3937 N 22nd St · Milwaukee, WI 53206

$73,115

3 bd · 1.0 ba · 1,212 sqft · SingleFamily public records · 1 Days on market

Built 1925 4,356 sqft lot $60/sqft · 42% below area Est $125k · 42% 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 +10.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

This is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized

Key facts

• 4,356 sq ft lot
• Built 1925

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Single-family, 1-story home; Located in a city (Milwaukee); Zoning: RT3
• Construction: Less than 1/2 acre lot (approximately 0.1 acre); Year built information from assessor/public record
• Exterior features: Wood exterior

Interior

• Kitchen: Kitchen on main level (10 x 10)
• Bedrooms: Master bedroom on main level (10 x 10); Bedroom 2 on main level (10 x 10); Bedroom 3 on main level (10 x 10)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Full basement; Living room on main level; Kitchen on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $73k.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $73k).
• Cap rate 12.0% 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 fast (+8.3%/yr); 150 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $1,110/mo this rent would consume 45% of the median local household income ($29k/yr) (locally 2061% 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 $8k of equity ($505 loan paydown + $7k 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 + 8.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 13y 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 $25k; list at $73k implies a 192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,115

Questions for the listing agent

1. Built in 1925 — 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: 1.52% ✓
• Cap rate: 11.99%
• Cash-on-cash: 20.36%
• DSCR: 1.91
• GRM: 5.5

CMA / ARV

• ARV (median comp): $125,347
• List price: $73,115
• Delta: -41.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2128 W Atkinson Ave	0.22mi	3/1.0	1,210 (-0%)	6mo	$66,000	$55	84
3908 N 25th St	0.24mi	3/1.0	1,179 (-3%)	1mo	$73,200	$62	83
2234 W Melvina St	0.06mi	3/1.0	1,128 (-7%)	4mo	$98,000	$87	82
4164 N 21st St	0.32mi	3/2.0	1,205 (-1%)	6mo	$150,000	$124	75
2417 W Roosevelt Dr	0.46mi	4/2.0 (+1)	1,200 (-1%)	0mo	$194,900	$162	68
4401 N 25 St	0.62mi	3/1.0	1,148 (-5%)	1mo	$60,000	$52	62
2602 W Port Sunlight Way	0.70mi	3/1.5	1,172 (-3%)	1mo	$190,000	$162	59
3812 N 27th St	0.38mi	3/1.0	1,372 (+13%)	3mo	$79,900	$58	58
3342 N 24th St	0.61mi	2/1.0 (-1)	1,062 (-12%)	3mo	$115,000	$108	44
4332 N 15th St	0.72mi	2/1.0 (-1)	1,090 (-10%)	1mo	$135,000	$124	43
4487 N 21st St	0.70mi	3/1.5	1,384 (+14%)	3mo	$185,000	$134	39
4182 N 13th St	0.74mi	4/2.0 (+1)	1,351 (+12%)	5mo	$239,000	$177	34

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 42.3%
• Equity multiple: 4.31×
• Total profit: $67,843
• Equity at exit: $65,868

10-year hold

• IRR: 38.6%
• Equity multiple: 10.62×
• Total profit: $196,985
• Equity at exit: $142,046

Cash invested: $20,472 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,110 high
• Mortgage (P&I): −$383
• Tax from tax record: −$116 /mo · $1,389/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $347

Break-even live

Break-even rent $670

Max offer price $73,115

Occupancy floor 64%

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: $18,279
• Closing costs: $2,193
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3911 N 20th St Unit 3913 Milwaukee, WI	2.0	1.0	950	$995	$1.05	23d	1	0.15mi
3901 N 27th St Unit 3907 Milwaukee, WI	2.0	1.0	715	$895	$1.25	23d	1	0.38mi
3927-3929 N 17th St Milwaukee, WI	2.0	1.0	900	$1,195	$1.33	43d	1	0.39mi
3646 N 19th St Milwaukee, WI	2.0	1.0	935	$1,100	$1.18	4d	1	0.42mi
4227 N 26th St Milwaukee, WI	2.0	1.0	950	$1,000	$1.05	16d	1	0.43mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	16d	1	0.45mi
3747 N 16th St Milwaukee, WI	2.0	1.0	1200	$875	$0.73	43d	1	0.50mi
3410 N 23rd St Milwaukee, WI	2.0	1.0	800	$800	$1.00	16d	1	0.52mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.65mi
4355 N 28th St Milwaukee, WI	2.0	1.0	1118	$975	$0.87	21d	1	0.67mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	43d	1	0.71mi
3347 N 29th St Unit 3347A Milwaukee, WI	2.0	1.0	950	$845	$0.89	14d	1	0.79mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	1d	1	0.83mi
3871-3873 N 36th St Unit 3871 Milwaukee, WI	2.0	1.0	987	$950	$0.96	23d	1	0.95mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	0.96mi
3630 W Nash St Milwaukee, WI	2.0	1.0	1000	$1,200	$1.20	23d	1	1.03mi
3039 N 24th Pl Unit 3039 Milwaukee, WI	2.0	1.0	800	$995	$1.24	16d	1	1.03mi
4048 N 7th St Milwaukee, WI	2.0	1.0	1100	$1,150	$1.05	23d	1	1.05mi
3908 N 6th St Milwaukee, WI	2.0	1.0	1100	$1,150	$1.05	23d	1	1.11mi
1326 W Burleigh St Unit 1326 Lower Milwaukee, WI	2.0	1.0	900	$825	$0.92	1d	1	1.13mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	1.14mi
2955 N 17th St Unit B UPSTAIRS Milwaukee, WI	2.0	1.0	1000	$900	$0.90	16d	1	1.16mi
3124 N 33rd St Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	43d	1	1.18mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	23d	1	1.22mi
3058 N 11th St Unit 3058 Lower Milwaukee, WI	2.0	1.0	840	$945	$1.12	23d	1	1.26mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	1.26mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	43d	1	1.27mi
4651 N 36th St #4 Milwaukee, WI	2.0	1.0	747	$945	$1.27	23d	1	1.28mi
3925 N 42nd St Milwaukee, WI	2.0	1.0	985	$1,400	$1.42	23d	1	1.30mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	1.30mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	1.31mi
3600 N Vel R. Phillips Ave Milwaukee, WI	2.0	1.0	900	$950	$1.06	4d	1	1.34mi
3890 N Sherman Blvd Milwaukee, WI	2.0	1.0	950	$1,100	$1.16	12d	1	1.35mi
2517 W Hadley St Milwaukee, WI	2.0	1.0	850	$1,050	$1.24	14d	1	1.37mi
4661 N 38th St Unit 4661 Milwaukee, WI	2.0	1.0	1000	$845	$0.84	14d	1	1.38mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	1.39mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	4d	1	1.40mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	16d	1	1.40mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	1.40mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	43d	1	1.41mi

Listing history 28 events

1. 2026-06-17
   statusdays on marketlisting id $73,115 Active 1 DOM
2. 2026-04-13
   listed $73,115 Active 120-char remark

   Show marketing remark (120 chars)

   This is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized

3. 2026-02-27
   historical 499-char remark

   Show marketing remark (499 chars)

   This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $15,500 and the total scope of work totaling $32,550. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

4. 2025-09-30
   historical

   Show marketing remark (499 chars)

   This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $15,500 and the total scope of work totaling $32,550. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

5. 2025-09-30
   listed $104,450 Active 499-char remark

   Show marketing remark (499 chars)

   This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $15,500 and the total scope of work totaling $32,550. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

6. 2025-08-29
   listed $104,450 Active
7. 2024-08-19
   historical
8. 2024-08-11
   price $74,000
9. 2024-07-31
   price $79,000
10. 2024-07-25
    price $84,000
11. 2024-06-26
    price $89,900
12. 2024-06-26
    status Active
13. 2024-06-21
    historical
14. 2024-06-10
    price $84,900
15. 2024-05-10
    status Active
16. 2024-04-08
    historical Contingent
17. 2024-03-31
    price $89,900
18. 2024-02-08
    price $99,000
19. 2024-01-28
    price $104,900
20. 2023-12-23
    listed $119,900 Active
21. 2013-02-02
    historical
22. 2013-02-02
    listed $34,900
23. 2013-01-31
    historical
24. 2013-01-31
    listed $40,000
25. 2011-08-11
    soldstatus $25,038
26. 2004-09-13
    soldstatus $60,000
27. 1999-11-01
    soldstatus $32,000
28. 1995-01-01
    soldstatus $22,500

ⓘ 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: $1,389 · $116/mo
• Projected year-2 tax: $1,389 · $116/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,322
• − Mortgage interest: −$4,096
• − Property taxes: −$1,389
• − Insurance: −$366
• − Repairs & maintenance: −$1,066
• − Management: −$1,066
• − Depreciation: −$2,127
• Taxable income: $3,213
• Est. tax owed @ 24.0%: −$771
• After-tax cash flow: $3,397/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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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 (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

+225.0% since first listed

29 events — show timeline

• 2026-06-17 Listed $73,115 METROMLS
• 2026-05-20 Listing Removed — METROMLS
• 2026-04-13 Listed $73,115 METROMLS
• 2026-02-27 Listing Removed — METROMLS
• 2025-09-30 Listing Removed — METROMLS
• 2025-09-30 Listed $104,450 METROMLS
• 2025-08-29 Listed $104,450 METROMLS
• 2024-08-19 Listing Removed — METROMLS
• 2024-08-11 Price Changed $74,000 METROMLS
• 2024-07-31 Price Changed $79,000 METROMLS
• 2024-07-25 Price Changed $84,000 METROMLS
• 2024-06-26 Price Changed $89,900 METROMLS
• 2024-06-26 Relisted — METROMLS
• 2024-06-21 Listing Removed — METROMLS
• 2024-06-10 Price Changed $84,900 METROMLS
• 2024-05-10 Relisted — METROMLS
• 2024-04-08 Contingent — METROMLS
• 2024-03-31 Price Changed $89,900 METROMLS
• 2024-02-08 Price Changed $99,000 METROMLS
• 2024-01-28 Price Changed $104,900 METROMLS
• 2023-12-23 Listed $119,900 METROMLS
• 2013-02-02 Listed $34,900 METROMLS
• 2013-02-02 Listing Removed — METROMLS
• 2013-01-31 Listed $40,000 METROMLS
• 2013-01-31 Listing Removed — METROMLS
• 2011-08-11 Sold (Public Records) $25,038 Public Records
• 2004-09-13 Sold (Public Records) $60,000 Public Records
• 1999-11-01 Sold (Public Records) $32,000 Public Records
• 1995-01-01 Sold (Public Records) $22,500 Public Records

Property tax history

+5.0%/yr

Latest (2024): $1,389 · -77.5% YoY. Source: county tax records.