1438 N 26th St · Milwaukee, WI 53205

$65,000

2 bd · 1.0 ba · 910 sqft · SingleFamily public records · 7 Days on market

Built 1890 2,178 sqft lot Est $81k · 20% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks

Endless possibilities with this 2 bedroom cottage. Large living room opens to formal dining room. Eat in kitchen with plenty of cabinets and counter space. Large bedroom with large closet and full bath complete the 1st floor. Upstairs is a 2nd bedroom and full expandable attic. 1 car parking spot. Home comes with all contents and needs some repair. Rooms sizes have been estimated.

Key facts

• 2,178 sq ft lot
• Garage
• Built 1890

Property features AI

Finance

• Other: All items on premises included; No exclusions

Exterior

• Parking: 1-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story single-family home; Less than 1/2 acre lot
• Construction: Block foundation
• Exterior features: Aluminum trim; Sidewalks

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Main level primary bedroom (11 x 11); Upper level bedroom (11 x 11)
• Bathrooms: One full bathroom with tub and shower over tub
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: High speed internet; Full block basement
• Laundry & utility: Basement utility area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $524 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 16.0% 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: 28 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $1,248/mo this rent would consume 48% of the median local household income ($32k/yr) (locally 636% 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 $2k of equity ($449 loan paydown + $2k appreciation (3.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1890 — 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 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: 1.92% ✓
• Cap rate: 15.97%
• Cash-on-cash: 34.57%
• DSCR: 2.54
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $80,990
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1623 N 24th Pl	0.19mi	3/1.0 (+1)	924 (+2%)	1mo	$49,950	$54	82
2471 W Cherry St	0.07mi	3/1.0 (+1)	953 (+5%)	9mo	$84,700	$89	77
1238 N 26th St	0.19mi	2/1.0	940 (+3%)	11mo	$60,000	$64	77
1915 W Galena St	0.47mi	3/1.5 (+1)	994 (+9%)	15mo	$81,000	$81	43
1912 W Mckinley Ave	0.48mi	3/1.5 (+1)	1,023 (+12%)	17mo	$134,500	$131	36
1831 W Cherry St	0.53mi	3/1.5 (+1)	1,023 (+12%)	24mo	$177,500	$174	28

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

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.3%
• Equity multiple: 3.27×
• Total profit: $41,332
• Equity at exit: $29,312

10-year hold

• IRR: 40.2%
• Equity multiple: 6.51×
• Total profit: $100,284
• Equity at exit: $45,241

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 53205

• Home prices YoY: 0.8%
• Active inventory: 28
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,248 high
• Mortgage (P&I): −$341
• Tax from tax record: −$94 /mo · $1,126/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $524

Break-even live

Break-even rent $585

Max offer price $65,000

Occupancy floor 53%

Sensitivity live

Price	-10% $561	-5% $543	+0% $524	+5% $506	+10% $488
Rent	-10% $426	-5% $475	+0% $524	+5% $574	+10% $623
Rate	-1.0pp $557	-0.5pp $541	base $524	+0.5pp $507	+1.0pp $490

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
1235 N 26th St Milwaukee, WI	3.0	1.0	900	$950	$1.06	44d	1	0.23mi
2610 W Juneau Ave Unit 2610 Milwaukee, WI	3.0	1.0	893	$1,400	$1.57	24d	1	0.27mi
1430 N 21st St Unit 2 Milwaukee, WI	2.0	1.0	1000	$975	$0.97	44d	1	0.37mi
3109 W Walnut St Milwaukee, WI	2.0	1.0	1000	$1,095	$1.09	44d	1	0.41mi
936 N 25th St Unit 1 Milwaukee, WI	2.0	1.0	900	$1,338	$1.49	44d	1	0.52mi
3303 W Juneau Ave Unit 5 Milwaukee, WI	2.0	1.0	750	$945	$1.26	44d	1	0.56mi
1135 N 33rd St Unit 2 Milwaukee, WI	2.0	1.0	850	$995	$1.17	44d	1	0.57mi
843 N 24th St Unit 304 Milwaukee, WI	1.0	1.0	685	$1,000	$1.46	44d	1	0.62mi
822 N 25th St Unit 6 Milwaukee, WI	1.0	1.0	600	$800	$1.33	44d	1	0.63mi
2125 W Kilbourn Ave Unit 15 Milwaukee, WI	2.0	1.0	800	$1,395	$1.74	44d	1	0.66mi
825 N 22nd St Milwaukee, WI	2.0	1.0	675	$1,088	$1.61	5d	5	0.68mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	17d	1	0.77mi
2324 W Wisconsin Ave Milwaukee, WI	1.0	1.0	620	$662	$1.07	44d	2	0.79mi
2435 W Wisconsin Ave Milwaukee, WI	1.0	1.0	581	$1,125	$1.93	5d	5	0.81mi
3421 W Kilbourn Ave Milwaukee, WI	1.0	1.0	550	$995	$1.81	24d	1	0.82mi
2217 W Wisconsin Ave Unit 05 Milwaukee, WI	1.0	1.0	900	$1,085	$1.21	44d	1	0.84mi
2319 W Michigan St Unit 310 Milwaukee, WI	1.0	1.0	798	$725	$0.91	17d	1	0.91mi
1521 W Kilbourn Ave Milwaukee, WI	1.0	1.0	743	$1,395	$1.88	44d	1	0.91mi
4232 W Highland Blvd Milwaukee, WI	2.0	1.0	700	$950	$1.36	15d	1	0.96mi
2016 W Clybourn St Milwaukee, WI	1.0	1.0	800	$1,100	$1.38	15d	1	1.02mi
502-504 N 32nd St Unit 1 Left Lower Milwaukee, WI	2.0	1.0	750	$875	$1.17	18d	1	1.02mi
501 N 20th St Apt C Milwaukee, WI	3.0	2.0	1122	$1,800	$1.60	18d	1	1.03mi
2530 N 28th St Unit 2530 Lower Milwaukee, WI	2.0	1.0	764	$995	$1.30	15d	1	1.04mi
1303 N 10th St Milwaukee, WI	3.0	1.0–2.0	797	$2,418	$3.03	2d	26	1.10mi
1009 W Juneau Ave Unit 114 Milwaukee, WI	2.0	1.5	900	$2,350	$2.61	44d	1	1.12mi
2630 N 24th St Milwaukee, WI	2.0	1.0	934	$1,450	$1.55	20d	1	1.17mi
901 W Winnebago St Milwaukee, WI	1.0–3.0	1.0–2.0	1359	$1,937	$1.43	3d	10	1.18mi
1004 N 10th St Milwaukee, WI	1.0	1.0–1.5	474	$1,245	$2.63	17d	1	1.19mi
1125 N 9th St Unit 111 Milwaukee, WI	2.0	1.0	735	$1,550	$2.11	44d	1	1.20mi
1125 N 9th St Unit 1379036P Milwaukee, WI	2.0	1.0	731	$3,063	$4.19	24d	1	1.21mi
1125 N 9th St Unit 1379032P Milwaukee, WI	2.0	1.0	731	$2,975	$4.07	2d	1	1.21mi
1125 N 9th St Unit 1379037P Milwaukee, WI	2.0	1.0	731	$2,717	$3.72	44d	1	1.21mi
2550 N 36th St Unit 2550A Upper Milwaukee, WI	2.0	1.0	711	$845	$1.19	24d	1	1.23mi
2530 N 37th St Milwaukee, WI	2.0	1.0	1037	$1,000	$0.96	15d	1	1.24mi
2646 N 34th St Unit 2646A Upper Milwaukee, WI	2.0	1.0	609	$895	$1.47	24d	1	1.29mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	15d	1	1.32mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	18d	1	1.32mi
2232 N 44th St Unit 2234 Upper Milwaukee, WI	3.0	1.0	1000	$1,195	$1.20	44d	1	1.33mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	5d	1	1.34mi
417 N 39th St Unit 6 Milwaukee, WI	2.0	1.0	750	$1,095	$1.46	44d	1	1.34mi

Listing history 5 events

1. 2026-06-13
   statusdays on market $65,000 Pending 7 DOM
2. 2026-06-09
   days on market $65,000 Active 4 DOM
3. 2026-06-08
   days on market $65,000 Active 3 DOM
4. 2026-06-07
   remarks 383-char remark
5. 2026-06-07
   listed $65,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $1,126 · $94/mo
• Projected year-2 tax: $1,164 · $97/mo
• Expected delta: +$38/yr (+$3/mo · 3.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,979
• − Mortgage interest: −$3,641
• − Property taxes: −$1,126
• − Insurance: −$325
• − Repairs & maintenance: −$1,198
• − Management: −$1,198
• − Depreciation: −$1,891
• Taxable income: $5,599
• Est. tax owed @ 24.0%: −$1,344
• After-tax cash flow: $4,948/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): 9,265
• Household income: $31,529
• Rent vs Own: 72.6% rent · 27.4% own
• Severe rent burden: 636.0

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 (80%)
• Race & ethnicity: Black 80% Asian 7% White 6% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 1% Lithuanian 1% Swedish 1%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Other Asian/Pacific 5% Spanish 5%

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: ▲ 3.02%
• Current HPI: 363.0038
• Rent YoY: —
• 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

1 event — show timeline

• 2026-06-05 Listed $65,000 METROMLS

Property tax history

+21.5%/yr

Latest (2024): $1,126 · -35.3% YoY. Source: county tax records.