1631 N 28th St Unit 1631A · Milwaukee, WI 53208

$22,500

6 bd · 4.0 ba · 1,617 sqft · MultiFamily · 107 Days on market

Built 1886 3,484 sqft lot $14/sqft · 76% below area ↓ 29% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• 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

This is a City Of Milwaukee Tax Foreclosure. Discover the opportunity to own this 2/1 Duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$48,080 (Total Scope Of Work:$65,488 ).

Key facts

• 3,484 sq ft lot
• Parking
• Built 1886

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $22k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $863/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $22k).
• Recommended offer: $20k (9.0% below list) — sets the bar for market timing.
• Cap rate 98.3% 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 (+10.8%/yr); 95 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,381/mo this rent would consume 54% of the median local household income ($53k/yr) (locally 1568% 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 $156 of loan paydown is wiped out by about $675 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $20,475 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 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. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 10.58% ✓
• Cap rate: 98.32%
• Cash-on-cash: 328.67%
• DSCR: 15.62
• GRM: 0.8

CMA / ARV

• ARV (median comp): $95,316
• List price: $22,500
• Delta: -76.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2923 W Cherry St Unit 2923A	0.18mi	6/2.0	1,788 (+11%)	7mo	$115,000	$64	60
1642 N 29th St Unit 1642A	0.04mi	5/2.0 (-1)	1,750 (+8%)	22mo	$100,000	$57	53
1433 N 34th St #1435	0.43mi	6/2.0	1,754 (+8%)	11mo	$50,500	$29	48
2162 N 35th St	0.62mi	5/2.0 (-1)	1,750 (+8%)	2mo	$8,500	$5	43
1508 N 39th St #1510	0.65mi	6/2.0	1,425 (-12%)	21mo	$105,000	$74	25

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 19.87×
• Total profit: $118,871
• Equity at exit: $3,355

10-year hold

• IRR: —
• Equity multiple: 49.01×
• Total profit: $302,438
• Equity at exit: $1,945

Cash invested: $6,300 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 95
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $2,381 high
• Mortgage (P&I): −$118
• Tax est. 1.5%: −$28 /mo · $338/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $1,725

Break-even live

Break-even rent $197

Max offer price $22,500

Occupancy floor 23%

Sensitivity live

Price	-10% $1,741	-5% $1,733	+0% $1,725	+5% $1,718	+10% $1,710
Rent	-10% $1,537	-5% $1,631	+0% $1,725	+5% $1,820	+10% $1,914
Rate	-1.0pp $1,737	-0.5pp $1,731	base $1,725	+0.5pp $1,720	+1.0pp $1,714

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,380
Total (2 units)			$2,381

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.77mi
2028 W Michigan St Milwaukee, WI	6.0	2.0	2005	$2,450	$1.22	11d	1	1.11mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	1.27mi

Listing history 20 events

1. 2026-06-21
   days on market $22,500 Active 107 DOM
2. 2026-06-18
   days on market $22,500 Active 104 DOM
3. 2026-06-17
   days on market $22,500 Active 103 DOM
4. 2026-06-16
   days on market $22,500 Active 102 DOM
5. 2026-06-15
   days on market $22,500 Active 101 DOM
6. 2026-06-13
   days on market $22,500 Active 99 DOM
7. 2026-06-13
   days on market $22,500 Active 98 DOM
8. 2026-06-09
   days on market $22,500 Active 95 DOM
9. 2026-06-08
   days on market $22,500 Active 94 DOM
10. 2026-06-07
    days on market $22,500 Active 93 DOM
11. 2026-06-05
    days on market $22,500 Active 90 DOM
12. 2026-06-03
    days on market $22,500 Active 89 DOM
13. 2026-06-02
    days on market $22,500 Active 88 DOM
14. 2026-06-01
    days on market $22,500 Active 87 DOM
15. 2026-05-31
    days on market $22,500 Active 86 DOM
16. 2026-05-11
    price $22,500 297-char remark

    Show marketing remark (297 chars)

    This is a City Of Milwaukee Tax Foreclosure. Discover the opportunity to own this 2/1 Duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$48,080 (Total Scope Of Work:$65,488 ).

17. 2026-03-06
    listed $30,000 Active 297-char remark

    Show marketing remark (297 chars)

    This is a City Of Milwaukee Tax Foreclosure. Discover the opportunity to own this 2/1 Duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$48,080 (Total Scope Of Work:$65,488 ).

18. 2026-02-17
    status Pending 238-char remark

    Show marketing remark (238 chars)

    This is a tax foreclosed property. BIDS DUE MONDAY 2/16/2026 at 10:00AM. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized.

19. 2026-02-17
    historical 238-char remark

    Show marketing remark (238 chars)

    This is a tax foreclosed property. BIDS DUE MONDAY 2/16/2026 at 10:00AM. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized.

20. 2026-01-12
    listed $31,900 Active 238-char remark

    Show marketing remark (238 chars)

    This is a tax foreclosed property. BIDS DUE MONDAY 2/16/2026 at 10:00AM. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized.

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,572
• − Mortgage interest: −$1,260
• − Property taxes: −$338
• − Insurance: −$112
• − Repairs & maintenance: −$2,286
• − Management: −$2,286
• − Depreciation: −$655
• Taxable income: $21,636
• Est. tax owed @ 24.0%: −$5,193
• After-tax cash flow: $15,513/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): 27,201
• Household income: $52,690
• Rent vs Own: 60.8% rent · 39.2% own
• Severe rent burden: 1568.0

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 0.69)
• Race & ethnicity: Black 41% White 36% Hispanic / Latino 10% Asian 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 6% Spanish 6% French/Haitian/Cajun 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: ▼ -123.92%
• Current HPI: 333.7268
• Rent YoY: ▲ 10.78%
• 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

-29.5% since first listed

5 events — show timeline

• 2026-05-11 Price Changed $22,500 METROMLS
• 2026-03-06 Listed $30,000 METROMLS
• 2026-02-17 Pending — METROMLS
• 2026-02-17 Listing Removed — METROMLS
• 2026-01-12 Listed $31,900 METROMLS