2033 S 16th St · Milwaukee, WI 53204

$219,900

6 bd · 2.0 ba · 2,530 sqft · MultiFamily · 36 Days on market

Built 1891 Good condition 3,049 sqft lot Est $235k · 7% under

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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 +27.2/30.0
• ARV discount +10.4/15.0
• Appreciation +10.0/10.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.0/5.0
• 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

Turn-key 3/3 duplex offering strong income potential and future owner-occupancy opportunity. The lower unit features a long-term tenant (Month to Month) ideal for an owner-occupant looking to offset their mortgage or an investor seeking market rent flexibility. Well-maintained property with separate utilities, fenced backyard, and convenient street parking. Major improvements include a complete third floor rebuild in 2017 with new roof structure, shingles, gutters, downspouts, vents, attic windows, and tuckpointing. The upper unit was upgraded to a forced-air furnace with added insulation for improved efficiency and comfort. Additional updates completed in 2018, plus a NEW furnace installed in 2020 and fresh paint throughout.

Key facts

• Separate utilities
• Fenced yard
• Street parking

Tags

• TURN-KEY DUPLEX
• STRONG INCOME POTENTIAL
• OWNER-OCCUPANT FLEXIBILITY
• SEPARATE UTILITIES
• FENCED YARD
• STREET PARKING

Property features AI

Finance

• Financial info: Property type: Multi-family

Exterior

• Utilities: Municipal water; Municipal sewer; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoning: RT4
• Construction: Less than 1/2 acre lot (approx. 0.07 acre)
• Exterior features: Brick exterior

Interior

• Kitchen: All kitchen appliances included; Unit 2 kitchen located on upper level (approx. 12 x 10)
• Bedrooms: Unit 1 has 3 bedrooms; Unit 2 has 3 bedrooms; master and other bedrooms on the upper level
• Bathrooms: Unit 1 has 1 full bathroom; Unit 2 has 1 full bathroom
• Interior features: Full block basement
• Laundry & utility: Two gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $220k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (+2.0%/yr); 55 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,722/mo this rent would consume 71% of the median local household income ($46k/yr) (locally 2357% 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 $24k of equity ($2k loan paydown + $22k 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 + 2.0% rent growth), your $62k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $120k; list at $220k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.24% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.29%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $235,290
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1614 W Becher St #1616	0.06mi	6/2.0	2,700 (+7%)	12mo	$175,000	$65	76
1815 W Becher St	0.15mi	7/2.0 (+1)	2,750 (+9%)	4mo	$250,000	$91	70
1939 S Winona Ln #1941	0.15mi	7/2.5 (+1)	2,286 (-10%)	1mo	$220,000	$96	69
2211 S 12th St	0.38mi	5/2.0 (-1)	2,646 (+5%)	2mo	$290,000	$110	68
2343 W Becher St #2345	0.49mi	6/2.0	2,424 (-4%)	6mo	$154,000	$64	65
2232 W Mitchell St #2234	0.55mi	5/2.0 (-1)	2,600 (+3%)	0mo	$160,000	$62	64
1560 S 15th St #1562	0.51mi	7/2.0 (+1)	2,442 (-4%)	2mo	$235,000	$96	64
2428 S 14th St	0.52mi	7/2.5 (+1)	2,530 (0%)	8mo	$235,000	$93	62
2149 S 24th St #2151	0.55mi	6/2.0	2,360 (-7%)	7mo	$215,000	$91	57
2509 S 15th St #2511	0.60mi	6/2.0	2,352 (-7%)	5mo	$259,000	$110	56
2370 S 18th St	0.43mi	6/2.0	2,156 (-15%)	5mo	$153,000	$71	51
1823 W Kerney Pl Unit 1823A	0.55mi	5/3.0 (-1)	2,180 (-14%)	12mo	$230,000	$106	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 · 2.0% rent growth · sell at horizon

5-year hold

• IRR: 32.9%
• Equity multiple: 3.55×
• Total profit: $157,262
• Equity at exit: $198,103

10-year hold

• IRR: 28.0%
• Equity multiple: 7.92×
• Total profit: $426,322
• Equity at exit: $427,217

Cash invested: $61,572 (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 53204

• Home prices YoY: 19.0%
• Rents YoY: 2.0%
• Active inventory: 55
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $2,722 high
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,298/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $631

Break-even live

Break-even rent $1,924

Max offer price $219,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,722
Total (2 units)			$2,722

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-15
   days on market $219,900 Active 36 DOM
2. 2026-06-13
   days on market $219,900 Active 34 DOM
3. 2026-06-13
   days on market $219,900 Active 33 DOM
4. 2026-06-09
   days on market $219,900 Active 30 DOM
5. 2026-06-08
   days on market $219,900 Active 29 DOM
6. 2026-06-07
   days on market $219,900 Active 28 DOM
7. 2026-06-05
   days on market $219,900 Active 25 DOM
8. 2026-06-03
   days on market $219,900 Active 24 DOM
9. 2026-06-02
   days on market $219,900 Active 23 DOM
10. 2026-06-01
    days on market $219,900 Active 22 DOM
11. 2026-05-31
    days on market $219,900 Active 21 DOM
12. 2026-05-16
    status Active
13. 2026-04-29
    historical
14. 2026-04-22
    listed $219,900 Active
15. 2026-04-13
    historical 735-char remark

    Show marketing remark (735 chars)

    Turn-key 3/3 duplex offering strong income potential and future owner-occupancy opportunity. The lower unit features a long-term tenant (Month to Month) ideal for an owner-occupant looking to offset their mortgage or an investor seeking market rent flexibility. Well-maintained property with separate utilities, fenced backyard, and convenient street parking. Major improvements include a complete third floor rebuild in 2017 with new roof structure, shingles, gutters, downspouts, vents, attic windows, and tuckpointing. The upper unit was upgraded to a forced-air furnace with added insulation for improved efficiency and comfort. Additional updates completed in 2018, plus a NEW furnace installed in 2020 and fresh paint throughout.

16. 2026-03-14
    price $219,900 735-char remark

    Show marketing remark (735 chars)

    Turn-key 3/3 duplex offering strong income potential and future owner-occupancy opportunity. The lower unit features a long-term tenant (Month to Month) ideal for an owner-occupant looking to offset their mortgage or an investor seeking market rent flexibility. Well-maintained property with separate utilities, fenced backyard, and convenient street parking. Major improvements include a complete third floor rebuild in 2017 with new roof structure, shingles, gutters, downspouts, vents, attic windows, and tuckpointing. The upper unit was upgraded to a forced-air furnace with added insulation for improved efficiency and comfort. Additional updates completed in 2018, plus a NEW furnace installed in 2020 and fresh paint throughout.

17. 2026-02-02
    listed $224,900 Active 735-char remark

    Show marketing remark (735 chars)

    Turn-key 3/3 duplex offering strong income potential and future owner-occupancy opportunity. The lower unit features a long-term tenant (Month to Month) ideal for an owner-occupant looking to offset their mortgage or an investor seeking market rent flexibility. Well-maintained property with separate utilities, fenced backyard, and convenient street parking. Major improvements include a complete third floor rebuild in 2017 with new roof structure, shingles, gutters, downspouts, vents, attic windows, and tuckpointing. The upper unit was upgraded to a forced-air furnace with added insulation for improved efficiency and comfort. Additional updates completed in 2018, plus a NEW furnace installed in 2020 and fresh paint throughout.

18. 2021-01-11
    soldstatus $120,000 Sold 748-char remark

    Show marketing remark (748 chars)

    GREAT RENTAL INVESTMENT OPPORTUNITY OR OWNER OCCUPIED RENTAL! Well maintained/nicely updated, 3/3 duplex, fenced backyard, street parking. Separate utilities. Many updates on both units done in 2018. NEW Furnace (2020), freshly painted. Located close to transportation. Price to sell!! Great income generator . In 2017 the entire third floor was removed and replaced. New roof structure, shingling, vents, gables gutters, downspouts & attic windows. Also was removed the wall mounted space heaters from the upper unit and installed the new forced air furnace in the attic, installed new ceiling and wall insulation throughout the majority of the third floor. Please allow 48 hour notice for showings. Allow 5 business days response for offers

19. 2020-12-11
    historical Contingent 748-char remark

    Show marketing remark (748 chars)

    GREAT RENTAL INVESTMENT OPPORTUNITY OR OWNER OCCUPIED RENTAL! Well maintained/nicely updated, 3/3 duplex, fenced backyard, street parking. Separate utilities. Many updates on both units done in 2018. NEW Furnace (2020), freshly painted. Located close to transportation. Price to sell!! Great income generator . In 2017 the entire third floor was removed and replaced. New roof structure, shingling, vents, gables gutters, downspouts & attic windows. Also was removed the wall mounted space heaters from the upper unit and installed the new forced air furnace in the attic, installed new ceiling and wall insulation throughout the majority of the third floor. Please allow 48 hour notice for showings. Allow 5 business days response for offers

20. 2020-11-23
    price $119,900 748-char remark

    Show marketing remark (748 chars)

    GREAT RENTAL INVESTMENT OPPORTUNITY OR OWNER OCCUPIED RENTAL! Well maintained/nicely updated, 3/3 duplex, fenced backyard, street parking. Separate utilities. Many updates on both units done in 2018. NEW Furnace (2020), freshly painted. Located close to transportation. Price to sell!! Great income generator . In 2017 the entire third floor was removed and replaced. New roof structure, shingling, vents, gables gutters, downspouts & attic windows. Also was removed the wall mounted space heaters from the upper unit and installed the new forced air furnace in the attic, installed new ceiling and wall insulation throughout the majority of the third floor. Please allow 48 hour notice for showings. Allow 5 business days response for offers

21. 2020-10-20
    price $124,900 748-char remark

    Show marketing remark (748 chars)

    GREAT RENTAL INVESTMENT OPPORTUNITY OR OWNER OCCUPIED RENTAL! Well maintained/nicely updated, 3/3 duplex, fenced backyard, street parking. Separate utilities. Many updates on both units done in 2018. NEW Furnace (2020), freshly painted. Located close to transportation. Price to sell!! Great income generator . In 2017 the entire third floor was removed and replaced. New roof structure, shingling, vents, gables gutters, downspouts & attic windows. Also was removed the wall mounted space heaters from the upper unit and installed the new forced air furnace in the attic, installed new ceiling and wall insulation throughout the majority of the third floor. Please allow 48 hour notice for showings. Allow 5 business days response for offers

22. 2020-09-24
    price $129,900 748-char remark

    Show marketing remark (748 chars)

    GREAT RENTAL INVESTMENT OPPORTUNITY OR OWNER OCCUPIED RENTAL! Well maintained/nicely updated, 3/3 duplex, fenced backyard, street parking. Separate utilities. Many updates on both units done in 2018. NEW Furnace (2020), freshly painted. Located close to transportation. Price to sell!! Great income generator . In 2017 the entire third floor was removed and replaced. New roof structure, shingling, vents, gables gutters, downspouts & attic windows. Also was removed the wall mounted space heaters from the upper unit and installed the new forced air furnace in the attic, installed new ceiling and wall insulation throughout the majority of the third floor. Please allow 48 hour notice for showings. Allow 5 business days response for offers

23. 2020-08-07
    listed $134,900 Active 748-char remark

    Show marketing remark (748 chars)

    GREAT RENTAL INVESTMENT OPPORTUNITY OR OWNER OCCUPIED RENTAL! Well maintained/nicely updated, 3/3 duplex, fenced backyard, street parking. Separate utilities. Many updates on both units done in 2018. NEW Furnace (2020), freshly painted. Located close to transportation. Price to sell!! Great income generator . In 2017 the entire third floor was removed and replaced. New roof structure, shingling, vents, gables gutters, downspouts & attic windows. Also was removed the wall mounted space heaters from the upper unit and installed the new forced air furnace in the attic, installed new ceiling and wall insulation throughout the majority of the third floor. Please allow 48 hour notice for showings. Allow 5 business days response for offers

ⓘ 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 ≥97°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: $32,664
• − Mortgage interest: −$12,318
• − Property taxes: −$3,298
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,613
• − Management: −$2,613
• − Depreciation: −$6,397
• Taxable income: $4,325
• Est. tax owed @ 24.0%: −$1,038
• After-tax cash flow: $6,530/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 · 12 photos

Good 80/100 Cosmetic rehab

A well-maintained and updated multi-family home with good curb appeal and rental potential.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace window seals — Improves energy efficiency and appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace window seals — Improves energy efficiency and appearance ↑

ⓘ 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): 39,996
• Household income: $45,934
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 2357.0

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 Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 35% White 15% Black 11% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 51% Puerto Rican 13%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 35% English-only · Spanish 61% Other Asian/Pacific 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: ▲ 64.27%
• Current HPI: 403.236
• Rent YoY: ▲ 2.00%
• 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

+63.0% since first listed

12 events — show timeline

• 2026-05-16 Relisted — METROMLS
• 2026-04-29 Listing Removed — METROMLS
• 2026-04-22 Listed $219,900 METROMLS
• 2026-04-13 Listing Removed — METROMLS
• 2026-03-14 Price Changed $219,900 METROMLS
• 2026-02-02 Listed $224,900 METROMLS
• 2021-01-11 Sold (MLS) $120,000 METROMLS
• 2020-12-11 Contingent — METROMLS
• 2020-11-23 Price Changed $119,900 METROMLS
• 2020-10-20 Price Changed $124,900 METROMLS
• 2020-09-24 Price Changed $129,900 METROMLS
• 2020-08-07 Listed $134,900 METROMLS