2134 N 28th St · Milwaukee, WI 53208

$245,400

None bd · None ba · 4,800 sqft · MultiFamily · 178 Days on market

Built 1896 9,147 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• 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 (5+ Unit). Listing-text estimate: 16 units. confirmed

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

Character filled Brick nearly 5000 sq ft piece of history centrally located and kept in great condition. Approved usage as 16 unit rooming house currently producing approximately $4700/month income with opportunity to increase. Live-in property manager keeps the place looking wonderful inside and out. Asphalt side drive plus parking slab in back. Updated circuit panel, 3 full baths, 2 kitchens, appliances included, even a central vacuum system! Long time owner has paved the path for the next long time owner to have years of success ahead, call today!

Key facts

• Asphalt side drive
• Parking slab in back
• 9,147 sq ft lot

Tags

• LIVE-IN PROPERTY MANAGER
• ASPHALT SIDE DRIVE
• PARKING SLAB IN BACK
• UPDATED CIRCUIT PANEL
• CENTRAL VACUUM SYSTEM

Property features AI

Finance

• Other: Located in the City of Milwaukee
• Financial info: 16 units in the building

Exterior

• Parking: Outdoor parking; Inside parking available; Outside parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Rooming house; 3–4 stories; Zoned RT4
• Construction: Less than 1/2 acre lot (0.21 acre)
• Exterior features: Brick exterior; Brick/stone accents

Interior

• Heating & cooling: Hot water/steam heating; Natural gas fuel
• Interior features: Full basement
• Laundry & utility: Seller-owned water heater

What this means for you Summary

Snapshot

• This is a 16 × 2-bed/1.5-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $10k ($118k/yr) — positive. Per door: $614/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 54.4% 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 fast (+10.8%/yr); 94 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $14,587/mo this rent would consume 332% of the median local household income ($53k/yr) (locally 1568% 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 $7k 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 + 8.0% rent growth), your $69k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,952 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% 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 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
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: 5.94% ✓
• Cap rate: 54.35%
• Cash-on-cash: 171.64%
• DSCR: 8.64
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.66×
• Total profit: $663,483
• Equity at exit: $36,590

10-year hold

• IRR: —
• Equity multiple: 26.26×
• Total profit: $1,735,504
• Equity at exit: $21,218

Cash invested: $68,712 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 94
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $14,587 medium
• Mortgage (P&I): −$1,287
• Tax est. 1.5%: −$307 /mo · $3,681/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,063
• Net cashflow: $9,828

Break-even live

Break-even rent $2,147

Max offer price $245,400

Occupancy floor 28%

Sensitivity live

Price	-10% $9,997	-5% $9,913	+0% $9,828	+5% $9,743	+10% $9,658
Rent	-10% $8,675	-5% $9,252	+0% $9,828	+5% $10,404	+10% $10,980
Rate	-1.0pp $9,951	-0.5pp $9,890	base $9,828	+0.5pp $9,764	+1.0pp $9,700

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

Units	Beds	Baths	Est. rent
▸ 16× units	2	1.5	$14,592
Total (16 units)			$14,587

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: $61,350
• Closing costs: $7,362
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-22
   status Pending
2. 2025-12-13
   historical Contingent
3. 2025-11-25
   listed $245,400 Active
4. 2025-07-30
   historical 557-char remark

   Show marketing remark (557 chars)

   Character filled Brick nearly 5000 sq ft piece of history centrally located and kept in great condition. Approved usage as 16 unit rooming house currently producing approximately $4700/month income with opportunity to increase. Live-in property manager keeps the place looking wonderful inside and out. Asphalt side drive plus parking slab in back. Updated circuit panel, 3 full baths, 2 kitchens, appliances included, even a central vacuum system! Long time owner has paved the path for the next long time owner to have years of success ahead, call today!

5. 2025-06-23
   status Active 557-char remark

   Show marketing remark (557 chars)

   Character filled Brick nearly 5000 sq ft piece of history centrally located and kept in great condition. Approved usage as 16 unit rooming house currently producing approximately $4700/month income with opportunity to increase. Live-in property manager keeps the place looking wonderful inside and out. Asphalt side drive plus parking slab in back. Updated circuit panel, 3 full baths, 2 kitchens, appliances included, even a central vacuum system! Long time owner has paved the path for the next long time owner to have years of success ahead, call today!

6. 2025-06-16
   historical Contingent 557-char remark

   Show marketing remark (557 chars)

   Character filled Brick nearly 5000 sq ft piece of history centrally located and kept in great condition. Approved usage as 16 unit rooming house currently producing approximately $4700/month income with opportunity to increase. Live-in property manager keeps the place looking wonderful inside and out. Asphalt side drive plus parking slab in back. Updated circuit panel, 3 full baths, 2 kitchens, appliances included, even a central vacuum system! Long time owner has paved the path for the next long time owner to have years of success ahead, call today!

7. 2025-06-12
   listed $245,400 Active 557-char remark

   Show marketing remark (557 chars)

   Character filled Brick nearly 5000 sq ft piece of history centrally located and kept in great condition. Approved usage as 16 unit rooming house currently producing approximately $4700/month income with opportunity to increase. Live-in property manager keeps the place looking wonderful inside and out. Asphalt side drive plus parking slab in back. Updated circuit panel, 3 full baths, 2 kitchens, appliances included, even a central vacuum system! Long time owner has paved the path for the next long time owner to have years of success ahead, call today!

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $175,044
• − Mortgage interest: −$13,746
• − Property taxes: −$3,681
• − Insurance: −$1,227
• − Repairs & maintenance: −$14,004
• − Management: −$14,004
• − Depreciation: −$7,139
• Taxable income: $121,244
• Est. tax owed @ 24.0%: −$29,099
• After-tax cash flow: $88,835/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): 27,201
• Household income: $52,690
• Rent vs Own: 60.8% rent · 39.2% own
• Severe rent burden: 1568.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Black 41% White 36% Hispanic / Latino 10% Asian 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 6% Spanish 6% French/Haitian/Cajun 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: ▼ -123.92%
• Current HPI: 333.7268
• Rent YoY: ▲ 10.78%
• 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

+0.0% since first listed

7 events — show timeline

• 2026-05-22 Pending — METROMLS
• 2025-12-13 Contingent — METROMLS
• 2025-11-25 Listed $245,400 METROMLS
• 2025-07-30 Listing Removed — METROMLS
• 2025-06-23 Relisted — METROMLS
• 2025-06-16 Contingent — METROMLS
• 2025-06-12 Listed $245,400 METROMLS