1834 N 28th St Unit 1834B · Milwaukee, WI 53208

$57,000

None bd · None ba · 2,341 sqft · MultiFamily · 65 Days on market

Built 1924 Poor condition 5,227 sqft lot $24/sqft · 34% below area Est $86k · 34% under ↓ 42% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Rare city owned Tri Plex. Great price for the right buyer. Roof repair needed. Basement has water intrusion and some discoloration. Located in district 15. Only available to Owner Occupant offers for the 1st 60 days on market per Alderman. (until 6/14/26) $36,040 in essential repairs. Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition

Key facts

• 5,227 sq ft lot
• Built 1924
• Listed 65 days

What this means for you Summary

Snapshot

• This is a multifamily listed at $57k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $476 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $54k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.3% 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); 92 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k 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 $16k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 2 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 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $53,580 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.93% ✓
• Cap rate: 16.31%
• Cash-on-cash: 35.79%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (median comp): $85,834
• List price: $57,000
• Delta: -33.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3127 W Garfield Ave #3129	0.40mi	5/2.0	2,332 (-0%)	0mo	$130,000	$56	80
1422 N 26th St Unit 1422A-1424	0.38mi	—/—	2,404 (+3%)	0mo	$230,000	$96	77
1302 N 26th St #1304	0.50mi	6/2.0	2,318 (-1%)	0mo	$210,900	$91	74
1800 N 36th St	0.51mi	6/2.0	2,320 (-1%)	1mo	$147,700	$64	74
2118 N 38th St #2120	0.67mi	4/2.0	2,341 (0%)	0mo	$62,500	$27	69
2201 N 33rd St	0.48mi	6/2.0	2,446 (+4%)	3mo	$186,300	$76	68
2014 N 35th St #2016	0.47mi	4/2.0	2,208 (-6%)	2mo	$72,000	$33	66
3733 W Sarnow St #3735	0.63mi	4/2.0	2,288 (-2%)	2mo	$157,000	$69	65
1932 W Brown St #1934	0.58mi	5/2.0	2,448 (+5%)	2mo	$120,000	$49	64
1331 N 22nd St #1333	0.60mi	6/2.0	2,634 (+12%)	1mo	$83,000	$32	50
3903 W Walnut St #3905	0.72mi	6/2.0	2,600 (+11%)	1mo	$84,000	$32	47
2400 N 35th St #2402	0.72mi	5/2.0	1,994 (-15%)	1mo	$65,000	$33	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 37.0%
• Equity multiple: 2.69×
• Total profit: $26,915
• Equity at exit: $8,499

10-year hold

• IRR: 46.1%
• Equity multiple: 6.58×
• Total profit: $89,026
• Equity at exit: $4,928

Cash invested: $15,960 (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: 92
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,101 medium
• Mortgage (P&I): −$299
• Tax est. 1.5%: −$71 /mo · $855/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $476

Break-even live

Break-even rent $499

Max offer price $57,000

Occupancy floor 52%

Sensitivity live

Price	-10% $515	-5% $496	+0% $476	+5% $456	+10% $437
Rent	-10% $389	-5% $432	+0% $476	+5% $519	+10% $563
Rate	-1.0pp $505	-0.5pp $490	base $476	+0.5pp $461	+1.0pp $446

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	0.50mi
2419 W McKinley Ave Milwaukee, WI	2.0	1.0	1852	$1,200	$0.65	44d	1	0.55mi
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	17d	1	1.27mi
901 W Winnebago St Milwaukee, WI	1.0–3.0	1.0–2.0	1359	$1,937	$1.43	3d	10	1.40mi

Listing history 17 events

1. 2026-06-18
   days on market $57,000 Active 65 DOM
2. 2026-06-17
   days on market $57,000 Active 64 DOM
3. 2026-06-16
   days on market $57,000 Active 63 DOM
4. 2026-06-15
   days on market $57,000 Active 62 DOM
5. 2026-06-13
   days on market $57,000 Active 60 DOM
6. 2026-06-13
   days on market $57,000 Active 59 DOM
7. 2026-06-09
   days on market $57,000 Active 56 DOM
8. 2026-06-08
   days on market $57,000 Active 55 DOM
9. 2026-06-07
   days on market $57,000 Active 54 DOM
10. 2026-06-05
    days on market $57,000 Active 51 DOM
11. 2026-06-03
    days on market $57,000 Active 50 DOM
12. 2026-06-02
    days on market $57,000 Active 49 DOM
13. 2026-06-01
    days on market $57,000 Active 48 DOM
14. 2026-05-31
    days on market $57,000 Active 47 DOM
15. 2026-04-14
    listed $57,000 Active 621-char remark

    Show marketing remark (621 chars)

    Rare city owned Tri Plex. Great price for the right buyer. Roof repair needed. Basement has water intrusion and some discoloration. Located in district 15. Only available to Owner Occupant offers for the 1st 60 days on market per Alderman. (until 6/14/26) $36,040 in essential repairs. Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition

16. 2026-04-06
    historical 235-char remark

    Show marketing remark (235 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00am

17. 2026-02-23
    listed $98,700 Active 235-char remark

    Show marketing remark (235 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00am

ⓘ 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: $13,214
• − Mortgage interest: −$3,193
• − Property taxes: −$855
• − Insurance: −$285
• − Repairs & maintenance: −$1,057
• − Management: −$1,057
• − Depreciation: −$1,658
• Taxable income: $5,108
• Est. tax owed @ 24.0%: −$1,226
• After-tax cash flow: $4,486/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 · 6 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations and repairs, including major kitchen and bathroom updates, painting, and landscaping. It presents a significant opportunity for an investor to create a move-in-ready home with high resale and rental value.

Repairs flagged

• Major Kitchen cabinets — Severe wear and outdated design
• Major Kitchen countertops — Severe wear and outdated design
• Major Kitchen appliances — Severe wear and outdated design
• Major Bath fixtures — Severe wear and outdated design
• Major Landscaping — Overgrown and unkempt
• Major Paint — Worn and peeling

Value-add opportunities

• Both Paint interior walls and trim — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace kitchen cabinets, countertops, and appliances — Modern kitchen will attract more buyers and renters
• Both Replace bathroom fixtures — Modern bathroom will attract more buyers and renters
• Both Landscaping and curb appeal — Well-maintained landscaping and curb appeal will attract more buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Severe wear and outdated design	Major	$15,000–50,000
Kitchen countertops · Severe wear and outdated design	Major	$15,000–50,000
Kitchen appliances · Severe wear and outdated design	Major	$15,000–50,000
Bath fixtures · Severe wear and outdated design	Major	$15,000–50,000
Landscaping · Overgrown and unkempt	Major	$15,000–50,000
Paint · Worn and peeling	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Paint interior walls and trim — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen cabinets, countertops, and appliances — Modern kitchen will attract more buyers and renters ↑
• Both Replace bathroom fixtures — Modern bathroom will attract more buyers and renters ↑
• Both Landscaping and curb appeal — Well-maintained landscaping and curb appeal will attract more 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): 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

-42.2% since first listed

3 events — show timeline

• 2026-04-14 Listed $57,000 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $98,700 METROMLS