3459 N 8th St #3461 · Milwaukee, WI 53206

$189,900

6 bd · 2.0 ba · 2,400 sqft · MultiFamily · 70 Days on market

Built 1904 Good condition 4,356 sqft lot $79/sqft · 142% above area

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Why this score? — see what drove the B 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 +25.7/30.0
• Appreciation +10.0/10.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great opportunity to own an updated and well maintained duplex featuring large 3 bedroom units generating $2,645/month in total rents, plus all utilities! Both units have been updated in recent years and offer recessed lighting, luxury vinyl plank flooring, updated fixtures and fans, tiled bathrooms with glass shower doors and kitchen cabinets and appliances. Additional highlights include an in-unit washer and dryer in both units, newer vinyl windows, and water heaters replaced in 2023. With solid rents and quality updates this is one you won't want to miss.

Key facts

• Glass shower doors
• Updated duplex
• Recessed lighting

Tags

• UPDATED DUPLEX
• RECESSED LIGHTING
• LUXURY VINYL PLANK FLOORING
• TILED BATHROOMS
• GLASS SHOWER DOORS
• IN-UNIT WASHER AND DRYER

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $454 ($5k/yr) — positive. Per door: $227/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 (+8.3%/yr); 150 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,236/mo this rent would consume 91% of the median local household income ($29k/yr) (locally 2061% 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 $20k of equity ($1k loan paydown + $19k 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 + 8.0% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $76k; list at $190k implies a 152% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% 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 1904 — 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. 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.
10. 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.
11. 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: 1.18% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.25%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $78,485
• List price: $189,900
• Delta: 141.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3059 N 10th Ln	0.51mi	6/2.0	2,400 (0%)	2mo	$157,000	$65	74
3205 N 3rd St #3207	0.50mi	6/2.0	2,466 (+3%)	0mo	$194,000	$79	72
3252 N 10th St #3254	0.27mi	6/2.0	2,588 (+8%)	9mo	$185,000	$71	67
3015 N 6th St #3017	0.57mi	6/2.0	2,285 (-5%)	1mo	$218,000	$95	65
3730 N 11th St #3732	0.30mi	5/2.0 (-1)	2,210 (-8%)	6mo	$149,000	$67	63
3335 N 8th St #3337	0.12mi	7/2.0 (+1)	2,114 (-12%)	12mo	$210,000	$99	59
2910 N 11th St #2912	0.70mi	6/2.0	2,621 (+9%)	1mo	$105,382	$40	51
3332 N Richards St	0.73mi	6/2.0	2,272 (-5%)	8mo	$125,000	$55	50
3004 N 11th St #3006	0.59mi	6/2.0	2,602 (+8%)	11mo	$175,000	$67	49
3607 N 19th St #3609	0.70mi	5/2.0 (-1)	2,270 (-5%)	6mo	$213,000	$94	49
3327 N 13th St	0.33mi	5/2.0 (-1)	2,071 (-14%)	12mo	$60,000	$29	47
3035 N 10th St	0.54mi	6/2.0	2,051 (-14%)	9mo	$180,000	$88	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 34.0%
• Equity multiple: 3.71×
• Total profit: $144,196
• Equity at exit: $171,077

10-year hold

• IRR: 31.1%
• Equity multiple: 9.11×
• Total profit: $431,231
• Equity at exit: $368,934

Cash invested: $53,172 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $2,236 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $454

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,236
Total (2 units)			$2,236

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
806 W Keefe Ave Milwaukee, WI	7.0	2.0	2900	$700	$0.24	44d	1	0.06mi
2634 N Doctor M.L.K. Jr Dr Milwaukee, WI	5.0	2.5	2512	$3,700	$1.47	44d	1	1.06mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.35mi

Listing history 22 events

1. 2026-06-18
   days on market $189,900 Active 70 DOM
2. 2026-06-17
   days on market $189,900 Active 69 DOM
3. 2026-06-16
   days on market $189,900 Active 68 DOM
4. 2026-06-15
   days on market $189,900 Active 67 DOM
5. 2026-06-13
   days on market $189,900 Active 65 DOM
6. 2026-06-13
   days on market $189,900 Active 64 DOM
7. 2026-06-09
   days on market $189,900 Active 61 DOM
8. 2026-06-08
   days on market $189,900 Active 60 DOM
9. 2026-06-07
   days on market $189,900 Active 59 DOM
10. 2026-06-05
    days on market $189,900 Active 56 DOM
11. 2026-06-03
    days on market $189,900 Active 55 DOM
12. 2026-06-02
    days on market $189,900 Active 54 DOM
13. 2026-06-01
    days on market $189,900 Active 53 DOM
14. 2026-05-31
    days on market $189,900 Active 52 DOM
15. 2026-05-01
    status Active 565-char remark

    Show marketing remark (565 chars)

    Great opportunity to own an updated and well maintained duplex featuring large 3 bedroom units generating $2,645/month in total rents, plus all utilities! Both units have been updated in recent years and offer recessed lighting, luxury vinyl plank flooring, updated fixtures and fans, tiled bathrooms with glass shower doors and kitchen cabinets and appliances. Additional highlights include an in-unit washer and dryer in both units, newer vinyl windows, and water heaters replaced in 2023. With solid rents and quality updates this is one you won't want to miss.

16. 2026-04-16
    historical Contingent 565-char remark

    Show marketing remark (565 chars)

    Great opportunity to own an updated and well maintained duplex featuring large 3 bedroom units generating $2,645/month in total rents, plus all utilities! Both units have been updated in recent years and offer recessed lighting, luxury vinyl plank flooring, updated fixtures and fans, tiled bathrooms with glass shower doors and kitchen cabinets and appliances. Additional highlights include an in-unit washer and dryer in both units, newer vinyl windows, and water heaters replaced in 2023. With solid rents and quality updates this is one you won't want to miss.

17. 2026-04-09
    listed $189,900 Active 565-char remark

    Show marketing remark (565 chars)

    Great opportunity to own an updated and well maintained duplex featuring large 3 bedroom units generating $2,645/month in total rents, plus all utilities! Both units have been updated in recent years and offer recessed lighting, luxury vinyl plank flooring, updated fixtures and fans, tiled bathrooms with glass shower doors and kitchen cabinets and appliances. Additional highlights include an in-unit washer and dryer in both units, newer vinyl windows, and water heaters replaced in 2023. With solid rents and quality updates this is one you won't want to miss.

18. 2024-10-30
    historical 751-char remark

    Show marketing remark (751 chars)

    Welcome to this fully remodeled duplex. Property is fully rented and generates $2,700.00 a month. The upper unit features 3 bedrooms, 1 bath, and an office or 4th bedroom. The primary bedroom has dual closets, while the spacious bathroom, in-unit laundry, and updated kitchen provide modern comfort. The lower unit offers 3 bedrooms and 1 full bath. Both units have been updated, including recessed lighting and fans, tiled bathrooms with glass doors, JSI solid plywood kitchen cabinets, GE electric ranges, GE top freezer refrigerators, and LG washers and dryers. The flooring throughout is durable LifeProof vinyl plank. The property has 18 new vinyl windows, a new porch roof, updated porch railings and exterior lighting. Schedule a showing today!

19. 2024-09-20
    listed $225,000 Active 751-char remark

    Show marketing remark (751 chars)

    Welcome to this fully remodeled duplex. Property is fully rented and generates $2,700.00 a month. The upper unit features 3 bedrooms, 1 bath, and an office or 4th bedroom. The primary bedroom has dual closets, while the spacious bathroom, in-unit laundry, and updated kitchen provide modern comfort. The lower unit offers 3 bedrooms and 1 full bath. Both units have been updated, including recessed lighting and fans, tiled bathrooms with glass doors, JSI solid plywood kitchen cabinets, GE electric ranges, GE top freezer refrigerators, and LG washers and dryers. The flooring throughout is durable LifeProof vinyl plank. The property has 18 new vinyl windows, a new porch roof, updated porch railings and exterior lighting. Schedule a showing today!

20. 2022-09-12
    soldstatus $75,500 Sold
21. 2022-08-23
    historical Contingent
22. 2022-08-17
    listed $70,000 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,832
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$2,147
• − Management: −$2,147
• − Depreciation: −$5,524
• Taxable income: $2,579
• Est. tax owed @ 24.0%: −$619
• After-tax cash flow: $4,830/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 · 13 photos

Good 75/100 Cosmetic rehab

This updated and well-maintained duplex is ready for immediate occupancy and offers a great investment opportunity.

Value-add opportunities

• Both Painting the exterior — Fresh paint can enhance curb appeal and property value
• Both Landscaping improvements — A well-maintained yard can attract more tenants and buyers
• Both Updating the fireplace — A modern fireplace can increase both rental and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Fresh paint can enhance curb appeal and property value ↑
• Both Landscaping improvements — A well-maintained yard can attract more tenants and buyers ↑
• Both Updating the fireplace — A modern fireplace can increase both rental and resale value ↑

ⓘ 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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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 (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

+171.3% since first listed

8 events — show timeline

• 2026-05-01 Relisted — METROMLS
• 2026-04-16 Contingent — METROMLS
• 2026-04-09 Listed $189,900 METROMLS
• 2024-10-30 Listing Removed — METROMLS
• 2024-09-20 Listed $225,000 METROMLS
• 2022-09-12 Sold (MLS) $75,500 METROMLS
• 2022-08-23 Contingent — METROMLS
• 2022-08-17 Listed $70,000 METROMLS