3806 N 24th Pl #3808 · Milwaukee, WI 53206

$35,000

4 bd · 2.0 ba · 1,200 sqft · MultiFamily · 1 Days on market

Built 1929 1.20 ac lot

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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
• 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

Beautifully remodeled from top to bottom and ready for new owner! 2/2 Duplex with large fenced-in front and back yard and 2 car garage plus anther freshly paved parking spot. Both kitchens offer all new cabinets, counters, tile flooring and fixtures. Bathrooms completely remodeled as well with custom tile work, updated vanities and fixtures. Rich refinished HWF, generous dining rooms with built-ins. Fresh paint and fixtures throughout. Massive front porch and 2 balconies in the upper. Low maintenance exterior and more. Come and see it today!

Key facts

• 1.2 acre lot
• 2 garage spots
• Built 1929

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $35k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Cap rate 43.5% 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; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $1,679/mo this rent would consume 69% 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 ($242 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k 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.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $127k (78%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,000

Questions for the listing agent

1. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 4.80% ✓
• Cap rate: 43.48%
• Cash-on-cash: 132.80%
• DSCR: 6.91
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $181,200
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3636 N 23rd St Unit 3636A	0.18mi	3/2.0 (-1)	1,360 (+13%)	15mo	$140,000	$103	52
3349 N 16th St #3351	0.74mi	4/2.0	1,288 (+7%)	2mo	$195,000	$151	51

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: 10.90×
• Total profit: $97,035
• Equity at exit: $31,531

10-year hold

• IRR: —
• Equity multiple: 26.86×
• Total profit: $253,464
• Equity at exit: $67,997

Cash invested: $9,800 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,679 high
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $1,085

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 30%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,678
Total (2 units)			$1,679

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	0.32mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.40mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.58mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	44d	1	0.67mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	44d	1	0.94mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	44d	1	0.94mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	1.07mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	1.16mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	1.16mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	17d	1	1.19mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	15d	1	1.19mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	1.21mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.33mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	2d	1	1.35mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	1.36mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.43mi

Listing history 8 events

1. 2023-11-30
   soldstatus $155,000 Sold 547-char remark

   Show marketing remark (547 chars)

   Beautifully remodeled from top to bottom and ready for new owner! 2/2 Duplex with large fenced-in front and back yard and 2 car garage plus anther freshly paved parking spot. Both kitchens offer all new cabinets, counters, tile flooring and fixtures. Bathrooms completely remodeled as well with custom tile work, updated vanities and fixtures. Rich refinished HWF, generous dining rooms with built-ins. Fresh paint and fixtures throughout. Massive front porch and 2 balconies in the upper. Low maintenance exterior and more. Come and see it today!

2. 2023-11-16
   historical Contingent 547-char remark

   Show marketing remark (547 chars)

   Beautifully remodeled from top to bottom and ready for new owner! 2/2 Duplex with large fenced-in front and back yard and 2 car garage plus anther freshly paved parking spot. Both kitchens offer all new cabinets, counters, tile flooring and fixtures. Bathrooms completely remodeled as well with custom tile work, updated vanities and fixtures. Rich refinished HWF, generous dining rooms with built-ins. Fresh paint and fixtures throughout. Massive front porch and 2 balconies in the upper. Low maintenance exterior and more. Come and see it today!

3. 2023-09-09
   listed $162,000 Active 547-char remark

   Show marketing remark (547 chars)

   Beautifully remodeled from top to bottom and ready for new owner! 2/2 Duplex with large fenced-in front and back yard and 2 car garage plus anther freshly paved parking spot. Both kitchens offer all new cabinets, counters, tile flooring and fixtures. Bathrooms completely remodeled as well with custom tile work, updated vanities and fixtures. Rich refinished HWF, generous dining rooms with built-ins. Fresh paint and fixtures throughout. Massive front porch and 2 balconies in the upper. Low maintenance exterior and more. Come and see it today!

4. 2021-12-21
   historical 148-char remark

   Show marketing remark (148 chars)

   This is a tax foreclosed property. This property is strictly restricted for sale for OWNER/OCCUPANCY only. Sealed Bids due by 11/01/2021 by 10:00AM.

5. 2021-11-05
   historical Contingent 148-char remark

   Show marketing remark (148 chars)

   This is a tax foreclosed property. This property is strictly restricted for sale for OWNER/OCCUPANCY only. Sealed Bids due by 11/01/2021 by 10:00AM.

6. 2021-10-04
   listed $34,000 Active 148-char remark

   Show marketing remark (148 chars)

   This is a tax foreclosed property. This property is strictly restricted for sale for OWNER/OCCUPANCY only. Sealed Bids due by 11/01/2021 by 10:00AM.

7. 2014-07-24
   listed $35,000
8. 2014-07-24
   historical

ⓘ 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: $20,148
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,612
• − Management: −$1,612
• − Depreciation: −$1,018
• Taxable income: $13,246
• Est. tax owed @ 24.0%: −$3,179
• After-tax cash flow: $9,835/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

+342.9% since first listed

8 events — show timeline

• 2023-11-30 Sold (MLS) $155,000 METROMLS
• 2023-11-16 Contingent — METROMLS
• 2023-09-09 Listed $162,000 METROMLS
• 2021-12-21 Listing Removed — METROMLS
• 2021-11-05 Contingent — METROMLS
• 2021-10-04 Listed $34,000 METROMLS
• 2014-07-24 Listing Removed — METROMLS
• 2014-07-24 Listed $35,000 METROMLS