1929 S 23rd St · Milwaukee, WI 53204

$225,000

5 bd · 3.0 ba · 2,605 sqft · MultiFamily public records · 11 Days on market

Built 1890 4,356 sqft lot Est $195k · 15% 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.6/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

GREAT INVESTMENT OPPORTUNITY !! 3 FAMILY UNITS CURRENTLY RENTED WITH INCOME IN AT $1650 PER MONTH CURRENTLY AT A MONTH-TO-MONTH LEASE.

Key facts

• Immediate cash flow
• 4,356 sq ft lot
• Built 1890

Tags

• INCOME PRODUCING TRIPLEX
• STRONG RENTAL POTENTIAL
• IMMEDIATE CASH FLOW
• DESIRABLE NEIGHBORHOOD
• OVERSIZED 2 CAR GARAGE
• AMPLE SPACE FOR PARKING

Property features AI

Finance

• Other: Inclusions: real estate; Exclusions: sellers' or tenants' personal property

Exterior

• Parking: Outdoor parking; Indoor parking/garage; On-site outside parking
• Utilities: Municipal water; Municipal sewer; Natural gas service
• Home design: Multi-family property (Duplex+); 3–4 stories; Zoned RT4
• Construction: Information source: Assessor/Public Record
• Exterior features: Aluminum/steel exterior; Aluminum siding; Less than 1/2 acre lot

Interior

• Heating & cooling: Wall/sleeve air conditioning; Natural gas heating
• Interior features: Full basement; Three-unit building

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $334/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 11.6% 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); 55 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $3,182/mo this rent would consume 83% 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 $24k of equity ($2k loan paydown + $22k 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 $63k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,000

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 1890 — 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. 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.
8. 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.
9. 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: 1.41% ✓
• Cap rate: 11.63%
• Cash-on-cash: 19.08%
• DSCR: 1.85
• GRM: 5.9

CMA / ARV

• ARV (median comp): $195,186
• List price: $225,000
• Delta: 15.27%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 W Mitchell St #2234	0.21mi	5/2.0	2,600 (-0%)	0mo	$160,000	$62	86
2129 W Becher St #2131	0.24mi	6/2.0 (+1)	2,576 (-1%)	13mo	$205,000	$80	67
2343 W Becher St #2345	0.22mi	6/2.0 (+1)	2,424 (-7%)	6mo	$154,000	$64	64
2075 S Layton Blvd #2077	0.35mi	6/2.0 (+1)	2,594 (-0%)	13mo	$180,000	$69	63
2055 S 25th St #2057	0.22mi	4/2.0 (-1)	2,344 (-10%)	2mo	$280,000	$119	62
2149 S 24th St #2151	0.29mi	6/2.0 (+1)	2,360 (-9%)	7mo	$215,000	$91	56
1614 W Becher St #1616	0.49mi	6/2.0 (+1)	2,700 (+4%)	12mo	$175,000	$65	52
1560 S 26th St	0.39mi	6/2.0 (+1)	2,849 (+9%)	8mo	$257,500	$90	50
1633 S 30th St	0.53mi	5/2.0	2,303 (-12%)	6mo	$126,467	$55	47
3109 W Lapham St #3113	0.61mi	6/2.0 (+1)	2,300 (-12%)	1mo	$248,000	$108	42
1221 S 24th St #1223	0.61mi	6/2.0 (+1)	2,859 (+10%)	11mo	$232,500	$81	37
2148 S 33rd St Unit A	0.70mi	4/2.0 (-1)	2,267 (-13%)	2mo	$258,900	$114	35

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: 38.0%
• Equity multiple: 3.91×
• Total profit: $183,182
• Equity at exit: $202,698

10-year hold

• IRR: 32.3%
• Equity multiple: 8.67×
• Total profit: $483,146
• Equity at exit: $437,126

Cash invested: $63,000 (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: 55
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,182 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$239 /mo · $2,863/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$668
• Net cashflow: $1,002

Break-even live

Break-even rent $1,914

Max offer price $225,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,129	-5% $1,065	+0% $1,002	+5% $938	+10% $874
Rent	-10% $750	-5% $876	+0% $1,002	+5% $1,127	+10% $1,253
Rate	-1.0pp $1,115	-0.5pp $1,059	base $1,002	+0.5pp $943	+1.0pp $884

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$3,183
Total (3 units)			$3,182

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-05-18
   status Pending 750-char remark
2. 2026-05-07
   listed $225,000 Active 750-char remark
3. 2022-12-07
   soldstatus $149,000
4. 2014-07-30
   listed $94,900 134-char remark

   Show marketing remark (134 chars)

   GREAT INVESTMENT OPPORTUNITY !! 3 FAMILY UNITS CURRENTLY RENTED WITH INCOME IN AT $1650 PER MONTH CURRENTLY AT A MONTH-TO-MONTH LEASE.

5. 2014-07-30
   historical 134-char remark

   Show marketing remark (134 chars)

   GREAT INVESTMENT OPPORTUNITY !! 3 FAMILY UNITS CURRENTLY RENTED WITH INCOME IN AT $1650 PER MONTH CURRENTLY AT A MONTH-TO-MONTH LEASE.

6. 2012-10-05
   listed $139,900

   Show marketing remark (117 chars)

   Three unit property getting great rents ($1850). Per Seller no lease available to verify. Property being sold 'AS IS'

7. 2012-10-05
   historical

   Show marketing remark (117 chars)

   Three unit property getting great rents ($1850). Per Seller no lease available to verify. Property being sold 'AS IS'

8. 2012-10-05
   historical

   Show marketing remark (117 chars)

   Three unit property getting great rents ($1850). Per Seller no lease available to verify. Property being sold 'AS IS'

9. 2012-10-05
   listed $54,900

   Show marketing remark (117 chars)

   Three unit property getting great rents ($1850). Per Seller no lease available to verify. Property being sold 'AS IS'

10. 2012-10-04
    historical
11. 2012-10-04
    listed $123,500
12. 2012-10-04
    historical
13. 2012-10-04
    listed $122,000
14. 2012-10-03
    historical
15. 2012-10-03
    listed $54,900
16. 2008-07-23
    soldstatus $45,000
17. 2006-02-10
    soldstatus $137,000
18. 2002-03-26
    soldstatus $61,000
19. 1986-12-01
    soldstatus $40,000

ⓘ 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: $2,863 · $239/mo
• Projected year-2 tax: $3,513 · $293/mo
• Expected delta: +$650/yr (+$54/mo · 22.7%)

ⓘ 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 ≥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: $38,184
• − Mortgage interest: −$12,603
• − Property taxes: −$2,863
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,055
• − Management: −$3,055
• − Depreciation: −$6,545
• Taxable income: $8,938
• Est. tax owed @ 24.0%: −$2,145
• After-tax cash flow: $9,874/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): 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

+475.0% since first listed

20 events — show timeline

• 2026-06-05 Sold (MLS) $230,000 METROMLS
• 2026-05-18 Pending — METROMLS
• 2026-05-07 Listed $225,000 METROMLS
• 2022-12-07 Sold (Public Records) $149,000 Public Records
• 2014-07-30 Listing Removed — METROMLS
• 2014-07-30 Listed $94,900 METROMLS
• 2012-10-05 Listed $139,900 METROMLS
• 2012-10-05 Listing Removed — METROMLS
• 2012-10-05 Listed $54,900 METROMLS
• 2012-10-05 Listing Removed — METROMLS
• 2012-10-04 Listed $123,500 METROMLS
• 2012-10-04 Listing Removed — METROMLS
• 2012-10-04 Listing Removed — METROMLS
• 2012-10-04 Listed $122,000 METROMLS
• 2012-10-03 Listed $54,900 METROMLS
• 2012-10-03 Listing Removed — METROMLS
• 2008-07-23 Sold (MLS) $45,000 METROMLS
• 2006-02-10 Sold (Public Records) $137,000 Public Records
• 2002-03-26 Sold (Public Records) $61,000 Public Records
• 1986-12-01 Sold (Public Records) $40,000 Public Records

Property tax history

+3.1%/yr

Latest (2024): $2,863 · +37.2% YoY. Source: county tax records.