2136 S 16th St #2138 · Milwaukee, WI 53215

$220,000

6 bd · 2.0 ba · 2,215 sqft · MultiFamily · 69 Days on market

Built 1888 3,920 sqft lot $99/sqft · 53% above area

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Why this score? — see what drove the D+ 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 +19.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great Opportunity for Investors or/and Owner Occupied. Upper was fully renovated four years ago, it has 3 Bedrooms, big Dinning in Living room area. Lower has 3 Bedrooms, Living room and Dinning in Kitchen. The nice sized fenced backyard allow the kids play safety. Property is offered ''As-Is'' without repair or warranties. Tenants have a Mtm rent they will be likely to keep renting.

Key facts

• 3,920 sq ft lot
• Built 1888
• Listed 68 days

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $248 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $207k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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 (+5.0%/yr); 57 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,239/mo this rent would consume 49% of the median local household income ($54k/yr) (locally 2283% 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.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.84%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (median comp): $144,161
• List price: $220,000
• Delta: 52.61%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2034 S 15th St Unit 2034A	0.17mi	6/2.0	2,146 (-3%)	6mo	$217,900	$102	82
2370 S 18th St	0.32mi	6/2.0	2,156 (-3%)	5mo	$153,000	$71	77
1939 S Winona Ln #1941	0.28mi	7/2.5 (+1)	2,286 (+3%)	1mo	$220,000	$96	74
2119 S 14th St	0.15mi	5/2.0 (-1)	1,968 (-11%)	3mo	$220,000	$112	67
2509 S 15th St #2511	0.47mi	6/2.0	2,352 (+6%)	5mo	$259,000	$110	64
2415 S 9th St Unit 2415A	0.61mi	5/2.0 (-1)	2,124 (-4%)	0mo	$190,000	$89	59
2439 S 8th St	0.68mi	5/2.0 (-1)	2,101 (-5%)	3mo	$171,000	$81	52
2053 S 25th St	0.65mi	5/3.0 (-1)	2,095 (-5%)	1mo	$300,000	$143	51
2673 S 14th St	0.67mi	6/2.0	1,972 (-11%)	1mo	$250,000	$127	50
1560 S 15th St #1562	0.63mi	7/2.0 (+1)	2,442 (+10%)	2mo	$235,000	$96	47
1425 W Orchard St Unit 1425A	0.72mi	6/2.0	1,967 (-11%)	3mo	$172,000	$87	46
1600 S Muskego Ave	0.59mi	5/2.0 (-1)	1,910 (-14%)	3mo	$140,140	$73	42

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 · 5.02% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.75×
• Total profit: $-15,150
• Equity at exit: $32,803

10-year hold

• IRR: 5.5%
• Equity multiple: 1.44×
• Total profit: $27,172
• Equity at exit: $19,022

Cash invested: $61,600 (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 53215

• Home prices YoY: -13.6%
• Rents YoY: 5.0%
• Active inventory: 57
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $2,239 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $248

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,240
Total (2 units)			$2,239

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-03
   days on market $220,000 Active 69 DOM
2. 2026-06-02
   days on market $220,000 Active 68 DOM
3. 2026-06-01
   days on market $220,000 Active 67 DOM
4. 2026-05-31
   days on market $220,000 Active 66 DOM
5. 2026-03-26
   listed $220,000 Active 386-char remark

   Show marketing remark (386 chars)

   Great Opportunity for Investors or/and Owner Occupied. Upper was fully renovated four years ago, it has 3 Bedrooms, big Dinning in Living room area. Lower has 3 Bedrooms, Living room and Dinning in Kitchen. The nice sized fenced backyard allow the kids play safety. Property is offered ''As-Is'' without repair or warranties. Tenants have a Mtm rent they will be likely to keep renting.

6. 2022-10-25
   historical 96-char remark

   Show marketing remark (96 chars)

   Great investment opportunity, let your tenants pay you mortgage. 2/2BR duplex freshly remodeled.

7. 2022-08-18
   price $165,000 96-char remark

   Show marketing remark (96 chars)

   Great investment opportunity, let your tenants pay you mortgage. 2/2BR duplex freshly remodeled.

8. 2022-07-15
   price $177,000 96-char remark

   Show marketing remark (96 chars)

   Great investment opportunity, let your tenants pay you mortgage. 2/2BR duplex freshly remodeled.

9. 2022-06-24
   listed $184,900 Active 96-char remark

   Show marketing remark (96 chars)

   Great investment opportunity, let your tenants pay you mortgage. 2/2BR duplex freshly remodeled.

ⓘ 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 ≥96°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: $26,868
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,149
• − Management: −$2,149
• − Depreciation: −$6,400
• Taxable loss: −$554
• Est. tax savings @ 24.0%: +$133
• After-tax cash flow: $3,114/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): 58,146
• Household income: $54,289
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 2283.0

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 Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 34% White 18% Asian 6% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 52% Puerto Rican 12%
• Common ancestry: Romanian 6% Portuguese 1%
• Foreign-born: 31% · Canada, Philippines, Jamaica
• Languages at home: 35% English-only · Spanish 59% Other Asian/Pacific 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: ▼ -52.55%
• Current HPI: 332.891
• Rent YoY: ▲ 5.02%
• 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

+19.0% since first listed

5 events — show timeline

• 2026-03-26 Listed $220,000 METROMLS
• 2022-10-25 Listing Removed — METROMLS
• 2022-08-18 Price Changed $165,000 METROMLS
• 2022-07-15 Price Changed $177,000 METROMLS
• 2022-06-24 Listed $184,900 METROMLS