2939 N 9th St · Milwaukee, WI 53206

$34,775

3 bd · 1.0 ba · 2,003 sqft · SingleFamily public records · 11 Days on market

Built 1915 6,969 sqft lot $17/sqft · 52% below area ↓ 19% since listing

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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

Listing remarks MLS

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 ONLY BIDS DUE May 18th, 2026 AT 10:00am

Key facts

• 6,969 sq ft lot
• Built 1915
• Listed 10 days

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Single-family home; One-story building; Assessor/public record for year built
• Construction: Property on 0.16-acre lot; Zoning: RT4
• Exterior features: Stucco/slate exterior

Interior

• Kitchen: Kitchen approximately 10 x 10
• Bedrooms: Main-level primary bedroom, approximately 10 x 10
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Oil-fired heat
• Interior features: Full basement; Living room on main level; Kitchen on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $807 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Cap rate 34.1% 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 fast (+8.3%/yr); 160 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,336/mo this rent would consume 55% 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 $4k of equity ($240 loan paydown + $3k 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,775

Questions for the listing agent

1. Built in 1915 — 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 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: 3.84% ✓
• Cap rate: 34.13%
• Cash-on-cash: 99.42%
• DSCR: 5.42
• GRM: 2.2

CMA / ARV

• ARV (median comp): $73,152
• List price: $34,775
• Delta: -41.22%
• 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
2814 N 12th St	0.24mi	4/4.0 (+1)	1,867 (-7%)	2mo	$60,000	$32	59
2842 N 16th St	0.52mi	4/2.0 (+1)	2,136 (+7%)	3mo	$126,000	$59	53
3206 N 12th St	0.35mi	4/1.0 (+1)	1,710 (-15%)	3mo	$25,800	$15	51
3041 N 10th St	0.15mi	3/2.0	1,781 (-11%)	24mo	$170,000	$95	51
3153 N Dr William Finlayson St	0.39mi	4/2.0 (+1)	1,797 (-10%)	7mo	$203,000	$113	50
526 W Hadley St	0.30mi	4/1.5 (+1)	1,720 (-14%)	7mo	$81,000	$47	49
3401 N Vel R Phillips Ave	0.68mi	4/2.0 (+1)	2,083 (+4%)	5mo	$180,000	$86	48
224 W Auer Ave	0.56mi	3/1.0	1,800 (-10%)	21mo	$145,000	$81	40
2910 N 1st St	0.62mi	4/2.0 (+1)	2,198 (+10%)	17mo	$187,000	$85	32
3147 N Julia St	0.42mi	4/1.0 (+1)	1,702 (-15%)	23mo	$185,000	$109	31
2653 N 2nd St	0.62mi	4/2.5 (+1)	2,276 (+14%)	14mo	$120,000	$53	26
2550 N Vel R Phillips Ave	0.62mi	4/2.0 (+1)	1,727 (-14%)	20mo	$118,000	$68	22

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: —
• Equity multiple: 8.95×
• Total profit: $77,403
• Equity at exit: $31,328

10-year hold

• IRR: —
• Equity multiple: 22.06×
• Total profit: $205,070
• Equity at exit: $67,560

Cash invested: $9,737 (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: 2.2×

Monthly cashflow live

• Estimated rent: $1,336 high
• Mortgage (P&I): −$182
• Tax from tax record: −$52 /mo · $619/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $807

Break-even live

Break-even rent $314

Max offer price $34,775

Occupancy floor 35%

Sensitivity live

Price	-10% $826	-5% $817	+0% $807	+5% $797	+10% $787
Rent	-10% $701	-5% $754	+0% $807	+5% $859	+10% $912
Rate	-1.0pp $824	-0.5pp $816	base $807	+0.5pp $798	+1.0pp $789

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: $8,694
• Closing costs: $1,043
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
912 W Hadley St Milwaukee, WI	2.0	1.0	2222	$1,250	$0.56	15d	1	0.16mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	24d	1	0.71mi
3420-22 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	44d	1	0.73mi
3420 N Vel R. Phillips Ave Unit 3422 Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	44d	1	0.74mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	24d	1	1.00mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	1.03mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	17d	1	1.08mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	44d	1	1.18mi
2012 N Buffum St Milwaukee, WI	3.0	2.5	2200	$2,695	$1.23	44d	1	1.34mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	4d	1	1.38mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	1.39mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	24d	1	1.41mi

Listing history 8 events

1. 2026-06-21
   days on market $34,775 Active 11 DOM
2. 2026-06-18
   days on market $34,775 Active 8 DOM
3. 2026-06-17
   days on market $34,775 Active 7 DOM
4. 2026-06-16
   days on market $34,775 Active 6 DOM
5. 2026-06-15
   days on market $34,775 Active 5 DOM
6. 2026-06-13
   days on market $34,775 Active 3 DOM
7. 2026-06-13
   pricestatusdays on marketlisting id $34,775 Active 2 DOM
8. 2026-04-13
   listed $43,000 Active 220-char remark

   Show marketing remark (220 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 ONLY BIDS DUE May 18th, 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.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $619 · $52/mo
• Projected year-2 tax: $631 · $53/mo
• Expected delta: +$12/yr (+$1/mo · 2.0%)

ⓘ 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: $16,027
• − Mortgage interest: −$1,948
• − Property taxes: −$619
• − Insurance: −$174
• − Repairs & maintenance: −$1,282
• − Management: −$1,282
• − Depreciation: −$1,012
• Taxable income: $9,711
• Est. tax owed @ 24.0%: −$2,331
• After-tax cash flow: $7,350/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

-19.1% since first listed

3 events — show timeline

• 2026-06-10 Listed $34,775 METROMLS
• 2026-05-20 Listing Removed — METROMLS
• 2026-04-13 Listed $43,000 METROMLS

Property tax history

-12.3%/yr

Latest (2024): $619 · -51.1% YoY. Source: county tax records.