2972 N 28th St · Milwaukee, WI 53210

$155,900

4 bd · 2.0 ba · 1,757 sqft · MultiFamily public records · 26 Days on market

Built 1910 3,484 sqft lot $89/sqft · 101% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• 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 MLS

CASH FLOWING INVESTMENT OPPORTUNITY!Fully occupied and generating immediate income perfect for investors looking to step right in. Both tenants are on month-to-month leases, offering flexibility to increase rents or adjust occupancy while still collecting from day one.

Key facts

• Practical layouts
• Usable yard
• Functional updates

Tags

• NEWLY PAINTED INTERIORS
• FUNCTIONAL UPDATES
• COMFORTABLE LIVING SPACES
• ABUNDANT NATURAL LIGHT
• PRACTICAL LAYOUTS
• USABLE YARD

Property features AI

Finance

• Other: Property listed as multi-family (duplex); Includes seller’s stated inclusions: 2 refrigerators and 2 stoves

Exterior

• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex (multi-family property); Zoned RT3 (residential, 2-family); Lot smaller than 1/2 acre (about 0.08 acre)
• Construction: Exterior constructed with aluminum/steel
• Exterior features: Aluminum/steel exterior siding

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 12 x 10); Includes 2 refrigerators and 2 stoves (inclusions)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level, each about 11 x 11)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $156k.

Deal economics

• At list price, monthly cash flow is $701 ($8k/yr) — positive. Per door: $350/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $156k).
• Recommended offer: $154k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.7% 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 (+3.8%/yr); 142 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,100/mo this rent would consume 52% of the median local household income ($48k/yr) (locally 1730% 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 $1k of loan paydown is wiped out by about $5k 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 + 3.8% rent growth), your $44k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 3 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,561 (1.5% 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 1910 — 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. 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.
8. 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.
9. 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: 1.35% ✓
• Cap rate: 11.69%
• Cash-on-cash: 19.27%
• DSCR: 1.86
• GRM: 6.2

CMA / ARV

• ARV (median comp): $77,566
• List price: $155,900
• Delta: 100.99%
• 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
2972 N 28th St	0.00mi	4/2.0	1,757 (0%)	0mo	$141,806	$81	100
2847 N 26th St	0.19mi	4/2.0	1,863 (+6%)	2mo	$70,000	$38	79
3260 N 34th St Unit 3260A	0.52mi	4/2.0	1,776 (+1%)	2mo	$86,000	$48	72
3233 W Auer Ave	0.42mi	4/2.0	1,657 (-6%)	1mo	$78,500	$47	70
3259 N 35th St	0.59mi	4/2.0	1,773 (+1%)	3mo	$185,000	$104	68
2873 N 34th St #2875	0.43mi	4/2.0	1,888 (+8%)	1mo	$108,500	$57	66
3220 N 24th Pl Unit 3220A	0.39mi	3/2.0 (-1)	1,626 (-8%)	1mo	$65,000	$40	63
2638 N 22nd St	0.61mi	4/2.0	1,687 (-4%)	3mo	$55,000	$33	62
3218 N 26th St	0.33mi	4/2.0	1,986 (+13%)	3mo	$165,000	$83	61
2848 N 19th St	0.62mi	4/2.0	1,650 (-6%)	3mo	$60,000	$36	58
2760 N 35th St Unit 2760A	0.52mi	5/2.0 (+1)	1,897 (+8%)	2mo	$107,500	$57	56
2450 W Keefe Ave #2452	0.70mi	3/2.0 (-1)	1,831 (+4%)	1mo	$35,000	$19	54

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.48×
• Total profit: $21,078
• Equity at exit: $23,245

10-year hold

• IRR: 21.6%
• Equity multiple: 2.90×
• Total profit: $82,950
• Equity at exit: $13,479

Cash invested: $43,652 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,100 high
• Mortgage (P&I): −$818
• Tax from tax record: −$76 /mo · $908/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $701

Break-even live

Break-even rent $1,213

Max offer price $155,900

Occupancy floor 62%

Sensitivity live

Price	-10% $789	-5% $745	+0% $701	+5% $657	+10% $613
Rent	-10% $535	-5% $618	+0% $701	+5% $784	+10% $867
Rate	-1.0pp $779	-0.5pp $740	base $701	+0.5pp $660	+1.0pp $619

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,100
Total (2 units)			$2,100

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: $38,975
• Closing costs: $4,677
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	0.14mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	0.44mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.50mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	0.57mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.68mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	0.81mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	0.90mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.92mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	1.12mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.24mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	1.32mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.34mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.38mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	1.40mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.48mi

Listing history 11 events

1. 2026-06-03
   days on market $155,900 Active 26 DOM
2. 2026-06-02
   days on market $155,900 Active 25 DOM
3. 2026-06-01
   days on market $155,900 Active 24 DOM
4. 2026-05-31
   days on market $155,900 Active 23 DOM
5. 2026-05-07
   historical 269-char remark

   Show marketing remark (269 chars)

   CASH FLOWING INVESTMENT OPPORTUNITY!Fully occupied and generating immediate income perfect for investors looking to step right in. Both tenants are on month-to-month leases, offering flexibility to increase rents or adjust occupancy while still collecting from day one.

6. 2026-05-07
   listed $155,900 Active 602-char remark

   Show marketing remark (269 chars)

   CASH FLOWING INVESTMENT OPPORTUNITY!Fully occupied and generating immediate income perfect for investors looking to step right in. Both tenants are on month-to-month leases, offering flexibility to increase rents or adjust occupancy while still collecting from day one.

7. 2026-05-01
   listed $155,000 Active 269-char remark

   Show marketing remark (269 chars)

   CASH FLOWING INVESTMENT OPPORTUNITY!Fully occupied and generating immediate income perfect for investors looking to step right in. Both tenants are on month-to-month leases, offering flexibility to increase rents or adjust occupancy while still collecting from day one.

8. 2025-12-09
   historical

   Show marketing remark (594 chars)

   Discover this freshly updated Milwaukee duplex offering a great opportunity for both owner-occupants and investors. The interior has been newly painted throughout, giving each unit a bright, clean, and welcoming feel. Updates enhance functionality while preserving the home's classic character. Each unit offers comfortable living spaces, good natural light, and practical layouts suited for everyday living. Outside, the property features a usable yard and off-street parking options. Conveniently located near local shops, parks, and transit routes, this duplex is ready for its next chapter.

9. 2025-11-25
   listed $155,900 Active

   Show marketing remark (594 chars)

   Discover this freshly updated Milwaukee duplex offering a great opportunity for both owner-occupants and investors. The interior has been newly painted throughout, giving each unit a bright, clean, and welcoming feel. Updates enhance functionality while preserving the home's classic character. Each unit offers comfortable living spaces, good natural light, and practical layouts suited for everyday living. Outside, the property features a usable yard and off-street parking options. Conveniently located near local shops, parks, and transit routes, this duplex is ready for its next chapter.

10. 2025-10-28
    soldstatus $55,000
11. 1975-05-01
    soldstatus $15,900

ⓘ 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: $908 · $76/mo
• Projected year-2 tax: $1,896 · $158/mo
• Expected delta: +$988/yr (+$82/mo · 108.8%)

ⓘ 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: $25,200
• − Mortgage interest: −$8,733
• − Property taxes: −$908
• − Insurance: −$780
• − Repairs & maintenance: −$2,016
• − Management: −$2,016
• − Depreciation: −$4,535
• Taxable income: $6,212
• Est. tax owed @ 24.0%: −$1,491
• After-tax cash flow: $6,919/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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

+791.9% since first listed

9 events — show timeline

• 2026-06-12 Sold (MLS) $141,806 METROMLS
• 2026-06-03 Listing Removed — METROMLS
• 2026-05-07 Listed $155,900 METROMLS
• 2026-05-07 Listing Removed — METROMLS
• 2026-05-01 Listed $155,000 METROMLS
• 2025-12-09 Listing Removed — METROMLS
• 2025-11-25 Listed $155,900 METROMLS
• 2025-10-28 Sold (Public Records) $55,000 Public Records
• 1975-05-01 Sold (Public Records) $15,900 Public Records

Property tax history

-0.3%/yr

Latest (2024): $908 · -4.4% YoY. Source: county tax records.