2446 S 17th St Unit 2446A · Milwaukee, WI 53215

$219,900

4 bd · 2.0 ba · 2,008 sqft · MultiFamily · 1 Days on market

Built 1893 Fair condition 3,484 sqft lot Est $207k · 6% over

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Why this score? — see what drove the D 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 +16.4/30.0
• DSCR +5.1/10.0
• ARV discount +4.7/15.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.0/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

BOM due to buyers inability to close per contract. Perfect for owner occupants or investors, have your tenants pay your mortgage for you! This polish flat offers the opportunity to build some sweat-equity. Main/upper unit offers 2-3 bedrooms, lower unit offers 2 bedrooms. Fenced backyard + patio, street-parking only.

Key facts

• 3,484 sq ft lot
• Built 1893

Property features AI

Finance

• Financial info: Property is a 2-unit building (duplex)

Exterior

• Utilities: Municipal water; 2 electric meters and 1 gas meter
• Home design: Two-story duplex; Multi-family property
• Construction: Brick/stone and vinyl construction; Year built information from assessor/public record
• Exterior features: Brick and vinyl exterior; Lot less than 1/2 acre (approx. 0.08 acre); Zoned residential

Interior

• Kitchen: Unit 2 kitchen located on upper level (approx. 14 x 14)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms (master bedroom on upper level, approx. 8 x 7)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Interior features: No basement (slab)
• Laundry & utility: Utilities indicate separate meters (see Utilities section)

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive. Per door: $62/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (5.4% below list).
• Recommended offer: $208k (5.4% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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 (+5.0%/yr); 54 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,080/mo this rent would consume 46% of the median local household income ($54k/yr) (locally 2283% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 8y 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 $66k; list at $220k implies a 234% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,000 (5.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1893 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.95% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.41%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $206,824
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2200 S 18th St	0.31mi	4/2.0	1,972 (-2%)	9mo	$210,000	$106	75
2411 S 12th St	0.35mi	4/2.0	1,916 (-5%)	5mo	$125,000	$65	72
2119 S 14th St	0.46mi	5/2.0 (+1)	1,968 (-2%)	3mo	$220,000	$112	68
2239 S 11th St	0.48mi	4/2.0	1,920 (-4%)	4mo	$260,000	$135	67
2535 S 15th St	0.19mi	4/2.0	1,760 (-12%)	6mo	$182,000	$103	65
2431 S 9th Pl Unit 2431A	0.53mi	4/2.0	2,100 (+5%)	5mo	$255,000	$121	64
2111 W Burnham St Unit 2111A	0.72mi	4/2.0	1,977 (-2%)	0mo	$194,000	$98	64
2415 S 9th St Unit 2415A	0.59mi	5/2.0 (+1)	2,124 (+6%)	1mo	$190,000	$89	57
2133 S 20th St	0.44mi	4/2.0	1,754 (-13%)	3mo	$130,000	$74	56
2439 S 8th St	0.65mi	5/2.0 (+1)	2,101 (+5%)	3mo	$171,000	$81	55
2053 S 25th St	0.75mi	5/3.0 (+1)	2,095 (+4%)	1mo	$300,000	$143	48
2539 S 9th Pl	0.54mi	4/2.0	1,760 (-12%)	9mo	$135,000	$77	47

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

Projected returns pro-forma

-3.0% appreciation · 5.02% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.62×
• Total profit: $-23,422
• Equity at exit: $32,788

10-year hold

• IRR: 1.7%
• Equity multiple: 1.13×
• Total profit: $8,305
• Equity at exit: $19,013

Cash invested: $61,572 (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 53215

• Home prices YoY: -13.6%
• Rents YoY: 5.0%
• Active inventory: 54
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $2,080 high
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,298/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $124

Break-even live

Break-even rent $1,924

Max offer price $219,900

Occupancy floor 89%

Sensitivity live

Price	-10% $275	-5% $200	+0% $124	+5% $48	+10% $-28
Rent	-10% $-41	-5% $41	+0% $124	+5% $206	+10% $288
Rate	-1.0pp $234	-0.5pp $179	base $124	+0.5pp $67	+1.0pp $9

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,028
1× unit	3	1	$1,052
Total (2 units)			$2,080

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1812 S 7th St Milwaukee, WI	3.0	1.5	1703	$2,100	$1.23	25d	1	1.03mi
2141 S Robinson Ave Milwaukee, WI	3.0	1.0–2.0	1006	$2,695	$2.68	3d	20	1.38mi
2437 S Howell Ave Unit 2nd Milwaukee, WI	3.0	1.0	1550	$1,895	$1.22	6d	1	1.46mi

Listing history 14 events

1. 2026-05-16
   status Pending
2. 2026-05-14
   status Active
3. 2026-05-12
   listed $219,900
4. 2026-05-12
   historical
5. 2019-12-16
   soldstatus $65,900 Sold 318-char remark

   Show marketing remark (318 chars)

   BOM due to buyers inability to close per contract. Perfect for owner occupants or investors, have your tenants pay your mortgage for you! This polish flat offers the opportunity to build some sweat-equity. Main/upper unit offers 2-3 bedrooms, lower unit offers 2 bedrooms. Fenced backyard + patio, street-parking only.

6. 2019-11-23
   status Pending 318-char remark

   Show marketing remark (318 chars)

   BOM due to buyers inability to close per contract. Perfect for owner occupants or investors, have your tenants pay your mortgage for you! This polish flat offers the opportunity to build some sweat-equity. Main/upper unit offers 2-3 bedrooms, lower unit offers 2 bedrooms. Fenced backyard + patio, street-parking only.

7. 2019-11-15
   historical Contingent 318-char remark

   Show marketing remark (318 chars)

   BOM due to buyers inability to close per contract. Perfect for owner occupants or investors, have your tenants pay your mortgage for you! This polish flat offers the opportunity to build some sweat-equity. Main/upper unit offers 2-3 bedrooms, lower unit offers 2 bedrooms. Fenced backyard + patio, street-parking only.

8. 2019-11-08
   status Active 318-char remark

   Show marketing remark (318 chars)

   BOM due to buyers inability to close per contract. Perfect for owner occupants or investors, have your tenants pay your mortgage for you! This polish flat offers the opportunity to build some sweat-equity. Main/upper unit offers 2-3 bedrooms, lower unit offers 2 bedrooms. Fenced backyard + patio, street-parking only.

9. 2019-10-02
   historical Contingent 318-char remark

   Show marketing remark (318 chars)

   BOM due to buyers inability to close per contract. Perfect for owner occupants or investors, have your tenants pay your mortgage for you! This polish flat offers the opportunity to build some sweat-equity. Main/upper unit offers 2-3 bedrooms, lower unit offers 2 bedrooms. Fenced backyard + patio, street-parking only.

10. 2019-09-16
    listed $65,900 Active 318-char remark

    Show marketing remark (318 chars)

    BOM due to buyers inability to close per contract. Perfect for owner occupants or investors, have your tenants pay your mortgage for you! This polish flat offers the opportunity to build some sweat-equity. Main/upper unit offers 2-3 bedrooms, lower unit offers 2 bedrooms. Fenced backyard + patio, street-parking only.

11. 2019-03-12
    historical 162-char remark

    Show marketing remark (162 chars)

    Remodeled Basement flat with 3 bedrooms and a full bath on the main level and two bedrooms with 1 bath on the lower. All separate utilities. no off street parking

12. 2018-12-19
    price $89,900 162-char remark

    Show marketing remark (162 chars)

    Remodeled Basement flat with 3 bedrooms and a full bath on the main level and two bedrooms with 1 bath on the lower. All separate utilities. no off street parking

13. 2018-12-13
    price $84,900 162-char remark

    Show marketing remark (162 chars)

    Remodeled Basement flat with 3 bedrooms and a full bath on the main level and two bedrooms with 1 bath on the lower. All separate utilities. no off street parking

14. 2018-11-05
    listed $89,900 Active 162-char remark

    Show marketing remark (162 chars)

    Remodeled Basement flat with 3 bedrooms and a full bath on the main level and two bedrooms with 1 bath on the lower. All separate utilities. no off street parking

ⓘ 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 ≥97°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: $24,960
• − Mortgage interest: −$12,318
• − Property taxes: −$3,298
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,997
• − Management: −$1,997
• − Depreciation: −$6,397
• Taxable loss: −$2,147
• Est. tax savings @ 24.0%: +$515
• After-tax cash flow: $1,997/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

Fair 40/100 Moderate rehab

This multi-family home requires significant exterior and interior repairs, but presents a solid opportunity for renovation and rental value increase.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major exterior paint — Peeling paint
• Major flooring — Worn-out carpet
• Major interior walls — Painted walls with visible wear

Value-add opportunities

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics
• Both Replace flooring — Improves living space and rental appeal
• Both Upgrade HVAC system — Enhances comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
exterior paint · Peeling paint	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
interior walls · Painted walls with visible wear	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Replace flooring — Improves living space and rental appeal ↑
• Both Upgrade HVAC system — Enhances comfort and energy efficiency ↑

ⓘ 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): 58,146
• Household income: $54,289
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 2283.0

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 Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 34% White 18% Asian 6% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 52% Puerto Rican 12%
• Common ancestry: Romanian 6% Portuguese 1%
• Foreign-born: 31% · Canada, Philippines, Jamaica
• Languages at home: 35% English-only · Spanish 59% Other Asian/Pacific 3% Other Indo-European 1%

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: ▼ -52.55%
• Current HPI: 332.891
• Rent YoY: ▲ 5.02%
• 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

+144.6% since first listed

14 events — show timeline

• 2026-05-16 Pending — METROMLS
• 2026-05-14 Relisted — METROMLS
• 2026-05-12 Listing Removed — METROMLS
• 2026-05-12 Listed $219,900 METROMLS
• 2019-12-16 Sold (MLS) $65,900 METROMLS
• 2019-11-23 Pending — METROMLS
• 2019-11-15 Contingent — METROMLS
• 2019-11-08 Relisted — METROMLS
• 2019-10-02 Contingent — METROMLS
• 2019-09-16 Listed $65,900 METROMLS
• 2019-03-12 Listing Removed — METROMLS
• 2018-12-19 Price Changed $89,900 METROMLS
• 2018-12-13 Price Changed $84,900 METROMLS
• 2018-11-05 Listed $89,900 METROMLS