3531 N 20th St · Milwaukee, WI 53206

$142,900

4 bd · 2.0 ba · 1,844 sqft · MultiFamily public records · 3 Days on market

Built 1914 7,405 sqft lot $77/sqft · 71% above area

---

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 +29.4/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.5/10.0
• 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

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 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

Key facts

• 2 family property
• 2.5 car garage
• Natural fireplace

Tags

• 2 FAMILY PROPERTY
• NATURAL FIREPLACE
• UPDATED KITCHEN
• FENCED BACKYARD
• 2.5 CAR GARAGE

Property features AI

Exterior

• Parking: Detached 2-car garage with opener; Additional 1-space parking
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoned for two-family residential
• Construction: Less than half-acre lot (0.17 acre)
• Exterior features: Aluminum/steel siding; Brick/stone exterior

Interior

• Kitchen: Unit 2 kitchen located on upper level (14 x 10); Two ovens/ranges included; Two refrigerators included
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master on upper level; second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $143k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $143k).
• Cap rate 10.5% 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); 160 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $1,934/mo this rent would consume 79% 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 $15k of equity ($988 loan paydown + $14k 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 $40k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,900

Questions for the listing agent

1. Built in 1914 — 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 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: 1.35% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.15%
• DSCR: 1.67
• GRM: 6.2

CMA / ARV

• ARV (median comp): $83,813
• List price: $142,900
• Delta: 61.07%
• 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
2022 W Keefe Ave Unit 2022A	0.04mi	4/2.0	1,914 (+4%)	1mo	$55,000	$29	91
3607 N 20th St	0.03mi	4/2.0	2,046 (+11%)	2mo	$115,000	$56	78
2450 W Keefe Ave #2452	0.32mi	3/2.0 (-1)	1,831 (-1%)	1mo	$35,000	$19	78
4047 N 19th St #4049	0.54mi	4/2.0	1,815 (-2%)	2mo	$134,900	$74	70
3905 N 13th St #3907	0.60mi	4/2.0	1,884 (+2%)	2mo	$144,500	$77	67
1304 W Ring St Unit 1304A	0.60mi	5/2.0 (+1)	1,851 (+0%)	1mo	$70,000	$38	65
1818 W Nash St	0.22mi	3/2.0 (-1)	1,581 (-14%)	2mo	$135,000	$85	59
2020 W Hopkins St	0.47mi	4/2.0	2,050 (+11%)	0mo	$105,000	$51	59
4045 N 26th St Unit 4045A	0.69mi	4/2.0	1,963 (+6%)	2mo	$66,100	$34	55
3283 N 14th St #3285	0.53mi	4/2.0	2,044 (+11%)	2mo	$80,000	$39	55
4105 N 24th St #4107	0.65mi	4/2.0	1,988 (+8%)	3mo	$180,000	$91	55
3220 N 24th Pl Unit 3220A	0.48mi	3/2.0 (-1)	1,626 (-12%)	1mo	$65,000	$40	52

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: 38.0%
• Equity multiple: 4.01×
• Total profit: $120,263
• Equity at exit: $128,736

10-year hold

• IRR: 34.7%
• Equity multiple: 9.85×
• Total profit: $354,282
• Equity at exit: $277,623

Cash invested: $40,012 (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: 160
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,934 high
• Mortgage (P&I): −$749
• Tax from tax record: −$214 /mo · $2,567/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $505

Break-even live

Break-even rent $1,295

Max offer price $142,900

Occupancy floor 69%

Sensitivity live

Price	-10% $586	-5% $545	+0% $505	+5% $465	+10% $424
Rent	-10% $352	-5% $429	+0% $505	+5% $581	+10% $658
Rate	-1.0pp $577	-0.5pp $541	base $505	+0.5pp $468	+1.0pp $430

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,934
Total (2 units)			$1,934

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: $35,725
• Closing costs: $4,287
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	18d	1	0.09mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	25d	1	0.59mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	3d	1	0.61mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	45d	1	1.03mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	25d	1	1.18mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	1.33mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	45d	1	1.49mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	45d	1	1.50mi

Listing history 28 events

1. 2026-06-21
   days on market $142,900 Active 3 DOM
2. 2026-06-19
   pricestatusdays on marketlisting id $142,900 Active 1 DOM
3. 2026-06-13
   days on market $135,000 Contingent 125 DOM
4. 2026-06-13
   days on market $135,000 Contingent 124 DOM
5. 2026-06-09
   days on market $135,000 Contingent 121 DOM
6. 2026-06-08
   days on market $135,000 Contingent 120 DOM
7. 2026-06-07
   days on market $135,000 Contingent 119 DOM
8. 2026-06-05
   days on market $135,000 Contingent 116 DOM
9. 2026-06-03
   days on market $135,000 Contingent 115 DOM
10. 2026-06-02
    days on market $135,000 Contingent 114 DOM
11. 2026-06-01
    days on market $135,000 Contingent 113 DOM
12. 2026-05-31
    days on market $135,000 Contingent 112 DOM
13. 2026-05-18
    historical Contingent 592-char remark

    Show marketing remark (592 chars)

    This 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

14. 2026-05-05
    price $135,000 592-char remark

    Show marketing remark (592 chars)

    This 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

15. 2026-04-12
    status Active 592-char remark

    Show marketing remark (592 chars)

    This 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

16. 2026-03-26
    historical Contingent 592-char remark

    Show marketing remark (592 chars)

    This 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

17. 2026-03-18
    price $144,900 592-char remark

    Show marketing remark (592 chars)

    This 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

18. 2026-03-09
    price $148,000 592-char remark

    Show marketing remark (592 chars)

    This 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

19. 2026-02-24
    price $157,900 592-char remark

    Show marketing remark (592 chars)

    This 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

20. 2026-02-07
    listed $164,900 Active 592-char remark

    Show marketing remark (592 chars)

    This 2-family has options for you. .. Leave it a 2-family and generate cash flow. Owner Occupy and generate cash flow. Utilize the upper as a Mother-In-Law suite and have family close. .. Both the upper and lower units include the Oven/Range & Refrigerator. Lower unit has a spacious living room with natural fire place, formal dining room, pantry, updated kitchen, updated bathroom with a Shower over tub AND another shower stall. Upper has nice eat-in kitchen, spacious bedrooms and a cozy living room area. 2.5 car garage and a fenced backyard are great for summer gardening and fun!

21. 2026-01-22
    historical 351-char remark

    Show marketing remark (351 chars)

    Owner Occupant or Investor - This property is waiting for you to make your own. Property can be a Single Family or 2-Family. Updated Flooring throughout both levels. Both bathrooms have Shower over tub, updated tile and flooring. Natural Fire Place in Main floor Living room. Dining room on Main Floor features built in china case. Fenced in Back Yard

22. 2025-12-07
    historical Contingent 351-char remark

    Show marketing remark (351 chars)

    Owner Occupant or Investor - This property is waiting for you to make your own. Property can be a Single Family or 2-Family. Updated Flooring throughout both levels. Both bathrooms have Shower over tub, updated tile and flooring. Natural Fire Place in Main floor Living room. Dining room on Main Floor features built in china case. Fenced in Back Yard

23. 2025-11-26
    price $118,000 351-char remark

    Show marketing remark (351 chars)

    Owner Occupant or Investor - This property is waiting for you to make your own. Property can be a Single Family or 2-Family. Updated Flooring throughout both levels. Both bathrooms have Shower over tub, updated tile and flooring. Natural Fire Place in Main floor Living room. Dining room on Main Floor features built in china case. Fenced in Back Yard

24. 2025-10-31
    price $136,900 351-char remark

    Show marketing remark (351 chars)

    Owner Occupant or Investor - This property is waiting for you to make your own. Property can be a Single Family or 2-Family. Updated Flooring throughout both levels. Both bathrooms have Shower over tub, updated tile and flooring. Natural Fire Place in Main floor Living room. Dining room on Main Floor features built in china case. Fenced in Back Yard

25. 2025-10-20
    listed $139,900 Active 351-char remark

    Show marketing remark (351 chars)

    Owner Occupant or Investor - This property is waiting for you to make your own. Property can be a Single Family or 2-Family. Updated Flooring throughout both levels. Both bathrooms have Shower over tub, updated tile and flooring. Natural Fire Place in Main floor Living room. Dining room on Main Floor features built in china case. Fenced in Back Yard

26. 2025-04-15
    historical
27. 2025-04-01
    price $85,000
28. 2025-02-14
    listed $95,000 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: $2,567 · $214/mo
• Projected year-2 tax: $2,605 · $217/mo
• Expected delta: +$38/yr (+$3/mo · 1.5%)

ⓘ 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: $23,208
• − Mortgage interest: −$8,005
• − Property taxes: −$2,567
• − Insurance: −$714
• − Repairs & maintenance: −$1,857
• − Management: −$1,857
• − Depreciation: −$4,157
• Taxable income: $4,051
• Est. tax owed @ 24.0%: −$972
• After-tax cash flow: $5,088/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

+50.4% since first listed

18 events — show timeline

• 2026-06-18 Listed $142,900 METROMLS
• 2026-06-14 Listing Removed — METROMLS
• 2026-05-18 Contingent — METROMLS
• 2026-05-05 Price Changed $135,000 METROMLS
• 2026-04-12 Relisted — METROMLS
• 2026-03-26 Contingent — METROMLS
• 2026-03-18 Price Changed $144,900 METROMLS
• 2026-03-09 Price Changed $148,000 METROMLS
• 2026-02-24 Price Changed $157,900 METROMLS
• 2026-02-07 Listed $164,900 METROMLS
• 2026-01-22 Listing Removed — METROMLS
• 2025-12-07 Contingent — METROMLS
• 2025-11-26 Price Changed $118,000 METROMLS
• 2025-10-31 Price Changed $136,900 METROMLS
• 2025-10-20 Listed $139,900 METROMLS
• 2025-04-15 Listing Removed — METROMLS
• 2025-04-01 Price Changed $85,000 METROMLS
• 2025-02-14 Listed $95,000 METROMLS

Property tax history

+8.2%/yr

Latest (2024): $2,567 · -19.1% YoY. Source: county tax records.