2611 N 33rd St · Milwaukee, WI 53210

$180,000

4 bd · 2.0 ba · — sqft · MultiFamily · 21 Days on market

Built 1904 5,096 sqft lot

---

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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Can you say cash flow? Both units are rented. This is a good buy and hold investment property for the savvy investor to bring in a total rental income of $1225 monthly. Start making money right away with this turn key operation. Listing Agent can stay on board to offer Property Management services. Don't let this one get away! Make your appointment to see this property today!

Key facts

• Open concept
• Balcony
• New flooring

Tags

• NATURAL LIGHT
• OPEN CONCEPT
• WALK IN CLOSETS
• BALCONY
• NEW WINDOWS
• NEW FLOORING

Property features AI

Finance

• Other: Zoning: RT3; Lot size approx. 0.117 acres; Building improvement value listed (recorded value)

Exterior

• Parking: 2 outside parking spaces
• Security: Security system
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Multi-family 2-flat; 1–2 stories
• Construction: Information source for year built: Other - see remarks
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 2 kitchen on lower level; Two refrigerators and two stoves included
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Security system; Full basement
• Laundry & utility: Natural gas forced-air heating

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive. Per door: $193/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 (+3.8%/yr); 142 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,063/mo this rent would consume 51% of the median local household income ($48k/yr) (locally 1730% 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 $1k of loan paydown is wiped out by about $5k 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 21 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y 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 $7k; list at $180k implies a 2471% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,300 (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. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.15% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.19%
• DSCR: 1.41
• GRM: 7.3

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2631 N 33rd St #2633	0.03mi	4/2.0	2,470	1mo	$72,500	$29	85
2873 N 34th St #2875	0.35mi	4/2.0	1,888	1mo	$108,500	$57	70
2661 N 39th St #2663	0.37mi	4/2.0	2,469	2mo	$145,000	$59	69
2400 N 35th St #2402	0.28mi	5/2.0 (+1)	1,994	1mo	$65,000	$33	69
2972 N 28th St	0.59mi	4/2.0	1,757	0mo	$141,806	$81	60
3127 W Garfield Ave #3129	0.52mi	5/2.0 (+1)	2,332	0mo	$130,000	$56	58
2118 N 38th St #2120	0.64mi	4/2.0	2,341	0mo	$62,500	$27	57
2162 N 35th St	0.53mi	5/2.0 (+1)	1,750	2mo	$8,500	$5	57
2137 N 31st St	0.54mi	5/2.0 (+1)	1,919	1mo	$138,500	$72	56
3068 N 34th St Unit 3068A	0.59mi	5/2.0 (+1)	2,087	0mo	$110,000	$53	55
2149 N 41st St	0.72mi	4/2.0	1,931	1mo	$33,000	$17	53
3233 W Auer Ave	0.72mi	4/2.0	1,657	1mo	$78,500	$47	53

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-2,847
• Equity at exit: $26,839

10-year hold

• IRR: 9.1%
• Equity multiple: 1.72×
• Total profit: $36,450
• Equity at exit: $15,563

Cash invested: $50,400 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $2,063 high
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $386

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,064
Total (2 units)			$2,063

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	2d	1	0.16mi
2660 N 37th St Milwaukee, WI	3.0	1.0	—	$1,095	—	24d	1	0.25mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.30mi
2866 N 34th St Unit 2866 Milwaukee, WI	3.0	1.0	534	$1,095	$2.05	4d	1	0.36mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.38mi
2403-2405 N 39th St Unit 2403 Lower Milwaukee, WI	3.0	1.0	1200	$995	$0.83	11d	1	0.45mi
2403-2405 N 39th St Unit 2405 Upper Milwaukee, WI	3.0	1.0	1141	$995	$0.87	11d	1	0.45mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	0.46mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	16d	1	0.46mi
2909-2911 N 29th St Unit 2911 Milwaukee, WI	3.0	1.0	—	$995	—	44d	1	0.48mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	0.49mi
2877-2879 N 26th St Milwaukee, WI	3.0	1.0	—	$1,300	—	44d	1	0.57mi
2251 N 41st St Unit Lower Milwaukee, WI	3.0	1.0	1187	$1,198	$1.01	14d	1	0.63mi
3058 N 29th St Milwaukee, WI	3.0	1.0	3	$1,495	$498.33	17d	1	0.66mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	0.68mi
2030 N 38th St Unit 2030-UF Milwaukee, WI	4.0	1.0	—	$895	—	16d	1	0.68mi
2619 N 23rd St Milwaukee, WI	3.0	1.0	—	$1,050	—	16d	1	0.69mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	17d	1	0.71mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	0.71mi
2607-2609 N 44th St Milwaukee, WI	3.0	1.0	—	$1,200	—	44d	1	0.72mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	0.73mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.73mi
3027 N 25th St Unit 3027 Milwaukee, WI	3.0	1.0	—	$1,350	—	44d	1	0.75mi
1946 N 39th St Unit 1946 Milwaukee, WI	3.0	1.0	—	$895	—	14d	1	0.76mi
2232 N 44th St Unit 2234 Upper Milwaukee, WI	3.0	1.0	1000	$1,195	$1.20	44d	1	0.80mi
4140 W Lisbon Ave #4142 Milwaukee, WI	3.0	1.0	—	$925	—	44d	1	0.82mi
4142 W Lisbon Ave Milwaukee, WI	3.0	1.0	—	$925	—	44d	1	0.82mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	44d	1	0.82mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	0.85mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.87mi
3133 N 42nd St Milwaukee, WI	3.0	1.0	1	$1,300	$1300.00	44d	1	0.88mi
3284 N 30th St Milwaukee, WI	3.0	1.0	—	$1,225	—	21d	1	0.91mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	0.94mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.94mi
3261 N 26th St Unit 2B Milwaukee, WI	3.0	1.0	—	$1,250	—	20d	1	0.96mi
3263 N 26th St Unit 1b Milwaukee, WI	3.0	1.0	—	$1,250	—	24d	1	0.96mi
3261 N 26th St Unit 2 Milwaukee, WI	3.0	1.0	—	$1,250	—	24d	1	0.96mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.00mi
4228 W Bonny Pl Milwaukee, WI	3.0	1.0	—	$1,095	—	3d	1	1.01mi
2631 N 49th St Unit 2 Milwaukee, WI	3.0	1.0	—	$1,350	—	4d	1	1.02mi

Listing history 29 events

1. 2026-06-18
   days on market $180,000 Active 21 DOM
2. 2026-06-17
   days on market $180,000 Active 20 DOM
3. 2026-06-16
   days on market $180,000 Active 19 DOM
4. 2026-06-15
   days on market $180,000 Active 18 DOM
5. 2026-06-13
   days on market $180,000 Active 16 DOM
6. 2026-06-13
   days on market $180,000 Active 15 DOM
7. 2026-06-09
   days on market $180,000 Active 12 DOM
8. 2026-06-08
   days on market $180,000 Active 11 DOM
9. 2026-06-07
   days on market $180,000 Active 10 DOM
10. 2026-06-05
    days on market $180,000 Active 7 DOM
11. 2026-06-03
    days on market $180,000 Active 6 DOM
12. 2026-06-02
    days on market $180,000 Active 5 DOM
13. 2026-06-01
    days on market $180,000 Active 4 DOM
14. 2026-05-31
    days on market $180,000 Active 3 DOM
15. 2026-05-29
    listed $180,000 Active
16. 2019-07-04
    status Pending 378-char remark

    Show marketing remark (378 chars)

    Can you say cash flow? Both units are rented. This is a good buy and hold investment property for the savvy investor to bring in a total rental income of $1225 monthly. Start making money right away with this turn key operation. Listing Agent can stay on board to offer Property Management services. Don't let this one get away! Make your appointment to see this property today!

17. 2019-07-02
    historical 378-char remark

    Show marketing remark (378 chars)

    Can you say cash flow? Both units are rented. This is a good buy and hold investment property for the savvy investor to bring in a total rental income of $1225 monthly. Start making money right away with this turn key operation. Listing Agent can stay on board to offer Property Management services. Don't let this one get away! Make your appointment to see this property today!

18. 2019-06-06
    status Active 378-char remark

    Show marketing remark (378 chars)

    Can you say cash flow? Both units are rented. This is a good buy and hold investment property for the savvy investor to bring in a total rental income of $1225 monthly. Start making money right away with this turn key operation. Listing Agent can stay on board to offer Property Management services. Don't let this one get away! Make your appointment to see this property today!

19. 2019-06-04
    status Pending 378-char remark

    Show marketing remark (378 chars)

    Can you say cash flow? Both units are rented. This is a good buy and hold investment property for the savvy investor to bring in a total rental income of $1225 monthly. Start making money right away with this turn key operation. Listing Agent can stay on board to offer Property Management services. Don't let this one get away! Make your appointment to see this property today!

20. 2019-06-03
    listed $45,000 Active 378-char remark

    Show marketing remark (378 chars)

    Can you say cash flow? Both units are rented. This is a good buy and hold investment property for the savvy investor to bring in a total rental income of $1225 monthly. Start making money right away with this turn key operation. Listing Agent can stay on board to offer Property Management services. Don't let this one get away! Make your appointment to see this property today!

21. 2014-01-22
    historical 260-char remark

    Show marketing remark (260 chars)

    Investor/Owner Occupants! This 3/2 duplex is locatd across from Master Lock. Newer construction in the area. Both units have eat-in kitchens and nice size bedrooms. Upper has BICC in kitchen, walk-in pantry, and 2 walk-in closets. Property does need some tlc.

22. 2014-01-22
    listed $13,000 260-char remark

    Show marketing remark (260 chars)

    Investor/Owner Occupants! This 3/2 duplex is locatd across from Master Lock. Newer construction in the area. Both units have eat-in kitchens and nice size bedrooms. Upper has BICC in kitchen, walk-in pantry, and 2 walk-in closets. Property does need some tlc.

23. 2012-01-21
    listed $39,900
24. 2012-01-21
    historical
25. 2012-01-19
    historical
26. 2012-01-19
    listed $74,000
27. 2012-01-19
    listed $99,900
28. 2012-01-19
    historical
29. 2009-05-18
    soldstatus $7,000 260-char remark

    Show marketing remark (260 chars)

    Investor/Owner Occupants! This 3/2 duplex is locatd across from Master Lock. Newer construction in the area. Both units have eat-in kitchens and nice size bedrooms. Upper has BICC in kitchen, walk-in pantry, and 2 walk-in closets. Property does need some tlc.

ⓘ 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 ≥98°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: $24,756
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$1,980
• − Management: −$1,980
• − Depreciation: −$5,236
• Taxable income: $1,876
• Est. tax owed @ 24.0%: −$450
• After-tax cash flow: $4,180/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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 2%

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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

+2471.4% since first listed

15 events — show timeline

• 2026-05-29 Listed $180,000 SCWMLS
• 2019-07-04 Pending — METROMLS
• 2019-07-02 Listing Removed — METROMLS
• 2019-06-06 Relisted — METROMLS
• 2019-06-04 Pending — METROMLS
• 2019-06-03 Listed $45,000 METROMLS
• 2014-01-22 Listed $13,000 METROMLS
• 2014-01-22 Listing Removed — METROMLS
• 2012-01-21 Listing Removed — METROMLS
• 2012-01-21 Listed $39,900 METROMLS
• 2012-01-19 Listed $74,000 METROMLS
• 2012-01-19 Listing Removed — METROMLS
• 2012-01-19 Listing Removed — METROMLS
• 2012-01-19 Listed $99,900 METROMLS
• 2009-05-18 Sold (MLS) $7,000 METROMLS