1022 W Madison St #1024 · Milwaukee, WI 53204

$400,000

None bd · None ba · 4,350 sqft · MultiFamily · 62 Days on market

Built 1890 6,969 sqft lot $92/sqft · 69% above 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 +13.5/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Formerly used as a CBRF, this spacious and fully compliant home offers 8 private bedrooms and 3 bathrooms, featuring a handicap ramp in the rear. The property is fully sprinkled, including the attic, and was remodeled in 2013. Two bedrooms are located on the main floor, while 6 additional bedrooms, with office nooks, are on the 2nd floor. The main level boasts a kitchen, dining area, living room, private office, and walk-in pantry. Plans exist for expanding with 5 more bedrooms and an extra bathroom. Roof, windows, furnaces, A/C units, and water heater are all 11 years old. An 800 sqft 2-bed, 1-bath rear cottage is also included with sale.

Key facts

• Remodeled
• Fully sprinkled
• Rear cottage

Tags

• HANDICAP RAMP
• FULLY SPRINKLED
• REMODELED
• WALK-IN PANTRY
• REAR COTTAGE

What this means for you Summary

Snapshot

• This is a multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $13 ($150/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $352k (12.1% below list).
• Recommended offer: $352k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 5.1% in Milwaukee — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+2.0%/yr); 55 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).
• At $3,515/mo this rent would consume 92% of the median local household income ($46k/yr) (locally 2357% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 2.0% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.
• Current owner paid $37k; list at $400k implies a 981% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $351,500 (12.1% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
8. 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.
9. 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.
10. 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: 0.88% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.13%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (median comp): $237,237
• List price: $400,000
• Delta: 68.61%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1422 S 7th St	0.30mi	—/—	4,400 (+1%)	6mo	$560,000	$127	79
1715 S 18th St #1719	0.71mi	—/—	4,199 (-4%)	0mo	$245,000	$58	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 2.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.92×
• Total profit: $215,200
• Equity at exit: $360,352

10-year hold

• IRR: 21.1%
• Equity multiple: 6.59×
• Total profit: $626,387
• Equity at exit: $777,112

Cash invested: $112,000 (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 53204

• Home prices YoY: 19.0%
• Rents YoY: 2.0%
• Active inventory: 55
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $3,515 medium
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$738
• Net cashflow: $13

Break-even live

Break-even rent $3,499

Max offer price $400,000

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,565
1× unit	6	3	$1,950
Total (2 units)			$3,515

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 N Water St Unit 3 Milwaukee, WI	1.0	1.0	3000	$2,800	$0.93	43d	1	1.40mi

Listing history 23 events

1. 2026-06-18
   days on market $400,000 Active 62 DOM
2. 2026-06-17
   days on market $400,000 Active 61 DOM
3. 2026-06-16
   days on market $400,000 Active 60 DOM
4. 2026-06-15
   days on market $400,000 Active 59 DOM
5. 2026-06-13
   days on market $400,000 Active 57 DOM
6. 2026-06-13
   days on market $400,000 Active 56 DOM
7. 2026-06-09
   days on market $400,000 Active 53 DOM
8. 2026-06-08
   days on market $400,000 Active 52 DOM
9. 2026-06-07
   days on market $400,000 Active 51 DOM
10. 2026-06-05
    days on market $400,000 Active 48 DOM
11. 2026-06-03
    days on market $400,000 Active 47 DOM
12. 2026-06-02
    days on market $400,000 Active 46 DOM
13. 2026-06-01
    days on market $400,000 Active 45 DOM
14. 2026-05-31
    days on market $400,000 Active 44 DOM
15. 2026-05-11
    historical Contingent 647-char remark

    Show marketing remark (647 chars)

    Formerly used as a CBRF, this spacious and fully compliant home offers 8 private bedrooms and 3 bathrooms, featuring a handicap ramp in the rear. The property is fully sprinkled, including the attic, and was remodeled in 2013. Two bedrooms are located on the main floor, while 6 additional bedrooms, with office nooks, are on the 2nd floor. The main level boasts a kitchen, dining area, living room, private office, and walk-in pantry. Plans exist for expanding with 5 more bedrooms and an extra bathroom. Roof, windows, furnaces, A/C units, and water heater are all 11 years old. An 800 sqft 2-bed, 1-bath rear cottage is also included with sale.

16. 2026-04-17
    listed $400,000 Active 647-char remark

    Show marketing remark (647 chars)

    Formerly used as a CBRF, this spacious and fully compliant home offers 8 private bedrooms and 3 bathrooms, featuring a handicap ramp in the rear. The property is fully sprinkled, including the attic, and was remodeled in 2013. Two bedrooms are located on the main floor, while 6 additional bedrooms, with office nooks, are on the 2nd floor. The main level boasts a kitchen, dining area, living room, private office, and walk-in pantry. Plans exist for expanding with 5 more bedrooms and an extra bathroom. Roof, windows, furnaces, A/C units, and water heater are all 11 years old. An 800 sqft 2-bed, 1-bath rear cottage is also included with sale.

17. 2026-04-04
    historical 647-char remark

    Show marketing remark (647 chars)

    Formerly used as a CBRF, this spacious and fully compliant home offers 8 private bedrooms and 3 bathrooms, featuring a handicap ramp in the rear. The property is fully sprinkled, including the attic, and was remodeled in 2013. Two bedrooms are located on the main floor, while 6 additional bedrooms, with office nooks, are on the 2nd floor. The main level boasts a kitchen, dining area, living room, private office, and walk-in pantry. Plans exist for expanding with 5 more bedrooms and an extra bathroom. Roof, windows, furnaces, A/C units, and water heater are all 11 years old. An 800 sqft 2-bed, 1-bath rear cottage is also included with sale.

18. 2026-02-12
    historical Contingent 647-char remark

    Show marketing remark (647 chars)

    Formerly used as a CBRF, this spacious and fully compliant home offers 8 private bedrooms and 3 bathrooms, featuring a handicap ramp in the rear. The property is fully sprinkled, including the attic, and was remodeled in 2013. Two bedrooms are located on the main floor, while 6 additional bedrooms, with office nooks, are on the 2nd floor. The main level boasts a kitchen, dining area, living room, private office, and walk-in pantry. Plans exist for expanding with 5 more bedrooms and an extra bathroom. Roof, windows, furnaces, A/C units, and water heater are all 11 years old. An 800 sqft 2-bed, 1-bath rear cottage is also included with sale.

19. 2025-10-02
    price $499,900 647-char remark

    Show marketing remark (647 chars)

    Formerly used as a CBRF, this spacious and fully compliant home offers 8 private bedrooms and 3 bathrooms, featuring a handicap ramp in the rear. The property is fully sprinkled, including the attic, and was remodeled in 2013. Two bedrooms are located on the main floor, while 6 additional bedrooms, with office nooks, are on the 2nd floor. The main level boasts a kitchen, dining area, living room, private office, and walk-in pantry. Plans exist for expanding with 5 more bedrooms and an extra bathroom. Roof, windows, furnaces, A/C units, and water heater are all 11 years old. An 800 sqft 2-bed, 1-bath rear cottage is also included with sale.

20. 2025-04-03
    listed $549,900 Active 647-char remark

    Show marketing remark (647 chars)

    Formerly used as a CBRF, this spacious and fully compliant home offers 8 private bedrooms and 3 bathrooms, featuring a handicap ramp in the rear. The property is fully sprinkled, including the attic, and was remodeled in 2013. Two bedrooms are located on the main floor, while 6 additional bedrooms, with office nooks, are on the 2nd floor. The main level boasts a kitchen, dining area, living room, private office, and walk-in pantry. Plans exist for expanding with 5 more bedrooms and an extra bathroom. Roof, windows, furnaces, A/C units, and water heater are all 11 years old. An 800 sqft 2-bed, 1-bath rear cottage is also included with sale.

21. 2013-09-20
    listed $39,400
22. 2013-09-20
    historical
23. 2013-04-05
    soldstatus $37,000

ⓘ 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 ≥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: $42,180
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,374
• − Management: −$3,374
• − Depreciation: −$11,636
• Taxable loss: −$6,611
• Est. tax savings @ 24.0%: +$1,587
• After-tax cash flow: $1,737/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): 39,996
• Household income: $45,934
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 2357.0

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 (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 35% White 15% Black 11% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 51% Puerto Rican 13%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 35% English-only · Spanish 61% Other Asian/Pacific 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: ▲ 64.27%
• Current HPI: 403.236
• Rent YoY: ▲ 2.00%
• 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

+981.1% since first listed

9 events — show timeline

• 2026-05-11 Contingent — METROMLS
• 2026-04-17 Listed $400,000 METROMLS
• 2026-04-04 Listing Removed — METROMLS
• 2026-02-12 Contingent — METROMLS
• 2025-10-02 Price Changed $499,900 METROMLS
• 2025-04-03 Listed $549,900 METROMLS
• 2013-09-20 Listing Removed — METROMLS
• 2013-09-20 Listed $39,400 METROMLS
• 2013-04-05 Sold (MLS) $37,000 METROMLS