1945 S 29th St · Milwaukee, WI 53215

$205,000

5 bd · 2.0 ba · 2,390 sqft · MultiFamily public records · 13 Days on market

Built 1910 4,356 sqft lot Est $227k · 10% under

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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 +20.5/30.0
• ARV discount +11.9/15.0
• DSCR +6.5/10.0
• 1% rule +5.7/10.0
• 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

Prime investment opportunity-turnkey duplex with stable income and recent updates. This fully rented duplex is in a desirable location and is the ultimate blend of charm, convenience, and low-maintenance ownership. Benefit from a brand-new tear off roof with warranty. Positioned perfectly between Rogers and Burham St. Close to highways, public transportation and everyday conveniences. Parking slab in the rear fits two vehicles. Both units are occupied by long-term tenants at $750/month each and are both MTM leases. Tenants pay heat and electric owner pays water. With area values on the rise don't miss this great investment opportunity. The room sizes are est. per owner. 24 notice for showings needed.

Key facts

• New floors
• Fresh paint
• New roof

Tags

• NEW FLOORS
• FRESH PAINT
• NEW ROOF
• LARGE ATTIC
• LARGE BASEMENT STORAGE
• INCOME PRODUCING PROPERTY

Property features AI

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; 1 electric meter, 1 gas meter
• Home design: 2-story duplex; Multi-family property; Zoned R1; Lot size approximately 0.1 acres (less than 1/2 acre)
• Construction: Built (year per assessor/public record)
• Exterior features: Aluminum/steel exterior; Aluminum siding

Interior

• Kitchen: Unit 2 kitchen located on upper level (approx. 12 x 12)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms (master on upper level, approx. 11 x 10)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: Shared utilities: 1 electric meter, 1 gas meter

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $205k.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive. Per door: $135/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Cap rate 7.9% 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 fast (+5.0%/yr); 57 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,199/mo this rent would consume 49% of the median local household income ($54k/yr) (locally 2283% 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 $6k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $135k; list at $205k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $205,000

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 1910 — 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: 1.07% ✓
• Cap rate: 7.88%
• Cash-on-cash: 5.65%
• DSCR: 1.25
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $227,050
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1633 S 30th St	0.28mi	5/2.0	2,303 (-4%)	6mo	$126,467	$55	76
2055 S 25th St #2057	0.30mi	4/2.0 (-1)	2,344 (-2%)	2mo	$280,000	$119	76
3109 W Lapham St #3113	0.34mi	6/2.0 (+1)	2,300 (-4%)	1mo	$248,000	$108	72
1800 S 29th St #1802	0.13mi	6/2.0 (+1)	2,112 (-12%)	1mo	$199,900	$95	69
2148 S 33rd St Unit A	0.35mi	4/2.0 (-1)	2,267 (-5%)	2mo	$258,900	$114	68
2343 W Becher St #2345	0.44mi	6/2.0 (+1)	2,424 (+1%)	6mo	$154,000	$64	67
2149 S 24th St #2151	0.43mi	6/2.0 (+1)	2,360 (-1%)	7mo	$215,000	$91	67
2232 W Mitchell St #2234	0.49mi	5/2.0	2,600 (+9%)	0mo	$160,000	$62	62
2053 S 25th St	0.30mi	5/3.0	2,095 (-12%)	1mo	$300,000	$143	61
1663 S 28th St Unit A	0.24mi	4/2.0 (-1)	2,134 (-11%)	6mo	$185,000	$87	61
1530 S 34th St #1532	0.49mi	4/2.0 (-1)	2,150 (-10%)	9mo	$165,000	$77	47
1943 S Muskego Ave #1945	0.49mi	6/2.0 (+1)	2,034 (-15%)	7mo	$224,000	$110	42

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 · 5.02% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.80×
• Total profit: $-11,380
• Equity at exit: $30,566

10-year hold

• IRR: 6.8%
• Equity multiple: 1.56×
• Total profit: $32,018
• Equity at exit: $17,725

Cash invested: $57,400 (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 53215

• Home prices YoY: -13.6%
• Rents YoY: 5.0%
• Active inventory: 57
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $2,199 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$306 /mo · $3,677/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $270

Break-even live

Break-even rent $1,857

Max offer price $205,000

Occupancy floor 83%

Sensitivity live

Price	-10% $386	-5% $328	+0% $270	+5% $212	+10% $154
Rent	-10% $97	-5% $183	+0% $270	+5% $357	+10% $444
Rate	-1.0pp $374	-0.5pp $322	base $270	+0.5pp $217	+1.0pp $163

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,200
Total (2 units)			$2,199

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $205,000 Active 13 DOM
2. 2026-06-17
   days on market $205,000 Active 12 DOM
3. 2026-06-16
   days on market $205,000 Active 11 DOM
4. 2026-06-15
   days on market $205,000 Active 10 DOM
5. 2026-06-13
   days on market $205,000 Active 8 DOM
6. 2026-06-13
   days on market $205,000 Active 7 DOM
7. 2026-06-09
   days on market $205,000 Active 4 DOM
8. 2026-06-08
   days on market $205,000 Active 3 DOM
9. 2026-06-07
   remarks 610-char remark
10. 2026-06-07
    listed $205,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $3,677 · $306/mo
• Projected year-2 tax: $3,735 · $311/mo
• Expected delta: +$58/yr (+$5/mo · 1.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,388
• − Mortgage interest: −$11,483
• − Property taxes: −$3,677
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,111
• − Management: −$2,111
• − Depreciation: −$5,964
• Taxable income: $17
• Est. tax owed @ 24.0%: −$4
• After-tax cash flow: $3,240/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): 58,146
• Household income: $54,289
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 2283.0

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 (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 34% White 18% Asian 6% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 52% Puerto Rican 12%
• Common ancestry: Romanian 6% Portuguese 1%
• Foreign-born: 31% · Canada, Philippines, Jamaica
• Languages at home: 35% English-only · Spanish 59% Other Asian/Pacific 3% Other Indo-European 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: ▼ -52.55%
• Current HPI: 332.891
• Rent YoY: ▲ 5.02%
• 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

+388.1% since first listed

6 events — show timeline

• 2026-06-05 Listed $205,000 METROMLS
• 2026-02-22 Listing Removed — METROMLS
• 2026-02-13 Listed $199,000 METROMLS
• 2025-12-08 Sold (Public Records) $135,000 Public Records
• 2006-11-01 Sold (Public Records) $155,000 Public Records
• 1982-03-01 Sold (Public Records) $42,000 Public Records

Property tax history

+2.0%/yr

Latest (2024): $3,677 · +18.0% YoY. Source: county tax records.