2364 N 21st St · Milwaukee, WI 53206

$15,700

3 bd · 1.0 ba · 1,096 sqft · SingleFamily public records · 4 Days on market

Built 1887 3,920 sqft lot $14/sqft · 82% below area

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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 is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized

Key facts

• 3,920 sq ft lot
• Built 1887
• Listed 3 days

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Single-family, 1-story home; Estimated living area in the 1,001–1,250 sq ft range
• Construction: Property year built from assessor/public record
• Exterior features: Exterior finishes include aluminum, aluminum/steel, and vinyl

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Master bedroom on main level (10 x 10); Second bedroom on main level (10 x 10); Third bedroom on main level (10 x 10)
• Bathrooms: One full bathroom with shower over tub
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Full basement; Living room on main level; Kitchen on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $16k.

Deal economics

• At list price, monthly cash flow is $806 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $16k).
• Cap rate 67.9% 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); 160 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $1,170/mo this rent would consume 48% 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 $2k of equity ($109 loan paydown + $2k 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 2y 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.
• Current owner paid $10k; list at $16k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $15,700

Questions for the listing agent

1. Built in 1887 — 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: 7.45% ✓
• Cap rate: 67.90%
• Cash-on-cash: 220.04%
• DSCR: 10.79
• GRM: 1.1

CMA / ARV

• ARV (median comp): $86,853
• List price: $15,700
• Delta: -81.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2558 N 24th St	0.31mi	3/1.0	1,072 (-2%)	1mo	$129,000	$120	81
1931 N 20th St	0.44mi	3/1.0	1,121 (+2%)	10mo	$152,500	$136	67
1925 W Center St	0.40mi	3/1.0	1,144 (+4%)	9mo	$48,000	$42	67
2462 N 23rd St	0.18mi	3/1.0	1,227 (+12%)	7mo	$129,900	$106	66
2513 N Teutonia Ave	0.51mi	3/1.0	1,164 (+6%)	1mo	$5,500	$5	65
2920 N 22nd St	0.68mi	3/1.0	1,118 (+2%)	2mo	$105,000	$94	64
2459 W Walnut St	0.71mi	3/1.0	1,108 (+1%)	4mo	$24,000	$22	62
1022 W North Ave	0.70mi	3/1.0	1,075 (-2%)	3mo	$80,000	$74	62
2021 W Hadley St	0.52mi	3/1.0	1,166 (+6%)	6mo	$45,000	$39	60
2838 N 24th St	0.62mi	4/1.0 (+1)	1,096 (0%)	12mo	$30,000	$27	56
2908 N 23rd St	0.69mi	3/1.5	1,198 (+9%)	9mo	$60,000	$50	43
2935 N Dr Lester Carter Dr	0.74mi	4/1.0 (+1)	992 (-10%)	10mo	$105,000	$106	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 16.04×
• Total profit: $66,099
• Equity at exit: $14,144

10-year hold

• IRR: —
• Equity multiple: 39.59×
• Total profit: $169,650
• Equity at exit: $30,502

Cash invested: $4,396 (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: 160
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $1,170 high
• Mortgage (P&I): −$82
• Tax from tax record: −$30 /mo · $356/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $806

Break-even live

Break-even rent $150

Max offer price $15,700

Occupancy floor 26%

Sensitivity live

Price	-10% $815	-5% $811	+0% $806	+5% $802	+10% $797
Rent	-10% $714	-5% $760	+0% $806	+5% $852	+10% $899
Rate	-1.0pp $814	-0.5pp $810	base $806	+0.5pp $802	+1.0pp $798

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: $3,925
• Closing costs: $471
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2630 N 24th St Milwaukee, WI	2.0	1.0	934	$1,450	$1.55	20d	1	0.37mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	15d	1	0.49mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	18d	1	0.49mi
2530 N 28th St Unit 2530 Lower Milwaukee, WI	2.0	1.0	764	$995	$1.30	15d	1	0.52mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	0.57mi
2517 W Hadley St Milwaukee, WI	2.0	1.0	850	$1,050	$1.24	15d	1	0.61mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	5d	1	0.63mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	5d	1	0.63mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	44d	1	0.73mi
2955 N 17th St Unit B UPSTAIRS Milwaukee, WI	2.0	1.0	1000	$900	$0.90	18d	1	0.77mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	17d	1	0.79mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	0.83mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	2d	1	0.84mi
1430 N 21st St Unit 2 Milwaukee, WI	2.0	1.0	1000	$975	$0.97	44d	1	0.88mi
3039 N 24th Pl Unit 3039 Milwaukee, WI	2.0	1.0	800	$995	$1.24	17d	1	0.88mi
3109 W Walnut St Milwaukee, WI	2.0	1.0	1000	$1,095	$1.09	44d	1	0.97mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	24d	1	0.98mi
2550 N 36th St Unit 2550A Upper Milwaukee, WI	2.0	1.0	711	$845	$1.19	24d	1	1.01mi
2407 N 6th St Milwaukee, WI	2.0	1.0	897	$1,100	$1.23	44d	1	1.02mi
1326 W Burleigh St Unit 1326 Lower Milwaukee, WI	2.0	1.0	900	$825	$0.92	3d	1	1.06mi
2530 N 37th St Milwaukee, WI	2.0	1.0	1037	$1,000	$0.96	15d	1	1.06mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.07mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	5d	1	1.08mi
3058 N 11th St Unit 3058 Lower Milwaukee, WI	2.0	1.0	840	$945	$1.12	24d	1	1.11mi
1515 N 32nd St Unit 1515 Milwaukee, WI	3.0	1.0	1200	$1,245	$1.04	5d	1	1.11mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	45d	1	1.12mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	44d	1	1.12mi
1235 N 26th St Milwaukee, WI	3.0	1.0	900	$950	$1.06	44d	1	1.12mi
2478-2480 W Juneau Ave Unit 2478 Milwaukee, WI	4.0	1.0	1375	$1,495	$1.09	24d	1	1.14mi
2610 W Juneau Ave Unit 2610 Milwaukee, WI	3.0	1.0	893	$1,400	$1.57	24d	1	1.17mi
2403-2405 N 39th St Unit 2403 Lower Milwaukee, WI	3.0	1.0	1200	$995	$0.83	11d	1	1.19mi
2403-2405 N 39th St Unit 2405 Upper Milwaukee, WI	3.0	1.0	1141	$995	$0.87	11d	1	1.20mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	3d	1	1.20mi
2577 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	1048	$1,400	$1.34	18d	1	1.20mi
2706 N 39th St Unit 2706 Milwaukee, WI	2.0	1.0	866	$845	$0.98	44d	1	1.24mi
3124 N 33rd St Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	44d	1	1.25mi
1303 N 10th St Milwaukee, WI	3.0	1.0–2.0	797	$2,990	$3.75	3d	26	1.25mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	3d	1	1.28mi
2512 N 41st St #2514 Milwaukee, WI	2.0	1.0	1007	$1,200	$1.19	44d	1	1.29mi
1116 N 13th St Milwaukee, WI	3.0	1.0	1400	$1,345	$0.96	15d	1	1.30mi

Listing history 10 events

1. 2026-06-21
   days on market $15,700 Active 4 DOM
2. 2026-06-17
   statusdays on marketlisting id $15,700 Active 1 DOM
3. 2026-04-13
   listed $15,700 Active 120-char remark

   Show marketing remark (120 chars)

   This is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized

4. 2026-03-19
   historical 476-char remark
5. 2025-10-14
   listed $15,700 Active 476-char remark
6. 2025-09-30
   historical
7. 2025-08-29
   listed $15,700 Active
8. 2024-06-04
   historical
9. 2024-03-04
   listed $5,000 Active
10. 1970-09-01
    soldstatus $10,300

ⓘ 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: $356 · $30/mo
• Projected year-2 tax: $356 · $30/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 ≥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: $14,045
• − Mortgage interest: −$879
• − Property taxes: −$356
• − Insurance: −$78
• − Repairs & maintenance: −$1,124
• − Management: −$1,124
• − Depreciation: −$457
• Taxable income: $10,027
• Est. tax owed @ 24.0%: −$2,406
• After-tax cash flow: $7,266/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

+52.4% since first listed

12 events — show timeline

• 2026-06-11 Listing Removed — METROMLS
• 2026-06-10 Listed $15,700 METROMLS
• 2026-06-10 Listed $15,700 METROMLS
• 2026-05-20 Listing Removed — METROMLS
• 2026-04-13 Listed $15,700 METROMLS
• 2026-03-19 Listing Removed — METROMLS
• 2025-10-14 Listed $15,700 METROMLS
• 2025-09-30 Listing Removed — METROMLS
• 2025-08-29 Listed $15,700 METROMLS
• 2024-06-04 Listing Removed — METROMLS
• 2024-03-04 Listed $5,000 METROMLS
• 1970-09-01 Sold (Public Records) $10,300 Public Records

Property tax history

-3.3%/yr

Latest (2023): $356 · -93.0% YoY. Source: county tax records.