2029 S 16th St #2031 · Milwaukee, WI 53204

$150,000

4 bd · 2.0 ba · 1,916 sqft · MultiFamily · 110 Days on market

Built 1898 Fair condition 3,049 sqft lot $78/sqft · 9% below area Est $165k · 9% under

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Why this score? — see what drove the A- 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
• ARV discount +11.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0

Multi-family units

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

Listing remarks MLS

Prime investment opportunity located in Milwaukee's Muskego Way neighborhood on the south side. This 2-family duplex features a spacious 3-bedroom lower unit & a 2-bedroom upper unit w/ an additional flex room that can function as a third bedroom or office. Both units include washer & dryer hookups. The lower unit is currently rented at $1,175/month, while the upper unit was previously rented at $1,400/month. Upper Furnace replaced in 2025. Ideal for investors or owner-occupants seeking cash flow in a high-demand rental area.

Key facts

• 2 family duplex
• Washer dryer hookups
• Flex room

Tags

• MUSKEGO WAY NEIGHBORHOOD
• 2 FAMILY DUPLEX
• WASHER DRYER HOOKUPS
• FLEX ROOM

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $763 ($9k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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; 2 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,278/mo this rent would consume 60% 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 $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $150k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.52% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.80%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (median comp): $165,048
• List price: $150,000
• Delta: -9.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2111 W Burnham St Unit 2111A	0.33mi	4/2.0	1,977 (+3%)	0mo	$194,000	$98	79
2119 S 14th St	0.21mi	5/2.0 (+1)	1,968 (+3%)	3mo	$220,000	$112	78
2239 S 11th St	0.46mi	4/2.0	1,920 (+0%)	4mo	$260,000	$135	75
1600 S Muskego Ave	0.45mi	5/2.0 (+1)	1,910 (-0%)	3mo	$140,140	$73	71
2133 S 20th St	0.28mi	4/2.0	1,754 (-8%)	3mo	$130,000	$74	70
2411 S 12th St	0.55mi	4/2.0	1,916 (0%)	5mo	$125,000	$65	70
1571 S 14th St	0.51mi	4/2.0	1,830 (-4%)	0mo	$155,000	$85	69
2322 S 15th Pl	0.37mi	5/2.0 (+1)	1,694 (-12%)	4mo	$265,000	$156	55
1423 S Comstock Ave	0.64mi	5/2.0 (+1)	1,731 (-10%)	3mo	$148,148	$86	47
2053 S 25th St	0.61mi	5/3.0 (+1)	2,095 (+9%)	1mo	$300,000	$143	46
2415 S 9th St Unit 2415A	0.72mi	5/2.0 (+1)	2,124 (+11%)	0mo	$190,000	$89	43
1300 W Greenfield Ave	0.71mi	5/2.0 (+1)	1,692 (-12%)	3mo	$155,000	$92	40

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: 40.1%
• Equity multiple: 4.05×
• Total profit: $128,055
• Equity at exit: $135,132

10-year hold

• IRR: 34.2%
• Equity multiple: 8.97×
• Total profit: $334,533
• Equity at exit: $291,417

Cash invested: $42,000 (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: 11.0×

Monthly cashflow live

• Estimated rent: $2,278 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $763

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,278
Total (2 units)			$2,278

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.70mi
2141 S Robinson Ave Milwaukee, WI	3.0	1.0–2.0	1006	$2,695	$2.68	2d	20	1.30mi

Listing history 18 events

1. 2026-06-18
   days on market $150,000 Active 110 DOM
2. 2026-06-17
   days on market $150,000 Active 109 DOM
3. 2026-06-16
   days on market $150,000 Active 108 DOM
4. 2026-06-15
   days on market $150,000 Active 107 DOM
5. 2026-06-13
   days on market $150,000 Active 105 DOM
6. 2026-06-13
   pricedays on market $150,000 Active 104 DOM
7. 2026-06-09
   days on market $165,999 Active 101 DOM
8. 2026-06-08
   days on market $165,999 Active 100 DOM
9. 2026-06-07
   days on market $165,999 Active 99 DOM
10. 2026-06-05
    days on market $165,999 Active 96 DOM
11. 2026-06-03
    days on market $165,999 Active 95 DOM
12. 2026-06-02
    days on market $165,999 Active 94 DOM
13. 2026-06-01
    days on market $165,999 Active 93 DOM
14. 2026-05-31
    days on market $165,999 Active 92 DOM
15. 2026-05-05
    price $165,999 543-char remark

    Show marketing remark (543 chars)

    Prime investment opportunity located in Milwaukee's Muskego Way neighborhood on the south side. This 2-family duplex features a spacious 3-bedroom lower unit & a 2-bedroom upper unit w/ an additional flex room that can function as a third bedroom or office. Both units include washer & dryer hookups. The lower unit is currently rented at $1,175/month, while the upper unit was previously rented at $1,400/month. Upper Furnace replaced in 2025. Ideal for investors or owner-occupants seeking cash flow in a high-demand rental area.

16. 2026-03-28
    price $171,000 543-char remark

    Show marketing remark (543 chars)

    Prime investment opportunity located in Milwaukee's Muskego Way neighborhood on the south side. This 2-family duplex features a spacious 3-bedroom lower unit & a 2-bedroom upper unit w/ an additional flex room that can function as a third bedroom or office. Both units include washer & dryer hookups. The lower unit is currently rented at $1,175/month, while the upper unit was previously rented at $1,400/month. Upper Furnace replaced in 2025. Ideal for investors or owner-occupants seeking cash flow in a high-demand rental area.

17. 2026-02-28
    listed $181,000 Active 543-char remark

    Show marketing remark (543 chars)

    Prime investment opportunity located in Milwaukee's Muskego Way neighborhood on the south side. This 2-family duplex features a spacious 3-bedroom lower unit & a 2-bedroom upper unit w/ an additional flex room that can function as a third bedroom or office. Both units include washer & dryer hookups. The lower unit is currently rented at $1,175/month, while the upper unit was previously rented at $1,400/month. Upper Furnace replaced in 2025. Ideal for investors or owner-occupants seeking cash flow in a high-demand rental area.

18. 2007-10-16
    soldstatus $70,000 391-char remark

    Show marketing remark (391 chars)

    2 family. Great Price! Investors; buy now or Seller keeps this CASH COW! Separate utilities. Private laundry areas. 100 AMP circuit breakers each unit. Gas forced air furnaces. Immediate occupancy in lower. The upper unit is now rented cheap at $500.00/month. Fenced back yard area. No alley behind the home. Private front and back entrances. Priced for a quick sale. Better hurry. Call now.

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,336
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − Depreciation: −$4,364
• Taxable income: $7,196
• Est. tax owed @ 24.0%: −$1,727
• After-tax cash flow: $7,429/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 · 7 photos

Fair 45/100 Moderate rehab

This 2-family home requires moderate repairs and maintenance to improve its condition and value. Exterior siding and interior walls need significant attention, while flooring is in poor condition. Painting and repairing these areas would significantly enhance its curb appeal and rental value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major interior walls — Visible wear and tear
• Major flooring — Worn-out carpet

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both repair flooring — Improves living space and rental appeal
• Both paint interior walls — Enhances interior aesthetics and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
interior walls · Visible wear and tear	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both repair flooring — Improves living space and rental appeal ↑
• Both paint interior walls — Enhances interior aesthetics and rental appeal ↑

ⓘ 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

+137.1% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $165,999 METROMLS
• 2026-03-28 Price Changed $171,000 METROMLS
• 2026-02-28 Listed $181,000 METROMLS
• 2007-10-16 Sold (MLS) $70,000 METROMLS