2661 N Vel R Phillips Ave · Milwaukee, WI 53212

$26,000

4 bd · 2.0 ba · 1,826 sqft · MultiFamily public records · 30 Days on market

Built 1885 4,356 sqft lot $14/sqft · 74% below area

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

2/2 duplex offers a renovation opportunity. City of Milwaukee Tax Foreclosure Property. Scope of work is $43,690. Essential scope of work is $36,790. Pre-approval or proof of funds REQUIRED with all offers & must cover purchase price plus Essential Repairs (see scope). Buyer must complete Essential Repairs within 180 days & have City provide proof of completion for performance deposit return. Property is being sold in AS-IS Condition.

Key facts

• 4,356 sq ft lot
• Parking
• Built 1885

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $26k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $908/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $26k).
• Recommended offer: $26k (1.5% below list) — sets the bar for market timing.
• Cap rate 90.1% 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 (+5.0%/yr); 131 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,525/mo this rent would consume 64% 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 $180 of loan paydown is wiped out by about $780 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($26k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,610 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 9.71% ✓
• Cap rate: 90.07%
• Cash-on-cash: 299.19%
• DSCR: 14.31
• GRM: 0.9

CMA / ARV

• ARV (median comp): $99,535
• List price: $26,000
• Delta: -73.88%
• 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
2724 N Palmer St Unit 2724A	0.33mi	4/2.0	1,746 (-4%)	4mo	$104,900	$60	74
137 W Hadley St #139	0.23mi	4/2.5	2,013 (+10%)	5mo	$138,000	$69	66
2611 N Holton St Unit 2611A	0.52mi	4/2.0	1,892 (+4%)	6mo	$165,000	$87	65
215 E Chambers St	0.52mi	4/2.0	1,733 (-5%)	4mo	$110,000	$63	64
2477 N 6th St	0.27mi	5/2.0 (+1)	2,046 (+12%)	1mo	$111,000	$54	62
3065 N 10th St	0.66mi	4/2.0	1,753 (-4%)	2mo	$60,000	$34	61
3043 N Dr William Finlayson St #3045	0.48mi	4/2.0	1,633 (-11%)	3mo	$125,000	$77	57
3047 N 12th St	0.74mi	4/2.0	1,774 (-3%)	6mo	$28,000	$16	55
220 E Clarke St	0.36mi	3/2.0 (-1)	2,077 (+14%)	3mo	$180,000	$87	53
2940 N Holton St #2942	0.64mi	4/2.0	2,032 (+11%)	0mo	$195,000	$96	51
3134 N 9th St	0.67mi	5/2.0 (+1)	1,701 (-7%)	3mo	$159,000	$93	50
2438 N Pierce St	0.73mi	5/3.0 (+1)	2,032 (+11%)	1mo	$265,000	$130	38

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: —
• Equity multiple: 17.02×
• Total profit: $116,610
• Equity at exit: $3,877

10-year hold

• IRR: —
• Equity multiple: 38.46×
• Total profit: $272,707
• Equity at exit: $2,248

Cash invested: $7,280 (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: 1.7×

Monthly cashflow live

• Estimated rent: $2,525 high
• Mortgage (P&I): −$136
• Tax est. 1.5%: −$32 /mo · $390/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $1,815

Break-even live

Break-even rent $227

Max offer price $26,000

Occupancy floor 23%

Sensitivity live

Price	-10% $1,833	-5% $1,824	+0% $1,815	+5% $1,806	+10% $1,797
Rent	-10% $1,616	-5% $1,715	+0% $1,815	+5% $1,915	+10% $2,015
Rate	-1.0pp $1,828	-0.5pp $1,822	base $1,815	+0.5pp $1,808	+1.0pp $1,801

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,524
Total (2 units)			$2,525

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: $6,500
• Closing costs: $780
• Reserves months: —
• Total cash needed: —

Rent comps 21 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	45d	1	0.12mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	21d	1	0.50mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	18d	1	0.59mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	25d	1	0.59mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	45d	1	0.82mi
2012 N Buffum St Milwaukee, WI	3.0	2.5	2200	$2,695	$1.23	45d	1	0.85mi
2429 N Weil St Milwaukee, WI	3.0	1.0	1300	$1,500	$1.15	45d	1	0.89mi
2761 N Humboldt Blvd Unit First Floor Milwaukee, WI	3.0	1.0	1236	$1,600	$1.29	18d	1	0.91mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	25d	1	1.03mi
1845 N Water St Milwaukee, WI	3.0	1.0–2.0	948	$4,455	$4.70	5d	84	1.07mi
922 E Hamilton St Unit Lower Milwaukee, WI	3.0	1.0	1900	$1,550	$0.82	25d	1	1.18mi
1014 E Land Pl Milwaukee, WI	3.0	2.0	1900	$2,000	$1.05	6d	1	1.18mi
1025 E Land Pl Milwaukee, WI	3.0	1.0	1560	$1,750	$1.12	25d	1	1.21mi
1551 N Water St Milwaukee, WI	3.0	1.0–2.0	1074	$3,395	$3.16	4d	52	1.23mi
1703 N Astor St Milwaukee, WI	4.0	2.0	1800	$2,200	$1.22	45d	1	1.26mi
1116 E Hamilton St Milwaukee, WI	3.0	2.0	1400	$1,750	$1.25	18d	1	1.27mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	25d	1	1.30mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	4d	1	1.41mi
901 W Winnebago St Milwaukee, WI	1.0–3.0	1.0–2.0	1359	$2,629	$1.93	4d	10	1.42mi
3131 N Bartlett Ave Unit 1 Milwaukee, WI	4.0	1.0	1600	$1,750	$1.09	45d	1	1.46mi
1141 N Doctor Martin Luther King Junior Dr Milwaukee, WI	1.0–3.0	1.0–2.5	1861	$6,250	$3.36	4d	6	1.48mi

Listing history 2 events

1. 2026-05-15
   status Pending 450-char remark

   Show marketing remark (450 chars)

   2/2 duplex offers a renovation opportunity. City of Milwaukee Tax Foreclosure Property. Scope of work is $43,690. Essential scope of work is $36,790. Pre-approval or proof of funds REQUIRED with all offers & must cover purchase price plus Essential Repairs (see scope). Buyer must complete Essential Repairs within 180 days & have City provide proof of completion for performance deposit return. Property is being sold in AS-IS Condition.

2. 2026-04-14
   listed $26,000 Active 450-char remark

   Show marketing remark (450 chars)

   2/2 duplex offers a renovation opportunity. City of Milwaukee Tax Foreclosure Property. Scope of work is $43,690. Essential scope of work is $36,790. Pre-approval or proof of funds REQUIRED with all offers & must cover purchase price plus Essential Repairs (see scope). Buyer must complete Essential Repairs within 180 days & have City provide proof of completion for performance deposit return. Property is being sold in AS-IS Condition.

ⓘ 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 ≥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: $30,300
• − Mortgage interest: −$1,456
• − Property taxes: −$390
• − Insurance: −$130
• − Repairs & maintenance: −$2,424
• − Management: −$2,424
• − Depreciation: −$756
• Taxable income: $22,719
• Est. tax owed @ 24.0%: −$5,453
• After-tax cash flow: $16,328/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

2 events — show timeline

• 2026-05-15 Pending — METROMLS
• 2026-04-14 Listed $26,000 METROMLS

Property tax history

+15.7%/yr

Latest (2024): $5,019 · +84.2% YoY. Source: county tax records.