1012 W Hadley St · Milwaukee, WI 53206

$5,625

3 bd · 2.0 ba · 1,450 sqft · MultiFamily public records · 105 Days on market

Built 1900 6,098 sqft lot $4/sqft · 91% below area ↓ 59% since listing

---

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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

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

City owned duplex needing extensive repair. Located in district 15. Only available to Owner Occupant offer for the 1st 60 days on market per Alderman. (until 5/3/26) $121,00.00 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

• 6,098 sq ft lot
• Built 1900
• Listed 105 days

🏷️ Possibly a rental listed for sale. The $5,625 price doesn't fit this home's estimated sale value (~$65,586) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $6k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $6k).
• Recommended offer: $5k (9.0% below list) — sets the bar for market timing.
• Cap rate 364.1% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $2,190/mo this rent would consume 90% 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 $602 of equity ($39 loan paydown + $563 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 $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($5k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $2k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $5,118 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 38.93% ✓
• Cap rate: 364.08%
• Cash-on-cash: 1277.82%
• DSCR: 57.86
• GRM: 0.2

CMA / ARV

• ARV (median comp): $65,586
• List price: $5,625
• Delta: -91.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2635 N 6th St	0.35mi	3/2.0	1,418 (-2%)	7mo	$360,000	$254	74
3039 N 10th Ln	0.30mi	4/2.0 (+1)	1,500 (+3%)	12mo	$70,000	$47	65
2840 N Vel R Phillips Ave	0.47mi	4/2.0 (+1)	1,500 (+3%)	13mo	$160,000	$107	57
3037 N 1st St	0.73mi	4/2.0 (+1)	1,526 (+5%)	3mo	$120,000	$79	50
3043 N Dr William Finlayson St #3045	0.48mi	4/2.0 (+1)	1,633 (+13%)	3mo	$125,000	$77	49
3147 N 13th St #3149	0.47mi	3/2.0	1,543 (+6%)	23mo	$132,500	$86	48
2926 N 17th St Unit 2926A	0.51mi	3/2.0	1,575 (+9%)	20mo	$55,000	$35	45
2747 N 16th St Unit 2747A	0.46mi	4/2.0 (+1)	1,596 (+10%)	18mo	$45,000	$28	41
2848 N 19th St	0.62mi	4/2.0 (+1)	1,650 (+14%)	3mo	$60,000	$36	40
3204 N 14th St	0.54mi	3/2.0	1,300 (-10%)	21mo	$130,000	$100	40
2958 N Vel R Phillips Ave	0.51mi	4/2.0 (+1)	1,654 (+14%)	20mo	$45,000	$27	32

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: —
• Equity multiple: 78.14×
• Total profit: $121,497
• Equity at exit: $5,067

10-year hold

• IRR: —
• Equity multiple: 193.09×
• Total profit: $302,542
• Equity at exit: $10,928

Cash invested: $1,575 (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: 0.4×

Monthly cashflow live

• Estimated rent: $2,190 medium
• Mortgage (P&I): −$29
• Tax from tax record: −$21 /mo · $253/yr
• Insurance: −$2
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $1,677

Break-even live

Break-even rent $67

Max offer price $5,625

Occupancy floor 18%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,190
Total (2 units)			$2,190

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: $1,406
• Closing costs: $169
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	0.30mi
3025 N 6th St Milwaukee, WI	2.0	1.0	1153	$1,125	$0.98	43d	1	0.37mi
1326 W Burleigh St Unit 1326 Lower Milwaukee, WI	2.0	1.0	900	$825	$0.92	1d	1	0.42mi
2577 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	1048	$1,400	$1.34	16d	1	0.51mi
2955 N 17th St Unit B UPSTAIRS Milwaukee, WI	2.0	1.0	1000	$900	$0.90	16d	1	0.57mi
2407 N 6th St Milwaukee, WI	2.0	1.0	897	$1,100	$1.23	43d	1	0.59mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	0.63mi
2719 N 1st St Milwaukee, WI	2.0	1.0	1300	$1,095	$0.84	14d	1	0.65mi
2808 N Palmer St Unit Lower Milwaukee, WI	2.0	1.0	1200	$875	$0.73	43d	1	0.75mi
2724 N Palmer St Milwaukee, WI	3.0	1.0	900	$1,300	$1.44	43d	1	0.76mi
3156 N 1st St Milwaukee, WI	2.0	1.0	900	$895	$0.99	43d	1	0.79mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	23d	1	0.80mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	43d	1	0.84mi
223 E Burleigh St Unit 223 Milwaukee, WI	4.0	1.0	1153	$1,395	$1.21	43d	1	0.84mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	0.89mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	16d	1	0.89mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	0.90mi
2716A N Buffum St Milwaukee, WI	2.0	1.0	1100	$1,200	$1.09	21d	1	0.91mi
2536 N Richards St Unit 1ST Milwaukee, WI	2.0	1.0	1200	$950	$0.79	43d	1	0.91mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	0.93mi
2630 N 24th St Milwaukee, WI	2.0	1.0	934	$1,450	$1.55	19d	1	0.95mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	19d	1	0.96mi
3029 N Holton St Milwaukee, WI	3.0	1.0	980	$1,200	$1.22	43d	1	0.97mi
3600 N Vel R. Phillips Ave Milwaukee, WI	2.0	1.0	900	$950	$1.06	4d	1	1.02mi
3255 N Buffum St Unit 3255 Upper Milwaukee, WI	2.0	1.0	1100	$1,350	$1.23	43d	1	1.04mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	16d	1	1.04mi
524 E Wright St Milwaukee, WI	3.0	1.0	900	$1,275	$1.42	14d	1	1.07mi
3373 N Richards St Milwaukee, WI	2.0	1.0	950	$1,150	$1.21	23d	1	1.07mi
3352 N Richards St Unit Second floor Milwaukee, WI	2.0	1.0	1000	$1,150	$1.15	43d	1	1.07mi
2110 N Palmer St Milwaukee, WI	2.0	1.0	1100	$1,985	$1.80	3d	1	1.10mi
605 E Auer Ave Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	10d	1	1.12mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	23d	1	1.12mi
3646 N 19th St Milwaukee, WI	2.0	1.0	935	$1,100	$1.18	4d	1	1.13mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	1.13mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	4d	1	1.14mi
329 E Garfield Ave Milwaukee, WI	2.0	1.5	1100	$1,350	$1.23	4d	1	1.14mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	16d	1	1.14mi
3747 N 16th St Milwaukee, WI	2.0	1.0	1200	$875	$0.73	43d	1	1.15mi
3703 N 1st St Unit Upper-3705 Milwaukee, WI	3.0	1.0	1034	$1,200	$1.16	43d	1	1.16mi
2772 N Bremen St Milwaukee, WI	2.0	1.0	900	$1,295	$1.44	43d	1	1.21mi

Listing history 19 events

1. 2026-06-18
   days on market $5,625 Active 105 DOM
2. 2026-06-17
   days on market $5,625 Active 104 DOM
3. 2026-06-16
   days on market $5,625 Active 103 DOM
4. 2026-06-15
   days on market $5,625 Active 102 DOM
5. 2026-06-13
   days on market $5,625 Active 100 DOM
6. 2026-06-13
   days on market $5,625 Active 99 DOM
7. 2026-06-09
   days on market $5,625 Active 96 DOM
8. 2026-06-08
   days on market $5,625 Active 95 DOM
9. 2026-06-07
   days on market $5,625 Active 94 DOM
10. 2026-06-05
    days on market $5,625 Active 91 DOM
11. 2026-06-03
    days on market $5,625 Active 90 DOM
12. 2026-06-02
    remarks 695-char remark
13. 2026-06-02
    pricedays on market $5,625 Active 89 DOM
14. 2026-06-01
    days on market $7,500 Active 88 DOM
15. 2026-05-31
    days on market $7,500 Active 87 DOM
16. 2026-03-04
    listed $7,500 Active 534-char remark

    Show marketing remark (534 chars)

    City owned duplex needing extensive repair. Located in district 15. Only available to Owner Occupant offer for the 1st 60 days on market per Alderman. (until 5/3/26) $121,00.00 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

17. 2026-02-17
    status Pending 238-char remark

    Show marketing remark (238 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 FEBRUARY 16, 2026 AT 10:00am

18. 2026-02-17
    historical 238-char remark

    Show marketing remark (238 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 FEBRUARY 16, 2026 AT 10:00am

19. 2026-01-12
    listed $18,500 Active 238-char remark

    Show marketing remark (238 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 FEBRUARY 16, 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.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $253 · $21/mo
• Projected year-2 tax: $253 · $21/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $26,280
• − Mortgage interest: −$315
• − Property taxes: −$253
• − Insurance: −$28
• − Repairs & maintenance: −$2,102
• − Management: −$2,102
• − Depreciation: −$164
• Taxable income: $21,315
• Est. tax owed @ 24.0%: −$5,116
• After-tax cash flow: $15,010/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): 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

-59.5% since first listed

4 events — show timeline

• 2026-03-04 Listed $7,500 METROMLS
• 2026-02-17 Pending — METROMLS
• 2026-02-17 Listing Removed — METROMLS
• 2026-01-12 Listed $18,500 METROMLS

Property tax history

-18.1%/yr

Latest (2024): $253 · -76.4% YoY. Source: county tax records.