630 E Locust St Unit 628-634 · Milwaukee, WI 53212

$306,000

None bd · None ba · 3,100 sqft · MultiFamily · 16 Days on market

Built 1900 4,356 sqft lot $99/sqft · 7% above area Est $287k · 7% over

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Why this score? — see what drove the C 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 +25.2/30.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• ARV discount +4.6/15.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

Key facts

• 4,356 sq ft lot
• Built 1900
• Listed 16 days

Tags

• MIXED-USE OPPORTUNITY
• COMMERCIAL STUDIO SPACE
• RESIDENTIAL RENTAL UNITS
• PRIVATE FENCED BACKYARD
• STRONG INCOME POTENTIAL
• LIVE/WORK ARRANGEMENT

What this means for you Summary

Snapshot

• This is a multifamily listed at $306k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $306k).
• Recommended offer: $301k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+5.0%/yr); 129 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $3,547/mo this rent would consume 90% of the median local household income ($47k/yr) (locally 2397% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 + 5.0% rent growth), your $86k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $53k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $156k; list at $306k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $301,410 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.63%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $287,234
• List price: $306,000
• Delta: 11.72%
• 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
3060 N Fratney St #3062	0.22mi	6/2.0	3,108 (+0%)	4mo	$450,000	$145	86
3058 N Richards St	0.30mi	8/2.0	2,912 (-6%)	5mo	$155,000	$53	72
3030 N Palmer St #3032	0.36mi	—/—	3,122 (+1%)	14mo	$147,500	$47	71
3240 N Richards St #3242	0.48mi	—/—	3,117 (+0%)	8mo	$235,000	$75	70
808 E Clarke St #810	0.38mi	—/—	3,300 (+6%)	4mo	$365,702	$111	68
3066 N Pierce St	0.22mi	—/—	2,828 (-9%)	9mo	$445,000	$157	68
2931 N 2nd St #2933	0.50mi	8/2.0	3,146 (+2%)	11mo	$115,000	$37	65
3123 N 2nd St Unit 3123 A	0.57mi	4/2.0	2,847 (-8%)	1mo	$84,000	$30	59
2520 N Holton St	0.49mi	4/2.0	2,830 (-9%)	7mo	$105,000	$37	57
930 E Auer Avenue East Ave #932	0.42mi	4/2.0	2,668 (-14%)	6mo	$270,000	$101	52
2518 N 1st St	0.62mi	—/—	3,297 (+6%)	13mo	$500,000	$152	50
905 E Clarke St	0.43mi	—/—	3,546 (+14%)	12mo	$455,000	$128	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.0% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $1,531
• Equity at exit: $45,626

10-year hold

• IRR: 12.1%
• Equity multiple: 2.04×
• Total profit: $89,048
• Equity at exit: $26,457

Cash invested: $85,680 (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 53212

• Rents YoY: 5.0%
• Active inventory: 129
• Price-to-rent: 21.6×

Monthly cashflow live

• Estimated rent: $3,547 high
• Mortgage (P&I): −$1,605
• Tax est. 1.5%: −$382 /mo · $4,590/yr
• Insurance: −$128
• HOA: −$0
• Vacancy / Maint / Mgmt: −$745
• Net cashflow: $687

Break-even live

Break-even rent $2,677

Max offer price $306,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,546
Total (3 units)			$3,547

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: $76,500
• Closing costs: $9,180
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3420 N Vel R. Phillips Ave Unit 3422 Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	43d	1	0.91mi
3420-22 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	43d	1	0.92mi
2012 N Buffum St Milwaukee, WI	3.0	2.5	2200	$2,695	$1.23	43d	1	1.00mi
912 W Hadley St Milwaukee, WI	2.0	1.0	2222	$1,250	$0.56	14d	1	1.02mi
2245 N Lake Dr Unit 2247 Milwaukee, WI	3.0	1.0	2197	$2,495	$1.14	43d	1	1.35mi

Listing history 24 events

1. 2026-06-15
   statusdays on market $306,000 Pending 16 DOM
2. 2026-06-13
   days on market $306,000 Active 15 DOM
3. 2026-06-13
   days on market $306,000 Active 14 DOM
4. 2026-06-09
   days on market $306,000 Active 11 DOM
5. 2026-06-08
   days on market $306,000 Active 10 DOM
6. 2026-06-07
   days on market $306,000 Active 9 DOM
7. 2026-06-05
   days on market $306,000 Active 6 DOM
8. 2026-06-03
   days on market $306,000 Active 5 DOM
9. 2026-06-02
   days on market $306,000 Active 4 DOM
10. 2026-06-01
    days on market $306,000 Active 3 DOM
11. 2026-05-31
    days on marketlisting id $306,000 Active 2 DOM
12. 2026-05-19
    historical 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

13. 2026-05-14
    price $320,900 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

14. 2026-05-07
    price $323,900 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

15. 2026-04-20
    price $324,900 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

16. 2026-04-20
    status Active 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

17. 2026-04-07
    historical Contingent 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

18. 2026-03-25
    price $329,000 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

19. 2026-03-08
    listed $359,000 Active 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

20. 2026-02-28
    historical $359,000 791-char remark

    Show marketing remark (791 chars)

    Riverwest Mixed-use opportunity in Milwaukee's dynamic This adaptable property features a prime commercial studio space suited for a wide range of uses--whether you're envisioning a pizza parlor, creative studio, boutique retail shop, office, or another small business venture. Above & alongside the commercial space, you'll find two residential rental units, offering strong income potential and flexibility for investors or owner-occupants interested in a live/work arrangement. A private fenced backyard adds extra appeal, providing outdoor space for tenants or business use. The location is hard to beat--just minutes from the East Side, and UWM, with convenient access to popular restaurants, cafes, local shops, and the expressway. Also listed as a Two-Family propery MLS #959064

21. 2018-03-15
    soldstatus $156,000 Sold 321-char remark

    Show marketing remark (321 chars)

    Turnkey Riverwest 3 Unit - 1,120 sq ft commercial space zoned LB2 with two additional 1 bedroom apartments and detached garage. Many updates include newer roof, newer porches, newer appliances, and remodeled residential units. Commercial space will be available as of 02/01/2018. Great investment or owner/user property.

22. 2018-03-08
    status Pending 321-char remark

    Show marketing remark (321 chars)

    Turnkey Riverwest 3 Unit - 1,120 sq ft commercial space zoned LB2 with two additional 1 bedroom apartments and detached garage. Many updates include newer roof, newer porches, newer appliances, and remodeled residential units. Commercial space will be available as of 02/01/2018. Great investment or owner/user property.

23. 2018-02-07
    historical Contingent 321-char remark

    Show marketing remark (321 chars)

    Turnkey Riverwest 3 Unit - 1,120 sq ft commercial space zoned LB2 with two additional 1 bedroom apartments and detached garage. Many updates include newer roof, newer porches, newer appliances, and remodeled residential units. Commercial space will be available as of 02/01/2018. Great investment or owner/user property.

24. 2018-01-24
    listed $177,900 Active 321-char remark

    Show marketing remark (321 chars)

    Turnkey Riverwest 3 Unit - 1,120 sq ft commercial space zoned LB2 with two additional 1 bedroom apartments and detached garage. Many updates include newer roof, newer porches, newer appliances, and remodeled residential units. Commercial space will be available as of 02/01/2018. Great investment or owner/user property.

ⓘ 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: $42,564
• − Mortgage interest: −$17,141
• − Property taxes: −$4,590
• − Insurance: −$1,530
• − Repairs & maintenance: −$3,405
• − Management: −$3,405
• − Depreciation: −$8,902
• Taxable income: $3,591
• Est. tax owed @ 24.0%: −$862
• After-tax cash flow: $7,387/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): 28,938
• Household income: $47,298
• Rent vs Own: 65.6% rent · 34.4% own
• Severe rent burden: 2397.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 48% White 35% Hispanic / Latino 12% Two or more races 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6%
• Common ancestry: Romanian 4% Portuguese 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -216.73%
• Current HPI: 385.8225
• Rent YoY: ▲ 5.00%
• 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

+80.4% since first listed

13 events — show timeline

• 2026-05-19 Listing Removed — METROMLS
• 2026-05-14 Price Changed $320,900 METROMLS
• 2026-05-07 Price Changed $323,900 METROMLS
• 2026-04-20 Price Changed $324,900 METROMLS
• 2026-04-20 Relisted — METROMLS
• 2026-04-07 Contingent — METROMLS
• 2026-03-25 Price Changed $329,000 METROMLS
• 2026-03-08 Listed $359,000 METROMLS
• 2026-02-28 Coming Soon $359,000 METROMLS
• 2018-03-15 Sold (MLS) $156,000 METROMLS
• 2018-03-08 Pending — METROMLS
• 2018-02-07 Contingent — METROMLS
• 2018-01-24 Listed $177,900 METROMLS