1577 S Union St · Milwaukee, WI 53204

$199,900

4 bd · 1.0 ba · 1,587 sqft · SingleFamily public records · 23 Days on market

Built 1900 4,356 sqft lot Est $200k · at est.

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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 +20.3/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

This house is only available due to seller moving out of state. Spacious 4 bedroom, 1 bath, single family with side drive and 2 car garage. Natural Wood work throughout. Central air, updated kitchen and bath.

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Finance

• Other: Seller's personal property excluded from sale

Exterior

• Parking: Detached 2-car garage with basement access; Additional 1 parking space
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: 2-story single-family home; Property zoning RT4; Lot size about 0.1 acre (less than 1/2 acre)
• Construction: Information source: Assessor/Public Record
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Kitchen on main level (16 x 14)
• Bedrooms: Master bedroom on main level (13 x 11)
• Bathrooms: One full bathroom with tub and shower over tub
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 (+2.0%/yr); 55 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,073/mo this rent would consume 54% of the median local household income ($46k/yr) (locally 2357% 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 $21k of equity ($1k loan paydown + $20k 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 + 2.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $118k; list at $200k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,901 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.04% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.49%
• DSCR: 1.24
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $199,962
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1302 S 21st St	0.26mi	4/1.0	1,638 (+3%)	0mo	$111,000	$68	82
1642 S Layton Blvd	0.52mi	4/1.0	1,657 (+4%)	3mo	$135,000	$81	65
1305 S 26th St	0.52mi	4/1.5	1,596 (+1%)	9mo	$218,500	$137	65
2416 W Lapham St	0.35mi	4/2.0	1,488 (-6%)	8mo	$209,900	$141	63
1579 S 21st St	0.13mi	4/3.0	1,792 (+13%)	6mo	$250,000	$140	59
1732 W Scott St	0.34mi	3/1.0 (-1)	1,369 (-14%)	6mo	$170,000	$124	51
1224 S 25th St	0.46mi	3/1.5 (-1)	1,424 (-10%)	9mo	$60,000	$42	47
1831 W Becher St	0.57mi	4/2.0	1,396 (-12%)	4mo	$155,000	$111	46
1133 S Layton Blvd	0.64mi	4/1.0	1,783 (+12%)	6mo	$210,000	$118	44
1227 S 10th St	0.72mi	3/1.0 (-1)	1,466 (-8%)	5mo	$185,000	$126	44
2172 S 18th St	0.67mi	3/2.0 (-1)	1,431 (-10%)	2mo	$206,000	$144	41
2122 S 24th St	0.66mi	5/3.0 (+1)	1,500 (-6%)	12mo	$240,000	$160	37

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 · 2.0% rent growth · sell at horizon

5-year hold

• IRR: 27.9%
• Equity multiple: 3.20×
• Total profit: $123,157
• Equity at exit: $180,086

10-year hold

• IRR: 24.0%
• Equity multiple: 7.18×
• Total profit: $345,884
• Equity at exit: $388,362

Cash invested: $55,972 (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 53204

• Home prices YoY: 19.0%
• Rents YoY: 2.0%
• Active inventory: 55
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,073 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $256

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 83%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	23d	1	0.92mi
501 N 20th St Apt C Milwaukee, WI	3.0	2.0	1122	$1,800	$1.60	16d	1	1.47mi

Listing history 25 events

1. 2026-06-18
   days on market $199,900 Active 23 DOM
2. 2026-06-17
   days on market $199,900 Active 22 DOM
3. 2026-06-16
   days on market $199,900 Active 21 DOM
4. 2026-06-15
   days on market $199,900 Active 20 DOM
5. 2026-06-13
   days on market $199,900 Active 18 DOM
6. 2026-06-13
   days on market $199,900 Active 17 DOM
7. 2026-06-09
   days on market $199,900 Active 14 DOM
8. 2026-06-08
   days on market $199,900 Active 13 DOM
9. 2026-06-07
   days on market $199,900 Active 12 DOM
10. 2026-06-05
    days on market $199,900 Active 9 DOM
11. 2026-06-03
    days on market $199,900 Active 8 DOM
12. 2026-06-02
    days on market $199,900 Active 7 DOM
13. 2026-06-01
    days on market $199,900 Active 6 DOM
14. 2026-05-31
    days on market $199,900 Active 5 DOM
15. 2026-05-26
    listed $199,900 Active
16. 2021-12-23
    soldstatus $118,400
17. 2021-12-09
    soldstatus $118,400 Sold 208-char remark

    Show marketing remark (208 chars)

    This house is only available due to seller moving out of state. Spacious 4 bedroom, 1 bath, single family with side drive and 2 car garage. Natural Wood work throughout. Central air, updated kitchen and bath.

18. 2021-10-08
    historical Contingent 208-char remark

    Show marketing remark (208 chars)

    This house is only available due to seller moving out of state. Spacious 4 bedroom, 1 bath, single family with side drive and 2 car garage. Natural Wood work throughout. Central air, updated kitchen and bath.

19. 2021-09-27
    price $112,900 208-char remark

    Show marketing remark (208 chars)

    This house is only available due to seller moving out of state. Spacious 4 bedroom, 1 bath, single family with side drive and 2 car garage. Natural Wood work throughout. Central air, updated kitchen and bath.

20. 2021-09-23
    price $119,900 208-char remark

    Show marketing remark (208 chars)

    This house is only available due to seller moving out of state. Spacious 4 bedroom, 1 bath, single family with side drive and 2 car garage. Natural Wood work throughout. Central air, updated kitchen and bath.

21. 2021-08-31
    price $129,900 208-char remark

    Show marketing remark (208 chars)

    This house is only available due to seller moving out of state. Spacious 4 bedroom, 1 bath, single family with side drive and 2 car garage. Natural Wood work throughout. Central air, updated kitchen and bath.

22. 2021-08-18
    listed $139,900 Active 208-char remark

    Show marketing remark (208 chars)

    This house is only available due to seller moving out of state. Spacious 4 bedroom, 1 bath, single family with side drive and 2 car garage. Natural Wood work throughout. Central air, updated kitchen and bath.

23. 2004-08-30
    soldstatus $90,000
24. 1993-09-01
    soldstatus $40,000
25. 1986-05-01
    soldstatus $31,900

ⓘ 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: $2,998 · $250/mo
• Projected year-2 tax: $3,348 · $279/mo
• Expected delta: +$350/yr (+$29/mo · 11.7%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $24,876
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,990
• − Management: −$1,990
• − Depreciation: −$5,815
• Taxable loss: −$114
• Est. tax savings @ 24.0%: +$27
• After-tax cash flow: $3,102/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): 39,996
• Household income: $45,934
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 2357.0

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 (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 35% White 15% Black 11% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 51% Puerto Rican 13%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 35% English-only · Spanish 61% Other Asian/Pacific 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: ▲ 64.27%
• Current HPI: 403.236
• Rent YoY: ▲ 2.00%
• 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

+526.6% since first listed

11 events — show timeline

• 2026-05-26 Listed $199,900 METROMLS
• 2021-12-23 Sold (Public Records) $118,400 Public Records
• 2021-12-09 Sold (MLS) $118,400 METROMLS
• 2021-10-08 Contingent — METROMLS
• 2021-09-27 Price Changed $112,900 METROMLS
• 2021-09-23 Price Changed $119,900 METROMLS
• 2021-08-31 Price Changed $129,900 METROMLS
• 2021-08-18 Listed $139,900 METROMLS
• 2004-08-30 Sold (Public Records) $90,000 Public Records
• 1993-09-01 Sold (Public Records) $40,000 Public Records
• 1986-05-01 Sold (Public Records) $31,900 Public Records

Property tax history

+5.6%/yr

Latest (2024): $2,998 · +35.7% YoY. Source: county tax records.