623 W Ring St · Milwaukee, WI 53212

$145,000

3 bd · 2.0 ba · 1,791 sqft · MultiFamily public records · 56 Days on market

Built 1905 3,484 sqft lot $81/sqft · 58% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Maintenace free exterior, side drive to 2 car garage; fenced yard; newer tear off roof; updated electric; newer furnances; Lower has large eat-in kitchen with pantry; MAKE OFFER!!!

Key facts

• Side driveway
• New doors
• Quiet block

Tags

• NEW DOORS
• NEW WINDOWS
• LVP FLOORING
• SIDE DRIVEWAY
• QUIET BLOCK
• GREAT ACCESS TO HIGHWAY

Property features AI

Finance

• Other: Building contains 2 units; Unit 1 approximate living area falls in 751-1000 sq ft range; Unit 1 listed at 991 sq ft; Unit 2 listed at 791 sq ft; Inclusions: 2 ovens, 1 refrigerator; Exclusions: sellers' and tenants' personal property

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story multi-family building; Property assessed as multi-family; Zoning: RT4
• Construction: Less than 1/2 acre lot (approximately 0.08 acre); Year built: public/assessor record
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 2 kitchen located on upper level; Includes 2 ovens and 1 refrigerator (inclusions)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 1 bedroom (upper level)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Interior features: Full basement with block construction
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $915 ($11k/yr) — positive. Per door: $457/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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 fast (+5.0%/yr); 129 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,378/mo this rent would consume 60% of the median local household income ($47k/yr) (locally 2397% 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 $1k of loan paydown is wiped out by about $4k 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 $41k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.64% ✓
• Cap rate: 13.87%
• Cash-on-cash: 27.04%
• DSCR: 2.20
• GRM: 5.1

CMA / ARV

• ARV (median comp): $92,066
• List price: $145,000
• Delta: 57.50%
• 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
3065 N 10th St	0.32mi	4/2.0 (+1)	1,753 (-2%)	2mo	$60,000	$34	75
3047 N 12th St	0.45mi	4/2.0 (+1)	1,774 (-1%)	6mo	$28,000	$16	67
3043 N Dr William Finlayson St #3045	0.26mi	4/2.0 (+1)	1,633 (-9%)	3mo	$125,000	$77	66
3351 N 6th St Unit 3351A	0.18mi	4/2.0 (+1)	1,538 (-14%)	4mo	$93,000	$60	60
3358 N Richards St #3364	0.63mi	4/2.0 (+1)	1,858 (+4%)	1mo	$95,000	$51	58
215 E Chambers St	0.62mi	4/2.0 (+1)	1,733 (-3%)	4mo	$110,000	$63	57
3711 N 1st St #3713	0.62mi	4/2.0 (+1)	1,680 (-6%)	3mo	$160,000	$95	53
3134 N Holton St	0.74mi	4/2.0 (+1)	1,705 (-5%)	4mo	$140,000	$82	49
3283 N 14th St #3285	0.49mi	4/2.0 (+1)	2,044 (+14%)	2mo	$80,000	$39	47
3037 N 1st St	0.48mi	4/2.0 (+1)	1,526 (-15%)	3mo	$120,000	$79	46
3252 N 17th St	0.65mi	4/2.0 (+1)	1,951 (+9%)	7mo	$50,000	$26	44
137 W Hadley St #139	0.67mi	4/2.5 (+1)	2,013 (+12%)	5mo	$138,000	$69	37

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: 23.2%
• Equity multiple: 1.98×
• Total profit: $39,672
• Equity at exit: $21,620

10-year hold

• IRR: 32.4%
• Equity multiple: 4.21×
• Total profit: $130,497
• Equity at exit: $12,537

Cash invested: $40,600 (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: 129
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,378 high
• Mortgage (P&I): −$760
• Tax from tax record: −$143 /mo · $1,714/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $915

Break-even live

Break-even rent $1,220

Max offer price $145,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,378
Total (2 units)			$2,378

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	23d	1	0.54mi
912 W Hadley St Milwaukee, WI	2.0	1.0	2222	$1,250	$0.56	14d	1	0.55mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	23d	1	0.65mi
2719 N 1st St Milwaukee, WI	2.0	1.0	1300	$1,095	$0.84	14d	1	0.73mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.07mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	20d	1	1.08mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	43d	1	1.11mi
2761 N Humboldt Blvd Unit First Floor Milwaukee, WI	3.0	1.0	1236	$1,600	$1.29	17d	1	1.20mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	16d	1	1.20mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	1.37mi
2518 N Humboldt Blvd Unit 2518 Lower Milwaukee, WI	2.0	1.0	1246	$1,275	$1.02	17d	1	1.39mi
2429 N Weil St Milwaukee, WI	3.0	1.0	1300	$1,500	$1.15	43d	1	1.40mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	1.42mi
3131 N Bartlett Ave Unit 1 Milwaukee, WI	4.0	1.0	1600	$1,750	$1.09	43d	1	1.50mi

Listing history 26 events

1. 2026-06-18
   days on market $145,000 Active 56 DOM
2. 2026-06-17
   days on market $145,000 Active 55 DOM
3. 2026-06-16
   days on market $145,000 Active 54 DOM
4. 2026-06-15
   days on market $145,000 Active 53 DOM
5. 2026-06-13
   days on market $145,000 Active 51 DOM
6. 2026-06-13
   days on market $145,000 Active 50 DOM
7. 2026-06-09
   days on market $145,000 Active 47 DOM
8. 2026-06-08
   days on market $145,000 Active 46 DOM
9. 2026-06-07
   days on market $145,000 Active 45 DOM
10. 2026-06-05
    pricedays on market $145,000 Active 42 DOM
11. 2026-06-03
    days on market $149,000 Active 41 DOM
12. 2026-06-02
    days on market $149,000 Active 40 DOM
13. 2026-06-01
    days on market $149,000 Active 39 DOM
14. 2026-05-31
    days on market $149,000 Active 38 DOM
15. 2026-05-07
    price $149,000 278-char remark
16. 2026-04-23
    listed $155,000 Active 278-char remark
17. 2019-03-22
    soldstatus $425,000
18. 2015-03-10
    soldstatus $12,000
19. 2015-02-27
    soldstatus $12,500 Sold 180-char remark

    Show marketing remark (180 chars)

    Maintenace free exterior, side drive to 2 car garage; fenced yard; newer tear off roof; updated electric; newer furnances; Lower has large eat-in kitchen with pantry; MAKE OFFER!!!

20. 2015-02-07
    price $14,900 180-char remark

    Show marketing remark (180 chars)

    Maintenace free exterior, side drive to 2 car garage; fenced yard; newer tear off roof; updated electric; newer furnances; Lower has large eat-in kitchen with pantry; MAKE OFFER!!!

21. 2014-11-18
    price $22,900 180-char remark

    Show marketing remark (180 chars)

    Maintenace free exterior, side drive to 2 car garage; fenced yard; newer tear off roof; updated electric; newer furnances; Lower has large eat-in kitchen with pantry; MAKE OFFER!!!

22. 2014-09-20
    listed $24,900 Active 180-char remark

    Show marketing remark (180 chars)

    Maintenace free exterior, side drive to 2 car garage; fenced yard; newer tear off roof; updated electric; newer furnances; Lower has large eat-in kitchen with pantry; MAKE OFFER!!!

23. 2013-03-06
    historical

    Show marketing remark (254 chars)

    No more showings. Seller will entertain offers, elderly seller; maintenace free exterior, side drive to 2 car garage; fenced yard; newer tear off roof; updated electric; newer furnances; Lower has large eat in kitchen with pantry; bathrooms need updating

24. 2013-03-06
    listed $24,900

    Show marketing remark (254 chars)

    No more showings. Seller will entertain offers, elderly seller; maintenace free exterior, side drive to 2 car garage; fenced yard; newer tear off roof; updated electric; newer furnances; Lower has large eat in kitchen with pantry; bathrooms need updating

25. 2012-07-17
    listed $29,900
26. 2012-07-17
    historical

ⓘ 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: $1,714 · $143/mo
• Projected year-2 tax: $2,198 · $183/mo
• Expected delta: +$484/yr (+$40/mo · 28.3%)

ⓘ 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: $28,536
• − Mortgage interest: −$8,122
• − Property taxes: −$1,714
• − Insurance: −$725
• − Repairs & maintenance: −$2,283
• − Management: −$2,283
• − Depreciation: −$4,218
• Taxable income: $9,191
• Est. tax owed @ 24.0%: −$2,206
• After-tax cash flow: $8,774/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

+384.9% since first listed

13 events — show timeline

• 2026-06-04 Price Changed $145,000 METROMLS
• 2026-05-07 Price Changed $149,000 METROMLS
• 2026-04-23 Listed $155,000 METROMLS
• 2019-03-22 Sold (Public Records) $425,000 Public Records
• 2015-03-10 Sold (Public Records) $12,000 Public Records
• 2015-02-27 Sold (MLS) $12,500 METROMLS
• 2015-02-07 Price Changed $14,900 METROMLS
• 2014-11-18 Price Changed $22,900 METROMLS
• 2014-09-20 Listed $24,900 METROMLS
• 2013-03-06 Listed $24,900 METROMLS
• 2013-03-06 Listing Removed — METROMLS
• 2012-07-17 Listing Removed — METROMLS
• 2012-07-17 Listed $29,900 METROMLS

Property tax history

+3.9%/yr

Latest (2024): $1,714 · +2.3% YoY. Source: county tax records.