3154 S Nevada St #3156 · Milwaukee, WI 53207

$459,900

4 bd · 2.0 ba · 1,863 sqft · MultiFamily · 14 Days on market

Built 1927 Good condition 5,227 sqft lot Est $363k · 27% over

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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 +15.2/30.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.1/5.0
• 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

Exceptional well-maintained 2-family duplex in Bay View! This beautiful property is ideal for investment or owner-occupy. Interiors feature refinished hardwood floors, natural woodwork, and plenty of Old World charm. Kitchen appliances included. Main floor and upper level units are both 2BR/1BA. Main level unit 3156 is currently rented for $1500/mo. Upper unit 3154 is soon to be vacant and recently rented for $1050/mo. Each unit has a separate basement storage area and separate basement laundry areas. Private yard is fenced-in and offers mature landscaping. Storage shed plus detached 2-car garage with alley entrance. Gas fireplace in main floor unit. Large covered front porch. Upper unit ha

Key facts

• Natural woodwork
• Private yard
• Mature landscaping

Tags

• REFINISHED HARDWOOD FLOORS
• NATURAL WOODWORK
• SEPARATE BASEMENT STORAGE
• SEPARATE BASEMENT LAUNDRY
• PRIVATE YARD
• MATURE LANDSCAPING

Property features AI

Finance

• Other: Lot size approximately 0.12 acres (less than 1/2 acre); Includes push lawn mower

Exterior

• Parking: Detached 2-car garage with opener; 2 garage parking spaces
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Residential zoning
• Construction: Built (year per assessor/public record); Foundation information not provided
• Exterior features: Vinyl and wood exterior; Other exterior materials

Interior

• Kitchen: Unit 2 kitchen located on upper level; Includes 2 oven/ranges and 2 refrigerators (included with property)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Interior features: Full basement
• Laundry & utility: Includes 2 washers and 2 dryers (included with property)

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $460k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $163 ($2k/yr) — positive. Per door: $81/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $423k (8.0% below list).
• Recommended offer: $423k (8.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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 (+2.4%/yr); 91 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $4,229/mo this rent would consume 64% of the median local household income ($79k/yr) (locally 821% 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 $3k of loan paydown is wiped out by about $14k 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.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $422,900 (8.0% 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 1927 — 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. 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: 0.92% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $363,285
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3167 S Hanson Ave	0.04mi	3/2.0 (-1)	1,881 (+1%)	7mo	$335,000	$178	86
1821 E Oklahoma Ave	0.27mi	4/3.0	1,786 (-4%)	2mo	$435,000	$244	75
1720 E Bennett Ave Unit 1720A	0.24mi	4/2.0	1,764 (-5%)	7mo	$338,000	$192	74
3271 S Logan Ave	0.32mi	4/2.0	1,726 (-7%)	2mo	$475,000	$275	71
2914 S Wentworth Ave #2916	0.61mi	3/2.0 (-1)	1,829 (-2%)	2mo	$382,000	$209	62
3234 S Pine Ave Unit 3234A	0.38mi	4/2.0	2,141 (+15%)	0mo	$374,000	$175	57
3260 S Dayfield Ave Unit 3260A	0.41mi	3/2.0 (-1)	1,613 (-13%)	0mo	$483,000	$299	53
3002 S Kinnickinnic Ave	0.42mi	5/2.0 (+1)	2,138 (+15%)	2mo	$270,000	$126	50
2218 E Eden Pl	0.69mi	4/2.0	1,672 (-10%)	2mo	$248,500	$149	48
3308 S Quincy Ave #3310	0.53mi	4/2.5	1,624 (-13%)	6mo	$350,000	$216	46
3669 S Herman St	0.67mi	4/2.0	1,663 (-11%)	7mo	$315,000	$189	45
2211 E Holt Ave	0.58mi	5/2.0 (+1)	1,614 (-13%)	7mo	$315,000	$195	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 · 2.39% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.48×
• Total profit: $-66,681
• Equity at exit: $68,573

10-year hold

• IRR: -6.9%
• Equity multiple: 0.57×
• Total profit: $-54,924
• Equity at exit: $39,764

Cash invested: $128,772 (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 53207

• Rents YoY: 2.4%
• Active inventory: 91
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $4,229 high
• Mortgage (P&I): −$2,412
• Tax est. 1.5%: −$575 /mo · $6,898/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$888
• Net cashflow: $163

Break-even live

Break-even rent $4,023

Max offer price $459,900

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$4,230
Total (2 units)			$4,229

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: $114,975
• Closing costs: $13,797
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
923 E Otjen St Milwaukee, WI	3.0	2.0	1451	$3,175	$2.19	44d	1	0.82mi
2437 S Howell Ave Unit 2nd Milwaukee, WI	3.0	1.0	1550	$1,895	$1.22	4d	1	1.13mi
2760 Hidden Dr St Francis, WI	3.0	2.0	1500	$2,395	$1.60	44d	1	1.40mi
2721 Hidden Dr St Francis, WI	3.0	2.0	1500	$2,395	$1.60	44d	1	1.41mi
2725 Pond DR St Francis, WI	3.0	2.5	2000	$2,975	$1.49	1d	1	1.43mi
2819 Hidden Dr Unit 2819 St Francis, WI	3.0	2.5	2000	$2,975	$1.49	44d	1	1.44mi
2731 Pond Dr St Francis, WI	3.0	2.5	2000	$2,975	$1.49	1d	1	1.47mi
2141 S Robinson Ave Milwaukee, WI	3.0	1.0–2.0	1006	$2,695	$2.68	1d	20	1.49mi

Listing history 11 events

1. 2026-06-18
   days on market $459,900 Active 14 DOM
2. 2026-06-17
   days on market $459,900 Active 13 DOM
3. 2026-06-16
   days on market $459,900 Active 12 DOM
4. 2026-06-15
   days on market $459,900 Active 11 DOM
5. 2026-06-13
   days on market $459,900 Active 9 DOM
6. 2026-06-13
   days on market $459,900 Active 8 DOM
7. 2026-06-09
   days on market $459,900 Active 5 DOM
8. 2026-06-08
   days on market $459,900 Active 4 DOM
9. 2026-06-07
   days on market $459,900 Active 3 DOM
10. 2026-06-05
    remarks 699-char remark
11. 2026-06-05
    listed $459,900 Active 1 DOM

ⓘ 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: $50,748
• − Mortgage interest: −$25,762
• − Property taxes: −$6,898
• − Insurance: −$2,300
• − Repairs & maintenance: −$4,060
• − Management: −$4,060
• − Depreciation: −$13,379
• Taxable loss: −$5,710
• Est. tax savings @ 24.0%: +$1,370
• After-tax cash flow: $3,322/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 80/100 Cosmetic rehab

This well-maintained 2-family duplex in Bay View is ready for a fresh update to its kitchen and bathroom. The property is in good condition with a good condition score of 80.

Repairs flagged

• Minor Kitchen cabinets — Worn but not damaged.
• Minor Kitchen countertops — Worn but not damaged.
• Minor Bathroom tile — Worn but not damaged.
• Minor Bathroom fixtures — Worn but not damaged.

Value-add opportunities

• Both Replace kitchen cabinets and countertops — Modernizing the kitchen will appeal to both buyers and renters.
• Both Replace bathroom tile and fixtures — Modernizing the bathroom will appeal to both buyers and renters.
• Both Landscaping improvements — Enhancing the landscaping will improve curb appeal and attract more potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn but not damaged.	Minor	$500–3,000
Kitchen countertops · Worn but not damaged.	Minor	$500–3,000
Bathroom tile · Worn but not damaged.	Minor	$500–3,000
Bathroom fixtures · Worn but not damaged.	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both Replace kitchen cabinets and countertops — Modernizing the kitchen will appeal to both buyers and renters. ↑
• Both Replace bathroom tile and fixtures — Modernizing the bathroom will appeal to both buyers and renters. ↑
• Both Landscaping improvements — Enhancing the landscaping will improve curb appeal and attract more potential buyers and renters. ↑

ⓘ 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): 34,313
• Household income: $79,117
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 821.0

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 White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 10% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 5%
• Common ancestry: Romanian 15% Portuguese 4% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 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: ▼ -261.93%
• Current HPI: 324.5284
• Rent YoY: ▲ 2.39%
• 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

• 2026-06-04 Listed $459,900 METROMLS