3299 N 9th St · Milwaukee, WI 53206

$174,900

3 bd · 2.0 ba · 2,006 sqft · MultiFamily public records · 90 Days on market

Built 1926 3,920 sqft lot

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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 +22.2/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +6.7/10.0
• Rent growth +4.6/5.0
• 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: 2 units. confirmed

Listing remarks MLS

This wonderful home has so much to offer. Natural woodwork, built in china cabinets, sunroom, large yard, detach garage. Can be used as a single familyl or duplex, nice for growing family. Upper also has an addition kitchen! This could be used as a 5th bedroom if converted-many options, many possibilities. Motivated seller

Key facts

• 3,920 sq ft lot
• 2 garage spots
• Built 1926

Property features AI

Finance

• Other: Property contains 2 units; Seller and tenants' personal property excluded from sale

Exterior

• Parking: Detached 2-car garage; 1 additional off-street parking space
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story multi-family building; Zoning: RT4
• Construction: Less than 1/2 acre lot (approx. 0.09 acre)
• Exterior features: Aluminum/steel siding

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 12 x 10); Oven/stove (2); Refrigerator (2); Microwave (2)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 1 bedroom (upper level, approx. 11 x 11)
• Bathrooms: Unit 1: 1 full bath and 1 half bath; Unit 2: 1 full bath
• Interior features: Full block basement
• Laundry & utility: Washer and dryer included; 2 electric meters, 1 gas meter

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.5-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $286 ($3k/yr) — positive. Per door: $143/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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); 150 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $2,046/mo this rent would consume 84% 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 $19k of equity ($1k loan paydown + $17k 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 $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y 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.
• Current owner paid $23k; list at $175k implies a 660% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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 1926 — 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: 1.17% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $82,246
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3258 N 12th St #3260	0.17mi	4/2.0 (+1)	2,086 (+4%)	3mo	$51,000	$24	78
3283 N 14th St #3285	0.32mi	4/2.0 (+1)	2,044 (+2%)	2mo	$80,000	$39	75
3328 N 13th St #3330	0.23mi	4/2.0 (+1)	2,176 (+8%)	6mo	$130,000	$60	65
608 W Burleigh St #610	0.32mi	4/2.0 (+1)	2,174 (+8%)	3mo	$112,000	$52	64
3065 N 10th St	0.30mi	4/2.0 (+1)	1,753 (-13%)	2mo	$60,000	$34	58
3613 N 11th St	0.36mi	4/2.0 (+1)	2,197 (+10%)	6mo	$35,000	$16	57
3701 N 14th St #3703	0.52mi	4/2.0 (+1)	2,174 (+8%)	4mo	$90,000	$41	53
3047 N 12th St	0.39mi	4/2.0 (+1)	1,774 (-12%)	6mo	$28,000	$16	53
3905 N 13th St #3907	0.67mi	4/2.0 (+1)	1,884 (-6%)	2mo	$144,500	$77	52
3748 N 17th St	0.67mi	4/2.0 (+1)	2,161 (+8%)	2mo	$80,000	$37	49
3341 N 3rd St #3343	0.44mi	4/2.0 (+1)	2,292 (+14%)	4mo	$109,000	$48	48
3906 N 6th St #3908	0.71mi	4/2.0 (+1)	2,223 (+11%)	4mo	$134,900	$61	40

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: 31.7%
• Equity multiple: 3.54×
• Total profit: $124,388
• Equity at exit: $157,564

10-year hold

• IRR: 29.2%
• Equity multiple: 8.74×
• Total profit: $378,975
• Equity at exit: $339,792

Cash invested: $48,972 (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: 150
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $2,046 high
• Mortgage (P&I): −$917
• Tax from tax record: −$340 /mo · $4,083/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $286

Break-even live

Break-even rent $1,684

Max offer price $174,900

Occupancy floor 81%

Sensitivity live

Price	-10% $385	-5% $335	+0% $286	+5% $236	+10% $187
Rent	-10% $124	-5% $205	+0% $286	+5% $367	+10% $448
Rate	-1.0pp $374	-0.5pp $330	base $286	+0.5pp $241	+1.0pp $195

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1.5	$2,046
Total (2 units)			$2,046

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3420-22 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	44d	1	0.42mi
3420 N Vel R. Phillips Ave Unit 3422 Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	44d	1	0.43mi
912 W Hadley St Milwaukee, WI	2.0	1.0	2222	$1,250	$0.56	15d	1	0.65mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	24d	1	0.78mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	24d	1	0.81mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.19mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	1.29mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	44d	1	1.35mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	17d	1	1.43mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	24d	1	1.46mi

Listing history 29 events

1. 2026-06-18
   days on market $174,900 Active 90 DOM
2. 2026-06-17
   days on market $174,900 Active 89 DOM
3. 2026-06-16
   days on market $174,900 Active 88 DOM
4. 2026-06-15
   days on market $174,900 Active 87 DOM
5. 2026-06-13
   days on market $174,900 Active 85 DOM
6. 2026-06-13
   days on market $174,900 Active 84 DOM
7. 2026-06-09
   days on market $174,900 Active 81 DOM
8. 2026-06-08
   days on market $174,900 Active 80 DOM
9. 2026-06-07
   days on market $174,900 Active 79 DOM
10. 2026-06-05
    days on market $174,900 Active 76 DOM
11. 2026-06-03
    days on market $174,900 Active 75 DOM
12. 2026-06-02
    days on market $174,900 Active 74 DOM
13. 2026-06-01
    days on market $174,900 Active 73 DOM
14. 2026-05-31
    days on market $174,900 Active 72 DOM
15. 2026-03-24
    historical Contingent
16. 2026-03-20
    listed $174,900 Active
17. 2026-03-18
    historical $174,900
18. 2013-02-02
    listed $67,000 325-char remark

    Show marketing remark (343 chars)

    This wonderful home has so much to offer a new owner. Natural woodwork, built in china cabinets, sunroom, large yard, detach garage. Can be used as a single family or duplex-nice home for growing family, upper also has an additional kitchen, could be used as an additional bedroom if converted-Many options many possiblities. Motivated seller!

19. 2013-02-02
    historical 325-char remark

    Show marketing remark (343 chars)

    This wonderful home has so much to offer a new owner. Natural woodwork, built in china cabinets, sunroom, large yard, detach garage. Can be used as a single family or duplex-nice home for growing family, upper also has an additional kitchen, could be used as an additional bedroom if converted-Many options many possiblities. Motivated seller!

20. 2013-02-02
    listed $90,000 343-char remark

    Show marketing remark (343 chars)

    This wonderful home has so much to offer a new owner. Natural woodwork, built in china cabinets, sunroom, large yard, detach garage. Can be used as a single family or duplex-nice home for growing family, upper also has an additional kitchen, could be used as an additional bedroom if converted-Many options many possiblities. Motivated seller!

21. 2013-02-02
    historical 343-char remark

    Show marketing remark (343 chars)

    This wonderful home has so much to offer a new owner. Natural woodwork, built in china cabinets, sunroom, large yard, detach garage. Can be used as a single family or duplex-nice home for growing family, upper also has an additional kitchen, could be used as an additional bedroom if converted-Many options many possiblities. Motivated seller!

22. 2012-10-10
    listed $24,900
23. 2012-10-10
    historical
24. 2012-10-10
    historical
25. 2012-10-10
    listed $90,000
26. 2012-10-09
    historical
27. 2012-10-09
    listed $67,000
28. 2008-09-05
    soldstatus $23,000
29. 2006-07-24
    soldstatus $81,000

ⓘ 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: $4,083 · $340/mo
• Projected year-2 tax: $4,083 · $340/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: $24,552
• − Mortgage interest: −$9,797
• − Property taxes: −$4,083
• − Insurance: −$874
• − Repairs & maintenance: −$1,964
• − Management: −$1,964
• − Depreciation: −$5,088
• Taxable income: $781
• Est. tax owed @ 24.0%: −$187
• After-tax cash flow: $3,244/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): 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

+115.9% since first listed

15 events — show timeline

• 2026-03-24 Contingent — METROMLS
• 2026-03-20 Listed $174,900 METROMLS
• 2026-03-18 Coming Soon $174,900 METROMLS
• 2013-02-02 Listing Removed — METROMLS
• 2013-02-02 Listed $67,000 METROMLS
• 2013-02-02 Listing Removed — METROMLS
• 2013-02-02 Listed $90,000 METROMLS
• 2012-10-10 Listing Removed — METROMLS
• 2012-10-10 Listed $24,900 METROMLS
• 2012-10-10 Listed $90,000 METROMLS
• 2012-10-10 Listing Removed — METROMLS
• 2012-10-09 Listed $67,000 METROMLS
• 2012-10-09 Listing Removed — METROMLS
• 2008-09-05 Sold (MLS) $23,000 METROMLS
• 2006-07-24 Sold (Public Records) $81,000 Public Records

Property tax history

+13.5%/yr

Latest (2024): $4,083 · +59.3% YoY. Source: county tax records.