1801 W Meinecke Ave · Milwaukee, WI 53206

$87,900

8 bd · 3.5 ba · 3,208 sqft · MultiFamily public records · 163 Days on market

Built 1894 7,405 sqft lot $27/sqft · at area comps Est $85k · at est.

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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 +10.0/10.0
• ARV discount +6.0/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Spacious and fully renovated triplex in Lindsay Heights with over 3,200 sq ft. Each of the three units offers 2 bedrooms and is currently vacant, perfect for investors seeking instant cash flow. Recent updates throughout mean it is move-in ready for tenants. Located near Feeding America, North Division High School, the American Black Holocaust Museum, and James W Beckum Park. The basement requires some repairs. Do not miss this incredible opportunity--bring your offer today!

Key facts

• Vacant units
• Triplex
• 7,405 sq ft lot

Tags

• TRIPLEX
• VACANT UNITS
• IMMEDIATE RENTAL POTENTIAL
• CLEAN AND INVITING SPACE
• NEAR JAMES W BECKUM PARK

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $88k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $674/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $88k).
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Cap rate 33.9% 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 (+8.3%/yr); 160 active listings in the ZIP; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($608 loan paydown + $9k 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 + 8.0% rent growth), your $25k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 3y 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 $55k; list at $88k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% 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 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 3.79% ✓
• Cap rate: 33.89%
• Cash-on-cash: 98.57%
• DSCR: 5.39
• GRM: 2.2

CMA / ARV

• ARV (median comp): $85,044
• List price: $87,900
• Delta: 3.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.89×
• Total profit: $194,271
• Equity at exit: $79,187

10-year hold

• IRR: —
• Equity multiple: 21.90×
• Total profit: $514,511
• Equity at exit: $170,770

Cash invested: $24,612 (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 53206

• Rents YoY: 8.3%
• Active inventory: 160
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,328 high
• Mortgage (P&I): −$461
• Tax est. 1.5%: −$110 /mo · $1,318/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$699
• Net cashflow: $2,022

Break-even live

Break-even rent $769

Max offer price $87,900

Occupancy floor 34%

Sensitivity live

Price	-10% $2,082	-5% $2,052	+0% $2,022	+5% $1,991	+10% $1,961
Rent	-10% $1,759	-5% $1,890	+0% $2,022	+5% $2,153	+10% $2,285
Rate	-1.0pp $2,066	-0.5pp $2,044	base $2,022	+0.5pp $1,999	+1.0pp $1,976

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,327
Total (3 units)			$3,328

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: $21,975
• Closing costs: $2,637
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $87,900 Active 163 DOM
2. 2026-06-18
   days on market $87,900 Active 160 DOM
3. 2026-06-17
   days on market $87,900 Active 159 DOM
4. 2026-06-16
   days on market $87,900 Active 158 DOM
5. 2026-06-15
   days on market $87,900 Active 157 DOM
6. 2026-06-13
   days on market $87,900 Active 155 DOM
7. 2026-06-13
   days on market $87,900 Active 154 DOM
8. 2026-06-09
   days on market $87,900 Active 151 DOM
9. 2026-06-08
   days on market $87,900 Active 150 DOM
10. 2026-06-07
    days on market $87,900 Active 149 DOM
11. 2026-06-05
    days on market $87,900 Active 146 DOM
12. 2026-06-03
    days on market $87,900 Active 145 DOM
13. 2026-06-02
    days on market $87,900 Active 144 DOM
14. 2026-06-01
    days on market $87,900 Active 143 DOM
15. 2026-05-31
    days on market $87,900 Active 142 DOM
16. 2026-01-09
    historical 479-char remark

    Show marketing remark (575 chars)

    Spacious and refreshed triplex located in the Lindsay Heights neighborhood offering over 3,200 square feet. Each of the three units features two bedrooms and is currently vacant, making this an excellent opportunity for investors seeking immediate rental potential. Updates throughout provide a clean and inviting space for new tenants. Conveniently located near Feeding America, North Division High School, the American Black Holocaust Museum, and James W Beckum Park. The basement does require some repairs. Do not miss this outstanding opportunity. Bring your offer today!

17. 2026-01-09
    listed $87,900 Active 575-char remark

    Show marketing remark (575 chars)

    Spacious and refreshed triplex located in the Lindsay Heights neighborhood offering over 3,200 square feet. Each of the three units features two bedrooms and is currently vacant, making this an excellent opportunity for investors seeking immediate rental potential. Updates throughout provide a clean and inviting space for new tenants. Conveniently located near Feeding America, North Division High School, the American Black Holocaust Museum, and James W Beckum Park. The basement does require some repairs. Do not miss this outstanding opportunity. Bring your offer today!

18. 2025-11-18
    listed $87,900 Active 479-char remark

    Show marketing remark (479 chars)

    Spacious and fully renovated triplex in Lindsay Heights with over 3,200 sq ft. Each of the three units offers 2 bedrooms and is currently vacant, perfect for investors seeking instant cash flow. Recent updates throughout mean it is move-in ready for tenants. Located near Feeding America, North Division High School, the American Black Holocaust Museum, and James W Beckum Park. The basement requires some repairs. Do not miss this incredible opportunity--bring your offer today!

19. 2025-11-15
    historical
20. 2025-11-03
    price $87,900
21. 2025-10-27
    price $88,900
22. 2025-10-20
    price $89,900
23. 2025-10-13
    price $90,900
24. 2025-10-06
    price $91,900
25. 2025-09-29
    price $92,900
26. 2025-09-22
    price $93,900
27. 2025-09-17
    price $94,900
28. 2025-09-08
    price $95,900
29. 2025-07-14
    listed $99,900 Active
30. 2025-07-01
    historical
31. 2025-02-28
    listed $99,900 Active
32. 2025-02-26
    historical
33. 2025-02-17
    price $82,900
34. 2025-02-10
    price $83,900
35. 2025-02-04
    price $84,900
36. 2025-01-27
    price $85,900
37. 2025-01-20
    price $86,900
38. 2025-01-13
    price $87,900
39. 2025-01-09
    price $88,900
40. 2024-12-30
    price $89,900
41. 2024-12-23
    price $90,900
42. 2024-12-16
    price $91,900
43. 2024-12-09
    price $92,900
44. 2024-12-02
    price $93,900
45. 2024-11-19
    historical
46. 2024-11-19
    listed $94,900 Active
47. 2024-10-23
    historical $725
48. 2024-09-18
    historical
49. 2024-09-18
    listed $99,900 Active
50. 2024-09-12
    listed $725

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 74% 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: $39,936
• − Mortgage interest: −$4,924
• − Property taxes: −$1,318
• − Insurance: −$440
• − Repairs & maintenance: −$3,195
• − Management: −$3,195
• − Depreciation: −$2,557
• Taxable income: $24,307
• Est. tax owed @ 24.0%: −$5,834
• After-tax cash flow: $18,426/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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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 (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

+59.8% since first listed

47 events — show timeline

• 2026-01-09 Listing Removed — METROMLS
• 2026-01-09 Listed $87,900 METROMLS
• 2025-11-18 Listed $87,900 METROMLS
• 2025-11-15 Listing Removed — METROMLS
• 2025-11-03 Price Changed $87,900 METROMLS
• 2025-10-27 Price Changed $88,900 METROMLS
• 2025-10-20 Price Changed $89,900 METROMLS
• 2025-10-13 Price Changed $90,900 METROMLS
• 2025-10-06 Price Changed $91,900 METROMLS
• 2025-09-29 Price Changed $92,900 METROMLS
• 2025-09-22 Price Changed $93,900 METROMLS
• 2025-09-17 Price Changed $94,900 METROMLS
• 2025-09-08 Price Changed $95,900 METROMLS
• 2025-07-14 Listed $99,900 METROMLS
• 2025-07-01 Listing Removed — METROMLS
• 2025-02-28 Listed $99,900 METROMLS
• 2025-02-26 Listing Removed — METROMLS
• 2025-02-17 Price Changed $82,900 METROMLS
• 2025-02-10 Price Changed $83,900 METROMLS
• 2025-02-04 Price Changed $84,900 METROMLS
• 2025-01-27 Price Changed $85,900 METROMLS
• 2025-01-20 Price Changed $86,900 METROMLS
• 2025-01-13 Price Changed $87,900 METROMLS
• 2025-01-09 Price Changed $88,900 METROMLS
• 2024-12-30 Price Changed $89,900 METROMLS
• 2024-12-23 Price Changed $90,900 METROMLS
• 2024-12-16 Price Changed $91,900 METROMLS
• 2024-12-09 Price Changed $92,900 METROMLS
• 2024-12-02 Price Changed $93,900 METROMLS
• 2024-11-19 Listing Removed — METROMLS
• 2024-11-19 Listed $94,900 METROMLS
• 2024-10-23 Rental Removed $725 LEASESTAR
• 2024-09-18 Listing Removed — METROMLS
• 2024-09-18 Listed $99,900 METROMLS
• 2024-09-12 Listed for Rent $725 LEASESTAR
• 2024-07-27 Rental Removed $750 TURBOTENANT
• 2024-07-27 Listed for Rent $750 TURBOTENANT
• 2024-06-19 Listing Removed — METROMLS
• 2024-06-19 Listed $105,900 METROMLS
• 2024-06-12 Rental Removed $725 LEASESTAR
• 2024-05-30 Listed for Rent $725 LEASESTAR
• 2024-05-03 Listed $114,000 METROMLS
• 2024-03-11 Listing Removed — METROMLS
• 2024-02-06 Price Changed $114,000 METROMLS
• 2024-01-17 Price Changed $115,000 METROMLS
• 2023-09-18 Listed $131,900 METROMLS
• 2023-01-13 Sold (Public Records) $55,000 Public Records

Property tax history

+17.3%/yr

Latest (2024): $5,513 · +280.9% YoY. Source: county tax records.