3908 N 22nd St · Milwaukee, WI 53206

$70,000

3 bd · 1.0 ba · 1,331 sqft · SingleFamily public records · 7 Days on market

Built 1922 3,484 sqft lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 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

Spacious three bedroom house currently rented at $750/month. Great opportunity for investment or owner occupied. This property is in great condition and easy to show. Call today for a showing!

Key facts

• 3,484 sq ft lot
• Built 1922
• Listed 7 days

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer; Natural gas service
• Home design: 1.5-story single-family home; Residential zoning; Less than 1/2 acre lot
• Construction: Information source indicates year built from assessor/public record
• Exterior features: Sidewalks

Interior

• Kitchen: Kitchen on main level (10 x 9)
• Bedrooms: Main-level primary bedroom (12 x 11); Main-level bedroom 2 (11 x 10); Upper-level bedroom 3 (11 x 10); Upper-level additional room (16 x 13)
• Bathrooms: One full bathroom with tub and shower over tub
• Heating & cooling: Forced air heating (natural gas)
• Interior features: Cable/satellite available; Expandable attic; Full block basement

🏷️ Possibly a rental listed for sale. The $70,000 price doesn't fit this home's estimated sale value (~$178,354) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 13.5% 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; 40 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 $1,179/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 $7k of equity ($484 loan paydown + $7k 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,000

Questions for the listing agent

1. Built in 1922 — 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: 1.68% ✓
• Cap rate: 13.53%
• Cash-on-cash: 25.86%
• DSCR: 2.15
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $178,354
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3812 N 27th St	0.40mi	3/1.0	1,372 (+3%)	3mo	$79,900	$58	74
3741 N 25th St	0.34mi	3/2.0	1,397 (+5%)	2mo	$195,000	$140	70
3840 N 18th St St	0.33mi	3/2.0	1,413 (+6%)	2mo	$120,000	$85	69
3908 N 25th St	0.26mi	3/1.0	1,179 (-11%)	1mo	$73,200	$62	68
2128 W Atkinson Ave	0.26mi	3/1.0	1,210 (-9%)	6mo	$66,000	$55	68
4487 N 21st St	0.74mi	3/1.5	1,384 (+4%)	3mo	$185,000	$134	54
2417 W Roosevelt Dr	0.50mi	4/2.0 (+1)	1,200 (-10%)	0mo	$194,900	$162	51
4182 N 13th St	0.73mi	4/2.0 (+1)	1,351 (+2%)	5mo	$239,000	$177	50
4444 N 26th St	0.75mi	3/1.0	1,472 (+11%)	2mo	$165,000	$112	46
4401 N 25 St	0.67mi	3/1.0	1,148 (-14%)	1mo	$60,000	$52	45
4348 N 19th St	0.62mi	3/2.0	1,499 (+13%)	1mo	$230,000	$153	45
2602 W Port Sunlight Way	0.74mi	3/1.5	1,172 (-12%)	1mo	$190,000	$162	42

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: 46.8%
• Equity multiple: 4.64×
• Total profit: $71,294
• Equity at exit: $63,062

10-year hold

• IRR: 42.8%
• Equity multiple: 11.42×
• Total profit: $204,300
• Equity at exit: $135,995

Cash invested: $19,600 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,179 high
• Mortgage (P&I): −$367
• Tax from tax record: −$113 /mo · $1,357/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $422

Break-even live

Break-even rent $645

Max offer price $70,000

Occupancy floor 59%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3911 N 20th St Unit 3913 Milwaukee, WI	2.0	1.0	950	$995	$1.05	23d	1	0.09mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	0.26mi
3646 N 19th St Milwaukee, WI	2.0	1.0	935	$1,100	$1.18	4d	1	0.33mi
3927-3929 N 17th St Milwaukee, WI	2.0	1.0	900	$1,195	$1.33	43d	1	0.34mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	16d	1	0.37mi
3747 N 16th St Milwaukee, WI	2.0	1.0	1200	$875	$0.73	43d	1	0.43mi
4227 N 26th St Milwaukee, WI	2.0	1.0	950	$1,000	$1.05	16d	1	0.51mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	43d	1	0.62mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.63mi
4355 N 28th St Milwaukee, WI	2.0	1.0	1118	$975	$0.87	21d	1	0.75mi
3347 N 29th St Unit 3347A Milwaukee, WI	2.0	1.0	950	$845	$0.89	14d	1	0.77mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	1d	1	0.81mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	0.87mi
3871-3873 N 36th St Unit 3871 Milwaukee, WI	2.0	1.0	987	$950	$0.96	23d	1	1.00mi
4048 N 7th St Milwaukee, WI	2.0	1.0	1100	$1,150	$1.05	23d	1	1.01mi
1326 W Burleigh St Unit 1326 Lower Milwaukee, WI	2.0	1.0	900	$825	$0.92	1d	1	1.04mi
3908 N 6th St Milwaukee, WI	2.0	1.0	1100	$1,150	$1.05	23d	1	1.06mi
3630 W Nash St Milwaukee, WI	2.0	1.0	1000	$1,200	$1.20	23d	1	1.06mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	1.08mi
2955 N 17th St Unit B UPSTAIRS Milwaukee, WI	2.0	1.0	1000	$900	$0.90	16d	1	1.08mi
3124 N 33rd St Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	43d	1	1.16mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	1.17mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	23d	1	1.18mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	1.27mi
3600 N Vel R. Phillips Ave Milwaukee, WI	2.0	1.0	900	$950	$1.06	4d	1	1.28mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	43d	1	1.30mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	16d	1	1.33mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	1.33mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	1.34mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	4d	1	1.34mi
3925 N 42nd St Milwaukee, WI	2.0	1.0	985	$1,400	$1.42	23d	1	1.35mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	1.35mi
3890 N Sherman Blvd Milwaukee, WI	2.0	1.0	950	$1,100	$1.16	12d	1	1.40mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	43d	1	1.40mi
3148 N 39th St Unit 1 Milwaukee, WI	2.0	1.0	1000	$1,100	$1.10	14d	1	1.41mi
3025 N 6th St Milwaukee, WI	2.0	1.0	1153	$1,125	$0.98	43d	1	1.43mi
3703 N 1st St Unit Upper-3705 Milwaukee, WI	3.0	1.0	1034	$1,200	$1.16	43d	1	1.43mi
4661 N 38th St Unit 4661 Milwaukee, WI	2.0	1.0	1000	$845	$0.84	14d	1	1.46mi
3214 N 41st St Milwaukee, WI	2.0	1.0	900	$1,250	$1.39	43d	1	1.47mi
2630 N 24th St Milwaukee, WI	2.0	1.0	934	$1,450	$1.55	19d	1	1.47mi

Listing history 6 events

1. 2026-06-15
   status $70,000 Pending 7 DOM
2. 2026-06-15
   statusdays on market $70,000 Contingent 7 DOM
3. 2026-06-13
   days on market $70,000 Active 5 DOM
4. 2026-06-13
   days on market $70,000 Active 4 DOM
5. 2026-06-08
   remarks 154-char remark
6. 2026-06-08
   listed $70,000 Active 1 DOM

ⓘ 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: $1,357 · $113/mo
• Projected year-2 tax: $1,357 · $113/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: $14,153
• − Mortgage interest: −$3,921
• − Property taxes: −$1,357
• − Insurance: −$350
• − Repairs & maintenance: −$1,132
• − Management: −$1,132
• − Depreciation: −$2,036
• Taxable income: $4,224
• Est. tax owed @ 24.0%: −$1,014
• After-tax cash flow: $4,055/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

+59.1% since first listed

7 events — show timeline

• 2026-06-01 Listed $70,000 METROMLS
• 2013-02-01 Listing Removed — METROMLS
• 2013-02-01 Listed $88,400 METROMLS
• 2013-01-31 Listing Removed — METROMLS
• 2013-01-31 Listed $87,900 METROMLS
• 2006-10-04 Sold (Public Records) $73,000 Public Records
• 1998-08-10 Sold (Public Records) $44,000 Public Records

Property tax history

+4.2%/yr

Latest (2024): $1,357 · -9.1% YoY. Source: county tax records.