3033 N 28th St · Milwaukee, WI 53210

$59,900

4 bd · 2.0 ba · 2,026 sqft · MultiFamily public records · 148 Days on market

Built 1924 3,484 sqft lot $30/sqft · 44% below area Est $107k · 44% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

4 bed, 2 bath duplex in a good rental area. This property offers lots of income potential for investors.

Key facts

• 3,484 sq ft lot
• Built 1924
• Listed 148 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $596/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.2% 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 (+3.8%/yr); 142 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,219/mo this rent would consume 55% of the median local household income ($48k/yr) (locally 1730% 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 $414 of loan paydown is wiped out by about $2k 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 + 3.8% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $30k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2k; list at $60k implies a 2296% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.5% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 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. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.70% ✓
• Cap rate: 30.16%
• Cash-on-cash: 85.24%
• DSCR: 4.79
• GRM: 2.2

CMA / ARV

• ARV (median comp): $106,946
• List price: $59,900
• Delta: -43.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2972 N 28th St	0.08mi	4/2.0	1,757 (-13%)	0mo	$141,806	$81	74
3068 N 34th St Unit 3068A	0.36mi	5/2.0 (+1)	2,087 (+3%)	0mo	$110,000	$53	73
2847 N 26th St	0.26mi	4/2.0	1,863 (-8%)	2mo	$70,000	$38	72
2020 W Hopkins St	0.58mi	4/2.0	2,050 (+1%)	0mo	$105,000	$51	71
2873 N 34th St #2875	0.43mi	4/2.0	1,888 (-7%)	1mo	$108,500	$57	67
3148 N 39th St #3150	0.67mi	4/2.0	2,044 (+1%)	2mo	$128,888	$63	66
3166 N 39th St #3168	0.68mi	4/2.0	2,064 (+2%)	2mo	$145,000	$70	64
2463 W Chambers St #2465	0.25mi	5/2.0 (+1)	2,318 (+14%)	2mo	$50,000	$22	58
2760 N 35th St Unit 2760A	0.54mi	5/2.0 (+1)	1,897 (-6%)	2mo	$107,500	$57	57
3260 N 34th St Unit 3260A	0.46mi	4/2.0	1,776 (-12%)	2mo	$86,000	$48	56
3382 N 23rd St #3384	0.61mi	4/2.0	2,266 (+12%)	0mo	$152,435	$67	52
2450 W Keefe Ave #2452	0.64mi	3/2.0 (-1)	1,831 (-10%)	1mo	$35,000	$19	48

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 86.8%
• Equity multiple: 5.06×
• Total profit: $68,143
• Equity at exit: $8,931

10-year hold

• IRR: 90.1%
• Equity multiple: 10.85×
• Total profit: $165,250
• Equity at exit: $5,179

Cash invested: $16,772 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,219 high
• Mortgage (P&I): −$314
• Tax from tax record: −$223 /mo · $2,671/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $1,191

Break-even live

Break-even rent $711

Max offer price $59,900

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,220
Total (2 units)			$2,219

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 9 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	23d	1	0.38mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.56mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	0.65mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.75mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	0.86mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	43d	1	1.09mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.29mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.33mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	1.33mi

Listing history 24 events

1. 2026-06-18
   days on market $59,900 Active 148 DOM
2. 2026-06-17
   days on market $59,900 Active 147 DOM
3. 2026-06-16
   days on market $59,900 Active 146 DOM
4. 2026-06-15
   days on market $59,900 Active 145 DOM
5. 2026-06-13
   days on market $59,900 Active 143 DOM
6. 2026-06-13
   days on market $59,900 Active 142 DOM
7. 2026-06-09
   days on market $59,900 Active 139 DOM
8. 2026-06-08
   days on market $59,900 Active 138 DOM
9. 2026-06-07
   days on market $59,900 Active 137 DOM
10. 2026-06-05
    pricedays on market $59,900 Active 134 DOM
11. 2026-06-03
    days on market $69,000 Active 133 DOM
12. 2026-06-02
    days on market $69,000 Active 132 DOM
13. 2026-06-01
    days on market $69,000 Active 131 DOM
14. 2026-05-31
    days on market $69,000 Active 130 DOM
15. 2026-04-22
    price $69,000 104-char remark

    Show marketing remark (104 chars)

    4 bed, 2 bath duplex in a good rental area. This property offers lots of income potential for investors.

16. 2026-04-17
    status Active 104-char remark

    Show marketing remark (104 chars)

    4 bed, 2 bath duplex in a good rental area. This property offers lots of income potential for investors.

17. 2026-04-16
    historical 104-char remark

    Show marketing remark (104 chars)

    4 bed, 2 bath duplex in a good rental area. This property offers lots of income potential for investors.

18. 2026-03-12
    price $79,000 104-char remark

    Show marketing remark (104 chars)

    4 bed, 2 bath duplex in a good rental area. This property offers lots of income potential for investors.

19. 2026-01-15
    listed $89,900 Active 104-char remark

    Show marketing remark (104 chars)

    4 bed, 2 bath duplex in a good rental area. This property offers lots of income potential for investors.

20. 2024-10-11
    status Pending 76-char remark

    Show marketing remark (76 chars)

    This 2/2 Duplex features 4 Bedrooms, and 2 Full Baths! Home needs some work!

21. 2024-10-08
    historical 76-char remark

    Show marketing remark (76 chars)

    This 2/2 Duplex features 4 Bedrooms, and 2 Full Baths! Home needs some work!

22. 2024-06-30
    listed $81,500 Active 76-char remark

    Show marketing remark (76 chars)

    This 2/2 Duplex features 4 Bedrooms, and 2 Full Baths! Home needs some work!

23. 2020-04-22
    soldstatus $2,500 Sold
24. 2017-06-19
    listed $2,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $2,671 · $223/mo
• Projected year-2 tax: $2,671 · $223/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $26,628
• − Mortgage interest: −$3,355
• − Property taxes: −$2,671
• − Insurance: −$300
• − Repairs & maintenance: −$2,130
• − Management: −$2,130
• − Depreciation: −$1,743
• Taxable income: $14,299
• Est. tax owed @ 24.0%: −$3,432
• After-tax cash flow: $10,865/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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% 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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

+2279.3% since first listed

10 events — show timeline

• 2026-04-22 Price Changed $69,000 METROMLS
• 2026-04-17 Relisted — METROMLS
• 2026-04-16 Listing Removed — METROMLS
• 2026-03-12 Price Changed $79,000 METROMLS
• 2026-01-15 Listed $89,900 METROMLS
• 2024-10-11 Pending — METROMLS
• 2024-10-08 Listing Removed — METROMLS
• 2024-06-30 Listed $81,500 METROMLS
• 2020-04-22 Sold (MLS) $2,500 METROMLS
• 2017-06-19 Listed $2,900 METROMLS

Property tax history

+2.8%/yr

Latest (2024): $2,671 · +42.4% YoY. Source: county tax records.