924 S 19th St · Milwaukee, WI 53204

$363,000

None bd · None ba · 3,204 sqft · MultiFamily · 62 Days on market

Built 1902 Fair condition 0.26 ac lot $113/sqft · 88% above area ↓ 7% since listing

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Attention investors! Well-maintained 8-unit property featuring two 1-bedroom units on the main floor and a 6-unit rooming house on the upper level, each with its own range/oven and refrigerator and access to a shared bathroom. Conveniently located on a transit line near Mitchell Park Conservatory and local dining. Property includes utilities, ample off-street and street parking, coin-operated laundry in the basement, and individual storage lockers for each unit. An unfinished Attic has Huge potential for possible future endeavors!

Key facts

• 8 unit property
• 1 bedroom units
• Transit line

Tags

• 8 UNIT PROPERTY
• 1 BEDROOM UNITS
• SHARED BATHROOM
• TRANSIT LINE
• MITCHELL PARK CONSERVATORY
• LOCAL DINING

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $363k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $487/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $363k).
• Recommended offer: $341k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.2% 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; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $8,103/mo this rent would consume 212% 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 $39k of equity ($3k loan paydown + $36k 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 $102k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($341k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $341,220 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 2.23% ✓
• Cap rate: 19.16%
• Cash-on-cash: 45.96%
• DSCR: 3.04
• GRM: 3.7

CMA / ARV

• ARV (median comp): $192,701
• List price: $363,000
• Delta: 88.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1636 W Mineral St #1638	0.12mi	—/—	3,528 (+10%)	3mo	$160,160	$45	75
2421 W Scott St #2423	0.44mi	—/—	3,396 (+6%)	2mo	$252,500	$74	68
743 S 25th St Unit 743A	0.46mi	6/3.0	3,498 (+9%)	2mo	$278,600	$80	62
1429 S 10th St #1431	0.72mi	6/3.0	3,166 (-1%)	10mo	$230,000	$73	56
1221 S 24th St #1223	0.42mi	6/2.0	2,859 (-11%)	11mo	$232,500	$81	53
1531 S 23rd St	0.52mi	—/—	2,960 (-8%)	14mo	$235,000	$79	52
1117 S Layton Blvd #1119	0.59mi	5/2.0	2,896 (-10%)	6mo	$310,000	$107	51
1528 S 22nd St #1530	0.47mi	—/—	2,880 (-10%)	13mo	$295,000	$102	50
1559 S Cesar E Chavez Dr #1561	0.49mi	—/—	2,782 (-13%)	9mo	$185,000	$66	48
1008 S 29th St #1010	0.68mi	6/2.0	2,886 (-10%)	9mo	$277,000	$96	44
1560 S 26th St	0.67mi	6/2.0	2,849 (-11%)	8mo	$257,500	$90	44
2321 W Mitchell St #2323	0.71mi	—/—	2,870 (-10%)	11mo	$225,000	$78	40

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: 59.5%
• Equity multiple: 5.31×
• Total profit: $437,680
• Equity at exit: $327,019

10-year hold

• IRR: 52.6%
• Equity multiple: 11.61×
• Total profit: $1,078,446
• Equity at exit: $705,229

Cash invested: $101,640 (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: 29.9×

Monthly cashflow live

• Estimated rent: $8,103 high
• Mortgage (P&I): −$1,904
• Tax est. 1.5%: −$454 /mo · $5,445/yr
• Insurance: −$151
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,702
• Net cashflow: $3,893

Break-even live

Break-even rent $3,175

Max offer price $363,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$8,104
Total (8 units)			$8,103

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: $90,750
• Closing costs: $10,890
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $363,000 Active 62 DOM
2. 2026-06-17
   days on market $363,000 Active 61 DOM
3. 2026-06-16
   days on market $363,000 Active 60 DOM
4. 2026-06-15
   days on market $363,000 Active 59 DOM
5. 2026-06-13
   days on market $363,000 Active 57 DOM
6. 2026-06-13
   days on market $363,000 Active 56 DOM
7. 2026-06-09
   days on market $363,000 Active 53 DOM
8. 2026-06-08
   days on market $363,000 Active 52 DOM
9. 2026-06-07
   days on market $363,000 Active 51 DOM
10. 2026-06-05
    days on market $363,000 Active 48 DOM
11. 2026-06-03
    days on market $363,000 Active 47 DOM
12. 2026-06-02
    days on market $363,000 Active 46 DOM
13. 2026-06-01
    days on market $363,000 Active 45 DOM
14. 2026-05-31
    days on market $363,000 Active 44 DOM
15. 2026-04-30
    price $363,000 536-char remark

    Show marketing remark (536 chars)

    Attention investors! Well-maintained 8-unit property featuring two 1-bedroom units on the main floor and a 6-unit rooming house on the upper level, each with its own range/oven and refrigerator and access to a shared bathroom. Conveniently located on a transit line near Mitchell Park Conservatory and local dining. Property includes utilities, ample off-street and street parking, coin-operated laundry in the basement, and individual storage lockers for each unit. An unfinished Attic has Huge potential for possible future endeavors!

16. 2026-04-17
    listed $389,000 Active 536-char remark

    Show marketing remark (536 chars)

    Attention investors! Well-maintained 8-unit property featuring two 1-bedroom units on the main floor and a 6-unit rooming house on the upper level, each with its own range/oven and refrigerator and access to a shared bathroom. Conveniently located on a transit line near Mitchell Park Conservatory and local dining. Property includes utilities, ample off-street and street parking, coin-operated laundry in the basement, and individual storage lockers for each unit. An unfinished Attic has Huge potential for possible future endeavors!

ⓘ 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: $97,236
• − Mortgage interest: −$20,334
• − Property taxes: −$5,445
• − Insurance: −$1,815
• − Repairs & maintenance: −$7,779
• − Management: −$7,779
• − Depreciation: −$10,560
• Taxable income: $43,525
• Est. tax owed @ 24.0%: −$10,446
• After-tax cash flow: $36,267/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

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and value. Key areas for improvement include the kitchen, bathrooms, exterior, and HVAC system.

Repairs flagged

• Minor kitchen countertops — laminate wear
• Minor bathroom fixtures — basic and worn
• Minor exterior siding — some discoloration
• Minor interior walls — basic paint, some wear
• Minor windows — basic windows, some wear

Value-add opportunities

• Both kitchen backsplash — adds value and functionality
• Both bathroom vanity — improves aesthetics and functionality
• Both exterior paint — enhances curb appeal and value
• Both HVAC system — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen countertops · laminate wear	Minor	$500–3,000
bathroom fixtures · basic and worn	Minor	$500–3,000
exterior siding · some discoloration	Minor	$500–3,000
interior walls · basic paint, some wear	Minor	$500–3,000
windows · basic windows, some wear	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both kitchen backsplash — adds value and functionality ↑
• Both bathroom vanity — improves aesthetics and functionality ↑
• Both exterior paint — enhances curb appeal and value ↑
• Both HVAC system — improves 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): 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

-6.7% since first listed

2 events — show timeline

• 2026-04-30 Price Changed $363,000 METROMLS
• 2026-04-17 Listed $389,000 METROMLS