3326 N 23rd St #3328 · Milwaukee, WI 53206

$129,900

4 bd · 2.0 ba · 1,400 sqft · MultiFamily · 89 Days on market

Built 1910 Fair condition 4,356 sqft lot $93/sqft · 92% 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 +27.2/30.0
• Appreciation +10.0/10.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• 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

2/2 duplex being sold in the 'as-is' condition. Room sizes are estimated. Please provide pre-approval or proof of funds with all offers. The lower unit is occupied and shows very well. Tenant is on an MTM lease.

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $130k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $372 ($4k/yr) — positive. Per door: $186/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $1,607/mo this rent would consume 66% 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 $14k of equity ($898 loan paydown + $13k 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 $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 $18k; list at $130k implies a 602% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.24% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.27%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $67,786
• List price: $129,900
• Delta: 91.63%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2450 W Concordia Ave	0.14mi	4/2.0	1,540 (+10%)	15mo	$85,200	$55	64
3349 N 16th St #3351	0.48mi	4/2.0	1,288 (-8%)	2mo	$195,000	$151	62
3636 N 23rd St Unit 3636A	0.35mi	3/2.0 (-1)	1,360 (-3%)	14mo	$140,000	$103	62
2823 N 28th St	0.75mi	5/2.0 (+1)	1,430 (+2%)	4mo	$127,000	$89	53
3737 N 27th St Unit 3737A	0.54mi	4/2.0	1,510 (+8%)	14mo	$40,000	$26	50
1818 W Nash St	0.52mi	3/2.0 (-1)	1,581 (+13%)	2mo	$135,000	$85	48
3204 N 14th St	0.65mi	3/2.0 (-1)	1,300 (-7%)	21mo	$130,000	$100	35
2926 N 17th St Unit 2926A	0.61mi	3/2.0 (-1)	1,575 (+12%)	20mo	$55,000	$35	29
3147 N 13th St #3149	0.70mi	3/2.0 (-1)	1,543 (+10%)	23mo	$132,500	$86	26

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: 35.7%
• Equity multiple: 3.83×
• Total profit: $102,945
• Equity at exit: $117,024

10-year hold

• IRR: 32.5%
• Equity multiple: 9.40×
• Total profit: $305,621
• Equity at exit: $252,367

Cash invested: $36,372 (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: 13.5×

Monthly cashflow live

• Estimated rent: $1,607 high
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $372

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,606
Total (2 units)			$1,607

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 19 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	17d	1	0.28mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.33mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.33mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	1d	1	0.41mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	0.45mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	43d	1	0.47mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	0.68mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	0.70mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	17d	1	0.70mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	0.70mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	0.72mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	0.85mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	0.88mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	0.89mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	1d	1	0.98mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.00mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.25mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.28mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	1.41mi

Listing history 18 events

1. 2026-06-18
   days on market $129,900 Active 89 DOM
2. 2026-06-17
   days on market $129,900 Active 88 DOM
3. 2026-06-16
   days on market $129,900 Active 87 DOM
4. 2026-06-15
   days on market $129,900 Active 86 DOM
5. 2026-06-13
   days on market $129,900 Active 84 DOM
6. 2026-06-13
   days on market $129,900 Active 83 DOM
7. 2026-06-09
   days on market $129,900 Active 80 DOM
8. 2026-06-08
   days on market $129,900 Active 79 DOM
9. 2026-06-07
   days on market $129,900 Active 78 DOM
10. 2026-06-05
    days on market $129,900 Active 75 DOM
11. 2026-06-03
    days on market $129,900 Active 74 DOM
12. 2026-06-02
    days on market $129,900 Active 73 DOM
13. 2026-06-01
    days on market $129,900 Active 72 DOM
14. 2026-05-31
    days on market $129,900 Active 71 DOM
15. 2026-03-21
    listed $129,900 Active 211-char remark

    Show marketing remark (211 chars)

    2/2 duplex being sold in the 'as-is' condition. Room sizes are estimated. Please provide pre-approval or proof of funds with all offers. The lower unit is occupied and shows very well. Tenant is on an MTM lease.

16. 2013-11-22
    listed $13,500 369-char remark

    Show marketing remark (369 chars)

    2/2 duplex being sold in the 'as-is' condition. Room sizes are estimated. Pre-approval or proof of funds needed with all offers. Special addendums attached in MLS must accompany offers. * * All offers MUST include buyer to assume responsibility for any and all code compliance/violations * * This is a Fannie Mae HomePath property. Purchase for as little as 3% down!

17. 2013-11-22
    historical 369-char remark

    Show marketing remark (369 chars)

    2/2 duplex being sold in the 'as-is' condition. Room sizes are estimated. Pre-approval or proof of funds needed with all offers. Special addendums attached in MLS must accompany offers. * * All offers MUST include buyer to assume responsibility for any and all code compliance/violations * * This is a Fannie Mae HomePath property. Purchase for as little as 3% down!

18. 2012-06-15
    soldstatus $18,500 369-char remark

    Show marketing remark (369 chars)

    2/2 duplex being sold in the 'as-is' condition. Room sizes are estimated. Pre-approval or proof of funds needed with all offers. Special addendums attached in MLS must accompany offers. * * All offers MUST include buyer to assume responsibility for any and all code compliance/violations * * This is a Fannie Mae HomePath property. Purchase for as little as 3% down!

ⓘ 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: $19,284
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,543
• − Management: −$1,543
• − Depreciation: −$3,779
• Taxable income: $2,545
• Est. tax owed @ 24.0%: −$611
• After-tax cash flow: $3,851/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include painting, updating appliances, and landscaping.

Repairs flagged

• Major kitchen appliances — Outdated and in poor condition.
• Major bathroom fixtures — Old and worn, need replacement.
• Moderate exterior siding — Wear and tear, needs repainting or replacement.
• Major hardwood floors — Worn and need refinishing or replacement.
• Major paint — Chipped and faded, needs repainting.
• Major HVAC system — No visible signs of recent maintenance, likely in need of replacement.
• Major landscaping — Unkempt and overgrown, needs trimming and planting.

Value-add opportunities

• Both Painting and updating kitchen appliances — Improves appearance and functionality, attracting more buyers/renters.
• Both Landscaping and exterior repainting — Enhances curb appeal and property value.
• Both Replacing outdated bathroom fixtures — Improves functionality and attracts more buyers/renters.
• Both Upgrading HVAC system — Improves comfort and energy efficiency, attracting more buyers/renters.
• Both Refinishing hardwood floors — Enhances appearance and functionality, attracting more buyers/renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · Outdated and in poor condition.	Major	$15,000–50,000
bathroom fixtures · Old and worn, need replacement.	Major	$15,000–50,000
exterior siding · Wear and tear, needs repainting or replacement.	Moderate	$3,000–15,000
hardwood floors · Worn and need refinishing or replacement.	Major	$15,000–50,000
paint · Chipped and faded, needs repainting.	Major	$15,000–50,000
HVAC system · No visible signs of recent maintenance, likely in need of replacement.	Major	$15,000–50,000
landscaping · Unkempt and overgrown, needs trimming and planting.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$93,000–315,000

Value-add ROI direction

• Both Painting and updating kitchen appliances — Improves appearance and functionality, attracting more buyers/renters. ↑
• Both Landscaping and exterior repainting — Enhances curb appeal and property value. ↑
• Both Replacing outdated bathroom fixtures — Improves functionality and attracts more buyers/renters. ↑
• Both Upgrading HVAC system — Improves comfort and energy efficiency, attracting more buyers/renters. ↑
• Both Refinishing hardwood floors — Enhances appearance and functionality, attracting more buyers/renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+602.2% since first listed

4 events — show timeline

• 2026-03-21 Listed $129,900 METROMLS
• 2013-11-22 Listing Removed — METROMLS
• 2013-11-22 Listed $13,500 METROMLS
• 2012-06-15 Sold (MLS) $18,500 METROMLS