2351 E Euclid Ave #2353 · Milwaukee, WI 53207

$229,900

4 bd · 2.0 ba · 2,123 sqft · MultiFamily · 44 Days on market

Built 1924 Poor condition 5,662 sqft lot $108/sqft · 43% below area Est $407k · 43% under ↓ 37% 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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $61,480 and the total scope of work totaling $78,425. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

Key facts

• 5,662 sq ft lot
• Garage
• Built 1924

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $230k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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); 86 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $3,408/mo this rent would consume 52% of the median local household income ($79k/yr) (locally 821% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 $64k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $223,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.48% ✓
• Cap rate: 12.05%
• Cash-on-cash: 20.57%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

• ARV (median comp): $406,731
• List price: $229,900
• Delta: -43.48%
• 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
3279 S Springfield Ave	0.25mi	4/2.0	2,131 (+0%)	9mo	$456,000	$214	80
2220 E Bennett Ave #2222	0.15mi	4/2.0	2,281 (+7%)	2mo	$525,000	$230	79
3002 S Kinnickinnic Ave	0.30mi	5/2.0 (+1)	2,138 (+1%)	2mo	$270,000	$126	78
3247 S Delaware Ave #3249	0.19mi	4/2.0	2,250 (+6%)	10mo	$550,000	$244	72
3400 S Delaware Ave #3402	0.37mi	4/2.0	2,090 (-2%)	11mo	$380,000	$182	71
1817 E Rusk Ave #1819	0.36mi	5/2.0 (+1)	2,185 (+3%)	8mo	$415,000	$190	67
2869 S Ellen St #2871	0.43mi	4/2.0	2,286 (+8%)	2mo	$375,000	$164	66
3469 S Indiana Ave #3471	0.47mi	4/2.0	1,944 (-8%)	2mo	$506,000	$260	62
2914 S Wentworth Ave #2916	0.31mi	3/2.0 (-1)	1,829 (-14%)	2mo	$382,000	$209	56
3024 S California St #3026	0.66mi	4/2.0	2,195 (+3%)	11mo	$337,250	$154	54
2881 S Linebarger Ter #2883	0.48mi	4/2.0	1,909 (-10%)	12mo	$423,000	$222	51
3167 S Hanson Ave	0.54mi	3/2.0 (-1)	1,881 (-11%)	7mo	$335,000	$178	45

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: 12.2%
• Equity multiple: 1.48×
• Total profit: $31,003
• Equity at exit: $34,279

10-year hold

• IRR: 20.7%
• Equity multiple: 2.70×
• Total profit: $109,281
• Equity at exit: $19,878

Cash invested: $64,372 (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: 86
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $3,408 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $1,104

Break-even live

Break-even rent $2,011

Max offer price $229,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,262	-5% $1,183	+0% $1,104	+5% $1,024	+10% $945
Rent	-10% $834	-5% $969	+0% $1,104	+5% $1,238	+10% $1,373
Rate	-1.0pp $1,219	-0.5pp $1,162	base $1,104	+0.5pp $1,044	+1.0pp $983

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,083
1× unit	1	1	$1,326
Total (2 units)			$3,408

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2760 Hidden Dr St Francis, WI	3.0	2.0	1500	$2,395	$1.60	44d	1	1.15mi
2721 Hidden Dr St Francis, WI	3.0	2.0	1500	$2,395	$1.60	44d	1	1.17mi
923 E Otjen St Milwaukee, WI	3.0	2.0	1451	$3,175	$2.19	44d	1	1.17mi
2725 Pond DR St Francis, WI	3.0	2.5	2000	$2,975	$1.49	2d	1	1.19mi
2819 Hidden Dr Unit 2819 St Francis, WI	3.0	2.5	2000	$2,975	$1.49	44d	1	1.19mi
2731 Pond Dr St Francis, WI	3.0	2.5	2000	$2,975	$1.49	2d	1	1.22mi

Listing history 9 events

1. 2026-06-09
   days on market $229,900 Active 44 DOM
2. 2026-06-08
   days on market $229,900 Active 43 DOM
3. 2026-06-07
   days on market $229,900 Active 42 DOM
4. 2026-06-05
   days on market $229,900 Active 39 DOM
5. 2026-06-03
   days on market $229,900 Active 38 DOM
6. 2026-06-02
   statusdays on market $229,900 Active 37 DOM
7. 2026-04-13
   listed $229,900 Active 499-char remark

   Show marketing remark (499 chars)

   This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $61,480 and the total scope of work totaling $78,425. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

8. 2026-04-06
   historical 235-char remark

   Show marketing remark (235 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 March 30, 2026 AT 10:00am

9. 2026-02-23
   listed $366,588 Active 235-char remark

   Show marketing remark (235 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 March 30, 2026 AT 10:00am

ⓘ 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 ≥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: $40,896
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$3,272
• − Management: −$3,272
• − Depreciation: −$6,688
• Taxable income: $10,189
• Est. tax owed @ 24.0%: −$2,445
• After-tax cash flow: $10,797/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations, including major repairs to the kitchen, bathrooms, and exterior. Immediate maintenance is needed for landscaping. Potential value can be significantly increased with targeted updates.

Repairs flagged

• Major kitchen cabinets — Severely damaged and in need of replacement
• Major bathroom fixtures — Missing and damaged
• Major exterior windows — Boarded-up and in need of replacement
• Major HVAC system — Old and worn-out

Value-add opportunities

• Both Paint and minor repairs to interior walls — Enhances curb appeal and interior condition
• Both New flooring in kitchen and bathrooms — Improves functionality and aesthetics
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Severely damaged and in need of replacement	Major	$15,000–50,000
bathroom fixtures · Missing and damaged	Major	$15,000–50,000
exterior windows · Boarded-up and in need of replacement	Major	$15,000–50,000
HVAC system · Old and worn-out	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Paint and minor repairs to interior walls — Enhances curb appeal and interior condition ↑
• Both New flooring in kitchen and bathrooms — Improves functionality and aesthetics ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-37.3% since first listed

3 events — show timeline

• 2026-04-13 Listed $229,900 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $366,588 METROMLS