2954 N 26th St #2956 · Milwaukee, WI 53206

$22,000

4 bd · 2.0 ba · 2,012 sqft · MultiFamily · 75 Days on market

Built 1907 4,356 sqft lot $11/sqft · 75% below area ↓ 12% since listing

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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

Multi-family units

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

Listing remarks MLS

2/2 Duplex City owned. Open to owner and investors offers. District 7. $104,400.00 in essential repairs. Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. This property is open to owner occupant and investor offers. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition

Key facts

• 4,356 sq ft lot
• Built 1907
• Listed 75 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $22k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $773/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $22k).
• Recommended offer: $21k (6.0% below list) — sets the bar for market timing.
• Cap rate 90.6% 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; 9 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 $2,150/mo this rent would consume 88% 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 ($152 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• 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 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $20,680 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 9.77% ✓
• Cap rate: 90.65%
• Cash-on-cash: 301.26%
• DSCR: 14.40
• GRM: 0.9

CMA / ARV

• ARV (median comp): $88,199
• List price: $22,000
• Delta: -75.06%
• 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
3218 N 26th St	0.33mi	4/2.0	1,986 (-1%)	3mo	$165,000	$83	80
2847 N 26th St	0.14mi	4/2.0	1,863 (-7%)	2mo	$70,000	$38	79
2931 W Chambers St #2933	0.26mi	5/2.0 (+1)	2,080 (+3%)	3mo	$116,000	$56	75
2020 W Hopkins St	0.48mi	4/2.0	2,050 (+2%)	0mo	$105,000	$51	74
2972 N 28th St	0.14mi	4/2.0	1,757 (-13%)	0mo	$141,806	$81	72
3202 N 24th St #3204	0.35mi	4/2.0	2,169 (+8%)	2mo	$165,000	$76	68
3068 N 34th St Unit 3068A	0.54mi	5/2.0 (+1)	2,087 (+4%)	0mo	$110,000	$53	64
2873 N 34th St #2875	0.55mi	4/2.0	1,888 (-6%)	1mo	$108,500	$57	63
2760 N 35th St Unit 2760A	0.63mi	5/2.0 (+1)	1,897 (-6%)	2mo	$107,500	$57	54
3382 N 23rd St #3384	0.61mi	4/2.0	2,266 (+13%)	0mo	$152,435	$67	50
3260 N 34th St Unit 3260A	0.64mi	4/2.0	1,776 (-12%)	2mo	$86,000	$48	48
2450 W Keefe Ave #2452	0.69mi	3/2.0 (-1)	1,831 (-9%)	1mo	$35,000	$19	46

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: 20.78×
• Total profit: $121,872
• Equity at exit: $19,819

10-year hold

• IRR: —
• Equity multiple: 51.27×
• Total profit: $309,649
• Equity at exit: $42,741

Cash invested: $6,160 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $2,150 high
• Mortgage (P&I): −$115
• Tax est. 1.5%: −$28 /mo · $330/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $1,546

Break-even live

Break-even rent $192

Max offer price $22,000

Occupancy floor 23%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,150
Total (2 units)			$2,150

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: $5,500
• Closing costs: $660
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.44mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	0.52mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	16d	1	0.52mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.69mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.02mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	2d	1	1.21mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	43d	1	1.21mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	1.35mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	16d	1	1.44mi

Listing history 9 events

1. 2026-05-19
   status Pending 501-char remark

   Show marketing remark (501 chars)

   2/2 Duplex City owned. Open to owner and investors offers. District 7. $104,400.00 in essential repairs. Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. This property is open to owner occupant and investor offers. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition

2. 2026-03-04
   listed $22,000 Active 501-char remark

   Show marketing remark (501 chars)

   2/2 Duplex City owned. Open to owner and investors offers. District 7. $104,400.00 in essential repairs. Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. This property is open to owner occupant and investor offers. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition

3. 2026-02-17
   status Pending 238-char remark

   Show marketing remark (238 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 will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

4. 2026-02-17
   historical 238-char remark

   Show marketing remark (238 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 will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

5. 2026-01-12
   listed $22,200 Active 238-char remark

   Show marketing remark (238 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 will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

6. 2019-06-13
   soldstatus $20,000
7. 2017-09-13
   soldstatus $7,000 Sold
8. 2013-06-12
   listed $25,000
9. 2013-06-12
   historical

ⓘ 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: $25,800
• − Mortgage interest: −$1,232
• − Property taxes: −$330
• − Insurance: −$110
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − Depreciation: −$640
• Taxable income: $19,360
• Est. tax owed @ 24.0%: −$4,646
• After-tax cash flow: $13,911/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

-12.0% since first listed

9 events — show timeline

• 2026-05-19 Pending — METROMLS
• 2026-03-04 Listed $22,000 METROMLS
• 2026-02-17 Pending — METROMLS
• 2026-02-17 Listing Removed — METROMLS
• 2026-01-12 Listed $22,200 METROMLS
• 2019-06-13 Sold (MLS) $20,000 METROMLS
• 2017-09-13 Sold (MLS) $7,000 METROMLS
• 2013-06-12 Listing Removed — METROMLS
• 2013-06-12 Listed $25,000 METROMLS