$4,347
• After-tax cash flow: $13,092/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

+49.6% since first listed

6 events — show timeline

• 2026-05-11 Price Changed $25,425 METROMLS
• 2026-03-06 Listed $33,900 METROMLS
• 2026-02-17 Pending — METROMLS
• 2026-02-17 Listing Removed — METROMLS
• 2026-01-14 Listed $35,600 METROMLS
• 1989-07-01 Sold (Public Records) $17,000 Public Records

Property tax history

+5.1%/yr

Latest (2024): $5,245 · +178.1% YoY. Source: county tax records.