2320 W Orchard St Unit 2320A · Milwaukee, WI 53204

$198,900

5 bd · 2.0 ba · 1,460 sqft · MultiFamily · 26 Days on market

Built 1888 Fair condition 3,920 sqft lot Est $152k · 31% over

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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 +28.0/30.0
• Appreciation +10.0/10.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investor's dream! Rare opportunity to own two income-producing homes on one lot. The front house is a spacious 4-bedroom currently rented at $1,295/month, featuring a new roof (2025) and new water heater (2026), offering peace of mind for years to come. The back house is a 1-bedroom, 1-bath unit with a newly updated bathroom, recently turned over and renting for $1,029/month. The back house also includes a newer roof (2024). Strong rental history, low maintenance updates, and excellent cash flow make this a great addition to any portfolio or an ideal owner-occupant investment.

Key facts

• Newer roof
• New water heater
• New roof

Tags

• NEW ROOF
• NEW WATER HEATER
• NEWLY UPDATED BATHROOM
• NEWER ROOF
• INCOME PRODUCING HOMES

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $619 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% 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: Rents rising (+2.0%/yr); 57 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,524/mo this rent would consume 66% 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 ~2 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 26 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $195,916 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.27% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.35%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $151,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2320 W Orchard St Unit 2320A	0.00mi	5/2.0	1,460 (0%)	1mo	$180,000	$123	99
2607 W Orchard St	0.19mi	5/2.0	1,620 (+11%)	3mo	$127,127	$78	70
1118 S 19th St Unit 1118A	0.41mi	5/2.0	1,573 (+8%)	9mo	$152,000	$97	61
2045 W Becher St	0.69mi	6/2.0 (+1)	1,490 (+2%)	7mo	$131,000	$88	53
2411 W Maple St	0.35mi	4/2.0 (-1)	1,600 (+10%)	15mo	$258,000	$161	50
3334 W Lapham St	0.68mi	4/2.0 (-1)	1,533 (+5%)	10mo	$255,000	$166	47
2111 S 25th St	0.69mi	4/2.0 (-1)	1,524 (+4%)	11mo	$148,000	$97	46
2812 W Burnham St Unit 2812A	0.52mi	4/2.0 (-1)	1,626 (+11%)	11mo	$169,894	$104	43
1835 W Burnham St	0.53mi	4/2.0 (-1)	1,658 (+14%)	6mo	$165,000	$100	42
1561 W Mitchell St	0.60mi	4/2.0 (-1)	1,606 (+10%)	10mo	$160,000	$100	42
1115 S 33rd St Unit 1115A	0.67mi	5/2.5	1,628 (+12%)	6mo	$169,000	$104	42
1922 W Rogers St	0.59mi	4/2.0 (-1)	1,656 (+13%)	7mo	$194,000	$117	39

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: 33.6%
• Equity multiple: 3.61×
• Total profit: $145,300
• Equity at exit: $179,185

10-year hold

• IRR: 28.7%
• Equity multiple: 8.04×
• Total profit: $392,039
• Equity at exit: $386,419

Cash invested: $55,692 (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: 57
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,524 medium
• Mortgage (P&I): −$1,043
• Tax est. 1.5%: −$249 /mo · $2,984/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $619

Break-even live

Break-even rent $1,740

Max offer price $198,900

Occupancy floor 70%

Sensitivity live

Price	-10% $757	-5% $688	+0% $619	+5% $551	+10% $482
Rent	-10% $420	-5% $520	+0% $619	+5% $719	+10% $819
Rate	-1.0pp $720	-0.5pp $670	base $619	+0.5pp $568	+1.0pp $515

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

Units	Beds	Baths	Est. rent
1× unit	4	2	$1,604
1× unit	1	1	$921
Total (2 units)			$2,524

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: $49,725
• Closing costs: $5,967
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3520 W Mount Vernon Ave Unit 3520 Milwaukee, WI	4.0	1.0	1279	$1,450	$1.13	3d	1	1.46mi

Listing history 3 events

1. 2026-04-25
   status Pending
2. 2026-04-16
   price $198,900
3. 2026-03-30
   listed $199,900 Active

ⓘ 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: $30,288
• − Mortgage interest: −$11,141
• − Property taxes: −$2,984
• − Insurance: −$994
• − Repairs & maintenance: −$2,423
• − Management: −$2,423
• − Depreciation: −$5,786
• Taxable income: $4,536
• Est. tax owed @ 24.0%: −$1,089
• After-tax cash flow: $6,344/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 · 2 photos

Fair 45/100 Moderate rehab

The property requires extensive repairs and maintenance, including a new roof, exterior siding repair, HVAC/mechanical upgrades, and landscaping. These improvements will significantly increase its resale and rental value.

Repairs flagged

• Major roof — Significant damage and discoloration are visible.
• Major exterior siding — Peeling paint and visible damage suggest extensive repairs are needed.
• Major HVAC/mechanicals — The roof and exterior condition suggest potential issues with these systems as well.
• Major landscaping — The landscaping is overgrown and in need of maintenance, detracting from the curb appeal of the property.

Value-add opportunities

• Both new roof — A new roof will improve the overall condition of the property and increase its resale and rental value.
• Both exterior siding repair — Repairing the exterior siding will improve the curb appeal and increase the property's resale and rental value.
• Both HVAC/mechanical upgrades — Upgrading the HVAC and mechanical systems will improve the comfort and energy efficiency of the property, increasing its resale and rental value.
• Both landscaping — A well-maintained landscape will improve the curb appeal and increase the property's resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage and discoloration are visible.	Major	$15,000–50,000
exterior siding · Peeling paint and visible damage suggest extensive repairs are needed.	Major	$15,000–50,000
HVAC/mechanicals · The roof and exterior condition suggest potential issues with these systems as well.	Major	$15,000–50,000
landscaping · The landscaping is overgrown and in need of maintenance, detracting from the curb appeal of the property.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both new roof — A new roof will improve the overall condition of the property and increase its resale and rental value. ↑
• Both exterior siding repair — Repairing the exterior siding will improve the curb appeal and increase the property's resale and rental value. ↑
• Both HVAC/mechanical upgrades — Upgrading the HVAC and mechanical systems will improve the comfort and energy efficiency of the property, increasing its resale and rental value. ↑
• Both landscaping — A well-maintained landscape will improve the curb appeal and increase the property's resale and rental 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): 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

-0.5% since first listed

3 events — show timeline

• 2026-04-25 Pending — METROMLS
• 2026-04-16 Price Changed $198,900 METROMLS
• 2026-03-30 Listed $199,900 METROMLS