2329 N Vel R Phillips Ave #2331 · Milwaukee, WI 53212

$215,000

6 bd · 2.0 ba · 3,534 sqft · MultiFamily · 34 Days on market

Built 1895 0.28 ac lot Est $406k · 47% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This is a tax foreclosed property. The sale of this property includes the vacant lot at 2323-25 N 4th Street. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

Key facts

• Walkout entrance
• Over 1/4 acre lot
• Additional plumbing

Tags

• OVER 1/4 ACRE LOT
• WALKOUT ENTRANCE
• ADDITIONAL LIVING SPACE
• ADDITIONAL PLUMBING
• FRAMED OUT ROOMS

Property features AI

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Lot under 1/2 acre (approximately 0.28 acre); Residential zoning
• Construction: Information source for year built: Assessor/Public Record
• Exterior features: Vinyl exterior

Interior

• Kitchen: Unit 2 kitchen located on upper level
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master and other bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement with walk-out/outer door

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $685/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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+, 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.
• Zoned schools: Holmes Elementary (math 5% / reading 5%, grade F, #968 of 1,041 statewide, top 98%, 266 students, 96% FRL) — zoned schools average 96% FRL vs 77% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.0%/yr); 131 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 $3,614/mo this rent would consume 92% of the median local household income ($47k/yr) (locally 2397% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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 + 5.0% rent growth), your $60k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $4k; list at $215k implies a 5633% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.68% ✓
• Cap rate: 13.94%
• Cash-on-cash: 27.29%
• DSCR: 2.21
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $406,410
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2417 N 2nd St #2415	0.19mi	5/2.0 (-1)	3,589 (+2%)	5mo	$245,787	$68	79
2668 N 1st St #2670	0.51mi	6/2.0	3,477 (-2%)	16mo	$202,000	$58	60
524 E Glover Ave	0.66mi	6/3.0	3,192 (-10%)	6mo	$367,000	$115	44
2222 Hubbard St	0.41mi	6/5.0	3,250 (-8%)	17mo	$410,000	$126	41
2222 N Hubbard St Unit 2222A	0.41mi	6/5.5	3,250 (-8%)	17mo	$410,000	$126	39

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

Projected returns pro-forma

-3.0% appreciation · 5.0% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 1.99×
• Total profit: $59,840
• Equity at exit: $32,057

10-year hold

• IRR: 32.7%
• Equity multiple: 4.26×
• Total profit: $196,332
• Equity at exit: $18,589

Cash invested: $60,200 (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 53212

• Rents YoY: 5.0%
• Active inventory: 131
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $3,614 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$759
• Net cashflow: $1,369

Break-even live

Break-even rent $1,881

Max offer price $215,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,518	-5% $1,444	+0% $1,369	+5% $1,295	+10% $1,221
Rent	-10% $1,084	-5% $1,226	+0% $1,369	+5% $1,512	+10% $1,655
Rate	-1.0pp $1,478	-0.5pp $1,424	base $1,369	+0.5pp $1,314	+1.0pp $1,257

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,614
Total (2 units)			$3,614

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2634 N Doctor M.L.K. Jr Dr Milwaukee, WI	5.0	2.5	2512	$3,700	$1.47	44d	1	0.40mi
806 W Keefe Ave Milwaukee, WI	7.0	2.0	2900	$700	$0.24	44d	1	1.47mi

Listing history 22 events

1. 2026-06-21
   days on market $215,000 Active 34 DOM
2. 2026-06-18
   price $215,000 Active 31 DOM
3. 2026-06-18
   days on market $225,000 Active 31 DOM
4. 2026-06-17
   days on market $225,000 Active 30 DOM
5. 2026-06-16
   days on market $225,000 Active 29 DOM
6. 2026-06-15
   days on market $225,000 Active 28 DOM
7. 2026-06-13
   days on market $225,000 Active 26 DOM
8. 2026-06-13
   days on market $225,000 Active 25 DOM
9. 2026-06-09
   days on market $225,000 Active 22 DOM
10. 2026-06-08
    days on market $225,000 Active 21 DOM
11. 2026-06-07
    days on market $225,000 Active 20 DOM
12. 2026-06-05
    days on market $225,000 Active 17 DOM
13. 2026-06-03
    days on market $225,000 Active 16 DOM
14. 2026-06-02
    days on market $225,000 Active 15 DOM
15. 2026-06-01
    days on market $225,000 Active 14 DOM
16. 2026-05-31
    days on market $225,000 Active 13 DOM
17. 2026-05-13
    listed $225,000 Active
18. 2015-07-28
    soldstatus $3,750 Sold 242-char remark

    Show marketing remark (242 chars)

    This is a tax foreclosed property. The sale of this property includes the vacant lot at 2323-25 N 4th Street. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

19. 2015-07-06
    historical Contingent 242-char remark

    Show marketing remark (242 chars)

    This is a tax foreclosed property. The sale of this property includes the vacant lot at 2323-25 N 4th Street. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

20. 2015-06-22
    status Active 242-char remark

    Show marketing remark (242 chars)

    This is a tax foreclosed property. The sale of this property includes the vacant lot at 2323-25 N 4th Street. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

21. 2015-06-05
    historical 242-char remark

    Show marketing remark (242 chars)

    This is a tax foreclosed property. The sale of this property includes the vacant lot at 2323-25 N 4th Street. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

22. 2015-05-21
    listed $4,500 Active 242-char remark

    Show marketing remark (242 chars)

    This is a tax foreclosed property. The sale of this property includes the vacant lot at 2323-25 N 4th Street. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

ⓘ 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,368
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,469
• − Management: −$3,469
• − Depreciation: −$6,255
• Taxable income: $13,831
• Est. tax owed @ 24.0%: −$3,319
• After-tax cash flow: $13,111/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): 28,938
• Household income: $47,298
• Rent vs Own: 65.6% rent · 34.4% own
• Severe rent burden: 2397.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 48% White 35% Hispanic / Latino 12% Two or more races 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6%
• Common ancestry: Romanian 4% Portuguese 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -216.73%
• Current HPI: 385.8225
• Rent YoY: ▲ 5.00%
• 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

+4900.0% since first listed

6 events — show timeline

• 2026-05-13 Listed $225,000 METROMLS
• 2015-07-28 Sold (MLS) $3,750 METROMLS
• 2015-07-06 Contingent — METROMLS
• 2015-06-22 Relisted — METROMLS
• 2015-06-05 Listing Removed — METROMLS
• 2015-05-21 Listed $4,500 METROMLS