2423 S 5th St · Milwaukee, WI 53207

$185,000

4 bd · 1.5 ba · 1,270 sqft · SingleFamily public records · 253 Days on market

Built 1900 3,049 sqft lot $146/sqft · 14% above area Est $163k · 14% over

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.3/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +1.3/15.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

Key facts

• 3,049 sq ft lot
• Built 1900
• Listed 253 days

Tags

• LINCOLN VILLAGE NEIGHBORHOOD
• EASY ACCESS TO THE FREEWAY

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 (+2.4%/yr); 91 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 34% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $52k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 253 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $98k; list at $185k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 253 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.23% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.83%
• DSCR: 1.57
• GRM: 6.8

CMA / ARV

• ARV (median comp): $162,581
• List price: $185,000
• Delta: 13.79%
• 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
2450 S 7th St	0.15mi	4/2.5	1,318 (+4%)	7mo	$232,000	$176	77
2447 S Burrell St	0.46mi	3/1.5 (-1)	1,338 (+5%)	2mo	$225,000	$168	63
1966 S 7th St	0.53mi	3/2.0 (-1)	1,259 (-1%)	7mo	$145,000	$115	61
2530 S Austin St	0.56mi	3/1.5 (-1)	1,232 (-3%)	4mo	$240,000	$195	61
2363 S 11th St	0.46mi	3/1.5 (-1)	1,357 (+7%)	2mo	$225,000	$166	61
2932 S 8th St	0.72mi	4/1.0	1,234 (-3%)	0mo	$259,000	$210	60
319 E Stewart St	0.67mi	4/1.0	1,386 (+9%)	11mo	$294,500	$212	42
321 E Smith St	0.56mi	3/2.5 (-1)	1,407 (+11%)	10mo	$345,000	$245	39
2918 S 7th St	0.68mi	4/2.0	1,402 (+10%)	13mo	$266,000	$190	38
602 W Maple St	0.70mi	3/2.0 (-1)	1,100 (-13%)	6mo	$150,000	$136	33
2174 S 14th St	0.67mi	3/1.0 (-1)	1,092 (-14%)	6mo	$95,000	$87	33
2358 S Howell Ave	0.64mi	3/2.0 (-1)	1,083 (-15%)	10mo	$307,500	$284	30

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

Projected returns pro-forma

-3.0% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.08×
• Total profit: $3,924
• Equity at exit: $27,584

10-year hold

• IRR: 11.0%
• Equity multiple: 1.84×
• Total profit: $43,271
• Equity at exit: $15,995

Cash invested: $51,800 (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 53207

• Rents YoY: 2.4%
• Active inventory: 91
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,267 high
• Mortgage (P&I): −$970
• Tax from tax record: −$190 /mo · $2,274/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $554

Break-even live

Break-even rent $1,566

Max offer price $185,000

Occupancy floor 71%

Sensitivity live

Price	-10% $659	-5% $606	+0% $554	+5% $502	+10% $449
Rent	-10% $375	-5% $464	+0% $554	+5% $643	+10% $733
Rate	-1.0pp $647	-0.5pp $601	base $554	+0.5pp $506	+1.0pp $457

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2445 S Austin St Milwaukee, WI	3.0	1.0	1000	$1,598	$1.60	15d	1	0.50mi
2141 S Robinson Ave Milwaukee, WI	3.0	1.0–2.0	1006	$2,695	$2.68	2d	20	0.56mi
2437 S Howell Ave Unit 2nd Milwaukee, WI	3.0	1.0	1550	$1,895	$1.22	5d	1	0.60mi
1812 S 7th St Milwaukee, WI	3.0	1.5	1703	$2,100	$1.23	24d	1	0.68mi
923 E Otjen St Milwaukee, WI	3.0	2.0	1451	$3,175	$2.19	44d	1	1.01mi

Listing history 34 events

1. 2026-06-18
   days on market $185,000 Active 253 DOM
2. 2026-06-17
   days on market $185,000 Active 252 DOM
3. 2026-06-16
   days on market $185,000 Active 251 DOM
4. 2026-06-15
   days on market $185,000 Active 250 DOM
5. 2026-06-13
   days on market $185,000 Active 248 DOM
6. 2026-06-13
   days on market $185,000 Active 247 DOM
7. 2026-06-09
   days on market $185,000 Active 244 DOM
8. 2026-06-08
   days on market $185,000 Active 243 DOM
9. 2026-06-07
   days on market $185,000 Active 242 DOM
10. 2026-06-05
    days on market $185,000 Active 239 DOM
11. 2026-06-03
    days on market $185,000 Active 238 DOM
12. 2026-06-02
    days on market $185,000 Active 237 DOM
13. 2026-06-01
    days on market $185,000 Active 236 DOM
14. 2026-05-31
    days on market $185,000 Active 235 DOM
15. 2026-01-28
    price $185,000 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

16. 2026-01-28
    status Active 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

17. 2025-10-30
    historical 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

18. 2025-08-26
    price $165,000 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

19. 2025-08-22
    price $173,000 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

20. 2025-08-09
    price $175,000 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

21. 2025-07-18
    price $180,000 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

22. 2025-07-10
    listed $185,000 Active 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

23. 2024-03-21
    soldstatus $97,900
24. 2024-03-19
    soldstatus $97,900 Sold 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

25. 2024-03-08
    historical Contingent 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

26. 2024-02-06
    price $102,000 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

27. 2024-01-18
    price $103,000 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

28. 2024-01-18
    price $10,300 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

29. 2023-12-27
    price $106,900 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

30. 2023-12-21
    price $108,900 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

31. 2023-12-11
    price $110,900 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

32. 2023-11-27
    soldstatus $68,500
33. 2023-11-22
    listed $114,900 Active 293-char remark

    Show marketing remark (293 chars)

    This 4 bedroom cottage is the perfect home or investment property. Located in the Lincoln village neighborhood, this home is within walking distance to Kosciuszko Park, Basilica of Saint Josaphat, and ST. Augustine Preparatory Academy with easy access to the freeway. Schedule a showing today!

34. 1972-05-01
    soldstatus $12,800

ⓘ 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: $2,274 · $190/mo
• Projected year-2 tax: $2,848 · $237/mo
• Expected delta: +$574/yr (+$48/mo · 25.2%)

ⓘ 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: $27,200
• − Mortgage interest: −$10,363
• − Property taxes: −$2,274
• − Insurance: −$925
• − Repairs & maintenance: −$2,176
• − Management: −$2,176
• − Depreciation: −$5,382
• Taxable income: $3,904
• Est. tax owed @ 24.0%: −$937
• After-tax cash flow: $5,710/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): 34,313
• Household income: $79,117
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 821.0

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 White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 10% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 5%
• Common ancestry: Romanian 15% Portuguese 4% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 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: ▼ -261.93%
• Current HPI: 324.5284
• Rent YoY: ▲ 2.39%
• 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

+1345.3% since first listed

20 events — show timeline

• 2026-01-28 Price Changed $185,000 METROMLS
• 2026-01-28 Relisted — METROMLS
• 2025-10-30 Listing Removed — METROMLS
• 2025-08-26 Price Changed $165,000 METROMLS
• 2025-08-22 Price Changed $173,000 METROMLS
• 2025-08-09 Price Changed $175,000 METROMLS
• 2025-07-18 Price Changed $180,000 METROMLS
• 2025-07-10 Listed $185,000 METROMLS
• 2024-03-21 Sold (Public Records) $97,900 Public Records
• 2024-03-19 Sold (MLS) $97,900 METROMLS
• 2024-03-08 Contingent — METROMLS
• 2024-02-06 Price Changed $102,000 METROMLS
• 2024-01-18 Price Changed $103,000 METROMLS
• 2024-01-18 Price Changed $10,300 METROMLS
• 2023-12-27 Price Changed $106,900 METROMLS
• 2023-12-21 Price Changed $108,900 METROMLS
• 2023-12-11 Price Changed $110,900 METROMLS
• 2023-11-27 Sold (Public Records) $68,500 Public Records
• 2023-11-22 Listed $114,900 METROMLS
• 1972-05-01 Sold (Public Records) $12,800 Public Records

Property tax history

+2.9%/yr

Latest (2024): $2,274 · -55.6% YoY. Source: county tax records.