2825 W State St · Milwaukee, WI 53208

$5,000

4 bd · 3.0 ba · 3,243 sqft · MultiFamily public records · 44 Days on market

Built 1890 4,356 sqft lot $2/sqft · 98% below area

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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: 1 unit. estimate disagrees with records

Listing remarks MLS

This Historic City of Milwaukee Multifamily property is available to Owner Occupant Purchasers Only & must be converted from a Multi-family home and to a Single Family Residence. The possibilities for this home are endless! * * (Conversion permit required; must be converted to a single family; Hist. Code: On NRHP and locally designated; Concordia Neighborhood local historic district) * * Per the City this property is ''On Hold''

Key facts

• 4,356 sq ft lot
• Built 1890
• Listed 44 days

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Two-story single-family home; Located in a city (Milwaukee)
• Construction: Less than 1/2 acre lot; Lot size approximately 0.1 acre; Zoning: RT3; Year built information from assessor/public record
• Exterior features: Wood exterior; Sidewalks

Interior

• Flooring: Wood floors
• Bathrooms: Three full bathrooms; One half bathroom; Shower over tub
• Heating & cooling: Forced air heating (natural gas)
• Interior features: Cathedral/vaulted ceilings; Walk-in closets; Wood floors; Full basement

🏷️ Possibly a rental listed for sale. The $5,000 price doesn't fit this home's estimated sale value (~$243,518) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $5k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $5k).
• Recommended offer: $5k (3.0% below list) — sets the bar for market timing.
• Cap rate 319.4% 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 fast (+10.8%/yr); 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 39% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $35 of loan paydown is wiped out by about $150 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 $1k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($5k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $4,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 33.90% ✓
• Cap rate: 319.40%
• Cash-on-cash: 1118.23%
• DSCR: 50.75
• GRM: 0.2

CMA / ARV

• ARV (median comp): $243,518
• List price: $5,000
• Delta: -97.95%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3425 W Highland Blvd #3427	0.39mi	4/2.0	3,063 (-6%)	11mo	$158,900	$52	60
2810 W Mckinley Blvd	0.32mi	5/2.0 (+1)	3,722 (+15%)	9mo	$150,000	$40	44

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: 66.19×
• Total profit: $91,264
• Equity at exit: $746

10-year hold

• IRR: —
• Equity multiple: 163.39×
• Total profit: $227,341
• Equity at exit: $432

Cash invested: $1,400 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 94
• Price-to-rent: 0.2×

Monthly cashflow live

• Estimated rent: $1,695 medium
• Mortgage (P&I): −$26
• Tax est. 1.5%: −$6 /mo · $75/yr
• Insurance: −$2
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $1,305

Break-even live

Break-even rent $44

Max offer price $5,000

Occupancy floor 18%

Sensitivity live

Price	-10% $1,308	-5% $1,306	+0% $1,305	+5% $1,303	+10% $1,301
Rent	-10% $1,171	-5% $1,238	+0% $1,305	+5% $1,372	+10% $1,439
Rate	-1.0pp $1,307	-0.5pp $1,306	base $1,305	+0.5pp $1,303	+1.0pp $1,302

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: $1,250
• Closing costs: $150
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1227 W Juneau Ave Unit 1227 Milwaukee, WI	4.0	1.0	3022	$1,550	$0.51	45d	1	1.13mi

Listing history 29 events

1. 2026-06-21
   days on market $5,000 Active 44 DOM
2. 2026-06-18
   days on market $5,000 Active 41 DOM
3. 2026-06-17
   days on market $5,000 Active 40 DOM
4. 2026-06-16
   days on market $5,000 Active 39 DOM
5. 2026-06-15
   days on market $5,000 Active 38 DOM
6. 2026-06-13
   days on market $5,000 Active 36 DOM
7. 2026-06-13
   days on market $5,000 Active 35 DOM
8. 2026-06-09
   days on market $5,000 Active 32 DOM
9. 2026-06-08
   days on market $5,000 Active 31 DOM
10. 2026-06-07
    days on market $5,000 Active 30 DOM
11. 2026-06-05
    days on market $5,000 Active 27 DOM
12. 2026-06-03
    days on market $5,000 Active 26 DOM
13. 2026-06-02
    days on market $5,000 Active 25 DOM
14. 2026-06-01
    days on market $5,000 Active 24 DOM
15. 2026-05-31
    days on market $5,000 Active 23 DOM
16. 2026-05-08
    listed $5,000 Active 578-char remark
17. 2022-03-15
    historical 441-char remark

    Show marketing remark (441 chars)

    This Historic City of Milwaukee Multifamily property is available to Owner Occupant Purchasers Only & must be converted from a Multi-family home and to a Single Family Residence. The possibilities for this home are endless! * * (Conversion permit required; must be converted to a single family; Hist. Code: On NRHP and locally designated; Concordia Neighborhood local historic district) * * Per the City this property is ''On Hold''

18. 2022-02-16
    historical

    Show marketing remark (307 chars)

    This is a tax foreclosed property. (Conversion permit required; must be converted to a single family; Hist. Code: On NRHP and locally designated; Concordia Neighborhood local historic district)This property is strictly restricted for sale for OWNER/OCCUPANCY only. Sealed Bids due by 02/07/2022 by 10:00AM.

19. 2022-02-14
    listed $5,000 Active 441-char remark

    Show marketing remark (441 chars)

    This Historic City of Milwaukee Multifamily property is available to Owner Occupant Purchasers Only & must be converted from a Multi-family home and to a Single Family Residence. The possibilities for this home are endless! * * (Conversion permit required; must be converted to a single family; Hist. Code: On NRHP and locally designated; Concordia Neighborhood local historic district) * * Per the City this property is ''On Hold''

20. 2022-01-05
    listed $5,000 Active

    Show marketing remark (307 chars)

    This is a tax foreclosed property. (Conversion permit required; must be converted to a single family; Hist. Code: On NRHP and locally designated; Concordia Neighborhood local historic district)This property is strictly restricted for sale for OWNER/OCCUPANCY only. Sealed Bids due by 02/07/2022 by 10:00AM.

21. 2018-03-17
    historical
22. 2017-12-14
    listed $6,200 Active
23. 2015-07-17
    soldstatus $12,000 Sold
24. 2015-07-16
    status Pending
25. 2015-07-10
    historical Contingent
26. 2015-04-03
    listed $19,800 Active
27. 2005-10-27
    soldstatus $77,000
28. 2005-09-08
    soldstatus $80,000
29. 1990-07-01
    soldstatus $20,000

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,342
• − Mortgage interest: −$280
• − Property taxes: −$75
• − Insurance: −$25
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − Depreciation: −$145
• Taxable income: $16,561
• Est. tax owed @ 24.0%: −$3,975
• After-tax cash flow: $11,680/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

-75.0% since first listed

14 events — show timeline

• 2026-05-08 Listed $5,000 METROMLS
• 2022-03-15 Listing Removed — METROMLS
• 2022-02-16 Listing Removed — METROMLS
• 2022-02-14 Listed $5,000 METROMLS
• 2022-01-05 Listed $5,000 METROMLS
• 2018-03-17 Listing Removed — METROMLS
• 2017-12-14 Listed $6,200 METROMLS
• 2015-07-17 Sold (MLS) $12,000 METROMLS
• 2015-07-16 Pending — METROMLS
• 2015-07-10 Contingent — METROMLS
• 2015-04-03 Listed $19,800 METROMLS
• 2005-10-27 Sold (Public Records) $77,000 Public Records
• 2005-09-08 Sold (MLS) $80,000 METROMLS
• 1990-07-01 Sold (Public Records) $20,000 Public Records

Property tax history

+23.7%/yr

Latest (2020): $6,603 · +22.7% YoY. Source: county tax records.