2206 S 36th St · Milwaukee, WI 53215

$199,900

4 bd · 2.0 ba · 1,937 sqft · MultiFamily public records · 5 Days on market

Built 1928 4,791 sqft lot Est $205k · at est.

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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 +19.8/30.0
• ARV discount +8.7/15.0
• DSCR +6.3/10.0
• 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

Investment Opportunity or Owner-Occupant Dream! This charming duplex offers 2 bedrooms and 1 full bath each unit, with comfortable, functional living spaces. The main level boasts a spacious living room perfect for entertaining, enhanced by a formal dining room with beautiful built-in china cabinets, original stained glass windows, in addition to a cozy styled kitchen that exudes warmth and character, and a recreation room in the basement. The second-floor unit offers great potential and needs only a little TLC. Additional highlights include 4 off-street parking spaces and a convenient location close to shopping, restaurants, schools, and everyday amenities. Live in one unit and rent the ot

Key facts

• 4,791 sq ft lot
• Parking
• Built 1928

Property features AI

Finance

• Other: Property type: Multi-Family

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story multi-family property; Zoned RT4 Residential; Lot size approximately 0.11 acre (less than 1/2 acre)
• Construction: Year built: public/assessor records
• Exterior features: Wood exterior; Other exterior materials

Interior

• Kitchen: Unit 2 kitchen (upper level); Included appliances: 2 oven/ranges, 1 microwave
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement
• Laundry & utility: Included: 1 washer and 1 dryer; Electric service: 1 electric meter and 2 electric meters (multiple meters)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive. Per door: $120/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 7.7% 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); 56 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,142/mo this rent would consume 47% 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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $57k; list at $200k implies a 251% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,900

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 1928 — 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: 7.73%
• Cash-on-cash: 5.13%
• DSCR: 1.23
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $205,322
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1932 S 31st St #1934	0.47mi	4/2.0	1,798 (-7%)	3mo	$180,000	$100	64
2128 S 28th St Unit 2128A	0.51mi	4/2.0	2,007 (+4%)	10mo	$100,000	$50	62
1938 S 28th St	0.60mi	4/2.0	2,013 (+4%)	14mo	$233,000	$116	54
2169 S 31st St	0.29mi	5/2.0 (+1)	2,167 (+12%)	19mo	$250,000	$115	46
2053 S 25th St	0.70mi	5/3.0 (+1)	2,095 (+8%)	1mo	$300,000	$143	44
1663 S 28th St Unit A	0.74mi	4/2.0	2,134 (+10%)	6mo	$185,000	$87	43
3527 W Branting Ln	0.72mi	4/2.0	1,698 (-12%)	3mo	$200,000	$118	43
2359 S 28th St	0.50mi	4/2.0	1,670 (-14%)	16mo	$150,500	$90	40
1530 S 34th St #1532	0.75mi	4/2.0	2,150 (+11%)	9mo	$165,000	$77	39
1817 S 29th St #1819	0.60mi	4/2.0	2,190 (+13%)	14mo	$220,000	$100	38
1910 S 28th St #1912	0.63mi	4/2.0	2,180 (+12%)	17mo	$230,000	$106	36
2532 W Lincoln Ave	0.64mi	3/2.0 (-1)	1,661 (-14%)	19mo	$180,000	$108	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 · 5.02% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.77×
• Total profit: $-12,625
• Equity at exit: $29,806

10-year hold

• IRR: 6.1%
• Equity multiple: 1.50×
• Total profit: $27,945
• Equity at exit: $17,284

Cash invested: $55,972 (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: 56
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $2,142 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$321 /mo · $3,854/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $239

Break-even live

Break-even rent $1,839

Max offer price $199,900

Occupancy floor 84%

Sensitivity live

Price	-10% $353	-5% $296	+0% $239	+5% $183	+10% $126
Rent	-10% $70	-5% $155	+0% $239	+5% $324	+10% $409
Rate	-1.0pp $340	-0.5pp $290	base $239	+0.5pp $188	+1.0pp $135

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,142
Total (2 units)			$2,142

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   status $199,900 Pending 5 DOM
2. 2026-06-18
   days on market $199,900 Active 5 DOM
3. 2026-06-17
   days on market $199,900 Active 4 DOM
4. 2026-06-16
   days on market $199,900 Active 3 DOM
5. 2026-06-15
   days on market $199,900 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $199,900 Active 1 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: $3,854 · $321/mo
• Projected year-2 tax: $3,854 · $321/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

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 ≥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: $25,704
• − Mortgage interest: −$11,198
• − Property taxes: −$3,854
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,056
• − Management: −$2,056
• − Depreciation: −$5,815
• Taxable loss: −$275
• Est. tax savings @ 24.0%: +$66
• After-tax cash flow: $2,939/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

+335.5% since first listed

3 events — show timeline

• 2026-06-12 Listed $199,900 METROMLS
• 1989-09-01 Sold (Public Records) $57,000 Public Records
• 1980-08-01 Sold (Public Records) $45,900 Public Records

Property tax history

+3.6%/yr

Latest (2024): $3,854 · -11.6% YoY. Source: county tax records.