1812 N 23rd St #1814 · Milwaukee, WI 53205

$40,000

4 bd · 2.0 ba · 2,172 sqft · MultiFamily

Built 1891 3,484 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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

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

Listing remarks MLS

Bargain priced 2/2 duplex in great location! This is an investor special in need of complete rehabilitation. Vinyl siding, exterior doors and porches are in decent shape. TONS of new construction and revitalized homes in the immediate area make this property worthy of restoration. Property is being sold in AS-IS condition! CASH OFFERS ONLY!

Key facts

• 3,484 sq ft lot
• Parking
• Built 1891

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $879/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $40k).
• Cap rate 59.0% 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: 28 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $2,575/mo this rent would consume 98% of the median local household income ($32k/yr) (locally 636% 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 $1k of equity ($277 loan paydown + $1k appreciation (3.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 7y 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 $28k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

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 1891 — 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. 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?
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: 6.44% ✓
• Cap rate: 59.03%
• Cash-on-cash: 188.34%
• DSCR: 9.38
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $102,084
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1713 N 29th St #1715	0.47mi	4/2.0	2,191 (+1%)	3mo	$97,000	$44	74
1925 N 27th St #1927	0.36mi	4/2.0	2,266 (+4%)	4mo	$90,000	$40	73
2408 N 22nd St Unit 2408A	0.59mi	4/2.0	2,136 (-2%)	6mo	$100,000	$47	64
1932 W Brown St #1934	0.24mi	5/2.0 (+1)	2,448 (+13%)	2mo	$120,000	$49	61
2237 N 15th St #2239	0.61mi	4/2.0	2,024 (-7%)	3mo	$95,000	$47	57
1929 N 18th St	0.30mi	3/2.0 (-1)	1,873 (-14%)	4mo	$85,000	$45	55
2346 N 17th St Unit 2346-2348	0.63mi	5/2.0 (+1)	2,148 (-1%)	10mo	$88,000	$41	55
1922 N 27th St #1924	0.33mi	5/2.0 (+1)	2,454 (+13%)	5mo	$90,000	$37	54
1440 N 28th St	0.49mi	5/2.0 (+1)	1,982 (-9%)	5mo	$95,000	$48	53
1222 N 26th St #1224	0.59mi	4/2.0	1,888 (-13%)	1mo	$155,000	$82	50
3127 W Garfield Ave #3129	0.71mi	5/2.0 (+1)	2,332 (+7%)	0mo	$130,000	$56	49
2137 N 31st St	0.67mi	5/2.0 (+1)	1,919 (-12%)	1mo	$138,500	$72	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.43×
• Total profit: $116,863
• Equity at exit: $18,038

10-year hold

• IRR: —
• Equity multiple: 24.14×
• Total profit: $259,118
• Equity at exit: $27,840

Cash invested: $11,200 (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 53205

• Home prices YoY: 0.8%
• Active inventory: 28
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,575 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $1,758

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 27%

Sensitivity live

Price	-10% $1,785	-5% $1,772	+0% $1,758	+5% $1,744	+10% $1,730
Rent	-10% $1,554	-5% $1,656	+0% $1,758	+5% $1,860	+10% $1,961
Rate	-1.0pp $1,778	-0.5pp $1,768	base $1,758	+0.5pp $1,747	+1.0pp $1,737

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,576
Total (2 units)			$2,575

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	4d	1	0.16mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	45d	1	0.74mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	25d	1	0.75mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	25d	1	0.84mi
1116 N 13th St Milwaukee, WI	3.0	1.0	1400	$1,345	$0.96	16d	1	0.90mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	0.91mi
901 W Winnebago St Milwaukee, WI	1.0–3.0	1.0–2.0	1359	$2,629	$1.93	3d	10	1.03mi
1141 N Doctor Martin Luther King Junior Dr Milwaukee, WI	1.0–3.0	1.0–2.5	1861	$6,250	$3.36	3d	6	1.45mi

Listing history 10 events

1. 2025-10-10
   historical
2. 2025-10-09
   listed $40,000
3. 2025-04-01
   historical 342-char remark

   Show marketing remark (342 chars)

   Bargain priced 2/2 duplex in great location! This is an investor special in need of complete rehabilitation. Vinyl siding, exterior doors and porches are in decent shape. TONS of new construction and revitalized homes in the immediate area make this property worthy of restoration. Property is being sold in AS-IS condition! CASH OFFERS ONLY!

4. 2025-02-26
   historical Contingent 342-char remark

   Show marketing remark (342 chars)

   Bargain priced 2/2 duplex in great location! This is an investor special in need of complete rehabilitation. Vinyl siding, exterior doors and porches are in decent shape. TONS of new construction and revitalized homes in the immediate area make this property worthy of restoration. Property is being sold in AS-IS condition! CASH OFFERS ONLY!

5. 2025-02-22
   listed $40,000 Active 342-char remark

   Show marketing remark (342 chars)

   Bargain priced 2/2 duplex in great location! This is an investor special in need of complete rehabilitation. Vinyl siding, exterior doors and porches are in decent shape. TONS of new construction and revitalized homes in the immediate area make this property worthy of restoration. Property is being sold in AS-IS condition! CASH OFFERS ONLY!

6. 2019-05-10
   soldstatus $28,000 Sold 268-char remark

   Show marketing remark (268 chars)

   LONG TERM INVESTOR LIQUIDATING NUMEROUS RENTAL OPPORTUNITIES. CAN BE SOLD INDIVIDUALLY OR SOME IN A PACKAGE. UPPER UNIT CURRENTLY BRINGING IN $500 MONTHLY WITH NO SECURITY DEPOSIT. CALL LISTING AGENT FOR COMPLETE LIST. ALL PROPERTIES BEING SOLD IN ''AS-IS'' CONDITION.

7. 2019-04-25
   status Pending 268-char remark

   Show marketing remark (268 chars)

   LONG TERM INVESTOR LIQUIDATING NUMEROUS RENTAL OPPORTUNITIES. CAN BE SOLD INDIVIDUALLY OR SOME IN A PACKAGE. UPPER UNIT CURRENTLY BRINGING IN $500 MONTHLY WITH NO SECURITY DEPOSIT. CALL LISTING AGENT FOR COMPLETE LIST. ALL PROPERTIES BEING SOLD IN ''AS-IS'' CONDITION.

8. 2019-04-22
   price $29,900 268-char remark

   Show marketing remark (268 chars)

   LONG TERM INVESTOR LIQUIDATING NUMEROUS RENTAL OPPORTUNITIES. CAN BE SOLD INDIVIDUALLY OR SOME IN A PACKAGE. UPPER UNIT CURRENTLY BRINGING IN $500 MONTHLY WITH NO SECURITY DEPOSIT. CALL LISTING AGENT FOR COMPLETE LIST. ALL PROPERTIES BEING SOLD IN ''AS-IS'' CONDITION.

9. 2019-03-19
   price $32,900 268-char remark

   Show marketing remark (268 chars)

   LONG TERM INVESTOR LIQUIDATING NUMEROUS RENTAL OPPORTUNITIES. CAN BE SOLD INDIVIDUALLY OR SOME IN A PACKAGE. UPPER UNIT CURRENTLY BRINGING IN $500 MONTHLY WITH NO SECURITY DEPOSIT. CALL LISTING AGENT FOR COMPLETE LIST. ALL PROPERTIES BEING SOLD IN ''AS-IS'' CONDITION.

10. 2019-03-07
    listed $38,900 Active 268-char remark

    Show marketing remark (268 chars)

    LONG TERM INVESTOR LIQUIDATING NUMEROUS RENTAL OPPORTUNITIES. CAN BE SOLD INDIVIDUALLY OR SOME IN A PACKAGE. UPPER UNIT CURRENTLY BRINGING IN $500 MONTHLY WITH NO SECURITY DEPOSIT. CALL LISTING AGENT FOR COMPLETE LIST. ALL PROPERTIES BEING SOLD IN ''AS-IS'' CONDITION.

ⓘ 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: $30,900
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$2,472
• − Management: −$2,472
• − Depreciation: −$1,164
• Taxable income: $21,752
• Est. tax owed @ 24.0%: −$5,220
• After-tax cash flow: $15,873/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): 9,265
• Household income: $31,529
• Rent vs Own: 72.6% rent · 27.4% own
• Severe rent burden: 636.0

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 (80%)
• Race & ethnicity: Black 80% Asian 7% White 6% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 1% Lithuanian 1% Swedish 1%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Other Asian/Pacific 5% Spanish 5%

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: ▲ 3.02%
• Current HPI: 363.0038
• Rent YoY: —
• 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

+2.8% since first listed

10 events — show timeline

• 2025-10-10 Listing Removed — METROMLS
• 2025-10-09 Listed $40,000 METROMLS
• 2025-04-01 Listing Removed — METROMLS
• 2025-02-26 Contingent — METROMLS
• 2025-02-22 Listed $40,000 METROMLS
• 2019-05-10 Sold (MLS) $28,000 METROMLS
• 2019-04-25 Pending — METROMLS
• 2019-04-22 Price Changed $29,900 METROMLS
• 2019-03-19 Price Changed $32,900 METROMLS
• 2019-03-07 Listed $38,900 METROMLS