3935 N Palmer St · Milwaukee, WI 53212

$169,900

4 bd · 2.0 ba · 2,250 sqft · MultiFamily public records · 26 Days on market

Built 1894 4,356 sqft lot Est $117k · 45% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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

Fantastic location! Spacious duplex featuring a walk-up attic and full basement, offering plenty of storage and potential. Updated windows throughout and separate gas forced-air heating systems for each unit. Includes a 2-car detached garage and private driveway parking.

Key facts

• Updated windows
• Full basement
• Walk-up attic

Tags

• WALK-UP ATTIC
• FULL BASEMENT
• UPDATED WINDOWS
• PRIVATE DRIVEWAY PARKING

Property features AI

Finance

• Financial info: Property is a duplex with 2 units

Exterior

• Parking: Detached 2-car garage; 1 additional parking space
• Utilities: Municipal water; Municipal sewer; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Lot is approximately 0.1 acre (less than 1/2 acre); Zoning: LB2
• Construction: Year built source: Assessor/Public Record
• Exterior features: Aluminum/steel exterior; Aluminum siding

Interior

• Kitchen: Unit 2 kitchen on upper level; Includes 1 stove and 1 refrigerator
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master on upper level; second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Interior features: Full basement
• Laundry & utility: No specific laundry details listed

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $909 ($11k/yr) — positive. Per door: $454/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 fast (+5.0%/yr); 131 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,514/mo this rent would consume 64% of the median local household income ($47k/yr) (locally 2397% 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 + 5.0% rent growth), your $48k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $132k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,351 (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 1894 — 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: 1.48% ✓
• Cap rate: 12.71%
• Cash-on-cash: 22.93%
• DSCR: 2.02
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $117,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3906 N 6th St #3908	0.42mi	4/2.0	2,223 (-1%)	4mo	$134,900	$61	75
3747 N Vel R Phillips Ave	0.38mi	4/2.0	2,362 (+5%)	6mo	$92,500	$39	68
3892 N Port Washington Ave	0.36mi	3/2.0 (-1)	2,194 (-2%)	10mo	$93,500	$43	66
3715 N Dr William Finlayson St #3717	0.46mi	4/2.0	2,383 (+6%)	7mo	$125,000	$52	63
3341 N 3rd St #3343	0.67mi	4/2.0	2,292 (+2%)	4mo	$109,000	$48	62
3623 N 1st St Unit 3623A	0.38mi	4/2.0	2,024 (-10%)	11mo	$75,000	$37	56
3600 N Vel R Phillips Ave #3602	0.47mi	4/2.0	2,021 (-10%)	8mo	$146,500	$72	55
3762 N 5th St Unit 3762A	0.39mi	4/2.0	1,947 (-14%)	10mo	$129,350	$66	51
805 E Keefe Ave #807	0.67mi	5/2.0 (+1)	2,160 (-4%)	8mo	$280,000	$130	50
3616 N Vel R Phillips Ave	0.45mi	4/2.0	1,954 (-13%)	9mo	$94,721	$48	50
3800 N 10th St #3802	0.68mi	5/3.0 (+1)	2,295 (+2%)	13mo	$90,004	$39	45
3462 N Fratney St #3464	0.70mi	4/2.0	2,088 (-7%)	13mo	$359,000	$172	45

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 · 5.0% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 1.75×
• Total profit: $35,495
• Equity at exit: $25,333

10-year hold

• IRR: 27.7%
• Equity multiple: 3.68×
• Total profit: $127,418
• Equity at exit: $14,690

Cash invested: $47,572 (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 53212

• Rents YoY: 5.0%
• Active inventory: 131
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,514 high
• Mortgage (P&I): −$891
• Tax from tax record: −$115 /mo · $1,385/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $909

Break-even live

Break-even rent $1,363

Max offer price $169,900

Occupancy floor 59%

Sensitivity live

Price	-10% $1,005	-5% $957	+0% $909	+5% $861	+10% $813
Rent	-10% $710	-5% $810	+0% $909	+5% $1,008	+10% $1,108
Rate	-1.0pp $994	-0.5pp $952	base $909	+0.5pp $865	+1.0pp $820

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,514
Total (2 units)			$2,514

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3420 N Vel R. Phillips Ave Unit 3422 Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	44d	1	0.61mi
3420-22 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	44d	1	0.62mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	24d	1	1.04mi
4175 N Oakland Ave Unit 603 Shorewood, WI	3.0	2.0	2040	$3,690	$1.81	2d	1	1.15mi
3131 N Bartlett Ave Unit 1 Milwaukee, WI	4.0	1.0	1600	$1,750	$1.09	44d	1	1.40mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.46mi

Listing history 17 events

1. 2026-06-21
   days on market $169,900 Active 26 DOM
2. 2026-06-18
   days on market $169,900 Active 23 DOM
3. 2026-06-17
   days on market $169,900 Active 22 DOM
4. 2026-06-16
   days on market $169,900 Active 21 DOM
5. 2026-06-15
   days on market $169,900 Active 20 DOM
6. 2026-06-13
   days on market $169,900 Active 18 DOM
7. 2026-06-13
   days on market $169,900 Active 17 DOM
8. 2026-06-09
   days on market $169,900 Active 14 DOM
9. 2026-06-08
   days on market $169,900 Active 13 DOM
10. 2026-06-07
    days on market $169,900 Active 12 DOM
11. 2026-06-05
    days on market $169,900 Active 9 DOM
12. 2026-06-03
    days on market $169,900 Active 8 DOM
13. 2026-06-02
    days on market $169,900 Active 7 DOM
14. 2026-06-01
    days on market $169,900 Active 6 DOM
15. 2026-05-31
    days on market $169,900 Active 5 DOM
16. 2026-05-26
    listed $169,900 Active
17. 2005-07-28
    soldstatus $132,000

ⓘ 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: $1,385 · $115/mo
• Projected year-2 tax: $2,264 · $189/mo
• Expected delta: +$879/yr (+$73/mo · 63.5%)

ⓘ 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: $30,168
• − Mortgage interest: −$9,517
• − Property taxes: −$1,385
• − Insurance: −$850
• − Repairs & maintenance: −$2,413
• − Management: −$2,413
• − Depreciation: −$4,943
• Taxable income: $8,647
• Est. tax owed @ 24.0%: −$2,075
• After-tax cash flow: $8,831/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): 28,938
• Household income: $47,298
• Rent vs Own: 65.6% rent · 34.4% own
• Severe rent burden: 2397.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 48% White 35% Hispanic / Latino 12% Two or more races 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6%
• Common ancestry: Romanian 4% Portuguese 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -216.73%
• Current HPI: 385.8225
• Rent YoY: ▲ 5.00%
• 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

+28.7% since first listed

2 events — show timeline

• 2026-05-26 Listed $169,900 METROMLS
• 2005-07-28 Sold (Public Records) $132,000 Public Records

Property tax history

+2.7%/yr

Latest (2024): $1,385 · +24.2% YoY. Source: county tax records.