747 S 23rd St · Milwaukee, WI 53204

$179,900

3 bd · 1.0 ba · 2,288 sqft · Other public records · 94 Days on market

Built 1892 4,356 sqft lot

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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).

• Appreciation +10.0/10.0
• Cash flow +7.9/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Schools +1.2/10.0

Listing remarks MLS

Beautifully updated 4- family. New roof in 2019, and painted in 2019. Units updated during vacancies. All tenants MTM. Great tenants and nice property. 2 tenants have been long term so cash flow is slightly below market.

Key facts

• Water heater
• Newer windows
• 4 unit building

Tags

• 4 UNIT BUILDING
• HARDWOOD FLOORS
• NEWER WINDOWS
• FURNACE
• WATER HEATER

Property features AI

Finance

• Other: 4 units in the building

Exterior

• Parking: Outdoor parking; Indoor parking available; Outside spaces
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Multi-family property; Duplex+ building type; 1-2 stories
• Construction: Wood construction
• Exterior features: Wood exterior; Lot under 1/2 acre; 0.1 acre lot; Zoned RT4

Interior

• Heating & cooling: Forced air heating; Central air conditioning; Natural gas heat
• Interior features: Full basement with laundry facilities; Central air; Forced air heating
• Laundry & utility: Laundry facilities in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $180k.

Deal economics

• At list price, monthly cash flow is $-191 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (18.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (0.6% below list).
• Recommended offer: $146k (18.8% below list) — sets the bar for cash-flow.

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); 56 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 $1,788/mo this rent would consume 47% 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 $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 13y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $146,120 (18.8% 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 94 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
11. 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.
12. 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: 0.99% ✗
• Cap rate: 5.02%
• Cash-on-cash: -4.56%
• DSCR: 0.80
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.0% rent growth · sell at horizon

5-year hold

• IRR: 20.7%
• Equity multiple: 2.67×
• Total profit: $84,266
• Equity at exit: $162,068

10-year hold

• IRR: 18.6%
• Equity multiple: 6.06×
• Total profit: $254,752
• Equity at exit: $349,506

Cash invested: $50,372 (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: 56
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,788 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$586 /mo · $7,028/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $-191

Break-even live

Break-even rent $2,030

Max offer price $146,120

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-140	+0% $-191	+5% $-242	+10% $-293
Rent	-10% $-333	-5% $-262	+0% $-191	+5% $-121	+10% $-50
Rate	-1.0pp $-101	-0.5pp $-145	base $-191	+0.5pp $-238	+1.0pp $-285

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1812 S 7th St Milwaukee, WI	3.0	1.5	1703	$2,100	$1.23	25d	1	1.41mi

Listing history 36 events

1. 2026-05-01
   status Pending
2. 2026-04-30
   historical Contingent
3. 2026-04-28
   price $179,900
4. 2026-03-25
   price $189,900
5. 2026-03-04
   status Active
6. 2026-02-06
   historical Contingent
7. 2026-01-27
   listed $199,900 Active
8. 2025-08-12
   soldstatus $338,310
9. 2023-05-08
   status Pending 220-char remark

   Show marketing remark (220 chars)

   Beautifully updated 4- family. New roof in 2019, and painted in 2019. Units updated during vacancies. All tenants MTM. Great tenants and nice property. 2 tenants have been long term so cash flow is slightly below market.

10. 2023-05-08
    historical 220-char remark

    Show marketing remark (220 chars)

    Beautifully updated 4- family. New roof in 2019, and painted in 2019. Units updated during vacancies. All tenants MTM. Great tenants and nice property. 2 tenants have been long term so cash flow is slightly below market.

11. 2023-05-06
    historical 220-char remark

    Show marketing remark (220 chars)

    Beautifully updated 4- family. New roof in 2019, and painted in 2019. Units updated during vacancies. All tenants MTM. Great tenants and nice property. 2 tenants have been long term so cash flow is slightly below market.

12. 2023-05-05
    listed $159,900 Active 220-char remark

    Show marketing remark (220 chars)

    Beautifully updated 4- family. New roof in 2019, and painted in 2019. Units updated during vacancies. All tenants MTM. Great tenants and nice property. 2 tenants have been long term so cash flow is slightly below market.

13. 2023-04-23
    historical Contingent 220-char remark

    Show marketing remark (220 chars)

    Beautifully updated 4- family. New roof in 2019, and painted in 2019. Units updated during vacancies. All tenants MTM. Great tenants and nice property. 2 tenants have been long term so cash flow is slightly below market.

14. 2023-04-17
    historical
15. 2023-04-15
    status Active

    Show marketing remark (220 chars)

    Beautifully updated 4- family. New roof in 2019, and painted in 2019. Units updated during vacancies. All tenants MTM. Great tenants and nice property. 2 tenants have been long term so cash flow is slightly below market.

16. 2023-04-15
    listed $159,900 Active 220-char remark

    Show marketing remark (220 chars)

    Beautifully updated 4- family. New roof in 2019, and painted in 2019. Units updated during vacancies. All tenants MTM. Great tenants and nice property. 2 tenants have been long term so cash flow is slightly below market.

17. 2023-03-17
    historical Contingent
18. 2023-03-03
    listed $159,900 Active
19. 2019-10-01
    historical
20. 2019-08-14
    price $119,900
21. 2019-07-18
    listed $124,000 Active
22. 2017-08-23
    listed $109,900 Active
23. 2017-08-18
    soldstatus $101,500 Sold
24. 2015-05-22
    historical
25. 2015-04-02
    status Contingent
26. 2015-03-24
    soldstatus $25,000 Sold
27. 2015-02-27
    status Pending
28. 2015-02-27
    listed $30,000 Active
29. 2015-02-20
    historical
30. 2015-01-06
    listed $94,900 Active
31. 2013-10-02
    historical
32. 2013-10-02
    listed $65,000
33. 2009-12-31
    soldstatus $57,500
34. 2009-12-04
    soldstatus $57,500
35. 1996-12-16
    soldstatus $29,000
36. 1996-11-01
    soldstatus $29,000

ⓘ 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: $7,028 · $586/mo
• Projected year-2 tax: $7,028 · $586/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 ≥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: $21,461
• − Mortgage interest: −$10,077
• − Property taxes: −$7,028
• − Insurance: −$900
• − Repairs & maintenance: −$1,717
• − Management: −$1,717
• − Depreciation: −$5,233
• Taxable loss: −$5,211
• Est. tax savings @ 24.0%: +$1,251
• After-tax cash flow: $-1,044/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

+520.3% since first listed

36 events — show timeline

• 2026-05-01 Pending — METROMLS
• 2026-04-30 Contingent — METROMLS
• 2026-04-28 Price Changed $179,900 METROMLS
• 2026-03-25 Price Changed $189,900 METROMLS
• 2026-03-04 Relisted — METROMLS
• 2026-02-06 Contingent — METROMLS
• 2026-01-27 Listed $199,900 METROMLS
• 2025-08-12 Sold (Public Records) $338,310 Public Records
• 2023-05-08 Pending — METROMLS
• 2023-05-08 Listing Removed — METROMLS
• 2023-05-06 Listing Removed — METROMLS
• 2023-05-05 Listed $159,900 METROMLS
• 2023-04-23 Contingent — METROMLS
• 2023-04-17 Listing Removed — METROMLS
• 2023-04-15 Relisted — METROMLS
• 2023-04-15 Listed $159,900 METROMLS
• 2023-03-17 Contingent — METROMLS
• 2023-03-03 Listed $159,900 METROMLS
• 2019-10-01 Listing Removed — METROMLS
• 2019-08-14 Price Changed $119,900 METROMLS
• 2019-07-18 Listed $124,000 METROMLS
• 2017-08-23 Listed $109,900 METROMLS
• 2017-08-18 Sold (MLS) $101,500 METROMLS
• 2015-05-22 Listing Removed — METROMLS
• 2015-04-02 Relisted — METROMLS
• 2015-03-24 Sold (MLS) $25,000 METROMLS
• 2015-02-27 Pending — METROMLS
• 2015-02-27 Listed $30,000 METROMLS
• 2015-02-20 Listing Removed — METROMLS
• 2015-01-06 Listed $94,900 METROMLS
• 2013-10-02 Listed $65,000 METROMLS
• 2013-10-02 Listing Removed — METROMLS
• 2009-12-31 Sold (Public Records) $57,500 Public Records
• 2009-12-04 Sold (MLS) $57,500 METROMLS
• 1996-12-16 Sold (Public Records) $29,000 Public Records
• 1996-11-01 Sold (Public Records) $29,000 Public Records

Property tax history

+13.5%/yr

Latest (2024): $7,028 · +15.7% YoY. Source: county tax records.