3421 N 21st St #3423 · Milwaukee, WI 53206

$50,000

5 bd · 2.0 ba · 2,494 sqft · MultiFamily · 61 Days on market

Built 1922 Poor condition 3,484 sqft lot $20/sqft · 35% below area Est $76k · 35% under ↓ 37% since listing

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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
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 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

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:$59,630 (Total Scope Of Work:$61,630)

Key facts

• 3,484 sq ft lot
• Built 1922
• Listed 61 days

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $50k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 38.8% 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); 160 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $2,150/mo this rent would consume 88% 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 $5k of equity ($346 loan paydown + $5k 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 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 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 4.30% ✓
• Cap rate: 38.76%
• Cash-on-cash: 115.97%
• DSCR: 6.16
• GRM: 1.9

CMA / ARV

• ARV (median comp): $76,421
• List price: $50,000
• Delta: -34.57%
• 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
3381 N 21st St #3383	0.07mi	4/2.0 (-1)	2,364 (-5%)	2mo	$71,000	$30	82
3382 N 23rd St #3384	0.12mi	4/2.0 (-1)	2,266 (-9%)	0mo	$152,435	$67	74
3419 N 15th St #3421	0.44mi	4/2.0 (-1)	2,416 (-3%)	6mo	$201,500	$83	65
3266 N 17th St	0.40mi	4/2.0 (-1)	2,322 (-7%)	2mo	$185,000	$80	63
2463 W Chambers St #2465	0.64mi	5/2.0	2,318 (-7%)	2mo	$50,000	$22	56
3615 N 13th St	0.59mi	4/2.0 (-1)	2,326 (-7%)	1mo	$90,000	$39	55
3202 N 24th St #3204	0.35mi	4/2.0 (-1)	2,169 (-13%)	3mo	$165,000	$76	54
3748 N 17th St	0.45mi	4/2.0 (-1)	2,161 (-13%)	2mo	$80,000	$37	50
2900 N 21st St #2902	0.70mi	6/2.0 (+1)	2,356 (-6%)	6mo	$20,000	$8	49
2941 N 26th St #2943	0.74mi	6/2.0 (+1)	2,664 (+7%)	3mo	$140,900	$53	46
3701 N 14th St #3703	0.55mi	4/2.0 (-1)	2,174 (-13%)	4mo	$90,000	$41	44
3282 N 30th St #3284	0.63mi	6/2.0 (+1)	2,162 (-13%)	3mo	$168,000	$78	41

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: 9.91×
• Total profit: $124,797
• Equity at exit: $45,044

10-year hold

• IRR: —
• Equity multiple: 24.43×
• Total profit: $327,955
• Equity at exit: $97,139

Cash invested: $14,000 (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: 160
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,150 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $1,353

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 32%

Sensitivity live

Price	-10% $1,388	-5% $1,370	+0% $1,353	+5% $1,336	+10% $1,318
Rent	-10% $1,183	-5% $1,268	+0% $1,353	+5% $1,438	+10% $1,523
Rate	-1.0pp $1,378	-0.5pp $1,366	base $1,353	+0.5pp $1,340	+1.0pp $1,327

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,118
1× unit	2	1	$1,032
Total (2 units)			$2,150

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	26d	1	0.47mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	0d	1	0.67mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	46d	1	1.39mi

Listing history 15 events

1. 2026-06-15
   status $50,000 Pending 61 DOM
2. 2026-06-15
   days on market $50,000 Active 61 DOM
3. 2026-06-13
   days on market $50,000 Active 59 DOM
4. 2026-06-13
   days on market $50,000 Active 58 DOM
5. 2026-06-09
   days on market $50,000 Active 55 DOM
6. 2026-06-08
   days on market $50,000 Active 54 DOM
7. 2026-06-07
   days on market $50,000 Active 53 DOM
8. 2026-06-05
   days on market $50,000 Active 50 DOM
9. 2026-06-03
   days on market $50,000 Active 49 DOM
10. 2026-06-02
    days on market $50,000 Active 48 DOM
11. 2026-06-01
    days on market $50,000 Active 47 DOM
12. 2026-05-31
    days on market $50,000 Active 46 DOM
13. 2026-04-15
    listed $50,000 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:$59,630 (Total Scope Of Work:$61,630)

14. 2026-04-06
    historical 237-char remark

    Show marketing remark (237 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 at 10:00 am.

15. 2026-02-23
    listed $79,100 Active 237-char remark

    Show marketing remark (237 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 at 10:00 am.

ⓘ 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: $25,800
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − Depreciation: −$1,455
• Taxable income: $16,417
• Est. tax owed @ 24.0%: −$3,940
• After-tax cash flow: $12,296/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 · 12 photos

Poor 20/100 Extensive rehab

This tax-foreclosed property requires extensive repairs and updates to bring it up to a livable condition. Significant investment is needed to address structural, mechanical, and aesthetic issues.

Repairs flagged

• Major kitchen cabinets — severely damaged and outdated
• Major bathroom fixtures — severely outdated and damaged
• Major flooring — severely damaged and exposed
• Major interior walls — severely damaged and peeling
• Major exterior siding — severely damaged and exposed
• Major windows — severely damaged and missing glass
• Major HVAC/mechanicals — no visible systems

Value-add opportunities

• Both exterior painting and siding repair — enhances curb appeal and value
• Both kitchen and bathroom updates — modernizes spaces and increases value
• Both HVAC and mechanical upgrades — improves comfort and energy efficiency
• Both landscaping and curb appeal improvements — enhances overall appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely damaged and outdated	Major	$15,000–50,000
bathroom fixtures · severely outdated and damaged	Major	$15,000–50,000
flooring · severely damaged and exposed	Major	$15,000–50,000
interior walls · severely damaged and peeling	Major	$15,000–50,000
exterior siding · severely damaged and exposed	Major	$15,000–50,000
windows · severely damaged and missing glass	Major	$15,000–50,000
HVAC/mechanicals · no visible systems	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both exterior painting and siding repair — enhances curb appeal and value ↑
• Both kitchen and bathroom updates — modernizes spaces and increases value ↑
• Both HVAC and mechanical upgrades — improves comfort and energy efficiency ↑
• Both landscaping and curb appeal improvements — enhances overall 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

-36.8% since first listed

3 events — show timeline

• 2026-04-15 Listed $50,000 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $79,100 METROMLS