906 W Chambers St #908 · Milwaukee, WI 53206

$34,900

4 bd · 2.0 ba · 1,958 sqft · Condo · 64 Days on market

Built 1908 $18/sqft · 83% below area ↓ 40% since listing

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Why this score? — see what drove the C- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 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 $69,600 and the total scope of work totaling $82,350. 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.

Key facts

• 3,049 sq ft lot
• Built 1908
• Listed 64 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $35k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• Cap rate 44.8% 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; 16 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 $1,722/mo this rent would consume 70% 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 $4k of equity ($241 loan paydown + $3k 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $32,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 4.93% ✓
• Cap rate: 44.77%
• Cash-on-cash: 137.42%
• DSCR: 7.11
• GRM: 1.7

CMA / ARV

• ARV (median comp): $200,815
• List price: $34,900
• Delta: -82.62%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.17×
• Total profit: $99,405
• Equity at exit: $31,441

10-year hold

• IRR: —
• Equity multiple: 27.53×
• Total profit: $259,277
• Equity at exit: $67,803

Cash invested: $9,772 (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: 1.7×

Monthly cashflow live

• Estimated rent: $1,722 high
• Mortgage (P&I): −$183
• Tax est. 1.5%: −$44 /mo · $524/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $1,119

Break-even live

Break-even rent $305

Max offer price $34,900

Occupancy floor 30%

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Rent comps 16 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	43d	1	0.65mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	23d	1	0.70mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	23d	1	0.96mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	20d	1	1.02mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.03mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	1.05mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	16d	1	1.12mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	43d	1	1.19mi
2761 N Humboldt Blvd Unit First Floor Milwaukee, WI	3.0	1.0	1236	$1,600	$1.29	17d	1	1.29mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.32mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	1.35mi
2429 N Weil St Milwaukee, WI	3.0	1.0	1300	$1,500	$1.15	43d	1	1.39mi
2012 N Buffum St Milwaukee, WI	3.0	2.5	2200	$2,695	$1.23	43d	1	1.40mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.41mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.44mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	1.46mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $34,900 Active 64 DOM
2. 2026-06-17
   days on market $34,900 Active 63 DOM
3. 2026-06-16
   days on market $34,900 Active 62 DOM
4. 2026-06-15
   days on market $34,900 Active 61 DOM
5. 2026-06-13
   days on market $34,900 Active 59 DOM
6. 2026-06-13
   days on market $34,900 Active 58 DOM
7. 2026-06-09
   days on market $34,900 Active 55 DOM
8. 2026-06-08
   days on market $34,900 Active 54 DOM
9. 2026-06-07
   days on market $34,900 Active 53 DOM
10. 2026-06-05
    days on market $34,900 Active 50 DOM
11. 2026-06-03
    days on market $34,900 Active 49 DOM
12. 2026-06-02
    days on market $34,900 Active 48 DOM
13. 2026-06-01
    days on market $34,900 Active 47 DOM
14. 2026-05-31
    days on market $34,900 Active 46 DOM
15. 2026-04-13
    listed $34,900 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 $69,600 and the total scope of work totaling $82,350. 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.

16. 2026-04-06
    historical 237-char remark

    Show marketing remark (237 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 at 10:00 am.

17. 2026-02-23
    listed $58,100 Active 237-char remark

    Show marketing remark (237 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 at 10:00 am.

ⓘ 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: $20,662
• − Mortgage interest: −$1,955
• − Property taxes: −$524
• − Insurance: −$174
• − Repairs & maintenance: −$1,653
• − Management: −$1,653
• − Depreciation: −$1,015
• Taxable income: $13,688
• Est. tax owed @ 24.0%: −$3,285
• After-tax cash flow: $10,143/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

-39.9% since first listed

3 events — show timeline

• 2026-04-13 Listed $34,900 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $58,100 METROMLS