2935 N Vel R Phillips Ave · Milwaukee, WI 53212

$55,800

4 bd · 1.0 ba · 1,201 sqft · SingleFamily public records · 76 Days on market

Built 1890 5,662 sqft lot $46/sqft · 45% below area Est $101k · 45% under ↓ 38% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a City Of Milwaukee owned Tax Foreclosure. Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$10,650 (Total Scope Of Work:$27,300)

Key facts

• 5,662 sq ft lot
• 3 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $56k.

Deal economics

• At list price, monthly cash flow is $691 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $56k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.2% 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 (+5.0%/yr); 131 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 37% of the median local income ($47k/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 $386 of loan paydown is wiped out by about $2k 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 + 5.0% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $19k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,452 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.64% ✓
• Cap rate: 21.16%
• Cash-on-cash: 53.08%
• DSCR: 3.36
• GRM: 3.2

CMA / ARV

• ARV (median comp): $101,330
• List price: $55,800
• Delta: -44.93%
• 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
2924 N 6th St	0.12mi	4/1.0	1,214 (+1%)	5mo	$100,000	$82	88
2748 N 11th St	0.53mi	3/1.0 (-1)	1,200 (-0%)	2mo	$54,900	$46	69
1215 W Hadley St	0.62mi	4/1.0	1,194 (-1%)	5mo	$76,800	$64	66
3311 N 8th St	0.57mi	4/1.0	1,259 (+5%)	2mo	$63,000	$50	63
207 E Burleigh Street East St	0.38mi	4/1.0	1,086 (-10%)	6mo	$75,000	$69	61
2760 N Booth St	0.64mi	3/1.0 (-1)	1,162 (-3%)	1mo	$175,000	$151	58
1309 W Cottage Pl	0.61mi	3/2.0 (-1)	1,230 (+2%)	6mo	$45,000	$37	53
2937 N 11th St	0.50mi	4/2.0	1,347 (+12%)	1mo	$155,000	$115	51
2820 N Palmer St	0.36mi	3/2.0 (-1)	1,045 (-13%)	4mo	$138,000	$132	49
3422 N 11th St	0.75mi	5/2.0 (+1)	1,249 (+4%)	1mo	$159,000	$127	49
3357 N Holton St	0.74mi	5/1.5 (+1)	1,333 (+11%)	1mo	$84,000	$63	39
2606 N Holton St	0.68mi	3/1.5 (-1)	1,025 (-15%)	1mo	$175,000	$171	36

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 · 5.0% rent growth · sell at horizon

5-year hold

• IRR: 53.6%
• Equity multiple: 3.44×
• Total profit: $38,080
• Equity at exit: $8,320

10-year hold

• IRR: 59.6%
• Equity multiple: 7.60×
• Total profit: $103,098
• Equity at exit: $4,825

Cash invested: $15,624 (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 53212

• Rents YoY: 5.0%
• Active inventory: 131
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,476 high
• Mortgage (P&I): −$293
• Tax from tax record: −$159 /mo · $1,907/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $691

Break-even live

Break-even rent $601

Max offer price $55,800

Occupancy floor 48%

Sensitivity live

Price	-10% $723	-5% $707	+0% $691	+5% $675	+10% $660
Rent	-10% $575	-5% $633	+0% $691	+5% $749	+10% $808
Rate	-1.0pp $719	-0.5pp $705	base $691	+0.5pp $677	+1.0pp $662

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: $13,950
• Closing costs: $1,674
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 E Burleigh St Unit 223 Milwaukee, WI	4.0	1.0	1153	$1,395	$1.21	45d	1	0.41mi
2724 N Palmer St Milwaukee, WI	3.0	1.0	900	$1,300	$1.44	45d	1	0.43mi
2577 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	1048	$1,400	$1.34	18d	1	0.44mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	5d	1	0.50mi
3029 N Holton St Milwaukee, WI	3.0	1.0	980	$1,200	$1.22	45d	1	0.54mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	21d	1	0.71mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	45d	1	0.74mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	25d	1	0.74mi
524 E Wright St Milwaukee, WI	3.0	1.0	900	$1,275	$1.42	16d	1	0.80mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	45d	1	0.83mi
3703 N 1st St Unit Upper-3705 Milwaukee, WI	3.0	1.0	1034	$1,200	$1.16	45d	1	0.87mi
2761 N Humboldt Blvd Unit First Floor Milwaukee, WI	3.0	1.0	1236	$1,600	$1.29	18d	1	0.93mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	45d	1	1.00mi
2552 N Humboldt Blvd Milwaukee, WI	3.0	1.0	1000	$1,595	$1.59	25d	1	1.05mi
2429 N Weil St Milwaukee, WI	3.0	1.0	1300	$1,500	$1.15	45d	1	1.05mi
1221 E Clarke St Milwaukee, WI	3.0	1.0	950	$1,400	$1.47	45d	1	1.11mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	45d	1	1.29mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	16d	1	1.31mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	18d	1	1.31mi
1845 N Water St Milwaukee, WI	3.0	1.0–2.0	948	$4,455	$4.70	4d	84	1.34mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	18d	1	1.36mi
2627 N Bartlett Ave Milwaukee, WI	3.0	1.0	1100	$1,500	$1.36	13d	1	1.39mi
3245 N Oakland Ave Milwaukee, WI	1.0–3.0	1.0	850	$1,524	$1.79	3d	7	1.44mi
3246 N Oakland Ave #3244 Milwaukee, WI	3.0	1.0	1309	$2,010	$1.54	3d	1	1.48mi
818 E Brady St Unit 820 Milwaukee, WI	3.0	1.0	1200	$1,700	$1.42	45d	1	1.50mi
3377 N Oakland Ave Milwaukee, WI	4.0	2.0	1358	$2,550	$1.88	3d	1	1.50mi

Listing history 12 events

1. 2026-05-11
   price $55,800 202-char remark

   Show marketing remark (202 chars)

   This is a City Of Milwaukee owned Tax Foreclosure. Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$10,650 (Total Scope Of Work:$27,300)

2. 2026-03-06
   listed $74,400 Active 202-char remark

   Show marketing remark (202 chars)

   This is a City Of Milwaukee owned Tax Foreclosure. Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$10,650 (Total Scope Of Work:$27,300)

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 $99,200 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. 2024-09-26
   historical
7. 2024-08-28
   price $69,000
8. 2024-08-22
   price $84,000
9. 2024-08-13
   price $85,000
10. 2024-08-08
    status Active
11. 2024-07-09
    status Pending
12. 2024-06-29
    listed $90,000 Active

ⓘ 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: $1,907 · $159/mo
• Projected year-2 tax: $1,907 · $159/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: $17,709
• − Mortgage interest: −$3,126
• − Property taxes: −$1,907
• − Insurance: −$279
• − Repairs & maintenance: −$1,417
• − Management: −$1,417
• − Depreciation: −$1,623
• Taxable income: $7,941
• Est. tax owed @ 24.0%: −$1,906
• After-tax cash flow: $6,387/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): 28,938
• Household income: $47,298
• Rent vs Own: 65.6% rent · 34.4% own
• Severe rent burden: 2397.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 48% White 35% Hispanic / Latino 12% Two or more races 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6%
• Common ancestry: Romanian 4% Portuguese 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -216.73%
• Current HPI: 385.8225
• Rent YoY: ▲ 5.00%
• 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

-38.0% since first listed

12 events — show timeline

• 2026-05-11 Price Changed $55,800 METROMLS
• 2026-03-06 Listed $74,400 METROMLS
• 2026-02-17 Pending — METROMLS
• 2026-02-17 Listing Removed — METROMLS
• 2026-01-12 Listed $99,200 METROMLS
• 2024-09-26 Listing Removed — METROMLS
• 2024-08-28 Price Changed $69,000 METROMLS
• 2024-08-22 Price Changed $84,000 METROMLS
• 2024-08-13 Price Changed $85,000 METROMLS
• 2024-08-08 Relisted — METROMLS
• 2024-07-09 Pending — METROMLS
• 2024-06-29 Listed $90,000 METROMLS

Property tax history

-0.9%/yr

Latest (2024): $1,907 · -51.8% YoY. Source: county tax records.