2834 W Atkinson Ave #2840 · Milwaukee, WI 53209

$574,900

None bd · None ba · 7,450 sqft · MultiFamily · 139 Days on market

Built 1929 Average condition 4,356 sqft lot $77/sqft · 88% above area ↓ 8% since listing

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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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.8/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great Investment Opportunity. Seven rented apartments with 1 bedroom units. Unit 7 is vacant. Long term Store Front Tenant with extended lease. Professionally managed. Roof replaced in 2023. Renovations in 2022 to apartments including: flooring, windows, cabinets. Hookup in basement for coin operated washer and dryers. Each unit has it's own gas and electric meters and each unit has its furnace and water heater. Check out MLS 1947961 for properties for sale

Key facts

• Hookup in basement
• Roof replaced
• Vacant unit

Tags

• INVESTMENT OPPORTUNITY
• VACANT UNIT
• ROOF REPLACED
• RENOVATIONS TO APARTMENTS
• HOOKUP IN BASEMENT
• GAS AND ELECTRIC METERS

What this means for you Summary

Snapshot

• This is a multifamily listed at $575k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $575k).
• Recommended offer: $506k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 (+8.6%/yr); 168 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $7,342/mo this rent would consume 182% of the median local household income ($48k/yr) (locally 3390% 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 $4k of loan paydown is wiped out by about $17k 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 + 8.0% rent growth), your $161k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($506k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $505,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — 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. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 10.11%
• Cash-on-cash: 13.62%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (median comp): $304,988
• List price: $574,900
• Delta: 88.50%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.39×
• Total profit: $62,127
• Equity at exit: $85,719

10-year hold

• IRR: 22.3%
• Equity multiple: 3.37×
• Total profit: $380,997
• Equity at exit: $49,707

Cash invested: $160,972 (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 53209

• Rents YoY: 8.6%
• Active inventory: 168
• Price-to-rent: 45.7×

Monthly cashflow live

• Estimated rent: $7,342 high
• Mortgage (P&I): −$3,015
• Tax est. 1.5%: −$719 /mo · $8,624/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,542
• Net cashflow: $1,827

Break-even live

Break-even rent $5,029

Max offer price $574,900

Occupancy floor 70%

Sensitivity live

Price	-10% $2,224	-5% $2,026	+0% $1,827	+5% $1,629	+10% $1,430
Rent	-10% $1,247	-5% $1,537	+0% $1,827	+5% $2,117	+10% $2,407
Rate	-1.0pp $2,117	-0.5pp $1,973	base $1,827	+0.5pp $1,678	+1.0pp $1,527

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

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$7,343
Total (7 units)			$7,342

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: $143,725
• Closing costs: $17,247
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $574,900 Active 139 DOM
2. 2026-06-17
   days on market $574,900 Active 138 DOM
3. 2026-06-16
   days on market $574,900 Active 137 DOM
4. 2026-06-15
   days on market $574,900 Active 136 DOM
5. 2026-06-13
   days on market $574,900 Active 134 DOM
6. 2026-06-13
   days on market $574,900 Active 133 DOM
7. 2026-06-09
   days on market $574,900 Active 130 DOM
8. 2026-06-08
   days on market $574,900 Active 129 DOM
9. 2026-06-07
   days on market $574,900 Active 128 DOM
10. 2026-06-05
    days on market $574,900 Active 125 DOM
11. 2026-06-03
    days on market $574,900 Active 124 DOM
12. 2026-06-02
    days on market $574,900 Active 123 DOM
13. 2026-06-01
    days on market $574,900 Active 122 DOM
14. 2026-05-31
    days on market $574,900 Active 121 DOM
15. 2026-04-22
    price $574,900 461-char remark

    Show marketing remark (461 chars)

    Great Investment Opportunity. Seven rented apartments with 1 bedroom units. Unit 7 is vacant. Long term Store Front Tenant with extended lease. Professionally managed. Roof replaced in 2023. Renovations in 2022 to apartments including: flooring, windows, cabinets. Hookup in basement for coin operated washer and dryers. Each unit has it's own gas and electric meters and each unit has its furnace and water heater. Check out MLS 1947961 for properties for sale

16. 2026-03-12
    price $599,900 461-char remark

    Show marketing remark (461 chars)

    Great Investment Opportunity. Seven rented apartments with 1 bedroom units. Unit 7 is vacant. Long term Store Front Tenant with extended lease. Professionally managed. Roof replaced in 2023. Renovations in 2022 to apartments including: flooring, windows, cabinets. Hookup in basement for coin operated washer and dryers. Each unit has it's own gas and electric meters and each unit has its furnace and water heater. Check out MLS 1947961 for properties for sale

17. 2026-01-30
    listed $625,000 Active 461-char remark

    Show marketing remark (461 chars)

    Great Investment Opportunity. Seven rented apartments with 1 bedroom units. Unit 7 is vacant. Long term Store Front Tenant with extended lease. Professionally managed. Roof replaced in 2023. Renovations in 2022 to apartments including: flooring, windows, cabinets. Hookup in basement for coin operated washer and dryers. Each unit has it's own gas and electric meters and each unit has its furnace and water heater. Check out MLS 1947961 for properties for sale

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $88,104
• − Mortgage interest: −$32,203
• − Property taxes: −$8,624
• − Insurance: −$2,874
• − Repairs & maintenance: −$7,048
• − Management: −$7,048
• − Depreciation: −$16,724
• Taxable income: $13,582
• Est. tax owed @ 24.0%: −$3,260
• After-tax cash flow: $18,667/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

Average 55/100 Moderate rehab

A moderate rehab opportunity with average condition, requiring minor repairs and updates to enhance curb appeal and interior aesthetics.

Repairs flagged

• Minor Paint touch-ups — Some areas of paint appear faded.
• Minor Kitchen backsplash — Slight discoloration on backsplash tiles.
• Minor Window treatments — No visible window treatments in photos.
• Minor Flooring — Some carpet wear visible in living areas.
• Minor Exterior paint — Some discoloration on exterior brick.

Value-add opportunities

• Both Painting and updating kitchen backsplash — Enhances curb appeal and interior aesthetics.
• Both New flooring — Improves living space and adds value.
• Both Window treatments — Enhances curb appeal and interior aesthetics.
• Both Landscaping — Improves curb appeal and adds value.
• Rental HVAC maintenance — Ensures comfort and reduces utility costs.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint touch-ups · Some areas of paint appear faded.	Minor	$500–3,000
Kitchen backsplash · Slight discoloration on backsplash tiles.	Minor	$500–3,000
Window treatments · No visible window treatments in photos.	Minor	$500–3,000
Flooring · Some carpet wear visible in living areas.	Minor	$500–3,000
Exterior paint · Some discoloration on exterior brick.	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both Painting and updating kitchen backsplash — Enhances curb appeal and interior aesthetics. ↑
• Both New flooring — Improves living space and adds value. ↑
• Both Window treatments — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping — Improves curb appeal and adds value. ↑
• Rental HVAC maintenance — Ensures comfort and reduces utility costs. ↑

ⓘ 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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

-8.0% since first listed

3 events — show timeline

• 2026-04-22 Price Changed $574,900 METROMLS
• 2026-03-12 Price Changed $599,900 METROMLS
• 2026-01-30 Listed $625,000 METROMLS