2977 N 26th St #2979 · Milwaukee, WI 53206

$130,000

None bd · None ba · 2,394 sqft · MultiFamily · 124 Days on market

Built 1919 Fair condition 5,227 sqft lot $54/sqft · 41% above area Est $92k · 41% over

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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
• Appreciation +10.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Large 3 family. Would be great for an owner occupant or as an investment property. Unit 1 has 3BR's, Living Room, Dining Room, and Eat-in Kitchen. Unit 2 & 3 have Eat-In Kitchen, Living Room and Bedroom. 2.5 Car Garage with new garage door (2026). Additional parking space in back. Newer roof 6 years, A/C and new balcony 2024.

Key facts

• 2.5 car garage
• Newer roof
• A/c

Tags

• EAT-IN KITCHEN
• LIVING ROOM
• DINING ROOM
• 2.5 CAR GARAGE
• NEWER ROOF
• A/C

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 2×1bd/1ba units multifamily listed at $130k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $479/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $114k (12.0% 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); 160 active listings in the ZIP; 4 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 $2,955/mo this rent would consume 121% 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 ($899 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 124 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y 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 $20k; list at $130k implies a 540% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% 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 1919 — 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: 2.27% ✓
• Cap rate: 19.55%
• Cash-on-cash: 47.34%
• DSCR: 3.11
• GRM: 3.7

CMA / ARV

• ARV (median comp): $92,061
• List price: $130,000
• Delta: 41.21%
• 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
2463 W Chambers St #2465	0.12mi	5/2.0	2,318 (-3%)	2mo	$50,000	$22	87
2873 N 26th St #2875	0.13mi	6/2.0	2,488 (+4%)	1mo	$103,000	$41	86
2857 N 34th St #2859	0.52mi	6/2.0	2,314 (-3%)	1mo	$135,000	$58	69
3381 N 21st St #3383	0.64mi	4/2.0	2,364 (-1%)	2mo	$71,000	$30	66
3202 N 24th St #3204	0.35mi	4/2.0	2,169 (-9%)	2mo	$165,000	$76	66
2931 W Chambers St #2933	0.22mi	5/2.0	2,080 (-13%)	3mo	$116,000	$56	66
2631 N 33rd St #2633	0.64mi	4/2.0	2,470 (+3%)	1mo	$72,500	$29	64
3382 N 23rd St #3384	0.59mi	4/2.0	2,266 (-5%)	0mo	$152,435	$67	63
3068 N 34th St Unit 3068A	0.49mi	5/2.0	2,087 (-13%)	0mo	$110,000	$53	56
2020 W Hopkins St	0.49mi	4/2.0	2,050 (-14%)	0mo	$105,000	$51	53
2817 N 18th St #2819	0.57mi	7/2.0	2,720 (+14%)	3mo	$10,000	$4	48
3381 N 22nd St	0.61mi	4/2.0	2,043 (-15%)	3mo	$49,900	$24	45

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: 65.1%
• Equity multiple: 5.89×
• Total profit: $177,925
• Equity at exit: $117,114

10-year hold

• IRR: 60.7%
• Equity multiple: 14.48×
• Total profit: $490,811
• Equity at exit: $252,561

Cash invested: $36,400 (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: 160
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,955 high
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $1,436

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,526	-5% $1,481	+0% $1,436	+5% $1,391	+10% $1,346
Rent	-10% $1,203	-5% $1,319	+0% $1,436	+5% $1,553	+10% $1,669
Rate	-1.0pp $1,502	-0.5pp $1,469	base $1,436	+0.5pp $1,402	+1.0pp $1,368

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,096
▸ 2× units	1	1	$1,858
Total (3 units)			$2,955

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
912 W Hadley St Milwaukee, WI	2.0	1.0	2222	$1,250	$0.56	15d	1	1.18mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	4d	1	1.21mi
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	17d	1	1.34mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	18d	1	1.44mi

Listing history 29 events

1. 2026-06-21
   days on market $130,000 Active 124 DOM
2. 2026-06-18
   days on market $130,000 Active 121 DOM
3. 2026-06-17
   days on market $130,000 Active 120 DOM
4. 2026-06-16
   days on market $130,000 Active 119 DOM
5. 2026-06-15
   days on market $130,000 Active 118 DOM
6. 2026-06-13
   days on market $130,000 Active 116 DOM
7. 2026-06-13
   days on market $130,000 Active 115 DOM
8. 2026-06-09
   days on market $130,000 Active 112 DOM
9. 2026-06-08
   days on market $130,000 Active 111 DOM
10. 2026-06-07
    days on market $130,000 Active 110 DOM
11. 2026-06-05
    days on market $130,000 Active 107 DOM
12. 2026-06-03
    days on market $130,000 Active 106 DOM
13. 2026-06-02
    days on market $130,000 Active 105 DOM
14. 2026-06-01
    days on market $130,000 Active 104 DOM
15. 2026-05-31
    days on market $130,000 Active 103 DOM
16. 2026-04-29
    status Active 333-char remark

    Show marketing remark (333 chars)

    Large 3 family. Would be great for an owner occupant or as an investment property. Unit 1 has 3BR's, Living Room, Dining Room, and Eat-in Kitchen. Unit 2 & 3 have Eat-In Kitchen, Living Room and Bedroom. 2.5 Car Garage with new garage door (2026). Additional parking space in back. Newer roof 6 years, A/C and new balcony 2024.

17. 2026-02-24
    historical Contingent 333-char remark

    Show marketing remark (333 chars)

    Large 3 family. Would be great for an owner occupant or as an investment property. Unit 1 has 3BR's, Living Room, Dining Room, and Eat-in Kitchen. Unit 2 & 3 have Eat-In Kitchen, Living Room and Bedroom. 2.5 Car Garage with new garage door (2026). Additional parking space in back. Newer roof 6 years, A/C and new balcony 2024.

18. 2026-02-16
    historical 321-char remark

    Show marketing remark (333 chars)

    Large 3 family. Would be great for an owner occupant or as an investment property. Unit 1 has 3BR's, Living Room, Dining Room, and Eat-in Kitchen. Unit 2 & 3 have Eat-In Kitchen, Living Room and Bedroom. 2.5 Car Garage with new garage door (2026). Additional parking space in back. Newer roof 6 years, A/C and new balcony 2024.

19. 2026-02-16
    listed $130,000 Active 333-char remark

    Show marketing remark (333 chars)

    Large 3 family. Would be great for an owner occupant or as an investment property. Unit 1 has 3BR's, Living Room, Dining Room, and Eat-in Kitchen. Unit 2 & 3 have Eat-In Kitchen, Living Room and Bedroom. 2.5 Car Garage with new garage door (2026). Additional parking space in back. Newer roof 6 years, A/C and new balcony 2024.

20. 2025-11-06
    status Active 321-char remark

    Show marketing remark (321 chars)

    Large 3 family. Would be great for an owner occupant or as an investment property. Unit 1 has 3BR's, Living Rm, Dining Rm, and Eat-in Kitchen. Unit 2 & 3 have Eat-In Kitchen, Living Rm and Bedroom. 2.5 Car Garage w/ Additional parking space in back. Newer roof 6 years, A/C and new balcony 2024.New garage door 2026

21. 2025-10-20
    historical Contingent 321-char remark

    Show marketing remark (321 chars)

    Large 3 family. Would be great for an owner occupant or as an investment property. Unit 1 has 3BR's, Living Rm, Dining Rm, and Eat-in Kitchen. Unit 2 & 3 have Eat-In Kitchen, Living Rm and Bedroom. 2.5 Car Garage w/ Additional parking space in back. Newer roof 6 years, A/C and new balcony 2024.New garage door 2026

22. 2025-06-07
    listed $159,900 Active 321-char remark

    Show marketing remark (321 chars)

    Large 3 family. Would be great for an owner occupant or as an investment property. Unit 1 has 3BR's, Living Rm, Dining Rm, and Eat-in Kitchen. Unit 2 & 3 have Eat-In Kitchen, Living Rm and Bedroom. 2.5 Car Garage w/ Additional parking space in back. Newer roof 6 years, A/C and new balcony 2024.New garage door 2026

23. 2025-06-01
    historical
24. 2024-12-17
    price $159,900
25. 2024-11-21
    listed $175,000 Active
26. 2017-02-23
    soldstatus $20,300 Sold
27. 2017-01-31
    status Pending
28. 2017-01-08
    price $19,400
29. 2016-11-16
    listed $22,000 Active

ⓘ 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: $35,460
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$2,837
• − Management: −$2,837
• − Depreciation: −$3,782
• Taxable income: $16,123
• Est. tax owed @ 24.0%: −$3,869
• After-tax cash flow: $13,363/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 · 11 photos

Fair 45/100 Moderate rehab

This 3-unit property requires moderate renovations to its kitchens and bathrooms, which would significantly increase its value for both resale and rental purposes.

Repairs flagged

• Major kitchen cabinets — dated and in poor condition
• Major kitchen backsplash — pink tile, poor condition
• Major bathroom fixtures — outdated and cluttered
• Major kitchen countertops — cluttered and worn

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value
• Both bathroom renovation — updating the bathroom would also boost both resale and rental value
• Rental landscaping — improved landscaping would enhance curb appeal and rental potential

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in poor condition	Major	$15,000–50,000
kitchen backsplash · pink tile, poor condition	Major	$15,000–50,000
bathroom fixtures · outdated and cluttered	Major	$15,000–50,000
kitchen countertops · cluttered and worn	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value ↑
• Both bathroom renovation — updating the bathroom would also boost both resale and rental value ↑
• Rental landscaping — improved landscaping would enhance curb appeal and rental potential ↑

ⓘ 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

+490.9% since first listed

14 events — show timeline

• 2026-04-29 Relisted — METROMLS
• 2026-02-24 Contingent — METROMLS
• 2026-02-16 Listing Removed — METROMLS
• 2026-02-16 Listed $130,000 METROMLS
• 2025-11-06 Relisted — METROMLS
• 2025-10-20 Contingent — METROMLS
• 2025-06-07 Listed $159,900 METROMLS
• 2025-06-01 Listing Removed — METROMLS
• 2024-12-17 Price Changed $159,900 METROMLS
• 2024-11-21 Listed $175,000 METROMLS
• 2017-02-23 Sold (MLS) $20,300 METROMLS
• 2017-01-31 Pending — METROMLS
• 2017-01-08 Price Changed $19,400 METROMLS
• 2016-11-16 Listed $22,000 METROMLS