2873 N 26th St #2875 · Milwaukee, WI 53206

$103,000

6 bd · 3.0 ba · 2,488 sqft · MultiFamily · 40 Days on market

Built 1912 4,356 sqft lot Est $132k · 22% under

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Why this score? — see what drove the A 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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: 2 units. confirmed

Listing remarks MLS

This is a tax foreclosed property. This property is strictly restricted to sale for OWNER/OCCUPANCY only. Additional information can be found on the City of Milwaukee website.

Key facts

• 4,356 sq ft lot
• Parking
• Built 1912

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $103k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $566/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• Recommended offer: $100k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.5% 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); 150 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,334/mo this rent would consume 95% 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 $11k of equity ($712 loan paydown + $10k 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 $29k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago 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.
• Current owner paid $2k; list at $103k implies a 4020% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,910 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1912 — 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: 2.27% ✓
• Cap rate: 19.48%
• Cash-on-cash: 47.10%
• DSCR: 3.10
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $131,864
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2873 N 26th St #2875	0.00mi	6/2.0	2,488 (0%)	1mo	$103,000	$41	95
2941 N 26th St #2943	0.08mi	6/2.0	2,664 (+7%)	3mo	$140,900	$53	78
2463 W Chambers St #2465	0.18mi	5/2.0 (-1)	2,318 (-7%)	2mo	$50,000	$22	70
3119 N 26th St #3121	0.30mi	6/2.0	2,606 (+5%)	6mo	$113,000	$43	69
3122 N 28th St #3124	0.32mi	6/2.0	2,364 (-5%)	7mo	$180,000	$76	66
2944 N 28th St #2946	0.13mi	5/2.0 (-1)	2,232 (-10%)	3mo	$165,000	$74	65
2408 W Hadley St #2410	0.21mi	6/2.0	2,714 (+9%)	7mo	$170,000	$63	65
2900 N 21st St #2902	0.41mi	6/2.0	2,356 (-5%)	5mo	$20,000	$8	63
2833 N 18th St #2835	0.54mi	6/2.0	2,412 (-3%)	3mo	$80,000	$33	63
2857 N 34th St #2859	0.50mi	6/2.0	2,314 (-7%)	1mo	$135,000	$58	60
2817 N 18th St #2819	0.54mi	7/2.0 (+1)	2,720 (+9%)	3mo	$10,000	$4	48
3282 N 30th St #3284	0.56mi	6/2.0	2,162 (-13%)	3mo	$168,000	$78	46

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: 64.9%
• Equity multiple: 5.87×
• Total profit: $140,567
• Equity at exit: $92,791

10-year hold

• IRR: 60.5%
• Equity multiple: 14.45×
• Total profit: $387,875
• Equity at exit: $200,106

Cash invested: $28,840 (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: 150
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,334 high
• Mortgage (P&I): −$540
• Tax est. 1.5%: −$129 /mo · $1,545/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $1,132

Break-even live

Break-even rent $901

Max offer price $103,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,334
Total (2 units)			$2,334

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: $25,750
• Closing costs: $3,090
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.55mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	0.58mi
806 W Keefe Ave Milwaukee, WI	7.0	2.0	2900	$700	$0.24	44d	1	1.45mi

Listing history 9 events

1. 2026-03-26
   status Pending
2. 2026-02-19
   historical $795
3. 2026-02-14
   listed $103,000 Active
4. 2026-02-13
   price $795
5. 2026-01-07
   price $895
6. 2025-11-06
   listed $995
7. 2017-08-01
   soldstatus $2,500 Sold 176-char remark

   Show marketing remark (176 chars)

   This is a tax foreclosed property. This property is strictly restricted to sale for OWNER/OCCUPANCY only. Additional information can be found on the City of Milwaukee website.

8. 2017-05-04
   historical Contingent 176-char remark

   Show marketing remark (176 chars)

   This is a tax foreclosed property. This property is strictly restricted to sale for OWNER/OCCUPANCY only. Additional information can be found on the City of Milwaukee website.

9. 2017-01-10
   listed $2,500 Active 176-char remark

   Show marketing remark (176 chars)

   This is a tax foreclosed property. This property is strictly restricted to sale for OWNER/OCCUPANCY only. Additional information can be found on the City of Milwaukee website.

ⓘ 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 ≥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: $28,008
• − Mortgage interest: −$5,770
• − Property taxes: −$1,545
• − Insurance: −$515
• − Repairs & maintenance: −$2,241
• − Management: −$2,241
• − Depreciation: −$2,996
• Taxable income: $12,701
• Est. tax owed @ 24.0%: −$3,048
• After-tax cash flow: $10,536/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

+4020.0% since first listed

9 events — show timeline

• 2026-03-26 Pending — METROMLS
• 2026-02-19 Rental Removed $795 APPFOLIO
• 2026-02-14 Listed $103,000 METROMLS
• 2026-02-13 Price Changed $795 APPFOLIO
• 2026-01-07 Price Changed $895 APPFOLIO
• 2025-11-06 Listed for Rent $995 APPFOLIO
• 2017-08-01 Sold (MLS) $2,500 METROMLS
• 2017-05-04 Contingent — METROMLS
• 2017-01-10 Listed $2,500 METROMLS