1978 S 12th St · Milwaukee, WI 53204

$214,900

None bd · None ba · 1,977 sqft · MultiFamily · 21 Days on market

Built 1884 Poor condition 4,356 sqft lot Est $172k · 25% over

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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 +25.2/30.0
• Appreciation +10.0/10.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Looking for a jumbo size duplex? Look no further! This duplex offers tree bedrooms one bath in the upper unit, and two bedrooms one bath in the lower unit. Kitchen has been completely renovated with beautiful epoxy finish countertops. Bathroom was also renovated with a generous size stand up shower & beautiful glass doors. The upper level features a huge master with a walk in closet, as well as an additional den that can be used as another bedroom, or an office. Additional updates also include the roof 2022, carpet in the upper 2022, windows 2015 & water heater in 2014. Nothing to do but to move right in!

Key facts

• Roof
• Fully rented duplex
• Renovated bath

Tags

• FULLY RENTED DUPLEX
• UPDATED KITCHEN
• RENOVATED BATH
• WALK-IN GLASS SHOWER
• BIG-TICKET ITEMS HANDLED
• ROOF

Property features AI

Finance

• Other: Lot size approximately 0.1 acre (less than 1/2 acre)

Exterior

• Parking: Outdoor parking; On-site parking available; Outside parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property (Duplex+); 1–2 stories; Zoned RT4 Residential
• Construction: Aluminum exterior; Year built information from assessor/public record
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Upper unit includes oven/range and refrigerator
• Heating & cooling: Forced air heating; Natural gas heating fuel
• Interior features: Full basement; Property contains two units
• Laundry & utility: Water heater (seller owned)

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 1×2bd/1ba units multifamily listed at $215k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive. Per door: $242/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+2.0%/yr); 55 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,492/mo this rent would consume 65% of the median local household income ($46k/yr) (locally 2357% 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 $23k of equity ($1k loan paydown + $21k 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 + 2.0% rent growth), your $60k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $161k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,676 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.16% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $171,999
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1425 W Orchard St Unit 1425A	0.54mi	6/2.0	1,967 (-0%)	3mo	$172,000	$87	72
2111 W Burnham St Unit 2111A	0.63mi	4/2.0	1,977 (0%)	0mo	$194,000	$98	70
1217 W Orchard St #1219	0.51mi	—/—	2,081 (+5%)	0mo	$120,000	$58	67
1571 S 14th St	0.44mi	4/2.0	1,830 (-7%)	0mo	$155,000	$85	67
2477 S 6th St Unit 2477A	0.71mi	—/—	1,958 (-1%)	2mo	$193,000	$99	64
1600 S Muskego Ave	0.60mi	5/2.0	1,910 (-3%)	3mo	$140,140	$73	64
2415 S 9th St Unit 2415A	0.56mi	5/2.0	2,124 (+7%)	0mo	$190,000	$89	61
2439 S 8th St	0.62mi	5/2.0	2,101 (+6%)	3mo	$171,000	$81	58
1505 S 8th St	0.57mi	6/2.0	2,184 (+10%)	1mo	$265,000	$121	55
1541 S Union St	0.68mi	—/—	2,128 (+8%)	1mo	$182,000	$86	54
2133 S 20th St	0.61mi	4/2.0	1,754 (-11%)	3mo	$130,000	$74	50
1300 W Greenfield Ave	0.61mi	5/2.0	1,692 (-14%)	3mo	$155,000	$92	45

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 · 2.0% rent growth · sell at horizon

5-year hold

• IRR: 30.9%
• Equity multiple: 3.42×
• Total profit: $145,393
• Equity at exit: $193,599

10-year hold

• IRR: 26.4%
• Equity multiple: 7.63×
• Total profit: $399,178
• Equity at exit: $417,503

Cash invested: $60,172 (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 53204

• Home prices YoY: 19.0%
• Rents YoY: 2.0%
• Active inventory: 55
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $2,492 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,224/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $484

Break-even live

Break-even rent $1,880

Max offer price $214,900

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,300
1× unit	2	1	$1,193
Total (2 units)			$2,492

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1812 S 7th St Milwaukee, WI	3.0	1.5	1703	$2,100	$1.23	24d	1	0.41mi
2141 S Robinson Ave Milwaukee, WI	3.0	1.0–2.0	1006	$2,272	$2.26	2d	20	1.00mi
2437 S Howell Ave Unit 2nd Milwaukee, WI	3.0	1.0	1550	$1,895	$1.22	4d	1	1.23mi
625 W Freshwater Way Milwaukee, WI	1.0–2.0	1.0–2.0	1137	$3,650	$3.21	2d	12	1.46mi

Listing history 21 events

1. 2026-06-18
   days on market $214,900 Active 21 DOM
2. 2026-06-17
   days on market $214,900 Active 20 DOM
3. 2026-06-16
   days on market $214,900 Active 19 DOM
4. 2026-06-15
   days on market $214,900 Active 18 DOM
5. 2026-06-13
   days on market $214,900 Active 16 DOM
6. 2026-06-13
   days on market $214,900 Active 15 DOM
7. 2026-06-09
   days on market $214,900 Active 12 DOM
8. 2026-06-08
   days on market $214,900 Active 11 DOM
9. 2026-06-07
   days on market $214,900 Active 10 DOM
10. 2026-06-05
    days on market $214,900 Active 7 DOM
11. 2026-06-03
    days on market $214,900 Active 6 DOM
12. 2026-06-02
    days on market $214,900 Active 5 DOM
13. 2026-06-01
    days on market $214,900 Active 4 DOM
14. 2026-05-31
    days on market $214,900 Active 3 DOM
15. 2026-05-28
    listed $214,900 Active
16. 2022-09-06
    soldstatus $161,000 Sold 625-char remark

    Show marketing remark (625 chars)

    Looking for a jumbo size duplex? Look no further! This duplex offers tree bedrooms one bath in the upper unit, and two bedrooms one bath in the lower unit. Kitchen has been completely renovated with beautiful epoxy finish countertops. Bathroom was also renovated with a generous size stand up shower & beautiful glass doors. The upper level features a huge master with a walk in closet, as well as an additional den that can be used as another bedroom, or an office. Additional updates also include the roof 2022, carpet in the upper 2022, windows 2015 & water heater in 2014. Nothing to do but to move right in!

17. 2022-08-12
    historical Contingent 625-char remark

    Show marketing remark (625 chars)

    Looking for a jumbo size duplex? Look no further! This duplex offers tree bedrooms one bath in the upper unit, and two bedrooms one bath in the lower unit. Kitchen has been completely renovated with beautiful epoxy finish countertops. Bathroom was also renovated with a generous size stand up shower & beautiful glass doors. The upper level features a huge master with a walk in closet, as well as an additional den that can be used as another bedroom, or an office. Additional updates also include the roof 2022, carpet in the upper 2022, windows 2015 & water heater in 2014. Nothing to do but to move right in!

18. 2022-08-05
    listed $150,000 Active 625-char remark

    Show marketing remark (625 chars)

    Looking for a jumbo size duplex? Look no further! This duplex offers tree bedrooms one bath in the upper unit, and two bedrooms one bath in the lower unit. Kitchen has been completely renovated with beautiful epoxy finish countertops. Bathroom was also renovated with a generous size stand up shower & beautiful glass doors. The upper level features a huge master with a walk in closet, as well as an additional den that can be used as another bedroom, or an office. Additional updates also include the roof 2022, carpet in the upper 2022, windows 2015 & water heater in 2014. Nothing to do but to move right in!

19. 2013-08-06
    listed $36,900 187-char remark

    Show marketing remark (187 chars)

    This is not a foreclosure or short sale!!All mechanicals are in working order. This home is sold in ''As is'' condition. It needs cosmetic updating. Call today for your personall showing.

20. 2013-08-06
    historical 187-char remark

    Show marketing remark (187 chars)

    This is not a foreclosure or short sale!!All mechanicals are in working order. This home is sold in ''As is'' condition. It needs cosmetic updating. Call today for your personall showing.

21. 2013-03-29
    soldstatus $28,500 187-char remark

    Show marketing remark (187 chars)

    This is not a foreclosure or short sale!!All mechanicals are in working order. This home is sold in ''As is'' condition. It needs cosmetic updating. Call today for your personall showing.

ⓘ 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: $29,904
• − Mortgage interest: −$12,038
• − Property taxes: −$3,224
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,392
• − Management: −$2,392
• − Depreciation: −$6,252
• Taxable income: $2,532
• Est. tax owed @ 24.0%: −$608
• After-tax cash flow: $5,195/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 · 9 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including major landscaping and debris removal. Immediate action is needed to improve its condition and make it move-in ready.

Repairs flagged

• Major overgrown vegetation — Significant overgrowth requires extensive removal and landscaping
• Major debris — Large amount of debris needs removal and disposal

Value-add opportunities

• Both Landscaping and debris removal — Improves curb appeal and makes the property move-in ready
• Both Interior cleaning and touch-ups — Enhances the home's appearance and makes it more attractive to potential buyers/tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
overgrown vegetation · Significant overgrowth requires extensive removal and landscaping	Major	$15,000–50,000
debris · Large amount of debris needs removal and disposal	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Landscaping and debris removal — Improves curb appeal and makes the property move-in ready ↑
• Both Interior cleaning and touch-ups — Enhances the home's appearance and makes it more attractive to potential buyers/tenants ↑

ⓘ 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): 39,996
• Household income: $45,934
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 2357.0

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 (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 35% White 15% Black 11% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 51% Puerto Rican 13%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 35% English-only · Spanish 61% Other Asian/Pacific 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: ▲ 64.27%
• Current HPI: 403.236
• Rent YoY: ▲ 2.00%
• 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

+654.0% since first listed

7 events — show timeline

• 2026-05-28 Listed $214,900 METROMLS
• 2022-09-06 Sold (MLS) $161,000 METROMLS
• 2022-08-12 Contingent — METROMLS
• 2022-08-05 Listed $150,000 METROMLS
• 2013-08-06 Listing Removed — METROMLS
• 2013-08-06 Listed $36,900 METROMLS
• 2013-03-29 Sold (MLS) $28,500 METROMLS