3622 N 26th St Unit 3622A · Milwaukee, WI 53206

$39,555

4 bd · 2.0 ba · 1,424 sqft · MultiFamily · 1 Days on market

Built 1898 Poor condition 3,049 sqft lot $28/sqft · 55% below area

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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 +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
• Schools +1.2/10.0
• Condition / age +1.0/5.0

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

Duplex in need of complete rehab. Could be a very spacious single family home. Cash offer preferred. Will only qualify for rehab financing. Property sold AS IS. Buyers to determine actual room dimensions.

Key facts

• 3,049 sq ft lot
• 2 garage spots
• Built 1898

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story multi-family building; Less than 1/2 acre lot (approximately 0.07 acre); Zoning: RT3
• Construction: Aluminum/steel exterior
• Exterior features: Aluminum siding

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $40k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 41.6% 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; 19 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 $1,820/mo this rent would consume 74% 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 $4k of equity ($273 loan paydown + $4k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,555

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1898 — 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 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: 4.60% ✓
• Cap rate: 41.62%
• Cash-on-cash: 126.17%
• DSCR: 6.61
• GRM: 1.8

CMA / ARV

• ARV (median comp): $87,238
• List price: $39,555
• Delta: -54.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3737 N 27th St Unit 3737A	0.13mi	4/2.0	1,510 (+6%)	14mo	$40,000	$26	72
3636 N 23rd St Unit 3636A	0.24mi	3/2.0 (-1)	1,360 (-4%)	14mo	$140,000	$103	64
3955 N 30th St #3957	0.42mi	4/2.0	1,568 (+10%)	1mo	$190,000	$121	63
2450 W Concordia Ave	0.35mi	4/2.0	1,540 (+8%)	15mo	$85,200	$55	57
3220 N 24th Pl Unit 3220A	0.48mi	3/2.0 (-1)	1,626 (+14%)	1mo	$65,000	$40	48
1818 W Nash St	0.59mi	3/2.0 (-1)	1,581 (+11%)	2mo	$135,000	$85	47
3946 N 36th St	0.71mi	3/2.0 (-1)	1,532 (+8%)	15mo	$128,888	$84	36

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: 10.51×
• Total profit: $105,353
• Equity at exit: $35,634

10-year hold

• IRR: —
• Equity multiple: 25.90×
• Total profit: $275,806
• Equity at exit: $76,847

Cash invested: $11,075 (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: 3.2×

Monthly cashflow live

• Estimated rent: $1,820 high
• Mortgage (P&I): −$207
• Tax est. 1.5%: −$49 /mo · $593/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $1,164

Break-even live

Break-even rent $346

Max offer price $39,555

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,016
1× unit	1	1	$804
Total (2 units)			$1,820

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: $9,889
• Closing costs: $1,187
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.21mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.33mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.38mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	0.38mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	0.65mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	43d	1	0.75mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	0.83mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	0.90mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	1.01mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	1.02mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	1.04mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	17d	1	1.07mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	1.07mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.13mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.16mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	1d	1	1.16mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	1.24mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	1.25mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.26mi

Listing history 5 events

1. 2026-05-17
   status Pending 204-char remark
2. 2026-05-16
   listed $39,555 Active 204-char remark
3. 2026-05-10
   historical $39,555 204-char remark
4. 2026-05-09
   historical 204-char remark

   Show marketing remark (204 chars)

   Duplex in need of complete rehab. Could be a very spacious single family home. Cash offer preferred. Will only qualify for rehab financing. Property sold AS IS. Buyers to determine actual room dimensions.

5. 2026-05-07
   listed $39,555 Active 204-char remark

   Show marketing remark (204 chars)

   Duplex in need of complete rehab. Could be a very spacious single family home. Cash offer preferred. Will only qualify for rehab financing. Property sold AS IS. Buyers to determine actual room dimensions.

ⓘ 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: $21,840
• − Mortgage interest: −$2,216
• − Property taxes: −$593
• − Insurance: −$198
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − Depreciation: −$1,151
• Taxable income: $14,188
• Est. tax owed @ 24.0%: −$3,405
• After-tax cash flow: $10,568/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 · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive renovation and repair, including exterior, interior, and roof work. Significant value can be added through a comprehensive renovation.

Repairs flagged

• Major siding — Severe weathering and damage
• Major roof — Visible damage and potential leaks
• Major flooring — Worn and damaged
• Major interior walls/paint — Peeling and damaged

Value-add opportunities

• Both exterior renovation — Improves curb appeal and overall appearance
• Both interior renovation — Enhances living space and value
• Both roof replacement — Fixes potential leaks and improves property value
• Both flooring replacement — Enhances living space and value
• Both paint job — Enhances appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and damage	Major	$15,000–50,000
roof · Visible damage and potential leaks	Major	$15,000–50,000
flooring · Worn and damaged	Major	$15,000–50,000
interior walls/paint · Peeling and damaged	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior renovation — Improves curb appeal and overall appearance ↑
• Both interior renovation — Enhances living space and value ↑
• Both roof replacement — Fixes potential leaks and improves property value ↑
• Both flooring replacement — Enhances living space and value ↑
• Both paint job — Enhances appearance and value ↑

ⓘ 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

+0.0% since first listed

5 events — show timeline

• 2026-05-17 Pending — METROMLS
• 2026-05-16 Listed $39,555 METROMLS
• 2026-05-10 Coming Soon $39,555 METROMLS
• 2026-05-09 Listing Removed — METROMLS
• 2026-05-07 Listed $39,555 METROMLS