3362 N 2nd St · Milwaukee, WI 53212

$180,000

4 bd · 2.0 ba · 1,908 sqft · MultiFamily public records · 55 Days on market

Built 1926 5,227 sqft lot $94/sqft · 51% above area

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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 +23.9/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• 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 MLS

Great 2/2 Bungalow Duplex located near major thoroughfares ready for your immediate occupancy or for your investment portfolio. Features lots of natural wood work through out central air, breakfast nook, side drive with one car garage. See it today.

Key facts

• Bungalow duplex
• Breakfast nook
• Natural wood work

Tags

• BUNGALOW DUPLEX
• NATURAL WOOD WORK
• CENTRAL AIR
• BREAKFAST NOOK
• SIDE DRIVE

Property features AI

Finance

• Other: Tenants' personal property excluded from sale; Inclusions listed as N/A
• Financial info: Property type: Multi-family; Building contains 2 units

Exterior

• Parking: Detached 1-car garage; 1 assigned parking space
• Utilities: Municipal water; Municipal sewer; 1 electric meter and 2 electric meters (property includes multiple meters); 1 gas meter and 2 gas meters (property includes multiple meters)
• Home design: 1.5-story multi-family building; Estimated living area range: 1,751–2,000 sq ft
• Construction: Aluminum exterior cladding; Year built source: Assessor/Public Record
• Exterior features: Aluminum/steel exterior; Lot under 1/2 acre (approx. 0.12 acre); Zoned RT4 Residential

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 13 x 12)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master on upper level, approx. 10 x 10)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive. Per door: $174/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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); 129 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,194/mo this rent would consume 56% 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 $50k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $120k; list at $180k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 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: 1.22% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.29%
• DSCR: 1.37
• GRM: 6.8

CMA / ARV

• ARV (median comp): $119,413
• List price: $180,000
• Delta: 50.74%
• 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
3452 N 1st St Unit 3452A	0.14mi	5/2.0 (+1)	1,908 (0%)	1mo	$130,000	$68	87
3358 N Richards St #3364	0.25mi	4/2.0	1,858 (-3%)	1mo	$95,000	$51	83
3711 N 1st St #3713	0.31mi	4/2.0	1,680 (-12%)	3mo	$160,000	$95	63
600 E Burleigh St	0.54mi	4/2.0	1,787 (-6%)	1mo	$180,000	$101	63
2940 N Holton St #2942	0.64mi	4/2.0	2,032 (+6%)	0mo	$195,000	$96	59
3468 N Richards St	0.28mi	5/2.0 (+1)	1,640 (-14%)	1mo	$230,000	$140	58
3065 N 10th St	0.71mi	4/2.0	1,753 (-8%)	2mo	$60,000	$34	52
608 W Burleigh St #610	0.48mi	4/2.0	2,174 (+14%)	3mo	$112,000	$52	52
522 E Burleigh St	0.52mi	4/2.0	1,635 (-14%)	1mo	$160,000	$98	52
3026 N Pierce St	0.65mi	4/2.0	1,684 (-12%)	1mo	$77,000	$46	49
3258 N 12th St #3260	0.70mi	4/2.0	2,086 (+9%)	3mo	$51,000	$24	49
3134 N 9th St	0.58mi	5/2.0 (+1)	1,701 (-11%)	3mo	$159,000	$93	47

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-2,362
• Equity at exit: $26,839

10-year hold

• IRR: 10.7%
• Equity multiple: 1.92×
• Total profit: $46,243
• Equity at exit: $15,563

Cash invested: $50,400 (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: 129
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,194 high
• Mortgage (P&I): −$944
• Tax from tax record: −$366 /mo · $4,392/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $348

Break-even live

Break-even rent $1,753

Max offer price $180,000

Occupancy floor 79%

Sensitivity live

Price	-10% $450	-5% $399	+0% $348	+5% $297	+10% $246
Rent	-10% $175	-5% $262	+0% $348	+5% $435	+10% $522
Rate	-1.0pp $439	-0.5pp $394	base $348	+0.5pp $302	+1.0pp $254

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,194
Total (2 units)			$2,194

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	24d	1	0.25mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	24d	1	0.44mi
2634 N Doctor M.L.K. Jr Dr Milwaukee, WI	5.0	2.5	2512	$3,700	$1.47	44d	1	0.93mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	44d	1	0.97mi
2761 N Humboldt Blvd Unit First Floor Milwaukee, WI	3.0	1.0	1236	$1,600	$1.29	17d	1	1.04mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	20d	1	1.13mi
3131 N Bartlett Ave Unit 1 Milwaukee, WI	4.0	1.0	1600	$1,750	$1.09	44d	1	1.18mi
3377 N Oakland Ave Milwaukee, WI	4.0	2.0	1358	$2,550	$1.88	2d	1	1.21mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	16d	1	1.26mi
3246 N Oakland Ave #3244 Milwaukee, WI	3.0	1.0	1309	$2,010	$1.54	2d	1	1.26mi
1814 E Linnwood Ave Milwaukee, WI	4.0	2.0	1800	$3,100	$1.72	44d	1	1.34mi
2429 N Weil St Milwaukee, WI	3.0	1.0	1300	$1,500	$1.15	44d	1	1.35mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.36mi
1902 E Linnwood Ave Unit 1902 04 Milwaukee, WI	4.0	1.5	1599	$2,400	$1.50	17d	1	1.38mi
1902 E Linnwood Ave Unit 1902 3002 Milwaukee, WI	3.0	1.0	1300	$1,899	$1.46	44d	1	1.38mi
1902 E Linnwood Ave Unit 1902 05 Milwaukee, WI	4.0	1.5	1599	$2,400	$1.50	4d	1	1.38mi
2959 N Murray Ave Milwaukee, WI	3.0	1.0	1500	$1,800	$1.20	16d	1	1.43mi
4147 N Bartlett Ave #4149 Shorewood, WI	3.0	2.0	1339	$1,995	$1.49	2d	1	1.44mi
3939 N Murray Ave Milwaukee, WI	2.0–3.0	2.0	1180	$1,675	$1.42	44d	2	1.47mi
2937 N Frederick Ave Milwaukee, WI	4.0	1.0	1700	$1,925	$1.13	4d	1	1.50mi

Listing history 21 events

1. 2026-06-18
   days on market $180,000 Active 55 DOM
2. 2026-06-17
   days on market $180,000 Active 54 DOM
3. 2026-06-16
   days on market $180,000 Active 53 DOM
4. 2026-06-15
   days on market $180,000 Active 52 DOM
5. 2026-06-13
   days on market $180,000 Active 50 DOM
6. 2026-06-13
   days on market $180,000 Active 49 DOM
7. 2026-06-09
   days on market $180,000 Active 46 DOM
8. 2026-06-08
   days on market $180,000 Active 45 DOM
9. 2026-06-07
   days on market $180,000 Active 44 DOM
10. 2026-06-05
    days on market $180,000 Active 41 DOM
11. 2026-06-03
    days on market $180,000 Active 40 DOM
12. 2026-06-02
    days on market $180,000 Active 39 DOM
13. 2026-06-01
    days on market $180,000 Active 38 DOM
14. 2026-05-31
    days on market $180,000 Active 37 DOM
15. 2026-04-23
    listed $180,000 Active 238-char remark
16. 2025-01-24
    soldstatus $120,000
17. 2020-05-26
    status Pending 249-char remark

    Show marketing remark (249 chars)

    Great 2/2 Bungalow Duplex located near major thoroughfares ready for your immediate occupancy or for your investment portfolio. Features lots of natural wood work through out central air, breakfast nook, side drive with one car garage. See it today.

18. 2020-05-19
    historical 249-char remark

    Show marketing remark (249 chars)

    Great 2/2 Bungalow Duplex located near major thoroughfares ready for your immediate occupancy or for your investment portfolio. Features lots of natural wood work through out central air, breakfast nook, side drive with one car garage. See it today.

19. 2020-05-03
    listed $70,000 Active 249-char remark

    Show marketing remark (249 chars)

    Great 2/2 Bungalow Duplex located near major thoroughfares ready for your immediate occupancy or for your investment portfolio. Features lots of natural wood work through out central air, breakfast nook, side drive with one car garage. See it today.

20. 1998-02-25
    soldstatus $40,000
21. 1998-01-01
    soldstatus $40,000

ⓘ 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: $4,392 · $366/mo
• Projected year-2 tax: $4,392 · $366/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $26,328
• − Mortgage interest: −$10,083
• − Property taxes: −$4,392
• − Insurance: −$900
• − Repairs & maintenance: −$2,106
• − Management: −$2,106
• − Depreciation: −$5,236
• Taxable income: $1,504
• Est. tax owed @ 24.0%: −$361
• After-tax cash flow: $3,819/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

+350.0% since first listed

7 events — show timeline

• 2026-04-23 Listed $180,000 METROMLS
• 2025-01-24 Sold (Public Records) $120,000 Public Records
• 2020-05-26 Pending — METROMLS
• 2020-05-19 Listing Removed — METROMLS
• 2020-05-03 Listed $70,000 METROMLS
• 1998-02-25 Sold (Public Records) $40,000 Public Records
• 1998-01-01 Sold (Public Records) $40,000 Public Records

Property tax history

+13.6%/yr

Latest (2024): $4,392 · -5.1% YoY. Source: county tax records.