3042 N 2nd St #3044 · Milwaukee, WI 53212

$45,000

4 bd · 2.0 ba · 1,960 sqft · MultiFamily · 167 Days on market

Built 1911 4,356 sqft lot ↓ 53% 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
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• 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 tax foreclosed property. Owner Occupants will be prioritized.

Key facts

• 4,356 sq ft lot
• Built 1911
• Listed 167 days

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property
• Construction: Year built information from assessor/public record
• Exterior features: Vinyl exterior; Lot is approximately 0.1 acre; Zoned residential

Interior

• Kitchen: Unit 2 kitchen located on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $45k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $731/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 45.3% 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 (+5.0%/yr); 129 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,244/mo this rent would consume 57% of the median local household income ($47k/yr) (locally 2397% 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 $311 of loan paydown is wiped out by about $1k 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 + 5.0% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $50k (53%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% 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 1911 — 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: 4.99% ✓
• Cap rate: 45.27%
• Cash-on-cash: 139.22%
• DSCR: 7.19
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $154,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2940 N Holton St #2942	0.38mi	4/2.0	2,032 (+4%)	0mo	$195,000	$96	76
215 E Chambers St	0.18mi	4/2.0	1,733 (-12%)	4mo	$110,000	$63	69
3358 N Richards St #3364	0.47mi	4/2.0	1,858 (-5%)	1mo	$95,000	$51	68
3452 N 1st St Unit 3452A	0.52mi	5/2.0 (+1)	1,908 (-3%)	1mo	$130,000	$68	65
600 E Burleigh St	0.43mi	4/2.0	1,787 (-9%)	1mo	$180,000	$101	64
608 W Burleigh St #610	0.36mi	4/2.0	2,174 (+11%)	3mo	$112,000	$52	63
2768 N Palmer St #2770	0.37mi	4/2.0	2,211 (+13%)	3mo	$174,415	$79	59
220 E Clarke St	0.58mi	3/2.0 (-1)	2,077 (+6%)	3mo	$180,000	$87	56
3026 N Pierce St	0.49mi	4/2.0	1,684 (-14%)	1mo	$77,000	$46	53
3065 N 10th St	0.61mi	4/2.0	1,753 (-11%)	2mo	$60,000	$34	52
3134 N 9th St	0.53mi	5/2.0 (+1)	1,701 (-13%)	3mo	$159,000	$93	46
3711 N 1st St #3713	0.71mi	4/2.0	1,680 (-14%)	3mo	$160,000	$95	41

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 · 5.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.18×
• Total profit: $90,449
• Equity at exit: $6,710

10-year hold

• IRR: —
• Equity multiple: 18.34×
• Total profit: $218,470
• Equity at exit: $3,891

Cash invested: $12,600 (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 53212

• Rents YoY: 5.0%
• Active inventory: 129
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,244 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $1,462

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 30%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,244
Total (2 units)			$2,244

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	23d	1	0.14mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	23d	1	0.51mi
2634 N Doctor M.L.K. Jr Dr Milwaukee, WI	5.0	2.5	2512	$3,700	$1.47	43d	1	0.52mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	43d	1	0.70mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	20d	1	0.73mi
2761 N Humboldt Blvd Unit First Floor Milwaukee, WI	3.0	1.0	1236	$1,600	$1.29	17d	1	0.79mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	16d	1	0.86mi
2429 N Weil St Milwaukee, WI	3.0	1.0	1300	$1,500	$1.15	43d	1	1.00mi
3131 N Bartlett Ave Unit 1 Milwaukee, WI	4.0	1.0	1600	$1,750	$1.09	43d	1	1.14mi
2012 N Buffum St Milwaukee, WI	3.0	2.5	2200	$2,695	$1.23	43d	1	1.22mi
1814 E Linnwood Ave Milwaukee, WI	4.0	2.0	1800	$3,100	$1.72	43d	1	1.25mi
3246 N Oakland Ave #3244 Milwaukee, WI	3.0	1.0	1309	$2,010	$1.54	1d	1	1.26mi
3377 N Oakland Ave Milwaukee, WI	4.0	2.0	1358	$2,550	$1.88	1d	1	1.26mi
1902 E Linnwood Ave Unit 1902 3002 Milwaukee, WI	3.0	1.0	1300	$1,899	$1.46	43d	1	1.30mi
1902 E Linnwood Ave Unit 1902 04 Milwaukee, WI	4.0	1.5	1599	$2,400	$1.50	17d	1	1.30mi
1902 E Linnwood Ave Unit 1902 05 Milwaukee, WI	4.0	1.5	1599	$2,400	$1.50	4d	1	1.30mi
2959 N Murray Ave Milwaukee, WI	3.0	1.0	1500	$1,800	$1.20	16d	1	1.34mi
1845 N Water St Milwaukee, WI	3.0	1.0–2.0	948	$4,455	$4.70	3d	84	1.37mi
2937 N Frederick Ave Milwaukee, WI	4.0	1.0	1700	$1,925	$1.13	4d	1	1.39mi
2974 N Frederick Ave Milwaukee, WI	4.0	2.0	1626	$2,600	$1.60	43d	1	1.43mi
1014 E Land Pl Milwaukee, WI	3.0	2.0	1900	$2,000	$1.05	4d	1	1.45mi
922 E Hamilton St Unit Lower Milwaukee, WI	3.0	1.0	1900	$1,550	$0.82	23d	1	1.47mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.47mi
1025 E Land Pl Milwaukee, WI	3.0	1.0	1560	$1,750	$1.12	23d	1	1.48mi
2706 N Frederick Ave Milwaukee, WI	3.0	2.0	1500	$2,000	$1.33	17d	1	1.49mi

Listing history 23 events

1. 2026-06-18
   days on market $45,000 Active 167 DOM
2. 2026-06-17
   days on market $45,000 Active 166 DOM
3. 2026-06-16
   days on market $45,000 Active 165 DOM
4. 2026-06-15
   days on market $45,000 Active 164 DOM
5. 2026-06-13
   days on market $45,000 Active 162 DOM
6. 2026-06-13
   days on market $45,000 Active 161 DOM
7. 2026-06-09
   days on market $45,000 Active 158 DOM
8. 2026-06-08
   days on market $45,000 Active 157 DOM
9. 2026-06-07
   days on market $45,000 Active 156 DOM
10. 2026-06-05
    days on market $45,000 Active 153 DOM
11. 2026-06-03
    days on market $45,000 Active 152 DOM
12. 2026-06-02
    days on market $45,000 Active 151 DOM
13. 2026-06-01
    days on market $45,000 Active 150 DOM
14. 2026-05-31
    days on market $45,000 Active 149 DOM
15. 2026-05-20
    price $45,000
16. 2026-05-20
    status Active
17. 2026-02-26
    status Pending
18. 2025-12-18
    status Active
19. 2025-12-09
    status Pending
20. 2025-11-12
    price $60,000
21. 2025-09-30
    historical 71-char remark

    Show marketing remark (71 chars)

    This is a tax foreclosed property. Owner Occupants will be prioritized.

22. 2025-09-30
    listed $95,100 Active

    Show marketing remark (71 chars)

    This is a tax foreclosed property. Owner Occupants will be prioritized.

23. 2025-08-29
    listed $95,100 Active 71-char remark

    Show marketing remark (71 chars)

    This is a tax foreclosed property. 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: $26,928
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$2,154
• − Management: −$2,154
• − Depreciation: −$1,309
• Taxable income: $17,890
• Est. tax owed @ 24.0%: −$4,294
• After-tax cash flow: $13,248/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): 28,938
• Household income: $47,298
• Rent vs Own: 65.6% rent · 34.4% own
• Severe rent burden: 2397.0

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 0.64)
• Race & ethnicity: Black 48% White 35% Hispanic / Latino 12% Two or more races 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6%
• Common ancestry: Romanian 4% Portuguese 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -216.73%
• Current HPI: 385.8225
• Rent YoY: ▲ 5.00%
• 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

-52.7% since first listed

9 events — show timeline

• 2026-05-20 Price Changed $45,000 METROMLS
• 2026-05-20 Relisted — METROMLS
• 2026-02-26 Pending — METROMLS
• 2025-12-18 Relisted — METROMLS
• 2025-12-09 Pending — METROMLS
• 2025-11-12 Price Changed $60,000 METROMLS
• 2025-09-30 Listing Removed — METROMLS
• 2025-09-30 Listed $95,100 METROMLS
• 2025-08-29 Listed $95,100 METROMLS