Successful closing on Milwaukee rental

Milwaukee, Wisconsin
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Successful closing on Milwaukee rental

Rebecca KnoxBusiness Member
Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes

We just closed on a 3-bd/1 ba, 2.5 car garage, SFR in the Hampton Heights neighborhood of Milwaukee, WI 53218.

We used conventional financing through Landmark CU and did a 30-yr loan at 7.2%

Purchase price: $85,000.00

Monthly mortgage payment: $434.89/mo

Taxes and Insurance: $326.10/mo

Rehab cost: $15,000.00

Will market to rent at: $1500-$1600/mo

This block is mainly homeowners still and we actually know both the neighbors on each side.

A big thank you to Alex and Bryan at Citywide Rentals, Liz Peetz at Knight Barry Title and Andrea Werlein at Landmark Credit Union.

Captain Save-A-Home LLC
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Diana KhanPro Member
Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 483 posts · 177 votes
1w
Quote from @Rebecca Knox:

We just closed on a 3-bd/1 ba, 2.5 car garage, SFR in the Hampton Heights neighborhood of Milwaukee, WI 53218.

We used conventional financing through Landmark CU and did a 30-yr loan at 7.2%

Purchase price: $85,000.00

Monthly mortgage payment: $434.89/mo

Taxes and Insurance: $326.10/mo

Rehab cost: $15,000.00

Will market to rent at: $1500-$1600/mo

This block is mainly homeowners still and we actually know both the neighbors on each side.

A big thank you to Alex and Bryan at Citywide Rentals, Liz Peetz at Knight Barry Title and Andrea Werlein at Landmark Credit Union.

@Rebecca Knox, this is a great example of how the full picture matters, not just the purchase price. I’ve seen plenty of deals where the numbers looked good at first, but taxes, insurance, rehab, and financing changed the story quickly. Having all of those costs laid out clearly before the property hits the rental market makes a big difference.

I also really like that you already know the neighbors on both sides. That kind of local connection is easy to overlook, but it can be very valuable with a rental. Congratulations on the closing. I’d be happy to stay connected and see how this one performs once you have it rented.

[email protected]240-266-0291
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  • Diana KhanPro Member
    Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 483 posts · 177 votes
    1w
    Quote from @Rebecca Knox:

    We just closed on a 3-bd/1 ba, 2.5 car garage, SFR in the Hampton Heights neighborhood of Milwaukee, WI 53218.

    We used conventional financing through Landmark CU and did a 30-yr loan at 7.2%

    Purchase price: $85,000.00

    Monthly mortgage payment: $434.89/mo

    Taxes and Insurance: $326.10/mo

    Rehab cost: $15,000.00

    Will market to rent at: $1500-$1600/mo

    This block is mainly homeowners still and we actually know both the neighbors on each side.

    A big thank you to Alex and Bryan at Citywide Rentals, Liz Peetz at Knight Barry Title and Andrea Werlein at Landmark Credit Union.

    @Rebecca Knox, this is a great example of how the full picture matters, not just the purchase price. I’ve seen plenty of deals where the numbers looked good at first, but taxes, insurance, rehab, and financing changed the story quickly. Having all of those costs laid out clearly before the property hits the rental market makes a big difference.

    I also really like that you already know the neighbors on both sides. That kind of local connection is easy to overlook, but it can be very valuable with a rental. Congratulations on the closing. I’d be happy to stay connected and see how this one performs once you have it rented.

    [email protected]240-266-0291
    2Reply
    • Rebecca KnoxBusiness Member
      OP
      Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
      1w

      Thank you Diana. Yes, knowing the numbers before the buy is critical...I bought a property once and thought I was going to use a DSCR loan until I got the quote and had to sit down!!! Luckily, I found a different lender for it otherwise, that property would have been hitting the market. I always buy with equity at the closing table. It is so valuable to know the neighbors ---we actually dog sit for one of them when they need it:) Thanks for connecting!

      Captain Save-A-Home LLC
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  • Divin KanyamaBusiness Member
    Accountant · Seattle, WA · Member since 2025 · 391 posts · 150 votes
    1w

    Congratulations on the closing, @Rebecca Knox. An $85,000 purchase with a manageable rehab budget and projected rent of $1,500–$1,600 looks like a promising addition to the portfolio, especially on a block with a strong homeowner presence and neighbors you already know.

    Wishing you a smooth rehab and a great tenant once it is ready to lease. It is also great to see the team members who helped make the deal happen recognized—strong relationships with property managers, title professionals, and lenders can make a real difference. Well done, and best of luck with this one!

    [email protected]
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  • Adam GardnerPro Member
    Investor · Ladson, SC · Member since 2022 · 8 posts · 11 votes
    1w

    Congratulations on the closing, Rebecca! An $85K purchase with a $15K rehab and projected rent of $1,500–$1,600 sounds promising. Knowing both neighbors is a nice bonus, too. I’m investing in Racine and keeping an eye on Milwaukee, so I’d love to hear how the rehab and leasing go.

    1Reply
    • Rebecca KnoxBusiness Member
      OP
      Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
      1w

      I will keep you posted but the kitchen actually had to be done prior to closing in order to use financing, so just some basic cosmetic. We calculated the ARV on this one at about 150k-160k. The other nice thing about single families is the tenant pays for all the utilities and lawn maintenance. Our PM is aiming to get it rented out by end of October.

      Captain Save-A-Home LLC
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  • Robert Quinones
    Real Estate Agent · Ruskin, FL · Member since 2026 · 3 posts · 3 votes
    1w

    Those numbers look great, great job finding this one. Knowing the neighbors is huge. Having an extra set of eyes is priceless. Will you be hiring a PM?

    1Reply
    • Rebecca KnoxBusiness Member
      OP
      Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
      1w

      Thanks so much. Yes, we have a PM that manages our rentals.

      Captain Save-A-Home LLC
      WebsiteView Page
      1Reply
  • Harold Yam
    Los Angeles, CA · Member since 2026 · 4 posts · 15 votes
    2d

    Hi Rebecca. Congratulation on that wonderful purchase. I’d love to connect with you.
    I am buying a duplex close to your SFR. Are you available for a quick chat?

    0Reply
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