3201 N 35th St · Milwaukee, WI 53216

$128,888

3 bd · 2.0 ba · 1,711 sqft · MultiFamily public records · 58 Days on market

Built 1926 3,920 sqft lot $75/sqft · 18% above area Est $110k · 18% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.7/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Solid duplex fully rented. Updates include newer replacement windows, updated mechanicals, and new porch. The upper unit is currently rented for 650/mo. Upper also has an additional room that could be small bedroom, nursery or office. Spacious lower also rented for 875/mo Start collecting cashflow. Schedule your showing NOW.

Key facts

• Additional room
• New porch
• Updated mechanicals

Tags

• NEWER REPLACEMENT WINDOWS
• UPDATED MECHANICALS
• NEW PORCH
• ADDITIONAL ROOM

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $950 ($11k/yr) — positive. Per door: $475/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $125k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.1% 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 (+7.0%/yr); 126 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); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,285/mo this rent would consume 59% of the median local household income ($47k/yr) (locally 2202% 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 $3k of equity ($891 loan paydown + $2k appreciation (1.3% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.3% appreciation + 7.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 5 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,021 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1926 — 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: 1.77% ✓
• Cap rate: 15.14%
• Cash-on-cash: 31.58%
• DSCR: 2.41
• GRM: 4.7

CMA / ARV

• ARV (median comp): $109,574
• List price: $128,888
• Delta: 17.63%
• 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
3205 N 35th St	0.01mi	3/2.0	1,723 (+1%)	8mo	$119,000	$69	92
3233 W Auer Ave	0.14mi	4/2.0 (+1)	1,657 (-3%)	1mo	$78,500	$47	82
3259 N 35th St	0.08mi	4/2.0 (+1)	1,773 (+4%)	3mo	$185,000	$104	82
3260 N 34th St Unit 3260A	0.12mi	4/2.0 (+1)	1,776 (+4%)	2mo	$86,000	$48	81
3223 N 36th St	0.07mi	4/2.0 (+1)	1,731 (+1%)	11mo	$90,000	$52	81
3367 N 36th St	0.25mi	4/2.0 (+1)	1,787 (+4%)	11mo	$100,000	$56	67
2972 N 28th St	0.54mi	4/2.0 (+1)	1,757 (+3%)	0mo	$141,806	$81	65
2873 N 34th St #2875	0.40mi	4/2.0 (+1)	1,888 (+10%)	1mo	$108,500	$57	58
3220 N 24th Pl Unit 3220A	0.72mi	3/2.0	1,626 (-5%)	1mo	$65,000	$40	57
3350 N 25th St Unit 3350A	0.70mi	4/2.0 (+1)	1,694 (-1%)	8mo	$79,000	$47	54
2847 N 26th St	0.72mi	4/2.0 (+1)	1,863 (+9%)	2mo	$70,000	$38	45
3708 N 42nd St	0.64mi	4/2.0 (+1)	1,957 (+14%)	12mo	$173,367	$89	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.33% appreciation · 7.01% rent growth · sell at horizon

5-year hold

• IRR: 38.0%
• Equity multiple: 3.07×
• Total profit: $74,593
• Equity at exit: $46,216

10-year hold

• IRR: 41.8%
• Equity multiple: 6.89×
• Total profit: $212,459
• Equity at exit: $63,169

Cash invested: $36,089 (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 53216

• Home prices YoY: 0.3%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,285 high
• Mortgage (P&I): −$676
• Tax from tax record: −$126 /mo · $1,508/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $950

Break-even live

Break-even rent $1,083

Max offer price $128,888

Occupancy floor 53%

Sensitivity live

Price	-10% $1,023	-5% $986	+0% $950	+5% $913	+10% $877
Rent	-10% $769	-5% $860	+0% $950	+5% $1,040	+10% $1,130
Rate	-1.0pp $1,015	-0.5pp $983	base $950	+0.5pp $916	+1.0pp $882

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,286
Total (2 units)			$2,285

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: $32,222
• Closing costs: $3,867
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3124 N 33rd St Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	44d	1	0.18mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	44d	1	0.19mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	0.38mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.41mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	24d	1	0.45mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.47mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	44d	1	0.54mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	0.59mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	5d	1	0.63mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	2d	1	0.66mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	5d	1	0.79mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	5d	1	0.79mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.82mi
2842 N 47th St Milwaukee, WI	2.0	1.0	1500	$1,100	$0.73	44d	1	0.84mi
3066 N 49th St Unit 3066-5 Milwaukee, WI	2.0	1.0	1100	$950	$0.86	44d	1	0.85mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.87mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	0.89mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.89mi
2841 N 49th St Milwaukee, WI	2.0	1.0	1237	$1,098	$0.89	44d	1	0.97mi
2403-2405 N 39th St Unit 2403 Lower Milwaukee, WI	3.0	1.0	1200	$995	$0.83	11d	1	1.02mi
2403-2405 N 39th St Unit 2405 Upper Milwaukee, WI	3.0	1.0	1141	$995	$0.87	11d	1	1.02mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.05mi
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	17d	1	1.05mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	1.06mi
2613 N 48th St Unit 2 Milwaukee, WI	2.0	1.0	1150	$1,250	$1.09	24d	1	1.09mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	1.11mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	44d	1	1.12mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	1.17mi
2251 N 41st St Unit Lower Milwaukee, WI	3.0	1.0	1187	$1,198	$1.01	15d	1	1.20mi
2947 N 54th St #2945 Milwaukee, WI	2.0	1.0	1244	$1,050	$0.84	15d	1	1.21mi
3629 N 53rd St Unit (Downstairs) Milwaukee, WI	2.0	1.0	1600	$1,275	$0.80	44d	1	1.22mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	17d	1	1.23mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	44d	1	1.32mi
3012 N 57th St Unit Lower Milwaukee, WI	3.0	1.0	1130	$1,398	$1.24	5d	1	1.33mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	44d	1	1.34mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	24d	1	1.35mi
3957-3959 N 53rd St Unit 3957 Milwaukee, WI	2.0	1.0	1910	$1,050	$0.55	24d	1	1.40mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.41mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	1.41mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	1.42mi

Listing history 34 events

1. 2026-06-18
   days on market $128,888 Active 58 DOM
2. 2026-06-17
   days on market $128,888 Active 57 DOM
3. 2026-06-16
   days on market $128,888 Active 56 DOM
4. 2026-06-15
   days on market $128,888 Active 55 DOM
5. 2026-06-13
   days on market $128,888 Active 53 DOM
6. 2026-06-13
   days on market $128,888 Active 52 DOM
7. 2026-06-09
   days on market $128,888 Active 49 DOM
8. 2026-06-08
   days on market $128,888 Active 48 DOM
9. 2026-06-07
   days on market $128,888 Active 47 DOM
10. 2026-06-05
    days on market $128,888 Active 44 DOM
11. 2026-06-03
    days on market $128,888 Active 43 DOM
12. 2026-06-02
    days on market $128,888 Active 42 DOM
13. 2026-06-01
    days on market $128,888 Active 41 DOM
14. 2026-05-31
    days on market $128,888 Active 40 DOM
15. 2026-04-21
    listed $128,888 Active 326-char remark

    Show marketing remark (326 chars)

    Solid duplex fully rented. Updates include newer replacement windows, updated mechanicals, and new porch. The upper unit is currently rented for 650/mo. Upper also has an additional room that could be small bedroom, nursery or office. Spacious lower also rented for 875/mo Start collecting cashflow. Schedule your showing NOW.

16. 2026-03-16
    historical 342-char remark

    Show marketing remark (342 chars)

    Solid turnkey duplex fully rented. Updates include newer replacement windows, updated mechanicals, and new porch. The upper unit is currently rented for 650/mo. Upper also has an additional room that could be small bedroom, nursery or office. Spacious lower also rented 875/mo so you can start collecting cashflow. Schedule your showing NOW.

17. 2026-02-26
    listed $129,900 Active 342-char remark

    Show marketing remark (342 chars)

    Solid turnkey duplex fully rented. Updates include newer replacement windows, updated mechanicals, and new porch. The upper unit is currently rented for 650/mo. Upper also has an additional room that could be small bedroom, nursery or office. Spacious lower also rented 875/mo so you can start collecting cashflow. Schedule your showing NOW.

18. 2025-11-22
    historical
19. 2025-10-24
    price $120,400
20. 2025-09-19
    price $121,400
21. 2025-09-06
    price $122,900
22. 2025-08-12
    listed $124,900 Active
23. 2025-07-16
    historical $825
24. 2025-06-11
    price $825
25. 2025-06-10
    historical
26. 2025-06-05
    price $127,900
27. 2025-05-31
    listed $895
28. 2025-05-23
    price $129,900
29. 2025-05-10
    price $132,900
30. 2025-04-16
    listed $134,900 Active
31. 2022-12-13
    soldstatus $120,000
32. 2022-11-10
    soldstatus $50,000
33. 2005-09-30
    soldstatus $35,000
34. 1984-11-01
    soldstatus $37,000

ⓘ 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: $1,508 · $126/mo
• Projected year-2 tax: $1,946 · $162/mo
• Expected delta: +$438/yr (+$37/mo · 29.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,420
• − Mortgage interest: −$7,220
• − Property taxes: −$1,508
• − Insurance: −$644
• − Repairs & maintenance: −$2,194
• − Management: −$2,194
• − Depreciation: −$3,749
• Taxable income: $9,911
• Est. tax owed @ 24.0%: −$2,379
• After-tax cash flow: $9,020/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): 30,345
• Household income: $46,752
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 2202.0

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 (81%)
• Race & ethnicity: Black 81% White 9% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 1%
• Foreign-born: 3% · Canada, Philippines, China
• Languages at home: 93% English-only · Spanish 4% 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: ▲ 1.33%
• Current HPI: 381.0954
• Rent YoY: ▲ 7.01%
• 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

+248.3% since first listed

20 events — show timeline

• 2026-04-21 Listed $128,888 METROMLS
• 2026-03-16 Listing Removed — METROMLS
• 2026-02-26 Listed $129,900 METROMLS
• 2025-11-22 Listing Removed — METROMLS
• 2025-10-24 Price Changed $120,400 METROMLS
• 2025-09-19 Price Changed $121,400 METROMLS
• 2025-09-06 Price Changed $122,900 METROMLS
• 2025-08-12 Listed $124,900 METROMLS
• 2025-07-16 Rental Removed $825 APPFOLIO
• 2025-06-11 Price Changed $825 APPFOLIO
• 2025-06-10 Listing Removed — METROMLS
• 2025-06-05 Price Changed $127,900 METROMLS
• 2025-05-31 Listed for Rent $895 APPFOLIO
• 2025-05-23 Price Changed $129,900 METROMLS
• 2025-05-10 Price Changed $132,900 METROMLS
• 2025-04-16 Listed $134,900 METROMLS
• 2022-12-13 Sold (Public Records) $120,000 Public Records
• 2022-11-10 Sold (Public Records) $50,000 Public Records
• 2005-09-30 Sold (MLS) $35,000 METROMLS
• 1984-11-01 Sold (Public Records) $37,000 Public Records

Property tax history

+4.6%/yr

Latest (2024): $1,508 · +32.8% YoY. Source: county tax records.