2704 N Hackett Ave · Milwaukee, WI 53211

$799,000

None bd · None ba · 4,047 sqft · MultiFamily · 77 Days on market

Built 1895 6,098 sqft lot $197/sqft · 48% above area Est $541k · 48% over

---

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 +8.7/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Grand Victorian in heart of Historic Water Tower Neighborhood between Downer and Lake Drive. Licensed as a rooming house since 1943, 11 units generate significant cash flow. Most original details intact and the property has undergone significant interior and exterior repairs and upgrades focusing on operating and maintenance efficiency. Over $350k of upgrades/repairs including all roofs, siding, soffits, railings, gutters/downspouts, high efficiency boiler system, partial windows, laundry room, bathrooms, kitchens, nearly all units, and all common areas. Units include 7 one-room, 3 two-room, and a 1 BD manager's apartment offering options for area residents, students, and working adults in this ideal location East of Downer Ave.

Key facts

• Laundry room
• Common areas
• 6,098 sq ft lot

Tags

• HIGH EFFICIENCY BOILER SYSTEM
• LAUNDRY ROOM
• COMMON AREAS

What this means for you Summary

Snapshot

• This is a multifamily listed at $799k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $799k).
• Recommended offer: $751k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+2.5%/yr); 67 active listings in the ZIP; solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $10,960/mo this rent would consume 175% of the median local household income ($75k/yr) (locally 2472% 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 $6k of loan paydown is wiped out by about $24k 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 + 2.5% rent growth), your $224k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($751k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $751,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.37% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.82%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $541,108
• List price: $799,000
• Delta: 47.66%
• 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
2744 N Stowell Ave #2746	0.13mi	7/3.0	3,542 (-12%)	2mo	$515,000	$145	72
2928 N Farwell Ave #2930	0.38mi	6/3.0	3,645 (-10%)	6mo	$480,000	$132	61
2000 E Newberry Blvd #2002	0.46mi	6/2.0	3,798 (-6%)	11mo	$516,000	$136	59
2638 N Farwell Ave #2640	0.25mi	7/2.0	3,672 (-9%)	18mo	$427,000	$116	58
2825 N Murray Ave #2827	0.50mi	6/2.0	3,775 (-7%)	14mo	$501,000	$133	54
2406 N Murray Ave #2408	0.60mi	6/2.0	4,124 (+2%)	20mo	$370,000	$90	53
3284 N Shepard Ave #3286	0.70mi	6/2.0	3,750 (-7%)	3mo	$535,000	$143	52
2711 E Kenwood Blvd	0.47mi	9/4.0	4,371 (+8%)	16mo	$498,000	$114	51
2558 N Frederick Ave Unit 2560, 2560A	0.40mi	—/—	3,528 (-13%)	13mo	$500,000	$142	49
2036 E Kenilworth Pl Unit 2205 N Summit Ave	0.73mi	6/3.0	3,752 (-7%)	6mo	$525,000	$140	49
1631 E Belleview Pl #1633	0.66mi	—/—	3,800 (-6%)	13mo	$600,000	$158	49
2837 N Maryland Ave #2839	0.39mi	—/—	3,650 (-10%)	20mo	$660,000	$181	48

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 · 2.55% rent growth · sell at horizon

5-year hold

• IRR: 7.5%
• Equity multiple: 1.29×
• Total profit: $65,530
• Equity at exit: $119,133

10-year hold

• IRR: 16.4%
• Equity multiple: 2.32×
• Total profit: $294,890
• Equity at exit: $69,083

Cash invested: $223,720 (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 53211

• Rents YoY: 2.5%
• Active inventory: 67
• Price-to-rent: 74.3×

Monthly cashflow live

• Estimated rent: $10,960 medium
• Mortgage (P&I): −$4,190
• Tax est. 1.5%: −$999 /mo · $11,985/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,302
• Net cashflow: $3,137

Break-even live

Break-even rent $6,990

Max offer price $799,000

Occupancy floor 66%

Sensitivity live

Price	-10% $3,689	-5% $3,413	+0% $3,137	+5% $2,861	+10% $2,585
Rent	-10% $2,271	-5% $2,704	+0% $3,137	+5% $3,570	+10% $4,003
Rate	-1.0pp $3,539	-0.5pp $3,340	base $3,137	+0.5pp $2,930	+1.0pp $2,719

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$7,168
▸ 3× units	2	1	$3,789
Total (11 units)			$10,960

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $799,000 Active 77 DOM
2. 2026-06-17
   days on market $799,000 Active 76 DOM
3. 2026-06-16
   days on market $799,000 Active 75 DOM
4. 2026-06-15
   days on market $799,000 Active 74 DOM
5. 2026-06-13
   days on market $799,000 Active 72 DOM
6. 2026-06-13
   days on market $799,000 Active 71 DOM
7. 2026-06-09
   days on market $799,000 Active 68 DOM
8. 2026-06-08
   days on market $799,000 Active 67 DOM
9. 2026-06-07
   days on market $799,000 Active 66 DOM
10. 2026-06-05
    days on market $799,000 Active 63 DOM
11. 2026-06-03
    days on market $799,000 Active 62 DOM
12. 2026-06-02
    days on market $799,000 Active 61 DOM
13. 2026-06-01
    days on market $799,000 Active 60 DOM
14. 2026-05-31
    days on market $799,000 Active 59 DOM
15. 2026-03-31
    listed $799,000 Active 738-char remark

    Show marketing remark (738 chars)

    Grand Victorian in heart of Historic Water Tower Neighborhood between Downer and Lake Drive. Licensed as a rooming house since 1943, 11 units generate significant cash flow. Most original details intact and the property has undergone significant interior and exterior repairs and upgrades focusing on operating and maintenance efficiency. Over $350k of upgrades/repairs including all roofs, siding, soffits, railings, gutters/downspouts, high efficiency boiler system, partial windows, laundry room, bathrooms, kitchens, nearly all units, and all common areas. Units include 7 one-room, 3 two-room, and a 1 BD manager's apartment offering options for area residents, students, and working adults in this ideal location East of Downer Ave.

16. 2024-03-30
    historical 772-char remark

    Show marketing remark (772 chars)

    Grand Victorian in heart of Historic Water Tower Neighborhood between Downer and Lake Drive. Licensed as a rooming house since 1943, 11 units generate significant cash flow. Most original details intact and the property has undergone significant interior and exterior repairs and upgrades focusing on operating and maintenance efficiency. Over $300k of upgrades/repairs including all roofs, siding, soffits, railings, gutters/downspouts, high efficiency boiler system, windows, laundry room, bathrooms, kitchens, nearly all units, and all common areas. Units include 7 one-room, 3 two-room, and 1 BD manager's apartment offering options for area residents, students, and working adults in this ideal location East of Downer Ave. Also listed as single family MLS#: 1856997.

17. 2024-03-30
    historical

    Show marketing remark (772 chars)

    Grand Victorian in heart of Historic Water Tower Neighborhood between Downer and Lake Drive. Licensed as a rooming house since 1943, 11 units generate significant cash flow. Most original details intact and the property has undergone significant interior and exterior repairs and upgrades focusing on operating and maintenance efficiency. Over $300k of upgrades/repairs including all roofs, siding, soffits, railings, gutters/downspouts, high efficiency boiler system, windows, laundry room, bathrooms, kitchens, nearly all units, and all common areas. Units include 7 one-room, 3 two-room, and 1 BD manager's apartment offering options for area residents, students, and working adults in this ideal location East of Downer Ave. Also listed as single family MLS#: 1856997.

18. 2023-11-08
    historical
19. 2023-11-08
    listed $895,000 Active
20. 2023-11-06
    listed $895,000 Active 772-char remark

    Show marketing remark (772 chars)

    Grand Victorian in heart of Historic Water Tower Neighborhood between Downer and Lake Drive. Licensed as a rooming house since 1943, 11 units generate significant cash flow. Most original details intact and the property has undergone significant interior and exterior repairs and upgrades focusing on operating and maintenance efficiency. Over $300k of upgrades/repairs including all roofs, siding, soffits, railings, gutters/downspouts, high efficiency boiler system, windows, laundry room, bathrooms, kitchens, nearly all units, and all common areas. Units include 7 one-room, 3 two-room, and 1 BD manager's apartment offering options for area residents, students, and working adults in this ideal location East of Downer Ave. Also listed as single family MLS#: 1856997.

21. 2023-11-06
    listed $895,000 Active

    Show marketing remark (772 chars)

    Grand Victorian in heart of Historic Water Tower Neighborhood between Downer and Lake Drive. Licensed as a rooming house since 1943, 11 units generate significant cash flow. Most original details intact and the property has undergone significant interior and exterior repairs and upgrades focusing on operating and maintenance efficiency. Over $300k of upgrades/repairs including all roofs, siding, soffits, railings, gutters/downspouts, high efficiency boiler system, windows, laundry room, bathrooms, kitchens, nearly all units, and all common areas. Units include 7 one-room, 3 two-room, and 1 BD manager's apartment offering options for area residents, students, and working adults in this ideal location East of Downer Ave. Also listed as single family MLS#: 1856997.

22. 2018-12-20
    historical
23. 2018-10-12
    price $399,000
24. 2018-09-17
    price $459,000
25. 2018-06-21
    listed $475,000 Active

ⓘ 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 ≥97°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: $131,520
• − Mortgage interest: −$44,756
• − Property taxes: −$11,985
• − Insurance: −$3,995
• − Repairs & maintenance: −$10,522
• − Management: −$10,522
• − Depreciation: −$23,244
• Taxable income: $26,497
• Est. tax owed @ 24.0%: −$6,359
• After-tax cash flow: $31,281/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): 34,234
• Household income: $75,256
• Rent vs Own: 59.9% rent · 40.1% own
• Severe rent burden: 2472.0

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 White (81%)
• Race & ethnicity: White 81% Two or more races 7% Asian 5% Hispanic / Latino 5% Black 4%
• Common ancestry: Romanian 9% Portuguese 4% Lithuanian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 88% English-only · Spanish 3% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -333.49%
• Current HPI: 234.8421
• Rent YoY: ▲ 2.55%
• 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

+68.2% since first listed

11 events — show timeline

• 2026-03-31 Listed $799,000 METROMLS
• 2024-03-30 Listing Removed — METROMLS
• 2024-03-30 Listing Removed — METROMLS
• 2023-11-08 Listing Removed — METROMLS
• 2023-11-08 Listed $895,000 METROMLS
• 2023-11-06 Listed $895,000 METROMLS
• 2023-11-06 Listed $895,000 METROMLS
• 2018-12-20 Listing Removed — METROMLS
• 2018-10-12 Price Changed $399,000 METROMLS
• 2018-09-17 Price Changed $459,000 METROMLS
• 2018-06-21 Listed $475,000 METROMLS