2966 N 23rd St · Milwaukee, WI 53206

$65,000

3 bd · 1.0 ba · 890 sqft · SingleFamily public records · 163 Days on market

Built 1892 3,049 sqft lot $73/sqft · 26% above area Est $52k · 26% over

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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
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Vacant property being sold AS‑IS. Property does not currently have a furnace or water heater or working electricity.

Key facts

• Exterior fencing
• Interior flooring
• Front porch

Tags

• INTERIOR FLOORING
• STAIRS
• ELECTRICAL WIRING IMPROVEMENTS
• WALL REPAIRS
• EXTERIOR FENCING
• FRONT PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $426 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $1,108/mo this rent would consume 45% 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 $7k of equity ($449 loan paydown + $6k 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, 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 163 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y 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 $30k; list at $65k implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1892 — 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 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: 1.70% ✓
• Cap rate: 14.16%
• Cash-on-cash: 28.08%
• DSCR: 2.25
• GRM: 4.9

CMA / ARV

• ARV (median comp): $51,550
• List price: $65,000
• Delta: 26.09%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3047 N 22nd St	0.10mi	2/1.0 (-1)	898 (+1%)	1mo	$26,000	$29	88
2956 N 23rd St	0.02mi	2/1.0 (-1)	930 (+4%)	23mo	$5,000	$5	68
3160 N 24th Pl	0.28mi	3/1.0	913 (+3%)	19mo	$94,900	$104	67
2935 N Dr Lester Carter Dr	0.10mi	4/1.0 (+1)	992 (+12%)	10mo	$105,000	$106	63
3513 N 25th St	0.72mi	3/1.0	888 (-0%)	12mo	$92,000	$104	56
3429 N 20th St	0.64mi	3/1.0	916 (+3%)	13mo	$62,500	$68	55
2658 N 25th St	0.43mi	2/1.0 (-1)	940 (+6%)	15mo	$70,000	$74	53
2908 N 13th St	0.69mi	2/1.0 (-1)	855 (-4%)	12mo	$45,000	$53	46
2833 N 12th St	0.72mi	2/1.0 (-1)	960 (+8%)	4mo	$65,000	$68	45
1701 W Keefe Ave	0.73mi	2/1.0 (-1)	980 (+10%)	1mo	$130,000	$133	43
3020 N Teutonia Ave	0.51mi	3/1.0	783 (-12%)	17mo	$65,000	$83	42
1319 W Groeling Ave	0.65mi	2/1.0 (-1)	790 (-11%)	5mo	$65,000	$82	42

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: 48.6%
• Equity multiple: 4.76×
• Total profit: $68,399
• Equity at exit: $58,557

10-year hold

• IRR: 44.5%
• Equity multiple: 11.69×
• Total profit: $194,627
• Equity at exit: $126,281

Cash invested: $18,200 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,108 high
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $426

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 57%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	0.04mi
3039 N 24th Pl Unit 3039 Milwaukee, WI	2.0	1.0	800	$995	$1.24	16d	1	0.17mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	17d	1	0.29mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	0.29mi
2955 N 17th St Unit B UPSTAIRS Milwaukee, WI	2.0	1.0	1000	$900	$0.90	17d	1	0.32mi
2517 W Hadley St Milwaukee, WI	2.0	1.0	850	$1,050	$1.24	14d	1	0.33mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	0.37mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	4d	1	0.37mi
2630 N 24th St Milwaukee, WI	2.0	1.0	934	$1,450	$1.55	19d	1	0.43mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.59mi
3410 N 23rd St Milwaukee, WI	2.0	1.0	800	$800	$1.00	17d	1	0.59mi
1326 W Burleigh St Unit 1326 Lower Milwaukee, WI	2.0	1.0	900	$825	$0.92	2d	1	0.66mi
2530 N 28th St Unit 2530 Lower Milwaukee, WI	2.0	1.0	764	$995	$1.30	14d	1	0.67mi
3347 N 29th St Unit 3347A Milwaukee, WI	2.0	1.0	950	$845	$0.89	14d	1	0.67mi
2866 N 34th St Unit 2866 Milwaukee, WI	3.0	1.0	534	$1,095	$2.05	4d	1	0.77mi
2866 N 34th St Unit 2866A Milwaukee, WI	2.0	1.0	534	$895	$1.68	43d	1	0.77mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	0.79mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	0.81mi
3058 N 11th St Unit 3058 Lower Milwaukee, WI	2.0	1.0	840	$945	$1.12	23d	1	0.81mi
2646 N 34th St Unit 2646A Upper Milwaukee, WI	2.0	1.0	609	$895	$1.47	23d	1	0.86mi
3646 N 19th St Milwaukee, WI	2.0	1.0	935	$1,100	$1.18	4d	1	0.87mi
2550 N 36th St Unit 2550A Upper Milwaukee, WI	2.0	1.0	711	$845	$1.19	23d	1	1.02mi
3901 N 27th St Unit 3907 Milwaukee, WI	2.0	1.0	715	$895	$1.25	23d	1	1.07mi
3911 N 20th St Unit 3913 Milwaukee, WI	2.0	1.0	950	$995	$1.05	23d	1	1.07mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	43d	1	1.07mi
3148 N 39th St Unit 1 Milwaukee, WI	2.0	1.0	1000	$1,100	$1.10	14d	1	1.08mi
2530 N 37th St Milwaukee, WI	2.0	1.0	1037	$1,000	$0.96	14d	1	1.09mi
2706 N 39th St Unit 2706 Milwaukee, WI	2.0	1.0	866	$845	$0.98	43d	1	1.11mi
3927-3929 N 17th St Milwaukee, WI	2.0	1.0	900	$1,195	$1.33	43d	1	1.15mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	16d	1	1.16mi
3214 N 41st St Milwaukee, WI	2.0	1.0	900	$1,250	$1.39	43d	1	1.21mi
3630 W Nash St Milwaukee, WI	2.0	1.0	1000	$1,200	$1.20	23d	1	1.22mi
2512 N 41st St #2514 Milwaukee, WI	2.0	1.0	1007	$1,200	$1.19	43d	1	1.31mi
2407 N 6th St Milwaukee, WI	2.0	1.0	897	$1,100	$1.23	43d	1	1.34mi
3871-3873 N 36th St Unit 3871 Milwaukee, WI	2.0	1.0	987	$950	$0.96	23d	1	1.34mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	43d	1	1.37mi
2577 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	1048	$1,400	$1.34	17d	1	1.37mi
4409 W Burleigh St Apt 1 Milwaukee, WI	2.0	1.0	800	$795	$0.99	4d	1	1.43mi
2712 N 44th St Unit 2712A Milwaukee, WI	2.0	1.0	911	$995	$1.09	23d	1	1.43mi
4227 N 26th St Milwaukee, WI	2.0	1.0	950	$1,000	$1.05	17d	1	1.43mi

Listing history 33 events

1. 2026-06-18
   days on market $65,000 Active 163 DOM
2. 2026-06-17
   days on market $65,000 Active 162 DOM
3. 2026-06-16
   days on market $65,000 Active 161 DOM
4. 2026-06-15
   days on market $65,000 Active 160 DOM
5. 2026-06-13
   days on market $65,000 Active 158 DOM
6. 2026-06-13
   days on market $65,000 Active 157 DOM
7. 2026-06-09
   days on market $65,000 Active 154 DOM
8. 2026-06-08
   days on market $65,000 Active 153 DOM
9. 2026-06-07
   days on market $65,000 Active 152 DOM
10. 2026-06-05
    days on market $65,000 Active 149 DOM
11. 2026-06-03
    days on market $65,000 Active 148 DOM
12. 2026-06-02
    days on market $65,000 Active 147 DOM
13. 2026-06-01
    days on market $65,000 Active 146 DOM
14. 2026-05-31
    days on market $65,000 Active 145 DOM
15. 2026-01-06
    listed $65,000 Active 116-char remark

    Show marketing remark (116 chars)

    Vacant property being sold AS‑IS. Property does not currently have a furnace or water heater or working electricity.

16. 2025-06-30
    soldstatus $29,500 Sold 56-char remark

    Show marketing remark (56 chars)

    Property being sold as is. Property is currently vacant.

17. 2025-05-20
    historical Contingent 56-char remark

    Show marketing remark (56 chars)

    Property being sold as is. Property is currently vacant.

18. 2025-05-16
    price $35,000 56-char remark

    Show marketing remark (56 chars)

    Property being sold as is. Property is currently vacant.

19. 2025-05-16
    status Active 56-char remark

    Show marketing remark (56 chars)

    Property being sold as is. Property is currently vacant.

20. 2025-04-24
    historical Contingent 56-char remark

    Show marketing remark (56 chars)

    Property being sold as is. Property is currently vacant.

21. 2025-04-14
    status Active 56-char remark

    Show marketing remark (56 chars)

    Property being sold as is. Property is currently vacant.

22. 2025-03-21
    historical Contingent 56-char remark

    Show marketing remark (56 chars)

    Property being sold as is. Property is currently vacant.

23. 2025-02-24
    listed $59,900 Active 56-char remark

    Show marketing remark (56 chars)

    Property being sold as is. Property is currently vacant.

24. 2023-07-21
    soldstatus $28,500 Sold
25. 2023-07-11
    historical Contingent
26. 2023-07-05
    price $29,900
27. 2023-06-19
    listed $35,900 Active
28. 2020-04-01
    soldstatus $310,000
29. 2020-03-13
    soldstatus $34,000 Sold
30. 2020-01-31
    historical Contingent
31. 2019-12-10
    listed $25,000 Active
32. 2013-02-08
    historical
33. 2013-02-08
    listed $30,000

ⓘ 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: $13,293
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,063
• − Management: −$1,063
• − Depreciation: −$1,891
• Taxable income: $4,334
• Est. tax owed @ 24.0%: −$1,040
• After-tax cash flow: $4,071/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

+116.7% since first listed

19 events — show timeline

• 2026-01-06 Listed $65,000 METROMLS
• 2025-06-30 Sold (MLS) $29,500 METROMLS
• 2025-05-20 Contingent — METROMLS
• 2025-05-16 Price Changed $35,000 METROMLS
• 2025-05-16 Relisted — METROMLS
• 2025-04-24 Contingent — METROMLS
• 2025-04-14 Relisted — METROMLS
• 2025-03-21 Contingent — METROMLS
• 2025-02-24 Listed $59,900 METROMLS
• 2023-07-21 Sold (MLS) $28,500 METROMLS
• 2023-07-11 Contingent — METROMLS
• 2023-07-05 Price Changed $29,900 METROMLS
• 2023-06-19 Listed $35,900 METROMLS
• 2020-04-01 Sold (Public Records) $310,000 Public Records
• 2020-03-13 Sold (MLS) $34,000 METROMLS
• 2020-01-31 Contingent — METROMLS
• 2019-12-10 Listed $25,000 METROMLS
• 2013-02-08 Listed $30,000 METROMLS
• 2013-02-08 Listing Removed — METROMLS

Property tax history

+19.8%/yr

Latest (2024): $7,230 · +896.5% YoY. Source: county tax records.