2728 S 83rd Pl #2730 · West Allis, WI 53219

$190,900

3 bd · 2.0 ba · 1,200 sqft · MultiFamily · 49 Days on market

Built 1953 Poor condition 6,969 sqft lot Est $270k · 29% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +1.9/10.0
• Condition / age +1.0/5.0
• 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

Cash offers. Needs work. FREEZE DAMAGE/MISSING PLUMBING. Brick/Aluminum 2 bedrooms, living room, kitchen, and bath on main level. Upper has kitchen, living room, bathroom, and one bedroom. separate utilities. Full basement. One car attached garage.

Key facts

• 6,969 sq ft lot
• Garage
• Built 1953

Property features AI

Finance

• Financial info: Multi-family property (2 units)

Exterior

• Parking: Attached 1-car garage
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 1.5-story multi-family building; Two-unit building
• Construction: Brick/stone construction; Basement: full, block (see Interior)
• Exterior features: Brick exterior; Property zoned Res RS-2; Lot is approximately 0.16 acre (less than 1/2 acre)

Interior

• Kitchen: Unit 2 kitchen located on upper level (approx. 11 x 9)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 1 bedroom (master on upper level, approx. 8 x 8)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement
• Laundry & utility: Separate meters: 2 electric meters, 2 gas meters

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $191k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $775 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $191k).
• Recommended offer: $185k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 4.3% in West Allis — 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 79/100 on livability (#69 in WI, #1,958 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• West Allis-West Milwaukee School District (urban): math 17% / reading 26% proficiency, ranked #328 of 342 in WI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+5.1%/yr); 55 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,651/mo this rent would consume 45% of the median local household income ($70k/yr) (locally 902% 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 $1k of loan paydown is wiped out by about $6k 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 + 5.1% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 3 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 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,173 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.39% ✓
• Cap rate: 11.16%
• Cash-on-cash: 17.40%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $270,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8309 W Cleveland Ave	0.06mi	3/2.0	1,335 (+11%)	24mo	$300,000	$225	59
2175 S 83rd St #2177	0.68mi	4/2.0 (+1)	1,355 (+13%)	3mo	$305,000	$225	39

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 · 5.09% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.45×
• Total profit: $24,158
• Equity at exit: $28,464

10-year hold

• IRR: 21.8%
• Equity multiple: 3.04×
• Total profit: $109,133
• Equity at exit: $16,506

Cash invested: $53,452 (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 53219

• Home prices YoY: -29.8%
• Rents YoY: 5.1%
• Active inventory: 55
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,651 high
• Mortgage (P&I): −$1,001
• Tax est. 1.5%: −$239 /mo · $2,864/yr
• Insurance: −$80
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $775

Break-even live

Break-even rent $1,670

Max offer price $190,900

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,434
1× unit	1	1	$1,217
Total (2 units)			$2,651

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: $47,725
• Closing costs: $5,727
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7745 W Beloit Rd Milwaukee, WI	3.0	1.5	1500	$1,875	$1.25	3d	1	0.33mi
2238 S 82nd St Milwaukee, WI	2.0	1.0	1000	$1,360	$1.36	3d	1	0.56mi
9060 W Oklahoma Ave West Allis, WI	2.0	2.0	850	$1,624	$1.91	23d	3	0.64mi
9304 W Hayes Ave Milwaukee, WI	2.0	1.0	1000	$1,600	$1.60	23d	1	0.79mi
2122 S 77th St Milwaukee, WI	4.0	1.5	1434	$1,895	$1.32	14d	1	0.84mi
2034 S 81st St West Allis, WI	2.0	1.0	900	$1,800	$2.00	3d	1	0.86mi
8734 W Becher St Milwaukee, WI	2.0	1.0	1500	$2,300	$1.53	12d	1	0.86mi
9129 W National Ave Unit 4 Milwaukee, WI	2.0	1.0	1090	$1,225	$1.12	3d	1	0.87mi
2028 S 81st St West Allis, WI	2.0	1.0	930	$1,600	$1.72	23d	1	0.87mi
2640 S 69th St #2642 Milwaukee, WI	2.0	1.0	1200	$1,549	$1.29	43d	1	0.88mi
8530 W National Ave West Allis, WI	1.0–3.0	1.0–2.0	1037	$3,050	$2.94	1d	6	1.00mi
3541 S 92nd St Unit NA Milwaukee, WI	2.0	1.0	700	$1,500	$2.14	43d	1	1.20mi
3541 S 92nd St Milwaukee, WI	2.0	1.0	700	$1,500	$2.14	17d	1	1.20mi
1501 S 84th St Unit 8405 Upper West Allis, WI	2.0	1.0	950	$1,195	$1.26	3d	1	1.31mi
1482 S 84th St Milwaukee, WI	1.0–2.0	1.0–2.0	1082	$2,500	$2.31	1d	32	1.35mi
1732 S 71st St Unit 1732 West Allis, WI	3.0	1.0	912	$1,795	$1.97	12d	1	1.36mi
1553 S 75th St Unit 1553 West Allis, WI	2.0	1.0	1008	$1,595	$1.58	3d	1	1.39mi
1467 S 78th St Milwaukee, WI	2.0	1.0	1000	$1,500	$1.50	12d	1	1.42mi
1427 S 86th St West Allis, WI	3.0	1.0	998	$1,399	$1.40	12d	1	1.45mi
6901 W Mitchell St Unit 6903 West Allis, WI	2.0	1.0	800	$945	$1.18	3d	1	1.45mi
6901 W Mitchell St Unit 6903 West Allis, WI	2.0	1.0	800	$1,150	$1.44	23d	1	1.45mi

Listing history 7 events

1. 2026-05-12
   status Pending
2. 2026-05-01
   price $190,900
3. 2026-05-01
   status Active
4. 2026-04-24
   status Pending
5. 2026-03-12
   listed $194,900 Active
6. 2025-03-25
   historical
7. 2025-02-13
   listed $160,000 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 ≥99°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,812
• − Mortgage interest: −$10,693
• − Property taxes: −$2,864
• − Insurance: −$954
• − Repairs & maintenance: −$2,545
• − Management: −$2,545
• − Depreciation: −$5,553
• Taxable income: $6,657
• Est. tax owed @ 24.0%: −$1,598
• After-tax cash flow: $7,703/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 · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates, including painting, flooring replacement, and new windows, to bring it up to a move-in-ready condition.

Repairs flagged

• Major Paint — Peeling paint on interior walls
• Major Flooring — Worn hardwood flooring
• Major Windows — No windows visible, may need replacement

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace flooring — New flooring improves living space and adds value
• Both Install new windows — New windows improve energy efficiency and curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Peeling paint on interior walls	Major	$15,000–50,000
Flooring · Worn hardwood flooring	Major	$15,000–50,000
Windows · No windows visible, may need replacement	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace flooring — New flooring improves living space and adds value ↑
• Both Install new windows — New windows improve energy efficiency and curb appeal ↑

ⓘ 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: West Allis-West Milwaukee School District
• NCES district ID: 5516260
• Math proficiency: 17% ▼ -16.00%
• Reading proficiency: 26% ▼ -12.00%
• Median HH income: $45,620
• Composite: 18.71/100
• National rank: #8881
• State rank: #328 of 342 in WI

Livability — West Allis

• Score: 79/100
• State rank: #69
• US rank: #1958

Category grades

Amenities F Commute A+ Cost of living A+ Crime C+ Employment C+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Allis, WI
• County: Milwaukee County · 926,379 people
• City population: 57,365
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 34,764
• Household income: $70,388
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 902.0

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 0.56)
• Race & ethnicity: White 59% Hispanic / Latino 31% Two or more races 16% Black 5% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 22% Puerto Rican 7%
• Common ancestry: Romanian 12% Portuguese 3% Lithuanian 3%
• Foreign-born: 10% · Canada, Philippines, China
• Languages at home: 77% English-only · Spanish 19% Other Asian/Pacific 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: ▼ -118.46%
• Current HPI: 278.8314
• Rent YoY: ▲ 5.09%
• 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

+19.3% since first listed

7 events — show timeline

• 2026-05-12 Pending — METROMLS
• 2026-05-01 Price Changed $190,900 METROMLS
• 2026-05-01 Relisted — METROMLS
• 2026-04-24 Pending — METROMLS
• 2026-03-12 Listed $194,900 METROMLS
• 2025-03-25 Listing Removed — METROMLS
• 2025-02-13 Listed $160,000 METROMLS