10817 W Appleton Ave #10819 · Milwaukee, WI 53225

$249,900

6 bd · 3.0 ba · 2,451 sqft · MultiFamily · 3 Days on market

Built 1972 Good condition 8,276 sqft lot Est $279k · 11% under

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Why this score? — see what drove the C 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 +20.9/30.0
• ARV discount +12.3/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Rare Opportunity for a great investment in this Spacious Townhouse with close proximity to the highway and shopping! Each unit features huge Living Room with Dine in Kitchen and Half bath. Upper level has 3 nice sized Bedrooms and Full Bath. Both units feature private basements with ample storage! No garage, but multiple parking spaces for tenants, family and guests! Newer Water heaters, Unit #10819 NEW furnace and Brand NEW Townhouse Roof! This is it!

Key facts

• 8,276 sq ft lot
• Parking
• Built 1972

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 8.0% 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 (+7.1%/yr); 45 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,628/mo this rent would consume 56% of the median local household income ($57k/yr) (locally 1391% 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 $2k of loan paydown is wiped out by about $7k 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 + 7.1% rent growth), your $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $249,900

Questions for the listing agent

1. Built in 1972 — 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: 1.05% ✓
• Cap rate: 7.97%
• Cash-on-cash: 5.99%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $279,414
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10817 W Appleton Ave #10819	0.00mi	6/3.0	2,451 (0%)	1mo	$261,000	$106	99
10743 W Appleton Ave #10745	0.08mi	6/3.0	2,451 (0%)	2mo	$281,000	$115	94
6021 N 109th St #6023	0.07mi	6/3.0	2,451 (0%)	6mo	$330,000	$135	91
10939 W Langlade St #10941	0.09mi	6/3.0	2,451 (0%)	6mo	$280,000	$114	91
10753 W Appleton Ave #10755	0.07mi	6/3.0	2,451 (0%)	7mo	$323,500	$132	90
11139 W Langlade St #11141	0.20mi	6/3.0	2,451 (0%)	1mo	$385,000	$157	90
10837 W Appleton Ave #10839	0.02mi	6/6.0	2,451 (0%)	7mo	$260,000	$106	81
6467 N 105th St #6469	0.58mi	6/3.0	2,504 (+2%)	4mo	$206,000	$82	66
11740 W Flagg Ave #11742	0.64mi	6/3.0	2,432 (-1%)	9mo	$295,000	$121	61
6536 N 106th St #6538	0.68mi	6/3.0	2,402 (-2%)	6mo	$215,000	$90	60
10412 W Kiehnau Ave #10414	0.70mi	6/3.0	2,402 (-2%)	10mo	$200,000	$83	56
10123 W Kiehnau Ave #10125	0.68mi	6/3.0	2,749 (+12%)	8mo	$300,000	$109	41

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 · 7.14% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.90×
• Total profit: $-6,817
• Equity at exit: $37,261

10-year hold

• IRR: 11.3%
• Equity multiple: 2.06×
• Total profit: $73,823
• Equity at exit: $21,607

Cash invested: $69,972 (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 53225

• Home prices YoY: -21.1%
• Rents YoY: 7.1%
• Active inventory: 45
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $2,628 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $349

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 82%

Sensitivity live

Price	-10% $522	-5% $435	+0% $349	+5% $263	+10% $176
Rent	-10% $142	-5% $245	+0% $349	+5% $453	+10% $557
Rate	-1.0pp $475	-0.5pp $413	base $349	+0.5pp $284	+1.0pp $218

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,628
Total (2 units)			$2,628

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-31
   status Pending
2. 2026-03-28
   listed $249,900 Active
3. 2026-03-24
   historical $249,900

ⓘ 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 ≥101°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,536
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,523
• − Management: −$2,523
• − Depreciation: −$7,270
• Taxable income: $224
• Est. tax owed @ 24.0%: −$54
• After-tax cash flow: $4,136/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 · 2 photos

Good 80/100 Cosmetic rehab

This multi-family townhouse is in good condition with minimal repairs needed. Painting the exterior and maintaining the landscaping would significantly enhance its curb appeal and property value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Landscaping — Improves curb appeal and enhances property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Landscaping — Improves curb appeal and enhances property value ↑

ⓘ 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): 25,187
• Household income: $56,545
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 1391.0

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 0.59)
• Race & ethnicity: Black 58% White 26% Two or more races 7% Asian 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 89% English-only · Other Asian/Pacific 4% Spanish 3% 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: ▼ -70.59%
• Current HPI: 264.1941
• Rent YoY: ▲ 7.14%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-03-31 Pending — METROMLS
• 2026-03-28 Listed $249,900 METROMLS
• 2026-03-24 Coming Soon $249,900 METROMLS