2661 N 35th St Unit 2661A · Milwaukee, WI 53210

$167,000

4 bd · 2.0 ba · 1,697 sqft · MultiFamily · 76 Days on market

Built 1883 3,484 sqft lot $98/sqft · 122% 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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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

Cash-flowing, fully tenant-occupied duplex featuring a 2 Bedroom/1 Bath upper unit and a 3 Bedroom/1 Bath lower unit. Updated with modern finishes and designed for low maintenance, this turnkey property delivers immediate rental income and strong long-term investment potential--ideal for investors looking to expand or stabilize their portfolio.

Key facts

• 3,484 sq ft lot
• Built 1883
• Listed 76 days

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $167k.

Deal economics

• At list price, monthly cash flow is $516 ($6k/yr) — positive. Per door: $258/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $167k).
• Recommended offer: $157k (6.0% 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 (+3.8%/yr); 142 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,114/mo this rent would consume 53% of the median local household income ($48k/yr) (locally 1730% 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 + 3.8% rent growth), your $47k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 10y 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 1883 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,980 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% 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 1883 — 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: 1.27% ✓
• Cap rate: 10.00%
• Cash-on-cash: 13.24%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $75,278
• List price: $167,000
• Delta: 121.84%
• 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
2768 N 34th St	0.16mi	5/2.0 (+1)	1,678 (-1%)	5mo	$105,000	$63	81
2866 N 34th St Unit 2866A	0.28mi	5/2.0 (+1)	1,713 (+1%)	4mo	$68,000	$40	77
2571 N 34th St	0.13mi	4/2.0	1,868 (+10%)	5mo	$77,000	$41	73
2616 N 38th St	0.16mi	4/2.0	1,887 (+11%)	2mo	$117,500	$62	72
2760 N 35th St Unit 2760A	0.13mi	5/2.0 (+1)	1,897 (+12%)	2mo	$107,500	$57	68
2873 N 34th St #2875	0.28mi	4/2.0	1,888 (+11%)	1mo	$108,500	$57	67
2972 N 28th St	0.62mi	4/2.0	1,757 (+4%)	0mo	$141,806	$81	65
3233 W Auer Ave	0.67mi	4/2.0	1,657 (-2%)	1mo	$78,500	$47	64
2162 N 35th St	0.59mi	5/2.0 (+1)	1,750 (+3%)	2mo	$8,500	$5	61
2847 N 26th St	0.62mi	4/2.0	1,863 (+10%)	2mo	$70,000	$38	53
2149 N 41st St	0.71mi	4/2.0	1,931 (+14%)	1mo	$33,000	$17	43
2137 N 31st St	0.65mi	5/2.0 (+1)	1,919 (+13%)	1mo	$138,500	$72	42

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.16×
• Total profit: $7,591
• Equity at exit: $24,900

10-year hold

• IRR: 14.4%
• Equity multiple: 2.21×
• Total profit: $56,391
• Equity at exit: $14,439

Cash invested: $46,760 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $2,114 high
• Mortgage (P&I): −$876
• Tax est. 1.5%: −$209 /mo · $2,505/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $516

Break-even live

Break-even rent $1,461

Max offer price $167,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,021
1× unit	3	1	$1,093
Total (2 units)			$2,114

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: $41,750
• Closing costs: $5,010
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	1d	1	0.24mi
2403-2405 N 39th St Unit 2403 Lower Milwaukee, WI	3.0	1.0	1200	$995	$0.83	10d	1	0.38mi
2403-2405 N 39th St Unit 2405 Upper Milwaukee, WI	3.0	1.0	1141	$995	$0.87	10d	1	0.38mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	16d	1	0.46mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	0.52mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.55mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	16d	1	0.56mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	43d	1	0.57mi
2251 N 41st St Unit Lower Milwaukee, WI	3.0	1.0	1187	$1,198	$1.01	14d	1	0.58mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	0.61mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	0.71mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	0.72mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	1d	1	0.74mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	0.83mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	43d	1	0.88mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	43d	1	0.93mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	2d	1	0.94mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	1d	1	0.94mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	16d	1	0.94mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	0.97mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.00mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	23d	1	1.01mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	23d	1	1.02mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	1.12mi
1515 N 32nd St Unit 1515 Milwaukee, WI	3.0	1.0	1200	$1,245	$1.04	4d	1	1.15mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	2d	1	1.20mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	43d	1	1.24mi
3012 N 57th St Unit Lower Milwaukee, WI	3.0	1.0	1130	$1,398	$1.24	4d	1	1.40mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	16d	1	1.45mi

Listing history 31 events

1. 2026-06-18
   days on market $167,000 Active 76 DOM
2. 2026-06-17
   days on market $167,000 Active 75 DOM
3. 2026-06-16
   days on market $167,000 Active 74 DOM
4. 2026-06-15
   days on market $167,000 Active 73 DOM
5. 2026-06-13
   days on market $167,000 Active 71 DOM
6. 2026-06-13
   days on market $167,000 Active 70 DOM
7. 2026-06-09
   days on market $167,000 Active 67 DOM
8. 2026-06-08
   days on market $167,000 Active 66 DOM
9. 2026-06-07
   days on market $167,000 Active 65 DOM
10. 2026-06-05
    days on market $167,000 Active 62 DOM
11. 2026-06-03
    days on market $167,000 Active 61 DOM
12. 2026-06-02
    days on market $167,000 Active 60 DOM
13. 2026-06-01
    days on market $167,000 Active 59 DOM
14. 2026-05-31
    days on market $167,000 Active 58 DOM
15. 2026-04-03
    listed $167,000 Active 346-char remark

    Show marketing remark (346 chars)

    Cash-flowing, fully tenant-occupied duplex featuring a 2 Bedroom/1 Bath upper unit and a 3 Bedroom/1 Bath lower unit. Updated with modern finishes and designed for low maintenance, this turnkey property delivers immediate rental income and strong long-term investment potential--ideal for investors looking to expand or stabilize their portfolio.

16. 2023-12-15
    historical 547-char remark

    Show marketing remark (547 chars)

    Tax Foreclosed Property. Here's a 2/2 duplex style property waiting for your rehab vision to restore its luster and shine. 2 rear parking spaces. Located in the Metcalfe neighborhood. Property being sold As-Is. No condition report provided. Sq ft/lot size per city or tax records. Rm sizes not verified. Preapproval or proof of funds required with all offers, must cover purchase price plus renovation scope of work. (54,402 essential repairs). Enter at own risk, some steps and stairs are unstable, proceed with caution. Open to investor bidding.

17. 2023-12-13
    status Active 547-char remark

    Show marketing remark (547 chars)

    Tax Foreclosed Property. Here's a 2/2 duplex style property waiting for your rehab vision to restore its luster and shine. 2 rear parking spaces. Located in the Metcalfe neighborhood. Property being sold As-Is. No condition report provided. Sq ft/lot size per city or tax records. Rm sizes not verified. Preapproval or proof of funds required with all offers, must cover purchase price plus renovation scope of work. (54,402 essential repairs). Enter at own risk, some steps and stairs are unstable, proceed with caution. Open to investor bidding.

18. 2023-10-25
    historical Contingent 547-char remark

    Show marketing remark (547 chars)

    Tax Foreclosed Property. Here's a 2/2 duplex style property waiting for your rehab vision to restore its luster and shine. 2 rear parking spaces. Located in the Metcalfe neighborhood. Property being sold As-Is. No condition report provided. Sq ft/lot size per city or tax records. Rm sizes not verified. Preapproval or proof of funds required with all offers, must cover purchase price plus renovation scope of work. (54,402 essential repairs). Enter at own risk, some steps and stairs are unstable, proceed with caution. Open to investor bidding.

19. 2023-10-03
    listed $2,700 Active 547-char remark

    Show marketing remark (547 chars)

    Tax Foreclosed Property. Here's a 2/2 duplex style property waiting for your rehab vision to restore its luster and shine. 2 rear parking spaces. Located in the Metcalfe neighborhood. Property being sold As-Is. No condition report provided. Sq ft/lot size per city or tax records. Rm sizes not verified. Preapproval or proof of funds required with all offers, must cover purchase price plus renovation scope of work. (54,402 essential repairs). Enter at own risk, some steps and stairs are unstable, proceed with caution. Open to investor bidding.

20. 2020-12-15
    historical
21. 2020-01-15
    status Active
22. 2020-01-07
    historical
23. 2019-07-14
    listed $2,700 Active
24. 2016-09-16
    historical
25. 2016-07-03
    status Active
26. 2016-06-29
    status Pending
27. 2016-06-21
    historical
28. 2016-06-08
    price $9,100
29. 2016-05-19
    status Active
30. 2016-05-05
    status Pending
31. 2016-04-12
    listed $10,600 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 5/10 Major FEMA zone X (unshaded) · 67% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,368
• − Mortgage interest: −$9,355
• − Property taxes: −$2,505
• − Insurance: −$835
• − Repairs & maintenance: −$2,029
• − Management: −$2,029
• − Depreciation: −$4,858
• Taxable income: $3,756
• Est. tax owed @ 24.0%: −$902
• After-tax cash flow: $5,290/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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

+1475.5% since first listed

17 events — show timeline

• 2026-04-03 Listed $167,000 METROMLS
• 2023-12-15 Listing Removed — METROMLS
• 2023-12-13 Relisted — METROMLS
• 2023-10-25 Contingent — METROMLS
• 2023-10-03 Listed $2,700 METROMLS
• 2020-12-15 Listing Removed — METROMLS
• 2020-01-15 Relisted — METROMLS
• 2020-01-07 Listing Removed — METROMLS
• 2019-07-14 Listed $2,700 METROMLS
• 2016-09-16 Listing Removed — METROMLS
• 2016-07-03 Relisted — METROMLS
• 2016-06-29 Pending — METROMLS
• 2016-06-21 Listing Removed — METROMLS
• 2016-06-08 Price Changed $9,100 METROMLS
• 2016-05-19 Relisted — METROMLS
• 2016-05-05 Pending — METROMLS
• 2016-04-12 Listed $10,600 METROMLS