2628 W Auer Ave #2630 · Milwaukee, WI 53206

$140,000

4 bd · 2.0 ba · 2,260 sqft · MultiFamily · 93 Days on market

Built 1916 Good condition 6,098 sqft lot $62/sqft · 56% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 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

Step into a blend of timeless character and modern convenience in this charming two-family bungalow. This property radiates warmth, featuring gorgeous original woodwork and classic leaded glass cabinets that preserve its historic soul. $2500.00 monthly income. Both the upper and lower units offer a comfortable 2-bedroom layout, each with its own private entrance--perfect for a savvy investor or an owner-occupant looking to have their mortgage paid by a tenant. You'll find fresh paint throughout and durable, brand-new luxury vinyl flooring that stands up to daily life while looking sleek and modern. New Windows!

Key facts

• Fenced-in side yard
• Private entrance
• Original woodwork

Tags

• ORIGINAL WOODWORK
• LEADED GLASS CABINETS
• PRIVATE ENTRANCE
• LUXURY VINYL FLOORING
• NEW WINDOWS
• FENCED-IN SIDE YARD

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $742 ($9k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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); 160 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $2,164/mo this rent would consume 89% 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 $15k of equity ($968 loan paydown + $14k 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 $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% 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 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.55% ✓
• Cap rate: 12.65%
• Cash-on-cash: 22.72%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $89,742
• List price: $140,000
• Delta: 56.00%
• 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
3382 N 23rd St #3384	0.39mi	4/2.0	2,266 (+0%)	0mo	$152,435	$67	81
3202 N 24th St #3204	0.25mi	4/2.0	2,169 (-4%)	2mo	$165,000	$76	80
3218 N 26th St	0.06mi	4/2.0	1,986 (-12%)	3mo	$165,000	$83	74
2463 W Chambers St #2465	0.31mi	5/2.0 (+1)	2,318 (+3%)	2mo	$50,000	$22	74
3381 N 21st St #3383	0.48mi	4/2.0	2,364 (+5%)	2mo	$71,000	$30	69
2931 W Chambers St #2933	0.34mi	5/2.0 (+1)	2,080 (-8%)	3mo	$116,000	$56	64
2020 W Hopkins St	0.47mi	4/2.0	2,050 (-9%)	0mo	$105,000	$51	62
3381 N 22nd St	0.43mi	4/2.0	2,043 (-10%)	3mo	$49,900	$24	62
3068 N 34th St Unit 3068A	0.48mi	5/2.0 (+1)	2,087 (-8%)	0mo	$110,000	$53	60
3607 N 20th St	0.65mi	4/2.0	2,046 (-10%)	2mo	$115,000	$56	52
3166 N 39th St #3168	0.75mi	4/2.0	2,064 (-9%)	2mo	$145,000	$70	49
3148 N 39th St #3150	0.75mi	4/2.0	2,044 (-10%)	2mo	$128,888	$63	48

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: 44.1%
• Equity multiple: 4.44×
• Total profit: $134,978
• Equity at exit: $126,123

10-year hold

• IRR: 40.3%
• Equity multiple: 10.92×
• Total profit: $388,719
• Equity at exit: $271,989

Cash invested: $39,200 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,164 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $742

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 61%

Sensitivity live

Price	-10% $839	-5% $790	+0% $742	+5% $694	+10% $645
Rent	-10% $571	-5% $657	+0% $742	+5% $828	+10% $913
Rate	-1.0pp $813	-0.5pp $778	base $742	+0.5pp $706	+1.0pp $669

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,164
Total (2 units)			$2,164

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	25d	1	0.16mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	45d	1	0.96mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	3d	1	1.10mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	19d	1	1.42mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	5d	1	1.49mi

Listing history 18 events

1. 2026-06-21
   days on market $140,000 Active 93 DOM
2. 2026-06-18
   days on market $140,000 Active 90 DOM
3. 2026-06-17
   days on market $140,000 Active 89 DOM
4. 2026-06-16
   days on market $140,000 Active 88 DOM
5. 2026-06-15
   days on market $140,000 Active 87 DOM
6. 2026-06-13
   days on market $140,000 Active 85 DOM
7. 2026-06-13
   days on market $140,000 Active 84 DOM
8. 2026-06-09
   days on market $140,000 Active 81 DOM
9. 2026-06-08
   days on market $140,000 Active 80 DOM
10. 2026-06-07
    days on market $140,000 Active 79 DOM
11. 2026-06-05
    days on market $140,000 Active 76 DOM
12. 2026-06-03
    days on market $140,000 Active 75 DOM
13. 2026-06-02
    days on market $140,000 Active 74 DOM
14. 2026-06-01
    days on market $140,000 Active 73 DOM
15. 2026-05-31
    days on market $140,000 Active 72 DOM
16. 2026-04-17
    status Active 618-char remark

    Show marketing remark (618 chars)

    Step into a blend of timeless character and modern convenience in this charming two-family bungalow. This property radiates warmth, featuring gorgeous original woodwork and classic leaded glass cabinets that preserve its historic soul. $2500.00 monthly income. Both the upper and lower units offer a comfortable 2-bedroom layout, each with its own private entrance--perfect for a savvy investor or an owner-occupant looking to have their mortgage paid by a tenant. You'll find fresh paint throughout and durable, brand-new luxury vinyl flooring that stands up to daily life while looking sleek and modern. New Windows!

17. 2026-04-08
    historical Contingent 618-char remark

    Show marketing remark (618 chars)

    Step into a blend of timeless character and modern convenience in this charming two-family bungalow. This property radiates warmth, featuring gorgeous original woodwork and classic leaded glass cabinets that preserve its historic soul. $2500.00 monthly income. Both the upper and lower units offer a comfortable 2-bedroom layout, each with its own private entrance--perfect for a savvy investor or an owner-occupant looking to have their mortgage paid by a tenant. You'll find fresh paint throughout and durable, brand-new luxury vinyl flooring that stands up to daily life while looking sleek and modern. New Windows!

18. 2026-03-20
    listed $140,000 Active 618-char remark

    Show marketing remark (618 chars)

    Step into a blend of timeless character and modern convenience in this charming two-family bungalow. This property radiates warmth, featuring gorgeous original woodwork and classic leaded glass cabinets that preserve its historic soul. $2500.00 monthly income. Both the upper and lower units offer a comfortable 2-bedroom layout, each with its own private entrance--perfect for a savvy investor or an owner-occupant looking to have their mortgage paid by a tenant. You'll find fresh paint throughout and durable, brand-new luxury vinyl flooring that stands up to daily life while looking sleek and modern. New Windows!

ⓘ 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: $25,968
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$2,077
• − Management: −$2,077
• − Depreciation: −$4,073
• Taxable income: $7,098
• Est. tax owed @ 24.0%: −$1,704
• After-tax cash flow: $7,201/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

Good 75/100 Cosmetic rehab

This two-family bungalow is in good condition with fresh updates, making it a great investment opportunity for both resale and rental.

Value-add opportunities

• Both Painting the exterior and interior — Enhances curb appeal and interior aesthetics.
• Both Landscaping the yard — Improves curb appeal and adds value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping the yard — Improves curb appeal and adds value to the property. ↑

ⓘ 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

3 events — show timeline

• 2026-04-17 Relisted — METROMLS
• 2026-04-08 Contingent — METROMLS
• 2026-03-20 Listed $140,000 METROMLS