1565 S 14th St #1567 · Milwaukee, WI 53204

$350,000

None bd · None ba · 3,662 sqft · MultiFamily · 23 Days on market

Built 1907 Good condition 6,098 sqft lot $96/sqft · 77% 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 +27.9/30.0
• Appreciation +10.0/10.0
• DSCR +9.9/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 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

Well-maintained 3-family featuring a duplex up front and a separate cottage in the rear. Duplex offers a 1-year-old tear-off roof and glass block basement windows. Upper unit kitchen and bath remodeled approx. 4 years ago. Spacious units with huge pantries and attic storage for each. Water heaters replaced in 2020 & 2023. Rear cottage includes huge living room and kitchen, 2 very spacious bedrooms, 2 additional rooms in the basement and has central air. Driveway in front serves duplex; 1-car garage with alley access for cottage tenant. Enclosed yard. Garage has rubber roof. Property is sold As-Is.

Key facts

• Huge pantries
• Remodeled kitchen
• Attic storage

Tags

• GLASS BLOCK BASEMENT WINDOWS
• REMODELED KITCHEN
• REMODELED BATH
• HUGE PANTRIES
• ATTIC STORAGE
• WATER HEATERS REPLACED

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $537/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 $4,421/mo this rent would consume 115% 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 $37k of equity ($2k loan paydown + $35k 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 $98k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $344,750 (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 1907 — 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: 1.26% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.15%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $197,516
• List price: $350,000
• Delta: 77.20%
• 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
1129 W Burnham St	0.35mi	4/2.0	3,448 (-6%)	6mo	$92,000	$27	68
1636 W Mineral St #1638	0.52mi	—/—	3,528 (-4%)	3mo	$160,160	$45	67
2305 W Burnham St Unit 2305a	0.73mi	—/—	3,733 (+2%)	2mo	$245,000	$66	61
1715 S 18th St #1719	0.36mi	—/—	4,199 (+15%)	0mo	$245,000	$58	59
914 W Walker St Unit 916-918	0.64mi	—/—	3,667 (+0%)	16mo	$225,000	$61	56
1429 S 10th St #1431	0.30mi	6/3.0	3,166 (-14%)	10mo	$230,000	$73	55
1904 S 10th St Unit 1904A, 1904B	0.43mi	—/—	3,186 (-13%)	4mo	$225,000	$71	55
611 W Maple St #615	0.59mi	—/—	3,443 (-6%)	18mo	$235,500	$68	48
1312 S 22nd St Unit 1314,1314A,1314B	0.60mi	—/—	4,170 (+14%)	4mo	$250,000	$60	46
1916 S 5th Pl #1918	0.70mi	—/—	3,388 (-8%)	18mo	$325,000	$96	40
1127 W Windlake Ave #1129	0.61mi	—/—	3,150 (-14%)	16mo	$252,000	$80	35
2177 S 17th St	0.72mi	—/—	3,192 (-13%)	16mo	$156,000	$49	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: 33.5%
• Equity multiple: 3.60×
• Total profit: $254,673
• Equity at exit: $315,308

10-year hold

• IRR: 28.6%
• Equity multiple: 8.02×
• Total profit: $687,743
• Equity at exit: $679,973

Cash invested: $98,000 (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: 13.2×

Monthly cashflow live

• Estimated rent: $4,421 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$928
• Net cashflow: $1,074

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$4,422
Total (2 units)			$4,421

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-08
   status Pending 610-char remark

   Show marketing remark (610 chars)

   Well-maintained 3-family featuring a duplex up front and a separate cottage in the rear. Duplex offers a 1-year-old tear-off roof and glass block basement windows. Upper unit kitchen and bath remodeled approx. 4 years ago. Spacious units with huge pantries and attic storage for each. Water heaters replaced in 2020 & 2023. Rear cottage includes huge living room and kitchen, 2 very spacious bedrooms, 2 additional rooms in the basement and has central air. Driveway in front serves duplex; 1-car garage with alley access for cottage tenant. Enclosed yard. Garage has rubber roof. Property is sold As-Is.

2. 2026-04-15
   listed $350,000 Active 610-char remark

   Show marketing remark (610 chars)

   Well-maintained 3-family featuring a duplex up front and a separate cottage in the rear. Duplex offers a 1-year-old tear-off roof and glass block basement windows. Upper unit kitchen and bath remodeled approx. 4 years ago. Spacious units with huge pantries and attic storage for each. Water heaters replaced in 2020 & 2023. Rear cottage includes huge living room and kitchen, 2 very spacious bedrooms, 2 additional rooms in the basement and has central air. Driveway in front serves duplex; 1-car garage with alley access for cottage tenant. Enclosed yard. Garage has rubber roof. Property is sold As-Is.

ⓘ 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 ≥96°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: $53,052
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,244
• − Management: −$4,244
• − Depreciation: −$10,182
• Taxable income: $7,776
• Est. tax owed @ 24.0%: −$1,866
• After-tax cash flow: $11,019/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 · 1 photo

Good 75/100 Cosmetic rehab

A well-maintained 3-family property with good condition and minimal repairs needed. Paint exterior and clean gutters to enhance curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ 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

2 events — show timeline

• 2026-05-08 Pending — METROMLS
• 2026-04-15 Listed $350,000 METROMLS