3026 S Hanson Ave #3028 · Milwaukee, WI 53207

$319,900

6 bd · 2.0 ba · 2,302 sqft · MultiFamily · 69 Days on market

Built 1924 4,356 sqft lot $139/sqft · 11% below area Est $358k · 11% under

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Why this score? — see what drove the B 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 +12.3/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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 now fully vacant 3/3 duplex in Milwaukee's highly sought-after Bay View neighborhood offers exceptional opportunity for owner-occupants and investors. Each unit features a spacious 3 bed, 1 bath layout, providing strong rental potential and flexibility for future use. Ideally located near Humboldt Park, South Shore Park and South Shore Beach along Lake Michigan, as well as the Bay View Community Center. Enjoy close proximity to popular Bay View destinations along Kinnickinnic Ave including Cafe Centraal, Goodkind, Odd Duck, The Vanguard, and Collectivo Coffee, along with convenient access to South Shore Terrace Beer Garden, Outpost Natural Foods, and I-794 for an easy commute to downtown. A prime value-add opportunity in one of Milwaukee's most most vibrant neighborhoods.

Key facts

• Humboldt park
• South shore park
• Kinnickinnic ave

Tags

• HUMBOLDT PARK
• SOUTH SHORE PARK
• SOUTH SHORE BEACH
• BAY VIEW COMMUNITY CENTER
• KINNICKINNIC AVE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $320k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $717/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $320k).
• Recommended offer: $301k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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 (+2.4%/yr); 91 active listings in the ZIP; solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $4,683/mo this rent would consume 71% of the median local household income ($79k/yr) (locally 821% 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 $2k of loan paydown is wiped out by about $10k 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 + 2.4% rent growth), your $90k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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: flood insurance adds $56/mo; built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $300,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% 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 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.46% ✓
• Cap rate: 11.88%
• Cash-on-cash: 19.95%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

• ARV (median comp): $358,265
• List price: $319,900
• Delta: -10.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2804 S Logan Ave #2806	0.44mi	6/2.0	2,304 (+0%)	1mo	$456,000	$198	79
1817 E Rusk Ave #1819	0.21mi	5/2.0 (-1)	2,185 (-5%)	8mo	$415,000	$190	70
1917 E Hillcrest Ave #1919	0.31mi	6/2.0	2,219 (-4%)	13mo	$440,000	$198	69
3002 S Kinnickinnic Ave	0.31mi	5/2.0 (-1)	2,138 (-7%)	2mo	$270,000	$126	67
2843 S Clement Ave #2845	0.33mi	6/2.0	2,536 (+10%)	19mo	$390,000	$154	52
2860 S Delaware Ave #2862	0.40mi	5/2.0 (-1)	2,112 (-8%)	16mo	$400,000	$189	50
3423 S Kinnickinnic Ave	0.69mi	5/2.0 (-1)	2,258 (-2%)	13mo	$415,000	$184	49
1028 E Potter Ave Unit 1028A	0.67mi	7/2.0 (+1)	2,177 (-5%)	8mo	$385,000	$177	48
713 E Russell Ave #715	0.65mi	6/2.0	2,542 (+10%)	9mo	$520,000	$205	45
2506 S Delaware Ave #2508	0.62mi	5/2.0 (-1)	2,112 (-8%)	9mo	$515,000	$244	44
2975 S Wentworth Ave #2977	0.56mi	6/2.0	2,544 (+10%)	16mo	$480,000	$189	43
3136 S Pennsylvania Ave	0.60mi	6/2.0	2,049 (-11%)	15mo	$412,000	$201	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 · 2.39% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.41×
• Total profit: $36,696
• Equity at exit: $47,698

10-year hold

• IRR: 19.0%
• Equity multiple: 2.54×
• Total profit: $138,345
• Equity at exit: $27,659

Cash invested: $89,572 (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 53207

• Rents YoY: 2.4%
• Active inventory: 91
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $4,683 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,798/yr
• Insurance: −$133
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$983
• Net cashflow: $1,433

Break-even live

Break-even rent $2,869

Max offer price $319,900

Occupancy floor 64%

Sensitivity live

Price	-10% $1,654	-5% $1,544	+0% $1,433	+5% $1,323	+10% $1,212
Rent	-10% $1,063	-5% $1,248	+0% $1,433	+5% $1,618	+10% $1,803
Rate	-1.0pp $1,594	-0.5pp $1,515	base $1,433	+0.5pp $1,350	+1.0pp $1,266

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,682
Total (2 units)			$4,683

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-03-18
   listed $319,900 Active 787-char remark

   Show marketing remark (787 chars)

   This now fully vacant 3/3 duplex in Milwaukee's highly sought-after Bay View neighborhood offers exceptional opportunity for owner-occupants and investors. Each unit features a spacious 3 bed, 1 bath layout, providing strong rental potential and flexibility for future use. Ideally located near Humboldt Park, South Shore Park and South Shore Beach along Lake Michigan, as well as the Bay View Community Center. Enjoy close proximity to popular Bay View destinations along Kinnickinnic Ave including Cafe Centraal, Goodkind, Odd Duck, The Vanguard, and Collectivo Coffee, along with convenient access to South Shore Terrace Beer Garden, Outpost Natural Foods, and I-794 for an easy commute to downtown. A prime value-add opportunity in one of Milwaukee's most most vibrant neighborhoods.

2. 2024-10-29
   historical 340-char remark

   Show marketing remark (340 chars)

   This 3/3 Duplex is the perfect home or investment property. Located in Bay View, this home is near Bay View Community Center, Humboldt Park, many shopping centers and restaurants, and South Shore Park on Lake Michigan. Currently occupied in one unit, this home brings in $995 per month in rents. Schedule a showing today and don't miss out!

3. 2024-09-30
   listed $359,900 Active 340-char remark

   Show marketing remark (340 chars)

   This 3/3 Duplex is the perfect home or investment property. Located in Bay View, this home is near Bay View Community Center, Humboldt Park, many shopping centers and restaurants, and South Shore Park on Lake Michigan. Currently occupied in one unit, this home brings in $995 per month in rents. Schedule a showing today and don't miss out!

4. 2024-09-12
   historical
5. 2024-06-03
   historical
6. 2024-06-03
   listed $289,900 Active
7. 2024-05-01
   price $298,900
8. 2024-04-10
   listed $299,900 Active
9. 2012-02-16
   listed $149,000
10. 2012-02-16
    historical

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $56,196
• − Mortgage interest: −$17,919
• − Property taxes: −$4,798
• − Insurance: −$2,266
• − Repairs & maintenance: −$4,496
• − Management: −$4,496
• − Depreciation: −$9,306
• Taxable income: $12,915
• Est. tax owed @ 24.0%: −$3,100
• After-tax cash flow: $14,100/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): 34,313
• Household income: $79,117
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 821.0

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 White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 10% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 5%
• Common ancestry: Romanian 15% Portuguese 4% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 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: ▼ -261.93%
• Current HPI: 324.5284
• Rent YoY: ▲ 2.39%
• 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

+114.7% since first listed

10 events — show timeline

• 2026-03-18 Listed $319,900 METROMLS
• 2024-10-29 Listing Removed — METROMLS
• 2024-09-30 Listed $359,900 METROMLS
• 2024-09-12 Listing Removed — METROMLS
• 2024-06-03 Listing Removed — METROMLS
• 2024-06-03 Listed $289,900 METROMLS
• 2024-05-01 Price Changed $298,900 METROMLS
• 2024-04-10 Listed $299,900 METROMLS
• 2012-02-16 Listing Removed — METROMLS
• 2012-02-16 Listed $149,000 METROMLS