1968 S 12th St · Milwaukee, WI 53204

$179,000

3 bd · 1.0 ba · 1,268 sqft · SingleFamily public records · 4 Days on market

Built 1888 4,356 sqft lot Est $170k · 5% over

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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 +17.2/30.0
• Appreciation +10.0/10.0
• DSCR +5.4/10.0
• ARV discount +5.1/15.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

This 3-bedroom, 1-bath bungalow is full of potential and ready for your vision. Featuring a spacious upper-level bedroom, classic bungalow charm, and a 2-car slab for off-street parking, this property is a prime opportunity for rehab and resale. The layout offers flexibility for modern updates, and the large footprint upstairs could become a standout feature with the right design. Bring your ideas--this one is ready to shine with the right touch!

Key facts

• 4,356 sq ft lot
• Parking
• Built 1888

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (5.1% below list).
• Recommended offer: $170k (5.1% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+2.0%/yr); 57 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 41% 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 44% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• At projected returns (10.0% appreciation + 2.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $125k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,866 (5.1% below list)

Questions for the listing agent

1. Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 7.14%
• Cash-on-cash: 3.04%
• DSCR: 1.14
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $169,912
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1966 S 7th St	0.36mi	3/2.0	1,259 (-1%)	7mo	$145,000	$115	72
1207 W Lapham Blvd	0.36mi	4/1.0 (+1)	1,200 (-5%)	3mo	$170,000	$142	67
1530 S 10th St	0.48mi	3/1.0	1,210 (-5%)	6mo	$125,000	$103	65
2363 S 11th St	0.50mi	3/1.5	1,357 (+7%)	2mo	$225,000	$166	62
1650 S 18th St	0.51mi	3/1.0	1,174 (-7%)	6mo	$145,000	$124	59
2174 S 14th St	0.30mi	3/1.0	1,092 (-14%)	6mo	$95,000	$87	58
1640 S 18th St	0.52mi	3/2.0	1,200 (-5%)	7mo	$162,500	$135	57
1211 S 10th St	0.71mi	4/1.0 (+1)	1,200 (-5%)	0mo	$150,000	$125	53
2172 S 18th St	0.50mi	3/2.0	1,431 (+13%)	2mo	$206,000	$144	50
602 W Maple St	0.44mi	3/2.0	1,100 (-13%)	6mo	$150,000	$136	48
1730 S 6th St	0.47mi	2/2.0 (-1)	1,133 (-11%)	4mo	$151,500	$134	48
1831 W Becher St	0.51mi	4/2.0 (+1)	1,396 (+10%)	4mo	$155,000	$111	47

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: 26.1%
• Equity multiple: 3.07×
• Total profit: $103,882
• Equity at exit: $161,257

10-year hold

• IRR: 22.7%
• Equity multiple: 6.91×
• Total profit: $296,294
• Equity at exit: $347,758

Cash invested: $50,120 (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: 57
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,699 high
• Mortgage (P&I): −$939
• Tax from tax record: −$202 /mo · $2,423/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $127

Break-even live

Break-even rent $1,538

Max offer price $179,000

Occupancy floor 88%

Sensitivity live

Price	-10% $228	-5% $177	+0% $127	+5% $76	+10% $25
Rent	-10% $-7	-5% $60	+0% $127	+5% $194	+10% $261
Rate	-1.0pp $217	-0.5pp $172	base $127	+0.5pp $80	+1.0pp $33

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 27 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	24d	1	0.39mi
2252 S 7th St Unit Upper Front Milwaukee, WI	2.0	1.0	900	$1,200	$1.33	44d	1	0.53mi
1578 S Union St Unit 1 Milwaukee, WI	2.0	1.0	900	$1,050	$1.17	24d	1	0.62mi
2435 S 9th St Unit 2435 Milwaukee, WI	2.0	1.0	900	$895	$0.99	44d	1	0.63mi
2435 S 9th St Milwaukee, WI	2.0	1.0	900	$895	$0.99	24d	1	0.63mi
2435 S 9th St Unit 2435A Milwaukee, WI	2.0	1.0	900	$1,025	$1.14	44d	1	0.63mi
2562 S 9th St Milwaukee, WI	2.0	1.0	1000	$995	$0.99	44d	1	0.80mi
2482 S 5th St Milwaukee, WI	2.0	1.0	900	$1,095	$1.22	24d	1	0.83mi
2141 S Robinson Ave Milwaukee, WI	3.0	1.0–2.0	1006	$2,695	$2.68	2d	20	1.01mi
924 S 5th St Unit 501 Milwaukee, WI	2.0	1.0	1005	$1,917	$1.91	44d	1	1.02mi
611 W National Ave Milwaukee, WI	1.0–2.0	1.0–2.0	866	$1,900	$2.19	4d	3	1.06mi
124 W Washington St Milwaukee, WI	2.0	1.0–2.0	845	$2,126	$2.52	44d	11	1.10mi
2100 W National Ave Unit 4 Milwaukee, WI	2.0	1.0	900	$1,225	$1.36	24d	1	1.16mi
1143 S 25th St #1 Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	44d	1	1.17mi
2445 S Austin St Milwaukee, WI	3.0	1.0	1000	$1,598	$1.60	15d	1	1.18mi
2437 S Howell Ave Unit 2nd Milwaukee, WI	3.0	1.0	1550	$1,895	$1.22	5d	1	1.26mi
2925 W Greenfield Ave Unit 5929A Milwaukee, WI	2.0	1.0	1200	$1,350	$1.12	3d	1	1.34mi
747 W Freshwater Way Apt 502 Milwaukee, WI	2.0	2.0	1200	$3,650	$3.04	18d	1	1.36mi
747 W Freshwater Way Unit 112 Milwaukee, WI	2.0	1.0	983	$2,725	$2.77	44d	1	1.36mi
625 W Freshwater Way Milwaukee, WI	1.0–2.0	1.0–2.0	1137	$3,650	$3.21	3d	12	1.39mi
2561 S 29th St Milwaukee, WI	2.0	1.0	900	$995	$1.11	17d	1	1.42mi
300 W Florida St Unit 415 Milwaukee, WI	2.0	1.0	991	$2,350	$2.37	44d	1	1.43mi
324 S 2nd St Unit 1504186P Milwaukee, WI	2.0	1.0	1033	$4,713	$4.56	44d	1	1.49mi
324 S 2nd St Unit 1504185P Milwaukee, WI	2.0	1.0	1033	$4,467	$4.32	3d	1	1.49mi
324 S 2nd St Apt 309 Milwaukee, WI	2.0	2.0	1085	$2,525	$2.33	5d	1	1.49mi
205 W Oregon St Unit 322 Milwaukee, WI	2.0	2.0	1037	$2,360	$2.28	44d	1	1.49mi
205 W Oregon St Apt 402 Milwaukee, WI	2.0	2.0	1238	$2,705	$2.18	5d	1	1.49mi

Listing history 8 events

1. 2026-04-19
   status Pending
2. 2026-04-15
   listed $179,000 Active
3. 2025-08-14
   soldstatus $125,000
4. 2025-08-08
   soldstatus $125,000 Sold 450-char remark

   Show marketing remark (450 chars)

   This 3-bedroom, 1-bath bungalow is full of potential and ready for your vision. Featuring a spacious upper-level bedroom, classic bungalow charm, and a 2-car slab for off-street parking, this property is a prime opportunity for rehab and resale. The layout offers flexibility for modern updates, and the large footprint upstairs could become a standout feature with the right design. Bring your ideas--this one is ready to shine with the right touch!

5. 2025-07-27
   status Pending 450-char remark

   Show marketing remark (450 chars)

   This 3-bedroom, 1-bath bungalow is full of potential and ready for your vision. Featuring a spacious upper-level bedroom, classic bungalow charm, and a 2-car slab for off-street parking, this property is a prime opportunity for rehab and resale. The layout offers flexibility for modern updates, and the large footprint upstairs could become a standout feature with the right design. Bring your ideas--this one is ready to shine with the right touch!

6. 2025-07-25
   listed $120,000 Active 450-char remark

   Show marketing remark (450 chars)

   This 3-bedroom, 1-bath bungalow is full of potential and ready for your vision. Featuring a spacious upper-level bedroom, classic bungalow charm, and a 2-car slab for off-street parking, this property is a prime opportunity for rehab and resale. The layout offers flexibility for modern updates, and the large footprint upstairs could become a standout feature with the right design. Bring your ideas--this one is ready to shine with the right touch!

7. 2025-07-08
   soldstatus $60,000
8. 1999-09-27
   soldstatus $47,500

ⓘ 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: $2,423 · $202/mo
• Projected year-2 tax: $2,867 · $239/mo
• Expected delta: +$444/yr (+$37/mo · 18.3%)

ⓘ 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 ≥96°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: $20,384
• − Mortgage interest: −$10,027
• − Property taxes: −$2,423
• − Insurance: −$895
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$5,207
• Taxable loss: −$1,429
• Est. tax savings @ 24.0%: +$343
• After-tax cash flow: $1,864/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

+276.8% since first listed

8 events — show timeline

• 2026-04-19 Pending — METROMLS
• 2026-04-15 Listed $179,000 METROMLS
• 2025-08-14 Sold (Public Records) $125,000 Public Records
• 2025-08-08 Sold (MLS) $125,000 METROMLS
• 2025-07-27 Pending — METROMLS
• 2025-07-25 Listed $120,000 METROMLS
• 2025-07-08 Sold (Public Records) $60,000 Public Records
• 1999-09-27 Sold (Public Records) $47,500 Public Records

Property tax history

+4.3%/yr

Latest (2024): $2,423 · +33.5% YoY. Source: county tax records.