2441 N 1st St #2443 · Milwaukee, WI 53212

$269,900

None bd · None ba · 3,686 sqft · MultiFamily · 60 Days on market

Built 1892 Good condition 7,405 sqft lot $73/sqft · 23% above area Est $220k · 23% over ↓ 5% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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

Calling all investors! This large multi-family property features 4 spacious units, each offering 2 bedrooms and 1 bathroom. Character is found throughout, from the bay windows and arched doorways. Select units feature some updates to flooring and baths and feature walk-in closets. There is a nice backyard, full basement and parking space in back. Being sold ''as-is'', perfect for the savvy investor looking to add immediate value. Seller and agent make no representations or warranties.

Key facts

• Arched doorways
• Walk-in closets
• Full basement

Tags

• MULTI-FAMILY PROPERTY
• BAY WINDOWS
• ARCHED DOORWAYS
• WALK-IN CLOSETS
• FULL BASEMENT
• PARKING SPACE

What this means for you Summary

Snapshot

• This is a multifamily listed at $270k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $270k).
• Recommended offer: $262k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.5% 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); 131 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $5,554/mo this rent would consume 141% of the median local household income ($47k/yr) (locally 2397% 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 $8k 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 + 5.0% rent growth), your $76k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $261,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.06% ✓
• Cap rate: 17.51%
• Cash-on-cash: 40.05%
• DSCR: 2.78
• GRM: 4.0

CMA / ARV

• ARV (median comp): $219,759
• List price: $269,900
• Delta: 22.82%
• 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
2417 N 2nd St #2415	0.08mi	5/2.0	3,589 (-3%)	5mo	$245,787	$68	87
2334 N 9th St #2336	0.57mi	—/—	3,570 (-3%)	0mo	$125,000	$35	68
2518 N 1st St	0.10mi	—/—	3,297 (-11%)	13mo	$500,000	$152	67
905 E Clarke St	0.60mi	—/—	3,546 (-4%)	12mo	$455,000	$128	56
2138 N Buffum St Unit 2138 A	0.39mi	3/3.0	3,253 (-12%)	9mo	$325,000	$100	55
808 E Clarke St #810	0.55mi	—/—	3,300 (-10%)	4mo	$365,702	$111	54
2571 N 8th St Unit 2571A, 2573	0.55mi	—/—	3,961 (+8%)	12mo	$285,000	$72	52
3025 N 1st St	0.73mi	—/—	3,836 (+4%)	12mo	$100,000	$26	49
524 E Glover Ave	0.58mi	6/3.0	3,192 (-13%)	6mo	$367,000	$115	46
138 W Chambers St #140	0.70mi	7/3.0	4,091 (+11%)	10mo	$319,999	$78	41
2931 N 2nd St #2933	0.62mi	8/2.0	3,146 (-15%)	11mo	$115,000	$37	37
2312 N Weil St #2314	0.65mi	7/3.0	3,172 (-14%)	14mo	$425,000	$134	35

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 · 5.0% rent growth · sell at horizon

5-year hold

• IRR: 38.7%
• Equity multiple: 2.70×
• Total profit: $128,403
• Equity at exit: $40,243

10-year hold

• IRR: 46.1%
• Equity multiple: 5.87×
• Total profit: $367,750
• Equity at exit: $23,336

Cash invested: $75,572 (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 53212

• Rents YoY: 5.0%
• Active inventory: 131
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $5,554 high
• Mortgage (P&I): −$1,415
• Tax est. 1.5%: −$337 /mo · $4,048/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,166
• Net cashflow: $2,522

Break-even live

Break-even rent $2,361

Max offer price $269,900

Occupancy floor 50%

Sensitivity live

Price	-10% $2,709	-5% $2,616	+0% $2,522	+5% $2,429	+10% $2,336
Rent	-10% $2,084	-5% $2,303	+0% $2,522	+5% $2,742	+10% $2,961
Rate	-1.0pp $2,658	-0.5pp $2,591	base $2,522	+0.5pp $2,453	+1.0pp $2,381

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,552
Total (4 units)			$5,554

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1141 N Doctor Martin Luther King Junior Dr Milwaukee, WI	1.0–3.0	1.0–2.5	1861	$4,032	$2.17	3d	6	1.22mi
3420 N Vel R. Phillips Ave Unit 3422 Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	44d	1	1.25mi
3420-22 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	44d	1	1.25mi
1040 N Cass St Milwaukee, WI	1.0–3.0	1.0–2.0	2025	$4,825	$2.38	3d	9	1.33mi

Listing history 22 events

1. 2026-06-21
   days on market $269,900 Active 60 DOM
2. 2026-06-18
   days on market $269,900 Active 57 DOM
3. 2026-06-17
   days on market $269,900 Active 56 DOM
4. 2026-06-16
   days on market $269,900 Active 55 DOM
5. 2026-06-15
   days on market $269,900 Active 54 DOM
6. 2026-06-13
   days on market $269,900 Active 52 DOM
7. 2026-06-13
   remarks 629-char remark
8. 2026-06-13
   days on market $269,900 Active 51 DOM
9. 2026-06-09
   days on market $269,900 Active 48 DOM
10. 2026-06-08
    days on market $269,900 Active 47 DOM
11. 2026-06-07
    days on market $269,900 Active 46 DOM
12. 2026-06-05
    pricestatusdays on market $269,900 Active 43 DOM
13. 2026-06-03
    days on market $279,900 Contingent 42 DOM
14. 2026-06-02
    days on market $279,900 Contingent 41 DOM
15. 2026-06-01
    days on market $279,900 Contingent 40 DOM
16. 2026-05-31
    days on market $279,900 Contingent 39 DOM
17. 2026-04-29
    price $279,900 489-char remark

    Show marketing remark (489 chars)

    Calling all investors! This large multi-family property features 4 spacious units, each offering 2 bedrooms and 1 bathroom. Character is found throughout, from the bay windows and arched doorways. Select units feature some updates to flooring and baths and feature walk-in closets. There is a nice backyard, full basement and parking space in back. Being sold ''as-is'', perfect for the savvy investor looking to add immediate value. Seller and agent make no representations or warranties.

18. 2026-04-23
    status Active 489-char remark

    Show marketing remark (489 chars)

    Calling all investors! This large multi-family property features 4 spacious units, each offering 2 bedrooms and 1 bathroom. Character is found throughout, from the bay windows and arched doorways. Select units feature some updates to flooring and baths and feature walk-in closets. There is a nice backyard, full basement and parking space in back. Being sold ''as-is'', perfect for the savvy investor looking to add immediate value. Seller and agent make no representations or warranties.

19. 2026-04-23
    historical 489-char remark

    Show marketing remark (489 chars)

    Calling all investors! This large multi-family property features 4 spacious units, each offering 2 bedrooms and 1 bathroom. Character is found throughout, from the bay windows and arched doorways. Select units feature some updates to flooring and baths and feature walk-in closets. There is a nice backyard, full basement and parking space in back. Being sold ''as-is'', perfect for the savvy investor looking to add immediate value. Seller and agent make no representations or warranties.

20. 2026-04-21
    listed $295,000 Active 489-char remark

    Show marketing remark (489 chars)

    Calling all investors! This large multi-family property features 4 spacious units, each offering 2 bedrooms and 1 bathroom. Character is found throughout, from the bay windows and arched doorways. Select units feature some updates to flooring and baths and feature walk-in closets. There is a nice backyard, full basement and parking space in back. Being sold ''as-is'', perfect for the savvy investor looking to add immediate value. Seller and agent make no representations or warranties.

21. 2026-04-17
    historical 489-char remark

    Show marketing remark (489 chars)

    Calling all investors! This large multi-family property features 4 spacious units, each offering 2 bedrooms and 1 bathroom. Character is found throughout, from the bay windows and arched doorways. Select units feature some updates to flooring and baths and feature walk-in closets. There is a nice backyard, full basement and parking space in back. Being sold ''as-is'', perfect for the savvy investor looking to add immediate value. Seller and agent make no representations or warranties.

22. 2026-03-26
    listed $295,000 Active 489-char remark

    Show marketing remark (489 chars)

    Calling all investors! This large multi-family property features 4 spacious units, each offering 2 bedrooms and 1 bathroom. Character is found throughout, from the bay windows and arched doorways. Select units feature some updates to flooring and baths and feature walk-in closets. There is a nice backyard, full basement and parking space in back. Being sold ''as-is'', perfect for the savvy investor looking to add immediate value. Seller and agent make no representations or warranties.

ⓘ 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 ≥97°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: $66,648
• − Mortgage interest: −$15,119
• − Property taxes: −$4,048
• − Insurance: −$1,350
• − Repairs & maintenance: −$5,332
• − Management: −$5,332
• − Depreciation: −$7,852
• Taxable income: $27,616
• Est. tax owed @ 24.0%: −$6,628
• After-tax cash flow: $23,641/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 · 12 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with updated interiors and a well-maintained exterior. Minor touch-ups and maintenance would further enhance its value.

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and value
• Both Replace window screens — Improves energy efficiency and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and value ↑
• Both Replace window screens — Improves energy efficiency and aesthetics ↑

ⓘ 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): 28,938
• Household income: $47,298
• Rent vs Own: 65.6% rent · 34.4% own
• Severe rent burden: 2397.0

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 0.64)
• Race & ethnicity: Black 48% White 35% Hispanic / Latino 12% Two or more races 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6%
• Common ancestry: Romanian 4% Portuguese 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -216.73%
• Current HPI: 385.8225
• Rent YoY: ▲ 5.00%
• 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

-5.1% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $279,900 METROMLS
• 2026-04-23 Relisted — METROMLS
• 2026-04-23 Listing Removed — METROMLS
• 2026-04-21 Listed $295,000 METROMLS
• 2026-04-17 Listing Removed — METROMLS
• 2026-03-26 Listed $295,000 METROMLS