3923 N 27th St · Milwaukee, WI 53216

$145,000

4 bd · 2.0 ba · 1,807 sqft · MultiFamily public records · 103 Days on market

Built 1927 3,920 sqft lot $80/sqft · 60% above area

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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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Rent growth +4.3/5.0
• 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

Charming 2/2 duplex offering approximately 1,807 sq. ft. of living space in Milwaukee's RT3 zoning district. Built in 1927, this classic two-story property features two 2-bedroom, 1-bath units with bright living areas, functional kitchens, and separate gas and electric meters. Full basement provides additional storage potential, plus convenient alley access with parking space. With municipal water and sewer and a flexible layout, this property presents a great opportunity for owner-occupants or investors seeking value and long-term potential.

Key facts

• 3,920 sq ft lot
• Parking
• Built 1927

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $473 ($6k/yr) — positive. Per door: $236/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $132k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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 (+7.0%/yr); 126 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,014/mo this rent would consume 52% of the median local household income ($47k/yr) (locally 2202% 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 ($1k loan paydown + $2k appreciation (1.3% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.3% appreciation + 7.0% rent growth), your $41k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $5k; list at $145k implies a 2702% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% 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 1927 — 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: 1.39% ✓
• Cap rate: 10.21%
• Cash-on-cash: 13.98%
• DSCR: 1.62
• GRM: 6.0

CMA / ARV

• ARV (median comp): $90,750
• List price: $145,000
• Delta: 59.78%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4045 N 26th St Unit 4045A	0.20mi	4/2.0	1,963 (+9%)	2mo	$66,100	$34	74
2450 W Keefe Ave #2452	0.41mi	3/2.0 (-1)	1,831 (+1%)	1mo	$35,000	$19	72
3955 N 30th St #3957	0.19mi	4/2.0	1,568 (-13%)	1mo	$190,000	$121	68
4047 N 19th St #4049	0.67mi	4/2.0	1,815 (+0%)	2mo	$134,900	$74	66
4105 N 24th St #4107	0.36mi	4/2.0	1,988 (+10%)	3mo	$180,000	$91	64
2022 W Keefe Ave Unit 2022A	0.61mi	4/2.0	1,914 (+6%)	1mo	$55,000	$29	61
3607 N 20th St	0.59mi	4/2.0	2,046 (+13%)	2mo	$115,000	$56	48
3218 N 26th St	0.74mi	4/2.0	1,986 (+10%)	3mo	$165,000	$83	47
3381 N 22nd St	0.63mi	4/2.0	2,043 (+13%)	3mo	$49,900	$24	46
3257 N 24th Pl	0.70mi	4/2.0	2,026 (+12%)	4mo	$158,000	$78	44
4246 N 21st St	0.69mi	3/2.0 (-1)	2,033 (+12%)	2mo	$194,900	$96	40
1818 W Nash St	0.71mi	3/2.0 (-1)	1,581 (-12%)	2mo	$135,000	$85	39

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

Projected returns pro-forma

1.33% appreciation · 7.01% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 2.08×
• Total profit: $43,726
• Equity at exit: $51,994

10-year hold

• IRR: 25.3%
• Equity multiple: 4.57×
• Total profit: $145,103
• Equity at exit: $71,065

Cash invested: $40,600 (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 53216

• Home prices YoY: 0.3%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,014 high
• Mortgage (P&I): −$760
• Tax from tax record: −$297 /mo · $3,569/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $473

Break-even live

Break-even rent $1,415

Max offer price $145,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,014
Total (2 units)			$2,014

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	0.49mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	0.56mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.60mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	0.94mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	1.16mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.25mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.28mi

Listing history 20 events

1. 2026-06-18
   days on market $145,000 Active 103 DOM
2. 2026-06-17
   days on market $145,000 Active 102 DOM
3. 2026-06-16
   days on market $145,000 Active 101 DOM
4. 2026-06-15
   days on market $145,000 Active 100 DOM
5. 2026-06-13
   days on market $145,000 Active 98 DOM
6. 2026-06-13
   days on market $145,000 Active 97 DOM
7. 2026-06-09
   days on market $145,000 Active 94 DOM
8. 2026-06-08
   days on market $145,000 Active 93 DOM
9. 2026-06-07
   days on market $145,000 Active 92 DOM
10. 2026-06-05
    days on market $145,000 Active 89 DOM
11. 2026-06-03
    days on market $145,000 Active 88 DOM
12. 2026-06-02
    days on market $145,000 Active 87 DOM
13. 2026-06-01
    days on market $145,000 Active 86 DOM
14. 2026-05-31
    days on market $145,000 Active 85 DOM
15. 2026-04-11
    price $145,000 548-char remark

    Show marketing remark (548 chars)

    Charming 2/2 duplex offering approximately 1,807 sq. ft. of living space in Milwaukee's RT3 zoning district. Built in 1927, this classic two-story property features two 2-bedroom, 1-bath units with bright living areas, functional kitchens, and separate gas and electric meters. Full basement provides additional storage potential, plus convenient alley access with parking space. With municipal water and sewer and a flexible layout, this property presents a great opportunity for owner-occupants or investors seeking value and long-term potential.

16. 2026-03-07
    listed $149,900 Active 548-char remark

    Show marketing remark (548 chars)

    Charming 2/2 duplex offering approximately 1,807 sq. ft. of living space in Milwaukee's RT3 zoning district. Built in 1927, this classic two-story property features two 2-bedroom, 1-bath units with bright living areas, functional kitchens, and separate gas and electric meters. Full basement provides additional storage potential, plus convenient alley access with parking space. With municipal water and sewer and a flexible layout, this property presents a great opportunity for owner-occupants or investors seeking value and long-term potential.

17. 2026-03-03
    historical $149,900 548-char remark

    Show marketing remark (548 chars)

    Charming 2/2 duplex offering approximately 1,807 sq. ft. of living space in Milwaukee's RT3 zoning district. Built in 1927, this classic two-story property features two 2-bedroom, 1-bath units with bright living areas, functional kitchens, and separate gas and electric meters. Full basement provides additional storage potential, plus convenient alley access with parking space. With municipal water and sewer and a flexible layout, this property presents a great opportunity for owner-occupants or investors seeking value and long-term potential.

18. 2018-02-20
    soldstatus $5,175 Sold 170-char remark

    Show marketing remark (170 chars)

    This is a tax foreclosed property. This property is open for sale to Investors and owner/occupancy. Additional information can be found on the City of Milwaukee website.

19. 2018-01-30
    historical Contingent 170-char remark

    Show marketing remark (170 chars)

    This is a tax foreclosed property. This property is open for sale to Investors and owner/occupancy. Additional information can be found on the City of Milwaukee website.

20. 2017-11-13
    listed $6,900 Active 170-char remark

    Show marketing remark (170 chars)

    This is a tax foreclosed property. This property is open for sale to Investors and owner/occupancy. Additional information can be found on the City of Milwaukee website.

ⓘ 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: $3,569 · $297/mo
• Projected year-2 tax: $3,569 · $297/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: $24,168
• − Mortgage interest: −$8,122
• − Property taxes: −$3,569
• − Insurance: −$725
• − Repairs & maintenance: −$1,933
• − Management: −$1,933
• − Depreciation: −$4,218
• Taxable income: $3,667
• Est. tax owed @ 24.0%: −$880
• After-tax cash flow: $4,794/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): 30,345
• Household income: $46,752
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 2202.0

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 (81%)
• Race & ethnicity: Black 81% White 9% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 1%
• Foreign-born: 3% · Canada, Philippines, China
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 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: ▲ 1.33%
• Current HPI: 381.0954
• Rent YoY: ▲ 7.01%
• 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

+2001.4% since first listed

6 events — show timeline

• 2026-04-11 Price Changed $145,000 METROMLS
• 2026-03-07 Listed $149,900 METROMLS
• 2026-03-03 Coming Soon $149,900 METROMLS
• 2018-02-20 Sold (MLS) $5,175 METROMLS
• 2018-01-30 Contingent — METROMLS
• 2017-11-13 Listed $6,900 METROMLS

Property tax history

+0.5%/yr

Latest (2024): $3,569 · +16.3% YoY. Source: county tax records.