2808 N 57th St #2810 · Milwaukee, WI 53210

$190,000

4 bd · 2.0 ba · 2,412 sqft · MultiFamily · 38 Days on market

Built 1927 4,356 sqft lot $79/sqft · at area comps Est $182k · 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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• ARV discount +5.4/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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

Well taken care of 2/2 duplex. Great investment for investors and owner occupants

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1927

Property features AI

Finance

• Other: Includes 2 stoves and 2 refrigerators; Seller's and tenant's personal property excluded
• Financial info: Multi-family (2 units)

Exterior

• Parking: Detached 2-car garage; 1 additional off-street parking space
• Utilities: Municipal water; Municipal sewer; Two electric meters; Two gas meters
• Home design: 2-story duplex (multi-family property); Estimated living area range: 1,001–1,250 sq ft
• Construction: Construction type: Wood; Basement: Full, block
• Exterior features: Wood exterior; Lot size approximately 0.1 acre; Zoned residential; Less than 1/2 acre

Interior

• Kitchen: Unit 2 kitchen on upper level; Two stoves and two refrigerators included (one for each unit)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement
• Laundry & utility: Two electric meters; Two gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive. Per door: $272/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (+3.8%/yr); 142 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,351/mo this rent would consume 59% 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 $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.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 $46k; list at $190k implies a 313% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.24% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.28%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $181,635
• List price: $190,000
• Delta: 4.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2808 N 52nd St #2810	0.28mi	4/2.0	2,292 (-5%)	1mo	$153,000	$67	78
3128 N 52nd St #3130	0.50mi	4/2.0	2,400 (-0%)	0mo	$283,000	$118	76
3044 N 54th St #3046	0.35mi	4/2.0	2,279 (-6%)	0mo	$200,000	$88	74
2642 N 51st St #2644	0.40mi	4/2.0	2,294 (-5%)	1mo	$122,500	$53	73
2866 N 52nd St #2868	0.30mi	4/2.0	2,215 (-8%)	1mo	$257,000	$116	72
2977 N 60th St #2979	0.30mi	5/2.0 (+1)	2,273 (-6%)	0mo	$179,900	$79	71
2834 N 54th St Unit 2834A	0.17mi	4/2.0	2,080 (-14%)	0mo	$175,000	$84	69
3280 N 54th St #3282	0.63mi	4/2.0	2,494 (+3%)	2mo	$340,000	$136	64
2576 N 51st St #2578	0.45mi	4/2.0	2,178 (-10%)	1mo	$149,900	$69	62
2403 N 56th St	0.51mi	4/2.0	2,200 (-9%)	1mo	$339,500	$154	61
5601 W Brooklyn Pl	0.58mi	3/2.0 (-1)	2,186 (-9%)	1mo	$310,000	$142	51
5601 W Philip Pl #5603	0.68mi	3/2.0 (-1)	2,224 (-8%)	0mo	$265,000	$119	50

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: 2.8%
• Equity multiple: 1.11×
• Total profit: $5,866
• Equity at exit: $28,330

10-year hold

• IRR: 13.2%
• Equity multiple: 2.09×
• Total profit: $58,046
• Equity at exit: $16,428

Cash invested: $53,200 (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: 13.5×

Monthly cashflow live

• Estimated rent: $2,351 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $544

Break-even live

Break-even rent $1,662

Max offer price $190,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,350
Total (2 units)			$2,351

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.53mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	1.01mi

Listing history 29 events

1. 2026-06-18
   days on market $190,000 Active 38 DOM
2. 2026-06-17
   days on market $190,000 Active 37 DOM
3. 2026-06-16
   days on market $190,000 Active 36 DOM
4. 2026-06-15
   days on market $190,000 Active 35 DOM
5. 2026-06-13
   days on market $190,000 Active 33 DOM
6. 2026-06-13
   days on market $190,000 Active 32 DOM
7. 2026-06-09
   days on market $190,000 Active 29 DOM
8. 2026-06-08
   days on market $190,000 Active 28 DOM
9. 2026-06-07
   days on market $190,000 Active 27 DOM
10. 2026-06-05
    pricedays on market $190,000 Active 24 DOM
11. 2026-06-03
    days on market $195,000 Active 23 DOM
12. 2026-06-02
    days on market $195,000 Active 22 DOM
13. 2026-06-01
    days on market $195,000 Active 21 DOM
14. 2026-05-31
    days on market $195,000 Active 20 DOM
15. 2026-05-09
    listed $195,000 Active 177-char remark
16. 2016-06-22
    soldstatus $46,000 Sold 81-char remark

    Show marketing remark (81 chars)

    Well taken care of 2/2 duplex. Great investment for investors and owner occupants

17. 2016-06-20
    status Pending 81-char remark

    Show marketing remark (81 chars)

    Well taken care of 2/2 duplex. Great investment for investors and owner occupants

18. 2016-05-25
    price $59,000 81-char remark

    Show marketing remark (81 chars)

    Well taken care of 2/2 duplex. Great investment for investors and owner occupants

19. 2016-04-25
    listed $62,500 Active 81-char remark

    Show marketing remark (81 chars)

    Well taken care of 2/2 duplex. Great investment for investors and owner occupants

20. 2015-12-17
    historical
21. 2015-11-25
    price $51,000
22. 2015-11-06
    price $53,900
23. 2015-10-31
    price $55,000
24. 2015-10-06
    price $65,000
25. 2015-09-13
    price $74,900
26. 2015-08-14
    price $79,900
27. 2015-06-22
    listed $85,000 Active
28. 2014-04-11
    listed $24,500
29. 2014-04-10
    soldstatus $26,900

ⓘ 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 ≥100°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: $28,212
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$2,257
• − Management: −$2,257
• − Depreciation: −$5,527
• Taxable income: $3,728
• Est. tax owed @ 24.0%: −$895
• After-tax cash flow: $5,636/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): 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

+606.3% since first listed

16 events — show timeline

• 2026-06-03 Price Changed $190,000 METROMLS
• 2026-05-09 Listed $195,000 METROMLS
• 2016-06-22 Sold (MLS) $46,000 METROMLS
• 2016-06-20 Pending — METROMLS
• 2016-05-25 Price Changed $59,000 METROMLS
• 2016-04-25 Listed $62,500 METROMLS
• 2015-12-17 Listing Removed — METROMLS
• 2015-11-25 Price Changed $51,000 METROMLS
• 2015-11-06 Price Changed $53,900 METROMLS
• 2015-10-31 Price Changed $55,000 METROMLS
• 2015-10-06 Price Changed $65,000 METROMLS
• 2015-09-13 Price Changed $74,900 METROMLS
• 2015-08-14 Price Changed $79,900 METROMLS
• 2015-06-22 Listed $85,000 METROMLS
• 2014-04-11 Listed $24,500 METROMLS
• 2014-04-10 Sold (MLS) $26,900 METROMLS