1826 W State St Unit 1826A · Milwaukee, WI 53233

$165,000

7 bd · 3.0 ba · 2,547 sqft · MultiFamily · 5 Days on market

Built 1874 3,920 sqft lot Est $232k · 29% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.9/10.0
• Rent growth +4.8/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

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

Not one but TWO house on lot!! Front house is tenant occupied and has hardwood floors, formal dining room, walk-in pantry, spacious bath, large eat-in kitchen and 4 bedrooms. Rear home is vacant and turn key ready boosting 3 bedrooms. 2 full baths, new windows, new floors and freshly painted throughout. Conveniently located near the Marquette campus and minutes from downtown. Great investment opportunity. Front tenant paying $850 month to month. Seller can deliver rear house vacant or rented with tenant paying minimum $1800/mo.

Key facts

• 1 mile from downtown
• 2 separate buildings
• Easy bus transit

Tags

• 1 MILE FROM DOWNTOWN
• 2 SEPARATE BUILDINGS
• EASY BUS TRANSIT

Property features AI

Finance

• Other: No inclusions listed; Exclusions: tenants' personal property

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property with 2 houses on one lot; Estimated size range for one unit: 1,251–1,500 sq ft
• Construction: Less than 1/2 acre lot (approximately 0.09 acre); Zoned RT4
• Exterior features: Vinyl exterior

Interior

• Kitchen: Unit 2 kitchen on main level (approx. 16 x 12)
• Bedrooms: Unit 1: 4 bedrooms; Unit 2: 3 bedrooms (master and other bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 2 full bathrooms
• Interior features: Full basement
• Laundry & utility: 2 electric meters; 2 gas meters

🏷️ Possibly a rental listed for sale. The $165,000 price doesn't fit this home's estimated sale value (~$231,777) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Cap rate 16.1% 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 (+9.1%/yr); 5 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $3,147/mo this rent would consume 159% of the median local household income ($24k/yr) (locally 1688% 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 $760 of equity ($1k loan paydown + $-381 appreciation (-0.2% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-0.2% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1874 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,000

Questions for the listing agent

1. Built in 1874 — 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: 1.91% ✓
• Cap rate: 16.08%
• Cash-on-cash: 34.96%
• DSCR: 2.56
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $231,777
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1331 N 22nd St #1333	0.39mi	6/2.0 (-1)	2,634 (+3%)	1mo	$83,000	$32	66
2416 W Mckinley Ave #2418	0.46mi	8/2.0 (+1)	2,636 (+4%)	14mo	$248,500	$94	52
1302 N 26th St #1304	0.57mi	6/2.0 (-1)	2,318 (-9%)	0mo	$210,900	$91	49
2707 W Highland Blvd #2709	0.60mi	6/3.0 (-1)	2,806 (+10%)	2mo	$280,000	$100	48
1242 N 24th Pl #1244	0.45mi	6/2.0 (-1)	2,796 (+10%)	22mo	$190,000	$68	35
2849 W Juneau Ave #2951	0.73mi	6/2.0 (-1)	2,870 (+13%)	15mo	$120,000	$42	23

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

Projected returns pro-forma

-0.23% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 40.2%
• Equity multiple: 3.07×
• Total profit: $95,788
• Equity at exit: $46,016

10-year hold

• IRR: 46.0%
• Equity multiple: 7.26×
• Total profit: $289,330
• Equity at exit: $53,822

Cash invested: $46,200 (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 53233

• Home prices YoY: -0.0%
• Rents YoY: 9.1%
• Active inventory: 5
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $3,147 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$661
• Net cashflow: $1,346

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
1× unit	4	1.5	$1,526
1× unit	3	1	$1,621
Total (2 units)			$3,147

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2028 W Michigan St Milwaukee, WI	6.0	2.0	2005	$2,450	$1.22	10d	1	0.39mi

Listing history 6 events

1. 2026-06-18
   days on market $165,000 Active 5 DOM
2. 2026-06-17
   days on market $165,000 Active 4 DOM
3. 2026-06-16
   days on market $165,000 Active 3 DOM
4. 2026-06-15
   days on market $165,000 Active 2 DOM
5. 2026-06-13
   remarks 483-char remark
6. 2026-06-13
   listed $165,000 Active 1 DOM

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,764
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$3,021
• − Management: −$3,021
• − Depreciation: −$4,800
• Taxable income: $14,379
• Est. tax owed @ 24.0%: −$3,451
• After-tax cash flow: $12,699/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): 14,497
• Household income: $23,750
• Rent vs Own: 97.1% rent · 2.9% own
• Severe rent burden: 1688.0

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 0.68)
• Race & ethnicity: White 44% Black 33% Hispanic / Latino 11% Two or more races 8% Asian 6% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 6% Portuguese 2% Lithuanian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 6% Other Asian/Pacific 2% Other Indo-European 1%

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: ▼ -0.23%
• Current HPI: 836.8089
• Rent YoY: ▲ 9.14%
• 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

+50.0% since first listed

23 events — show timeline

• 2026-06-12 Listed $165,000 METROMLS
• 2024-12-12 Sold (MLS) $160,000 METROMLS
• 2024-11-08 Contingent — METROMLS
• 2024-10-31 Listed $159,900 METROMLS
• 2023-12-04 Sold (MLS) $70,000 METROMLS
• 2023-11-29 Contingent — METROMLS
• 2023-11-26 Price Changed $88,900 METROMLS
• 2023-11-22 Listing Removed — METROMLS
• 2023-11-22 Listed $89,900 METROMLS
• 2023-11-16 Price Changed $100,000 METROMLS
• 2023-11-07 Price Changed $119,900 METROMLS
• 2023-11-06 Price Changed $99,900 METROMLS
• 2023-10-27 Price Changed $119,900 METROMLS
• 2023-10-25 Price Changed $129,900 METROMLS
• 2023-10-23 Price Changed $139,900 METROMLS
• 2023-10-11 Listed $149,900 METROMLS
• 2019-02-22 Sold (MLS) $90,000 METROMLS
• 2019-02-15 Pending — METROMLS
• 2019-02-11 Contingent — METROMLS
• 2019-01-21 Relisted — METROMLS
• 2019-01-15 Contingent — METROMLS
• 2018-10-23 Price Changed $99,000 METROMLS
• 2018-08-29 Listed $110,000 METROMLS