3067 N 23rd St · Milwaukee, WI 53206

$32,000

3 bd · 1.0 ba · 993 sqft · SingleFamily public records · 21 Days on market

Built 1908 871 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

This is a package deal and we will prefer cash or hard money lending, All 9 properties that must be purchased altogether. No exceptions. MLS nos. 1935800,1935803, 1935804,1935806, 1935812, 1935813, 1935817,1935822,1935823

Key facts

• Garage
• Built 1908
• Listed 21 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• Recommended offer: $32k (1.5% below list) — sets the bar for market timing.
• Cap rate 30.8% 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 17d 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 $1,106/mo this rent would consume 45% 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 $3k of equity ($221 loan paydown + $3k 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 $9k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $31,520 (1.5% below list)

Questions for the listing agent

1. Built in 1908 — 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: 3.46% ✓
• Cap rate: 30.76%
• Cash-on-cash: 87.39%
• DSCR: 4.89
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $93,342
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2935 N Dr Lester Carter Dr	0.19mi	4/1.0 (+1)	992 (-0%)	10mo	$105,000	$106	78
3047 N 22nd St	0.07mi	2/1.0 (-1)	898 (-10%)	1mo	$26,000	$29	75
2920 N 22nd St	0.23mi	3/1.0	1,118 (+13%)	2mo	$105,000	$94	67
3342 N 24th St	0.36mi	2/1.0 (-1)	1,062 (+7%)	3mo	$115,000	$108	64
1701 W Keefe Ave	0.65mi	2/1.0 (-1)	980 (-1%)	1mo	$130,000	$133	61
2558 N 24th St	0.64mi	3/1.0	1,072 (+8%)	1mo	$129,000	$120	56
2838 N 24th St	0.30mi	4/1.0 (+1)	1,096 (+10%)	12mo	$30,000	$27	54
3429 N 20th St	0.52mi	3/1.0	916 (-8%)	13mo	$62,500	$68	52
2832 W Chambers St	0.43mi	3/1.0	1,110 (+12%)	10mo	$35,000	$32	52
3157 N 15th St	0.57mi	3/1.5	1,118 (+13%)	4mo	$78,000	$70	47
3513 N 25th St	0.59mi	3/1.0	888 (-11%)	12mo	$92,000	$104	45
2908 N 13th St	0.74mi	2/1.0 (-1)	855 (-14%)	12mo	$45,000	$53	27

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: 8.24×
• Total profit: $64,850
• Equity at exit: $28,828

10-year hold

• IRR: 98.0%
• Equity multiple: 20.29×
• Total profit: $172,802
• Equity at exit: $62,169

Cash invested: $8,960 (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: 2.4×

Monthly cashflow live

• Estimated rent: $1,106 high
• Mortgage (P&I): −$168
• Tax est. 1.5%: −$40 /mo · $480/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $653

Break-even live

Break-even rent $280

Max offer price $32,000

Occupancy floor 36%

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3039 N 24th Pl Unit 3039 Milwaukee, WI	2.0	1.0	800	$995	$1.24	16d	1	0.15mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	0.18mi
2955 N 17th St Unit B UPSTAIRS Milwaukee, WI	2.0	1.0	1000	$900	$0.90	17d	1	0.36mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	17d	1	0.43mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	0.43mi
2517 W Hadley St Milwaukee, WI	2.0	1.0	850	$1,050	$1.24	14d	1	0.44mi
3410 N 23rd St Milwaukee, WI	2.0	1.0	800	$800	$1.00	17d	1	0.45mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	0.48mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	4d	1	0.48mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.50mi
2630 N 24th St Milwaukee, WI	2.0	1.0	934	$1,450	$1.55	20d	1	0.57mi
3347 N 29th St Unit 3347A Milwaukee, WI	2.0	1.0	950	$845	$0.89	14d	1	0.58mi
1326 W Burleigh St Unit 1326 Lower Milwaukee, WI	2.0	1.0	900	$825	$0.92	2d	1	0.64mi
3646 N 19th St Milwaukee, WI	2.0	1.0	935	$1,100	$1.18	4d	1	0.74mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	0.75mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	0.79mi
2530 N 28th St Unit 2530 Lower Milwaukee, WI	2.0	1.0	764	$995	$1.30	14d	1	0.79mi
2866 N 34th St Unit 2866A Milwaukee, WI	2.0	1.0	534	$895	$1.68	43d	1	0.80mi
2866 N 34th St Unit 2866 Milwaukee, WI	3.0	1.0	534	$1,095	$2.05	4d	1	0.80mi
3058 N 11th St Unit 3058 Lower Milwaukee, WI	2.0	1.0	840	$945	$1.12	23d	1	0.81mi
3911 N 20th St Unit 3913 Milwaukee, WI	2.0	1.0	950	$995	$1.05	23d	1	0.93mi
2646 N 34th St Unit 2646A Upper Milwaukee, WI	2.0	1.0	609	$895	$1.47	23d	1	0.93mi
3901 N 27th St Unit 3907 Milwaukee, WI	2.0	1.0	715	$895	$1.25	23d	1	0.93mi
3927-3929 N 17th St Milwaukee, WI	2.0	1.0	900	$1,195	$1.33	43d	1	1.02mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	43d	1	1.05mi
3148 N 39th St Unit 1 Milwaukee, WI	2.0	1.0	1000	$1,100	$1.10	14d	1	1.06mi
2550 N 36th St Unit 2550A Upper Milwaukee, WI	2.0	1.0	711	$845	$1.19	23d	1	1.10mi
3630 W Nash St Milwaukee, WI	2.0	1.0	1000	$1,200	$1.20	23d	1	1.14mi
2706 N 39th St Unit 2706 Milwaukee, WI	2.0	1.0	866	$845	$0.98	43d	1	1.16mi
2530 N 37th St Milwaukee, WI	2.0	1.0	1037	$1,000	$0.96	14d	1	1.16mi
3214 N 41st St Milwaukee, WI	2.0	1.0	900	$1,250	$1.39	43d	1	1.18mi
3871-3873 N 36th St Unit 3871 Milwaukee, WI	2.0	1.0	987	$950	$0.96	23d	1	1.25mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	16d	1	1.27mi
4227 N 26th St Milwaukee, WI	2.0	1.0	950	$1,000	$1.05	17d	1	1.29mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	43d	1	1.30mi
2512 N 41st St #2514 Milwaukee, WI	2.0	1.0	1007	$1,200	$1.19	43d	1	1.38mi
3340 N 44th St Milwaukee, WI	2.0	1.0	900	$1,295	$1.44	12d	1	1.42mi
4409 W Burleigh St Apt 1 Milwaukee, WI	2.0	1.0	800	$795	$0.99	4d	1	1.42mi
2407 N 6th St Milwaukee, WI	2.0	1.0	897	$1,100	$1.23	43d	1	1.42mi
2577 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	1048	$1,400	$1.34	17d	1	1.43mi

Listing history 28 events

1. 2026-06-18
   days on market $32,000 Active 21 DOM
2. 2026-06-17
   days on market $32,000 Active 20 DOM
3. 2026-06-16
   days on market $32,000 Active 19 DOM
4. 2026-06-15
   days on market $32,000 Active 18 DOM
5. 2026-06-13
   days on market $32,000 Active 16 DOM
6. 2026-06-13
   days on market $32,000 Active 15 DOM
7. 2026-06-09
   days on market $32,000 Active 12 DOM
8. 2026-06-08
   days on market $32,000 Active 11 DOM
9. 2026-06-07
   days on market $32,000 Active 10 DOM
10. 2026-06-05
    days on market $32,000 Active 7 DOM
11. 2026-06-03
    days on market $32,000 Active 6 DOM
12. 2026-06-02
    days on market $32,000 Active 5 DOM
13. 2026-06-01
    days on market $32,000 Active 4 DOM
14. 2026-05-31
    days on market $32,000 Active 3 DOM
15. 2026-03-30
    status Pending
16. 2026-03-11
    listed $32,000 Active
17. 2025-10-13
    status Pending 221-char remark

    Show marketing remark (221 chars)

    This is a package deal and we will prefer cash or hard money lending, All 9 properties that must be purchased altogether. No exceptions. MLS nos. 1935800,1935803, 1935804,1935806, 1935812, 1935813, 1935817,1935822,1935823

18. 2025-10-13
    historical 221-char remark

    Show marketing remark (221 chars)

    This is a package deal and we will prefer cash or hard money lending, All 9 properties that must be purchased altogether. No exceptions. MLS nos. 1935800,1935803, 1935804,1935806, 1935812, 1935813, 1935817,1935822,1935823

19. 2025-09-18
    listed $30,000 Active 221-char remark

    Show marketing remark (221 chars)

    This is a package deal and we will prefer cash or hard money lending, All 9 properties that must be purchased altogether. No exceptions. MLS nos. 1935800,1935803, 1935804,1935806, 1935812, 1935813, 1935817,1935822,1935823

20. 2025-09-08
    status Pending 170-char remark

    Show marketing remark (170 chars)

    This is a package of properties that must be purchased altogether. No exceptions. MLS 1929833MLS 1929834MLS 1929836MLS 1929838MLS 1929839MLS 1929841MLS 1929845MLS 1929843

21. 2025-09-06
    historical 170-char remark

    Show marketing remark (170 chars)

    This is a package of properties that must be purchased altogether. No exceptions. MLS 1929833MLS 1929834MLS 1929836MLS 1929838MLS 1929839MLS 1929841MLS 1929845MLS 1929843

22. 2025-08-05
    listed $30,000 Active 170-char remark

    Show marketing remark (170 chars)

    This is a package of properties that must be purchased altogether. No exceptions. MLS 1929833MLS 1929834MLS 1929836MLS 1929838MLS 1929839MLS 1929841MLS 1929845MLS 1929843

23. 2024-03-30
    status Pending
24. 2024-03-29
    historical
25. 2024-03-21
    listed $54,900 Active
26. 2022-03-02
    soldstatus $713,000
27. 2022-03-02
    soldstatus $713,000
28. 2006-05-15
    soldstatus $27,000

ⓘ 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: $13,271
• − Mortgage interest: −$1,792
• − Property taxes: −$480
• − Insurance: −$160
• − Repairs & maintenance: −$1,062
• − Management: −$1,062
• − Depreciation: −$931
• Taxable income: $7,784
• Est. tax owed @ 24.0%: −$1,868
• After-tax cash flow: $5,962/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

+18.5% since first listed

14 events — show timeline

• 2026-03-30 Pending — METROMLS
• 2026-03-11 Listed $32,000 METROMLS
• 2025-10-13 Pending — METROMLS
• 2025-10-13 Listing Removed — METROMLS
• 2025-09-18 Listed $30,000 METROMLS
• 2025-09-08 Pending — METROMLS
• 2025-09-06 Listing Removed — METROMLS
• 2025-08-05 Listed $30,000 METROMLS
• 2024-03-30 Pending — METROMLS
• 2024-03-29 Listing Removed — METROMLS
• 2024-03-21 Listed $54,900 METROMLS
• 2022-03-02 Sold (Public Records) $713,000 Public Records
• 2022-03-02 Sold (Public Records) $713,000 Public Records
• 2006-05-15 Sold (MLS) $27,000 METROMLS

Property tax history

-0.0%/yr

Latest (2024): $4,358 · +50.3% YoY. Source: county tax records.