1946 S 12th St · Milwaukee, WI 53204

$75,570

2 bd · 1.0 ba · 1,067 sqft · SingleFamily public records · 35 Days on market

Built 1990 4,356 sqft lot $71/sqft · 38% below area Est $121k · 38% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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 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 ONLY. BIDS DUE May 18th, 2026 AT 10:00am

Key facts

• 4,356 sq ft lot
• Built 1990
• Listed 35 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $76k.

Deal economics

• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $76k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• 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 (+2.0%/yr); 57 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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 35% 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 $8k of equity ($522 loan paydown + $8k 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.

Recommended offer $73,302 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.79% ✓
• Cap rate: 13.51%
• Cash-on-cash: 25.76%
• DSCR: 2.15
• GRM: 4.7

CMA / ARV

• ARV (median comp): $120,987
• List price: $75,570
• Delta: -37.54%
• 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
1732 S 7th St	0.39mi	3/1.0 (+1)	1,068 (+0%)	5mo	$125,000	$117	72
2174 S 14th St	0.33mi	3/1.0 (+1)	1,092 (+2%)	6mo	$95,000	$87	70
1730 S 6th St	0.46mi	2/2.0	1,133 (+6%)	4mo	$151,500	$134	61
2254 S 5th Pl	0.61mi	3/1.0 (+1)	1,072 (+0%)	6mo	$145,000	$135	61
602 W Maple St	0.42mi	3/2.0 (+1)	1,100 (+3%)	6mo	$150,000	$136	61
1603 S Union St	0.66mi	3/2.5 (+1)	1,056 (-1%)	3mo	$199,900	$189	54
2354 S 16th St	0.61mi	2/1.0	944 (-12%)	1mo	$194,000	$206	51
1650 S 18th St	0.49mi	3/1.0 (+1)	1,174 (+10%)	6mo	$145,000	$124	50
2253 S 10th Pl	0.40mi	3/1.0 (+1)	942 (-12%)	10mo	$169,000	$179	49
1530 S 10th St	0.45mi	3/1.0 (+1)	1,210 (+13%)	6mo	$125,000	$103	47
1640 S 18th St	0.50mi	3/2.0 (+1)	1,200 (+12%)	7mo	$162,500	$135	41
2114 W Vilter St	0.68mi	3/1.0 (+1)	943 (-12%)	6mo	$150,000	$159	39

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: 43.1%
• Equity multiple: 4.25×
• Total profit: $68,819
• Equity at exit: $68,079

10-year hold

• IRR: 36.9%
• Equity multiple: 9.39×
• Total profit: $177,437
• Equity at exit: $146,816

Cash invested: $21,160 (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: 4.7×

Monthly cashflow live

• Estimated rent: $1,353 high
• Mortgage (P&I): −$396
• Tax from tax record: −$187 /mo · $2,242/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $454

Break-even live

Break-even rent $778

Max offer price $75,570

Occupancy floor 61%

Sensitivity live

Price	-10% $497	-5% $476	+0% $454	+5% $433	+10% $411
Rent	-10% $347	-5% $401	+0% $454	+5% $508	+10% $561
Rate	-1.0pp $492	-0.5pp $473	base $454	+0.5pp $435	+1.0pp $415

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: $18,892
• Closing costs: $2,267
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 W Rogers St Unit 3 Milwaukee, WI	1.0	1.0	740	$850	$1.15	44d	1	0.42mi
600 W Rogers St Unit 4 Milwaukee, WI	1.0	1.0	740	$995	$1.34	44d	1	0.42mi
2161 S 16th St Unit 2161 Milwaukee, WI	2.0	1.0	850	$1,045	$1.23	44d	1	0.42mi
2327 S 15th St Unit 1 Milwaukee, WI	2.0	1.0	780	$845	$1.08	5d	1	0.52mi
2252 S 7th St Unit Upper Front Milwaukee, WI	2.0	1.0	900	$1,200	$1.33	44d	1	0.53mi
1926 S 20th St Milwaukee, WI	3.0	1.0	795	$1,200	$1.51	44d	1	0.55mi
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 Unit 2435A Milwaukee, WI	2.0	1.0	900	$1,025	$1.14	44d	1	0.63mi
2435 S 9th St Milwaukee, WI	2.0	1.0	900	$895	$0.99	24d	1	0.63mi
816 W Greenfield Ave Unit 102 Milwaukee, WI	1.0	1.0	800	$795	$0.99	17d	1	0.63mi
1568 W Windlake Ave Unit 4 Milwaukee, WI	2.0	1.0	713	$895	$1.26	15d	1	0.65mi
2033 S 1st St Unit 119 Milwaukee, WI	1.0	1.0	761	$1,775	$2.33	44d	1	0.78mi
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	$2,272	$2.26	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
720 W Virginia St Milwaukee, WI	1.0	1.0	746	$1,800	$2.41	11d	5	1.31mi
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 Unit 112 Milwaukee, WI	2.0	1.0	983	$2,725	$2.77	44d	1	1.36mi
747 W Freshwater Way Apt 502 Milwaukee, WI	2.0	2.0	1200	$3,650	$3.04	18d	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
625 W Freshwater Way Unit 508 Milwaukee, WI	1.0	1.0	900	$2,200	$2.44	44d	1	1.40mi
746 S Layton Blvd Unit 208 Milwaukee, WI	1.0	1.0	800	$750	$0.94	18d	1	1.42mi
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 Apt 309 Milwaukee, WI	2.0	2.0	1085	$2,525	$2.33	5d	1	1.49mi
324 S 2nd St Unit 1504185P Milwaukee, WI	2.0	1.0	1033	$4,467	$4.32	3d	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 2 events

1. 2026-05-18
   status Pending 220-char remark

   Show marketing remark (220 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 ONLY. BIDS DUE May 18th, 2026 AT 10:00am

2. 2026-04-13
   listed $75,570 Active 220-char remark

   Show marketing remark (220 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 ONLY. BIDS DUE May 18th, 2026 AT 10:00am

ⓘ 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: $2,242 · $187/mo
• Projected year-2 tax: $2,242 · $187/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 ≥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: $16,236
• − Mortgage interest: −$4,233
• − Property taxes: −$2,242
• − Insurance: −$378
• − Repairs & maintenance: −$1,299
• − Management: −$1,299
• − Depreciation: −$2,198
• Taxable income: $4,587
• Est. tax owed @ 24.0%: −$1,101
• After-tax cash flow: $4,350/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

2 events — show timeline

• 2026-05-18 Pending — METROMLS
• 2026-04-13 Listed $75,570 METROMLS

Property tax history

-2.1%/yr

Latest (2024): $2,242 · -85.2% YoY. Source: county tax records.