1915 N Water St #207 · Milwaukee, WI 53202

$2,100

1 bd · 1.0 ba · 1,100 sqft · Condo · 1 Days on market

Built 2002

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Step into this beautiful, sun-drenched open-concept 1 bedroom, 1 bath corner-unit condo with over 1,100 sq. ft. of thoughtfully designed living space. ✨Features You'll Love: Vaulted ceilings & ceiling fans throughout Spacious primary suite with a walk-in closet Beautifully upgraded bathroom with double vanities Private balcony perfect for relaxing or grilling with your gas BBQ Cozy electric fireplace in the bright & inviting living areaThe modern kitchen, perfect for entertaining, features: Stainless steel appliances Granite countertops Dedicated dining areaAdditional conveniences include: Assigned underground parking space w/ opener In-unit washer & dryer Electric range,

Key facts

• Open-concept
• Upgraded bathroom
• Walk-in closet

Tags

• OPEN-CONCEPT
• VAULTED CEILINGS
• WALK-IN CLOSET
• UPGRADED BATHROOM
• PRIVATE BALCONY
• ELECTRIC FIREPLACE

Property features AI

Finance

• Other: Pets permitted
• HOA & community: Monthly condo fee listed as $0; Association amenities: elevator, security, walking trail; 117 units in building; this unit is one in the association

Exterior

• Parking: Assigned parking space (1 space); Attached, heated underground garage with opener (1 car)
• Security: Building security; Elevator access
• Utilities: Municipal water; Municipal sewer; Electric heat
• Home design: Condo in a midrise building (3–5 stories); Single-story unit; Part of Riverbridge Condominium; Zoned PD
• Construction: Mixed exterior materials: aluminum, aluminum/steel, brick, brick/stone, wood; Building type: Midrise (3–5 stories); Year built: other/see remarks
• Exterior features: Balcony; River and water views; Aluminum, aluminum/steel, brick, brick/stone and wood exterior materials

Interior

• Kitchen: Dishwasher; Garbage disposal; Range; Microwave; Refrigerator; Pantry
• Bedrooms: Master bedroom (Main) — 15 x 12
• Flooring: Wood or simulated wood floors
• Bathrooms: 1 full bath with tub and shower over tub
• Heating & cooling: Forced air heating (electric); Central air
• Interior features: Cable/Satellite available; In-unit laundry; Pantry; Storage lockers; Cathedral/vaulted ceiling; Walk-in closet(s); Wood or simulated wood floors
• Laundry & utility: Washer and dryer (in-unit)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $2k.

Deal economics

• At list price, monthly cash flow is $903 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $2k).
• Cap rate 522.1% 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+, 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.
• Zoned schools: Academy of Accelerated Learning (563 students, 72% FRL); Bay View High (math 5% / reading 5%, grade F, #467 of 483 statewide, top 100%, 945 students, 86% FRL) — zoned schools at 79% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 143 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $15 of loan paydown is wiped out by about $63 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 + 1.6% rent growth), your $588 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $2,100

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 80.91% ✓
• Cap rate: 522.14%
• Cash-on-cash: 1842.32%
• DSCR: 82.97
• GRM: 0.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.56% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 94.56×
• Total profit: $55,015
• Equity at exit: $313

10-year hold

• IRR: —
• Equity multiple: 193.91×
• Total profit: $113,432
• Equity at exit: $182

Cash invested: $588 (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 53202

• Rents YoY: 1.6%
• Active inventory: 143
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $1,699 high
• Mortgage (P&I): −$11
• Tax est. 1.5%: −$3 /mo · $32/yr
• Insurance: −$1
• HOA est. from 8 same-building comps: −$425
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $903

Break-even live

Break-even rent $556

Max offer price $2,100

Occupancy floor 42%

Sensitivity live

Price	-10% $904	-5% $903	+0% $903	+5% $902	+10% $901
Rent	-10% $769	-5% $836	+0% $903	+5% $970	+10% $1,037
Rate	-1.0pp $904	-0.5pp $903	base $903	+0.5pp $902	+1.0pp $902

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: $525
• Closing costs: $63
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1910 N Water St Milwaukee, WI	1.0	1.0	715	$1,749	$2.44	4d	7	0.01mi
910 E Land Pl Milwaukee, WI	1.0	1.0	822	$1,760	$2.14	18d	2	0.09mi
1845 N Water St Milwaukee, WI	3.0	1.0–2.0	948	$2,631	$2.77	5d	84	0.11mi
1219 E Kane Pl Milwaukee, WI	2.0	1.0	1250	$1,800	$1.44	45d	1	0.17mi
1701 N Humboldt Ave Milwaukee, WI	1.0	1.0	567	$1,700	$3.00	6d	4	0.20mi
1902 N Commerce St Milwaukee, WI	2.0	1.0	974	$1,895	$1.95	45d	1	0.23mi
1234-1238 E Brady St Milwaukee, WI	2.0	1.0	750	$1,240	$1.65	18d	2	0.26mi
1669 N Humboldt Ave Milwaukee, WI	2.0	1.0	950	$1,745	$1.84	6d	1	0.26mi
1660 N Marshall St Unit 2 Milwaukee, WI	2.0	1.0	1390	$2,175	$1.56	45d	1	0.28mi
2105 N Booth St Unit 2105-5 Milwaukee, WI	2.0	1.0	1000	$1,799	$1.80	18d	1	0.30mi
1809 N Cambridge Ave Apt 201 Milwaukee, WI	1.0	1.0	760	$1,590	$2.09	18d	1	0.32mi
1809 N Cambridge Ave Apt 204 Milwaukee, WI	1.0	1.0	750	$1,495	$1.99	45d	1	0.32mi
1809 N Cambridge Ave #308 Milwaukee, WI	1.0	1.0	900	$1,740	$1.93	45d	1	0.33mi
1809 N Cambridge Ave #506 Milwaukee, WI	1.0	1.0	735	$1,550	$2.11	45d	1	0.33mi
1632 N Franklin Pl Unit 1525079P Milwaukee, WI	1.0	1.0	818	$3,668	$4.48	21d	1	0.34mi
1632 N Franklin Pl Unit 1379008P Milwaukee, WI	1.0	1.0	818	$3,296	$4.03	14d	1	0.34mi
1632 N Franklin Pl Unit 317 Milwaukee, WI	1.0	1.0	813	$1,705	$2.10	45d	1	0.34mi
1858 N Commerce St Milwaukee, WI	2.0	1.0–2.0	1124	$1,235	$1.10	16d	2	0.36mi
1506 E Kane Pl Milwaukee, WI	2.0	1.0	950	$1,400	$1.47	6d	1	0.36mi
1604 N Franklin Pl Milwaukee, WI	2.0	1.0	1100	$1,500	$1.36	16d	1	0.38mi
1659 N Jackson St Milwaukee, WI	1.0	1.0	840	$1,955	$2.33	4d	5	0.39mi
1619 N Farwell Ave #201 Milwaukee, WI	2.0	2.0	1322	$2,600	$1.97	45d	1	0.39mi
1800 N Farwell Ave Milwaukee, WI	2.0	1.0	913	$1,600	$1.75	6d	3	0.42mi
1623 N Jackson St Milwaukee, WI	1.0	1.0	685	$1,762	$2.57	12d	6	0.45mi
329 E Garfield Ave Milwaukee, WI	2.0	1.5	1100	$1,350	$1.23	6d	1	0.47mi
1830 N Hubbard St Apt 601 Milwaukee, WI	2.0	1.0	990	$1,900	$1.92	45d	1	0.47mi
1830 N Hubbard St Unit 607 Milwaukee, WI	2.0	1.0	850	$1,850	$2.18	18d	1	0.47mi
1830 N Hubbard St Apt 302 Milwaukee, WI	2.0	1.0	856	$1,700	$1.99	18d	1	0.47mi
2442 N Bremen St Milwaukee, WI	2.0	1.0	1100	$1,495	$1.36	45d	1	0.49mi
1530 N Jackson St Unit 401 Milwaukee, WI	2.0	2.0	1125	$2,225	$1.98	45d	1	0.49mi
1530 N Jackson St Unit 404 Milwaukee, WI	2.0	2.0	1125	$2,150	$1.91	18d	1	0.49mi
1531 N Jackson St Milwaukee, WI	2.0	1.0	1285	$1,625	$1.26	18d	1	0.51mi
2018 N Oakland Ave Apt 106 Milwaukee, WI	2.0	1.0	1220	$1,475	$1.21	6d	1	0.51mi
1506 N Jackson St Milwaukee, WI	2.0	1.0	1100	$1,600	$1.45	18d	1	0.52mi
1914 N Prospect Ave Milwaukee, WI	2.0–3.0	1.0–1.5	1100	$1,495	$1.36	45d	4	0.54mi
1633 E North Ave Milwaukee, WI	2.0	1.0	1110	$1,900	$1.71	4d	3	0.54mi
2110 N Palmer St Milwaukee, WI	2.0	1.0	1100	$1,985	$1.80	5d	1	0.55mi
1551 N Water St Milwaukee, WI	3.0	1.0–2.0	1074	$2,024	$1.88	4d	52	0.56mi
2518 N Humboldt Blvd Unit 2518 Lower Milwaukee, WI	2.0	1.0	1246	$1,275	$1.02	18d	1	0.58mi
118 E Lloyd St Unit Lower Milwaukee, WI	2.0	1.0	810	$1,350	$1.67	18d	1	0.60mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: gaselectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-08
   remarks 687-char remark
2. 2026-06-08
   listed $2,100 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $20,389
• − Mortgage interest: −$118
• − Property taxes: −$32
• − Insurance: −$10
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − HOA: −$5,100
• − Depreciation: −$61
• Taxable income: $11,806
• Est. tax owed @ 24.0%: −$2,833
• After-tax cash flow: $7,999/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): 25,861
• Household income: $71,034
• Rent vs Own: 78.6% rent · 21.4% own
• Severe rent burden: 2752.0

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 (75%)
• Race & ethnicity: White 75% Black 8% Two or more races 6% Hispanic / Latino 6% Asian 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 9% Portuguese 4% Lithuanian 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 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: ▼ -133.46%
• Current HPI: 226.4316
• Rent YoY: ▲ 1.56%
• 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

1 event — show timeline

• 2026-06-05 Listed $2,100 METROMLS