2907 N 35th St #2909 · Milwaukee, WI 53210

$169,900

6 bd · 2.0 ba · 2,152 sqft · MultiFamily · 27 Days on market

Built 1920 Good condition 5,227 sqft lot Est $123k · 39% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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

Large 3/3 duplex ready for owner occupant or investor looking to add to their rental portfolio. Upper unit tenant on MTM lease $1250 per month, market rents are much higher. Lower unit is currently vacant. Off street parking, located near public transportation and local shopping makes this a solid investment. Many new updates, property is move-in ready!

Key facts

• Off street parking
• Move in ready
• Local shopping

Tags

• OFF STREET PARKING
• PUBLIC TRANSPORTATION
• LOCAL SHOPPING
• MOVE IN READY

Property features AI

Finance

• Other: Inclusions exclude seller/tenant personal property

Exterior

• Parking: 1 off-street parking space; 2-car garage (2 garage parking spaces)
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: Two-story duplex; Multi-family property
• Construction: Information source lists year built as Assessor/Public Record
• Exterior features: Vinyl exterior; Lot less than 1/2 acre (approximately 0.12 acres); Zoned RT2

Interior

• Kitchen: Unit 1 kitchen included; Unit 2 kitchen on upper level; Two stoves and two refrigerators included
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 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 × 3-bed/1.0-bath units multifamily listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive. Per door: $363/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% 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 (+3.8%/yr); 142 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,406/mo this rent would consume 60% of the median local household income ($48k/yr) (locally 1730% 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 $5k 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 + 3.8% rent growth), your $48k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,351 (1.5% below list)

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 1920 — 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: 1.42% ✓
• Cap rate: 11.42%
• Cash-on-cash: 18.33%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $122,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2857 N 34th St #2859	0.08mi	6/2.0	2,314 (+8%)	1mo	$135,000	$58	83
3068 N 34th St Unit 3068A	0.23mi	5/2.0 (-1)	2,087 (-3%)	0mo	$110,000	$53	79
2931 W Chambers St #2933	0.36mi	5/2.0 (-1)	2,080 (-3%)	3mo	$116,000	$56	70
3282 N 30th St #3284	0.60mi	6/2.0	2,162 (+0%)	3mo	$168,000	$78	69
2760 N 35th St Unit 2760A	0.18mi	5/2.0 (-1)	1,897 (-12%)	2mo	$107,500	$57	65
2944 N 28th St #2946	0.48mi	5/2.0 (-1)	2,232 (+4%)	3mo	$165,000	$74	64
3069 N 29th St Unit 3069A	0.44mi	6/2.0	1,958 (-9%)	3mo	$165,000	$84	62
2603 N 37th St #2605	0.40mi	6/2.0	2,440 (+13%)	8mo	$63,000	$26	53
2400 N 35th St #2402	0.64mi	5/2.0 (-1)	1,994 (-7%)	1mo	$65,000	$33	52
3122 N 28th St #3124	0.55mi	6/2.0	2,364 (+10%)	7mo	$180,000	$76	52
2463 W Chambers St #2465	0.69mi	5/2.0 (-1)	2,318 (+8%)	2mo	$50,000	$22	48
2425 N 38th St #2427	0.63mi	6/2.0	2,466 (+15%)	7mo	$50,000	$20	40

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 10.9%
• Equity multiple: 1.44×
• Total profit: $20,784
• Equity at exit: $25,333

10-year hold

• IRR: 20.6%
• Equity multiple: 2.81×
• Total profit: $86,186
• Equity at exit: $14,690

Cash invested: $47,572 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,406 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $727

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,406
Total (2 units)			$2,406

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.73mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.78mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	1.22mi

Listing history 15 events

1. 2026-06-18
   days on market $169,900 Active 27 DOM
2. 2026-06-17
   days on market $169,900 Active 26 DOM
3. 2026-06-16
   days on market $169,900 Active 25 DOM
4. 2026-06-15
   days on market $169,900 Active 24 DOM
5. 2026-06-13
   days on market $169,900 Active 22 DOM
6. 2026-06-13
   days on market $169,900 Active 21 DOM
7. 2026-06-09
   days on market $169,900 Active 18 DOM
8. 2026-06-08
   days on market $169,900 Active 17 DOM
9. 2026-06-07
   days on market $169,900 Active 16 DOM
10. 2026-06-05
    days on market $169,900 Active 13 DOM
11. 2026-06-03
    days on market $169,900 Active 12 DOM
12. 2026-06-02
    days on market $169,900 Active 11 DOM
13. 2026-06-01
    days on market $169,900 Active 10 DOM
14. 2026-05-31
    days on market $169,900 Active 9 DOM
15. 2026-05-22
    listed $169,900 Active

ⓘ 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,872
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,310
• − Management: −$2,310
• − Depreciation: −$4,943
• Taxable income: $6,395
• Est. tax owed @ 24.0%: −$1,535
• After-tax cash flow: $7,184/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.

Condition & rehab AI · 16 photos

Good 80/100 Cosmetic rehab

This move-in ready, multi-family property is in excellent condition with recent updates, making it an attractive investment opportunity.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping and curb appeal improvements — Improves property's visual appeal and marketability
• Both Upgrading lighting fixtures — Enhances safety and aesthetics
• Both Adding smart home features — Improves convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping and curb appeal improvements — Improves property's visual appeal and marketability ↑
• Both Upgrading lighting fixtures — Enhances safety and aesthetics ↑
• Both Adding smart home features — Improves convenience and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 Black (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 2%

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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

1 event — show timeline

• 2026-05-22 Listed $169,900 METROMLS