2900 W Arthur Ave #2902 · Milwaukee, WI 53215

$470,000

None bd · None ba · 4,944 sqft · MultiFamily · 27 Days on market

Built 1908 3,484 sqft lot

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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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• 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 (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great 5 unit investment opportunity. One store front and four residential rental units ranging from 1 to 3 bedrooms. Property is located on a high traffic street corner near public transit. Could be sold as a package with 2904 and 2906 W. Arthur. Also listed Commercial #1896454

Key facts

• 3,484 sq ft lot
• Built 1908
• Listed 26 days

Property features AI

Finance

• Other: Some tenant-owned refrigerators and stoves (2 refrigerators and 2 stoves) and tenants' personal property excluded; Retail barber/salon equipment excluded
• HOA & community: No yearly HOA fee listed

Exterior

• Parking: On-site inside parking; Outside parking; Indoor garage space
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Multi-family property (apartment building); 1-2 stories
• Construction: Information source lists year built as assessor/public record
• Exterior features: Brick exterior; Brick/stone detailing; Zoned LB2 (Local Business); Lot under 1/2 acre (approximately 0.08 acre)

Interior

• Kitchen: Two refrigerators and two stoves provided in the 1-bedroom apartments
• Heating & cooling: Hot water/steam heating; Natural gas fuel
• Interior features: Full basement; Five-unit building
• Laundry & utility: Seller-owned water heater

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1-bath units multifamily listed at $470k.

Deal economics

• At list price, monthly cash flow is $728 ($9k/yr) — positive. Per door: $146/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $470k).
• Recommended offer: $463k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 (+5.0%/yr); 54 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $5,033/mo this rent would consume 111% of the median local household income ($54k/yr) (locally 2283% 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

• It's been on market 27 days — a 2% lower offer ($463k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 14y 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 $470k implies a 292% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $462,950 (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 1908 — 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: 1.07% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.64%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.02% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-19,282
• Equity at exit: $70,079

10-year hold

• IRR: 8.0%
• Equity multiple: 1.67×
• Total profit: $87,850
• Equity at exit: $40,637

Cash invested: $131,600 (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 53215

• Home prices YoY: -13.6%
• Rents YoY: 5.0%
• Active inventory: 54
• Price-to-rent: 38.9×

Monthly cashflow live

• Estimated rent: $5,033 high
• Mortgage (P&I): −$2,465
• Tax est. 1.5%: −$588 /mo · $7,050/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,057
• Net cashflow: $728

Break-even live

Break-even rent $4,111

Max offer price $470,000

Occupancy floor 81%

Sensitivity live

Price	-10% $1,053	-5% $890	+0% $728	+5% $566	+10% $403
Rent	-10% $330	-5% $529	+0% $728	+5% $927	+10% $1,126
Rate	-1.0pp $965	-0.5pp $848	base $728	+0.5pp $606	+1.0pp $482

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$5,035
Total (5 units)			$5,033

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: $117,500
• Closing costs: $14,100
• Reserves months: —
• Total cash needed: —

Listing history 44 events

1. 2026-06-21
   days on market $470,000 Active 27 DOM
2. 2026-06-18
   days on market $470,000 Active 24 DOM
3. 2026-06-17
   days on market $470,000 Active 23 DOM
4. 2026-06-16
   days on market $470,000 Active 22 DOM
5. 2026-06-15
   days on market $470,000 Active 21 DOM
6. 2026-06-13
   days on market $470,000 Active 19 DOM
7. 2026-06-13
   days on market $470,000 Active 18 DOM
8. 2026-06-09
   days on market $470,000 Active 15 DOM
9. 2026-06-08
   days on market $470,000 Active 14 DOM
10. 2026-06-07
    days on market $470,000 Active 13 DOM
11. 2026-06-05
    days on market $470,000 Active 10 DOM
12. 2026-06-03
    days on market $470,000 Active 9 DOM
13. 2026-06-02
    days on market $470,000 Active 8 DOM
14. 2026-06-01
    days on market $470,000 Active 7 DOM
15. 2026-05-31
    days on market $470,000 Active 6 DOM
16. 2026-05-23
    listed $470,000 Active
17. 2025-09-28
    historical $800
18. 2025-09-23
    listed $800
19. 2025-09-07
    historical $800
20. 2025-08-26
    listed $800
21. 2024-12-11
    historical 278-char remark

    Show marketing remark (278 chars)

    Great 5 unit investment opportunity. One store front and four residential rental units ranging from 1 to 3 bedrooms. Property is located on a high traffic street corner near public transit. Could be sold as a package with 2904 and 2906 W. Arthur. Also listed Commercial #1896454

22. 2024-10-17
    listed $599,900 Active 278-char remark

    Show marketing remark (278 chars)

    Great 5 unit investment opportunity. One store front and four residential rental units ranging from 1 to 3 bedrooms. Property is located on a high traffic street corner near public transit. Could be sold as a package with 2904 and 2906 W. Arthur. Also listed Commercial #1896454

23. 2024-10-14
    historical 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

24. 2024-10-02
    price $629,900 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

25. 2024-09-18
    price $885,000 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

26. 2024-09-11
    price $624,900 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

27. 2024-09-07
    price $629,900 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

28. 2024-09-03
    price $634,900 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

29. 2024-08-27
    price $639,900 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

30. 2024-08-24
    price $649,900 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

31. 2024-08-21
    price $659,900 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

32. 2024-08-16
    price $664,900 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

33. 2024-08-01
    listed $674,900 Active 679-char remark

    Show marketing remark (679 chars)

    Welcome to 2900-2902 W Arthur! A very worthy investment opportunity! 2900-2902 W Arthur is featuring one storefront and four rental units ranging from 1-3-bedrooms, this property is conveniently located on a street corner near public transit. Commercial storefront space on the 1st floor is a long-term tenant. Numerous updates in each unit, including: flooring, drywall, paint, new water heater, trim work to name a few! This property is solid and well-maintained. Up and coming neighborhood with tremendous rental and investment upsides. Units are spacious and bright. 2900 W Arthur proposed rents: 3bed back lower $1050 - 2bed upper $900 - 1bed upper $700 - 1 bed upper $750.

34. 2022-08-12
    historical
35. 2022-05-11
    listed $495,000 Active
36. 2017-05-01
    historical
37. 2017-02-03
    listed $198,000 Active
38. 2017-02-03
    historical
39. 2016-10-17
    listed $198,000 Active
40. 2013-10-25
    historical
41. 2013-10-25
    listed $189,900
42. 2013-08-28
    soldstatus $120,000
43. 2012-10-05
    historical
44. 2012-10-05
    listed $225,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $60,396
• − Mortgage interest: −$26,327
• − Property taxes: −$7,050
• − Insurance: −$2,350
• − Repairs & maintenance: −$4,832
• − Management: −$4,832
• − Depreciation: −$13,673
• Taxable income: $1,333
• Est. tax owed @ 24.0%: −$320
• After-tax cash flow: $8,416/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): 58,146
• Household income: $54,289
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 2283.0

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 (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 34% White 18% Asian 6% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 52% Puerto Rican 12%
• Common ancestry: Romanian 6% Portuguese 1%
• Foreign-born: 31% · Canada, Philippines, Jamaica
• Languages at home: 35% English-only · Spanish 59% Other Asian/Pacific 3% Other Indo-European 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: ▼ -52.55%
• Current HPI: 332.891
• Rent YoY: ▲ 5.02%
• 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

+108.9% since first listed

29 events — show timeline

• 2026-05-23 Listed $470,000 METROMLS
• 2025-09-28 Rental Removed $800 APPFOLIO
• 2025-09-23 Listed for Rent $800 APPFOLIO
• 2025-09-07 Rental Removed $800 APPFOLIO
• 2025-08-26 Listed for Rent $800 APPFOLIO
• 2024-12-11 Listing Removed — METROMLS
• 2024-10-17 Listed $599,900 METROMLS
• 2024-10-14 Listing Removed — METROMLS
• 2024-10-02 Price Changed $629,900 METROMLS
• 2024-09-18 Price Changed $885,000 METROMLS
• 2024-09-11 Price Changed $624,900 METROMLS
• 2024-09-07 Price Changed $629,900 METROMLS
• 2024-09-03 Price Changed $634,900 METROMLS
• 2024-08-27 Price Changed $639,900 METROMLS
• 2024-08-24 Price Changed $649,900 METROMLS
• 2024-08-21 Price Changed $659,900 METROMLS
• 2024-08-16 Price Changed $664,900 METROMLS
• 2024-08-01 Listed $674,900 METROMLS
• 2022-08-12 Listing Removed — METROMLS
• 2022-05-11 Listed $495,000 METROMLS
• 2017-05-01 Listing Removed — METROMLS
• 2017-02-03 Listed $198,000 METROMLS
• 2017-02-03 Listing Removed — METROMLS
• 2016-10-17 Listed $198,000 METROMLS
• 2013-10-25 Listed $189,900 METROMLS
• 2013-10-25 Listing Removed — METROMLS
• 2013-08-28 Sold (MLS) $120,000 METROMLS
• 2012-10-05 Listed $225,000 METROMLS
• 2012-10-05 Listing Removed — METROMLS