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1902 N Commerce St #311 🌊 Lakefront
F Composite 28.62
Why this score? — see what drove the F 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).

  • ARV discount +15.0/15.0
  • Livability +4.0/5.0
  • Condition / age +4.0/5.0
  • Rent growth +3.8/5.0
  • Cash flow +1.1/30.0
  • 1% rule +0.5/10.0
  • Schools +0.2/10.0
  • DSCR +0.0/10.0
  • Appreciation +0.0/10.0

$320,000

1902 N Commerce St #311 · Milwaukee, WI 53212
2 bd · 2.0 ba · 1,063 sqft · Condo · 72 Days on market
Built 2010 Good condition Garage $301/sqft · 33% below area Est $481k · 33% under · waterfront $492/mo HOA · 28% of rent ↓ 2% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Welcome to The Edge, perfectly situated on the Riverwalk and steps from Lakefront Brewery, top restaurants, shops, and nightlife. This stunning 3rd floor, 2 bedroom condo offers breathtaking river views and the ultimate urban lifestyle. The spacious open-concept kitchen, dining & living area features granite countertops, a kitchen island, brand new SS appliances, and floor-to-ceiling windows leading to a private balcony overlooking the river. The generous primary suite offers tons of closet space with a modern bath. A versatile den, perfect as a home office or guest space, plus a full bath and in-unit laundry round it out.

Key facts

  • $492 HOA
  • 2 garage spots
  • Built 2010

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2-bed/2.0-bath condo listed at $320k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
  • To cash-flow at today's rent, offer at most $130k (59.3% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (45.0% below list).
  • Recommended offer: $130k (59.3% below list) — sets the bar for cash-flow.
  • Cap rate 1.4% vs local median 4.9% in Milwaukee — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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); 162 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 37d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
  • This rent runs 45% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

  • Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

  • It's been on market 72 days — a 6% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
  • 2 sale attempts; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

  • Watch-outs: HOA is 28% of rent.
Recommended offer $130,106 (59.3% below list)

Questions for the listing agent

  1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
  2. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 59% concession, seller financing, or rate buy-down credit?
  3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
  5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. 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?
  8. 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?
  9. 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?
  10. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
  11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
  12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
  13. 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.
  14. 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.
  15. 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
0.55%
Cap rate
1.37%
Cash-on-cash
-17.58%
DSCR
0.22
GRM
15.1

CMA / ARV

ARV (median comp)
$481,059
List price
$320,000
Delta
-30.88%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi

Projected returns pro-forma

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

5-year hold
IRR
-48.2%
Equity multiple
-0.47×
Total profit
$-131,493
Equity at exit
$47,713
10-year hold
IRR
-73.4%
Equity multiple
-1.29×
Total profit
$-205,340
Equity at exit
$27,668

Cash invested: $89,600 (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.

Active competition Active MLS

For sale now
1 active · 19 under contract
Median asking
$2,100 ($2/sqft)
Median days on market
1 d
This list price
100% of active listings are priced below it
ARV vs active asking
+23605.0% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 53212

Rents YoY
5.0%
Active inventory
162
Price-to-rent
15.1×

Monthly cashflow live

Estimated rent
$1,761 high interval (Pro) →
Mortgage (P&I)
$1,678
Tax est. 1.5%
$400 /mo · $4,800/yr
Insurance
$133
HOA
$492
Vacancy / Maint / Mgmt
$370
Net cashflow
$-1,312

Break-even live

Break-even rent $3,422
Max offer price $130,106
Occupancy floor

Sensitivity live

Price -10% $-1,091 -5% $-1,202 +0% $-1,312 +5% $-1,423 +10% $-1,533
Rent -10% $-1,451 -5% $-1,382 +0% $-1,312 +5% $-1,243 +10% $-1,173
Rate -1.0pp $-1,151 -0.5pp $-1,231 base $-1,312 +0.5pp $-1,395 +1.0pp $-1,480

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
$80,000
Closing costs
$9,600
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
1902 N Commerce St Milwaukee, WI 2.0 1.0 974 $1,895 $1.95 93d 1 0.03mi
2105 N Booth St Unit 2105-5 Milwaukee, WI 2.0 1.0 1000 $1,799 $1.80 66d 1 0.14mi
1845 N Water St Milwaukee, WI 3.0 1.0–2.0 948 $3,475 $3.66 11d 78 0.14mi
1858 N Commerce St Milwaukee, WI 2.0 1.0–2.0 1124 $1,520 $1.35 63d 2 0.15mi
910 E Land Pl Milwaukee, WI 1.0 1.0 832 $1,795 $2.16 20d 2 0.18mi
1905 N Water St #205 Milwaukee, WI 2.0 2.0 1269 $2,595 $2.04 40d 1 0.22mi
1905 N Water St #205 Milwaukee, WI 2.0 2.0 1269 $2,495 $1.97 11d 1 0.22mi
1818 N Commerce St Milwaukee, WI 1.0–2.0 1.0–2.0 1001 $2,222 $2.22 17d 8 0.23mi
1830 N Hubbard St Unit 308 Milwaukee, WI 2.0 1.0 879 $1,700 $1.93 36d 1 0.23mi
1830 N Hubbard St Apt 601 Milwaukee, WI 2.0 1.0 990 $1,900 $1.92 93d 1 0.23mi
1830 N Hubbard St Unit 407 Milwaukee, WI 2.0 1.0 850 $1,700 $2.00 28d 1 0.23mi
1830 N Hubbard St Unit 607 Milwaukee, WI 2.0 1.0 850 $1,850 $2.18 66d 1 0.23mi
1830 N Hubbard St Apt 302 Milwaukee, WI 2.0 1.0 856 $1,700 $1.99 66d 1 0.23mi
818 E Brady St Unit 820 Milwaukee, WI 3.0 1.0 1200 $1,700 $1.42 93d 1 0.24mi
1775 N Astor St #1773 Milwaukee, WI 3.0 1.0 1000 $1,395 $1.40 38d 1 0.25mi
1659 N Jackson St Milwaukee, WI 1.0 1.0 910 $2,005 $2.20 11d 5 0.25mi
1910 N Water St Milwaukee, WI 2.0 1.0–2.0 828 $2,079 $2.51 11d 12 0.25mi
329 E Garfield Ave Milwaukee, WI 2.0 1.5 1100 $1,350 $1.23 53d 1 0.26mi
1720A N Astor St Milwaukee, WI 2.0 1.0 850 $1,448 $1.70 11d 1 0.30mi
1720 N Astor St Milwaukee, WI 2.0 1.0 1000 $1,548 $1.55 11d 1 0.30mi
2080 N Commerce St Unit 204 Milwaukee, WI 1.0 1.0 800 $1,595 $1.99 33d 1 0.30mi
2112 N Palmer St Milwaukee, WI 2.0–4.0 1.0–2.5 1650 $1,985 $1.20 36d 3 0.31mi
2110 N Palmer St Milwaukee, WI 2.0 1.0 1100 $1,985 $1.80 53d 1 0.31mi
1660 N Marshall St Unit 2 Milwaukee, WI 2.0 1.0 1390 $2,175 $1.56 93d 1 0.32mi
1660 N Marshall St Unit 1 Milwaukee, WI 3.0 1.0 1335 $2,175 $1.63 33d 1 0.32mi
2320 N Booth St Milwaukee, WI 3.0 1.0 1200 $1,400 $1.17 35d 1 0.33mi
1623 N Jackson St Milwaukee, WI 1.0 1.0 685 $1,762 $2.57 59d 6 0.33mi
1116 E Hamilton St Milwaukee, WI 3.0 2.0 1400 $1,750 $1.25 66d 1 0.34mi
1701 N Humboldt Ave Milwaukee, WI 1.0 1.0 567 $1,595 $2.81 17d 4 0.35mi
118 E Lloyd St Unit Lower Milwaukee, WI 2.0 1.0 810 $1,300 $1.60 20d 1 0.36mi
1669 N Humboldt Ave Unit 2 Milwaukee, WI 2.0 1.0 950 $1,745 $1.84 20d 1 0.38mi
1669 N Humboldt Ave Milwaukee, WI 2.0 1.0 950 $1,745 $1.84 47d 1 0.38mi
1530 N Jackson St Unit 401 Milwaukee, WI 2.0 2.0 1125 $2,225 $1.98 93d 1 0.41mi
1530 N Jackson St Unit 404 Milwaukee, WI 2.0 2.0 1125 $2,150 $1.91 66d 1 0.41mi
1531 N Jackson St Milwaukee, WI 2.0 1.0 1285 $1,625 $1.26 66d 1 0.41mi
1551 N Water St Milwaukee, WI 3.0 1.0–2.0 1109 $2,680 $2.42 11d 39 0.41mi
2337 N Weil St Apt 7 Milwaukee, WI 1.0 1.0 700 $995 $1.42 28d 1 0.42mi
2337 N Weil St Unit 8 Milwaukee, WI 1.0 1.0 700 $995 $1.42 20d 1 0.42mi
1219 E Kane Pl Milwaukee, WI 2.0 1.0 1250 $1,800 $1.44 93d 1 0.42mi
1521 N Jefferson St Milwaukee, WI 2.0 1.0 1000 $1,095 $1.09 27d 1 0.43mi

Property features AI

Finance

Other
Zoned residential (RES)
HOA & community
Monthly condo fee of $492Building amenities include elevator, exercise room, and walking trailThe building contains 73 units (association of 73 units)Condominium name: The Edge Condominium

Exterior

Parking
Assigned parkingAttached heated underground garage with opener (2-car)
Utilities
Municipal waterMunicipal sewerElectric service (standard power)Natural gas
Home design
Condo in a highrise (6+ stories)One-story unitLocated in a city (Milwaukee)
Construction
Aluminum and aluminum/steel exteriorAluminum trimBrick and stone elements
Exterior features
BalconyWaterfront views (river frontage)

Interior

Kitchen
Kitchen islandDishwasherGarbage disposalMicrowaveOven/RangeRefrigerator
Bedrooms
Main-level master bedroom (12 x 12)Main-level second bedroom (10 x 10)
Flooring
Wood or simulated wood floors
Bathrooms
Two full bathroomsCombination of tub only, shower over tub, and separate shower stall
Heating & cooling
Central airForced air heatingNatural gas heat
Interior features
Cable/satellite availableHigh-speed internetIn-unit laundryPantryStorage lockersWalk-in closet(s)Wood or simulated wood floors
Laundry & utility
Washer and dryer (in-unit)

HOA detail $492/mo · $5,904/yr condo

Assessments
None detected in remarks — confirm with the listing agent.

Listing history 50 events

  1. 2026-08-08
    days on market $320,000 Active 72 DOM
  2. 2026-08-07
    pricedays on market $320,000 Active 71 DOM
  3. 2026-08-06
    days on market $332,500 Active 70 DOM
  4. 2026-08-05
    days on market $332,500 Active 69 DOM
  5. 2026-08-04
    days on market $332,500 Active 68 DOM
  6. 2026-08-03
    days on market $332,500 Active 67 DOM
  7. 2026-07-31
    days on market $332,500 Active 64 DOM
  8. 2026-07-30
    days on market $332,500 Active 63 DOM
  9. 2026-07-30
    days on market $332,500 Active 62 DOM
  10. 2026-07-28
    days on market $332,500 Active 61 DOM
  11. 2026-07-26
    days on market $332,500 Active 59 DOM
  12. 2026-07-24
    days on market $332,500 Active 57 DOM
  13. 2026-07-23
    days on market $332,500 Active 56 DOM
  14. 2026-07-22
    days on market $332,500 Active 55 DOM
  15. 2026-07-21
    days on market $332,500 Active 54 DOM
  16. 2026-07-20
    days on market $332,500 Active 53 DOM
  17. 2026-07-18
    days on market $332,500 Active 51 DOM
  18. 2026-07-18
    days on market $332,500 Active 50 DOM
  19. 2026-07-16
    days on market $332,500 Active 49 DOM
  20. 2026-07-15
    days on market $332,500 Active 48 DOM
  21. 2026-07-14
    days on market $332,500 Active 47 DOM
  22. 2026-07-13
    days on market $332,500 Active 46 DOM
  23. 2026-07-13
    days on market $332,500 Active 45 DOM
  24. 2026-07-11
    days on market $332,500 Active 44 DOM
  25. 2026-07-10
    days on market $332,500 Active 43 DOM
  26. 2026-07-09
    days on market $332,500 Active 42 DOM
  27. 2026-07-07
    status $332,500 Active 40 DOM
  28. 2026-07-07
    days on market $332,500 Contingent 40 DOM
  29. 2026-07-06
    days on market $332,500 Contingent 39 DOM
  30. 2026-07-05
    days on market $332,500 Contingent 38 DOM
  31. 2026-07-03
    days on market $332,500 Contingent 36 DOM
  32. 2026-07-02
    days on market $332,500 Contingent 35 DOM
  33. 2026-07-01
    days on market $332,500 Contingent 34 DOM
  34. 2026-06-30
    days on market $332,500 Contingent 33 DOM
  35. 2026-06-29
    days on market $332,500 Contingent 32 DOM
  36. 2026-06-28
    statusdays on market $332,500 Contingent 31 DOM
  37. 2026-06-27
    days on market $332,500 Active 30 DOM
  38. 2026-06-27
    days on market $332,500 Active 29 DOM
  39. 2026-06-25
    pricedays on market $332,500 Active 27 DOM
  40. 2026-06-22
    days on market $340,000 Active 25 DOM
  41. 2026-06-21
    days on market $340,000 Active 24 DOM
  42. 2026-06-18
    days on market $340,000 Active 21 DOM
  43. 2026-06-17
    days on market $340,000 Active 20 DOM
  44. 2026-06-16
    days on market $340,000 Active 19 DOM
  45. 2026-06-15
    days on market $340,000 Active 18 DOM
  46. 2026-06-13
    days on market $340,000 Active 16 DOM
  47. 2026-06-13
    days on market $340,000 Active 15 DOM
  48. 2026-06-09
    days on market $340,000 Active 12 DOM
  49. 2026-06-08
    days on market $340,000 Active 11 DOM
  50. 2026-06-07
    days on market $340,000 Active 10 DOM

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 14% 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$21,131
− Mortgage interest
−$17,925
− Property taxes
−$4,800
− Insurance
−$1,600
− Repairs & maintenance
−$1,690
− Management
−$1,690
− HOA
−$5,904
− Depreciation
−$9,309
Taxable loss
−$21,788
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$5,229
After-tax cash flow
$-10,519/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 · 30 photos

Good 80/100 Cosmetic rehab Est. rehab $5,315–$15,945 screening

This well-maintained, modern 2-bedroom condo offers stunning river views and is move-in ready.

Value-add opportunities

  • Both Painting the exterior — Enhances curb appeal and value
  • Both Landscaping the balcony — Improves view and adds value
  • Resale Upgrading the kitchen appliances — Modernizes the kitchen and adds value

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 2/100

Zoned Schools

Elementary Carver Academy F WI #1,024/1,041 Nat'l #41,309/41,679

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
A Composite livability gradescore 81/100

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 · 995,758 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
13% of renters

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

Price history

-2.2% since first listed
5 events — show timeline
  • 2026-07-07 Relisted METROMLS
  • 2026-06-28 Contingent METROMLS
  • 2026-06-23 Price Changed $332,500 METROMLS
  • 2026-05-28 Listed $340,000 METROMLS
  • 2026-05-23 Coming Soon $340,000 METROMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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