2028 N 16th St #2030 · Milwaukee, WI 53205

$364,999

None bd · None ba · 3,693 sqft · MultiFamily · 18 Days on market

Built 1890 8,712 sqft lot

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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 +27.0/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Appreciation +6.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Solid brick triplex on a quiet, dead-end street in Milwaukee's Triangle North neighborhood. Enjoy easy access to downtown and 6 major bus routes. This home features three large 3 BR/1 BA units. Units feature ample storage space and old-world details. Detached 4 car garage with ample surface parking space. Don't miss your opportunity with this turn-key income property!

Key facts

• 8,712 sq ft lot
• Built 1890
• Listed 18 days

Property features AI

Finance

• Other: Building contains 3 units

Exterior

• Parking: Indoor parking available; Outdoor parking available
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Apartment building; 3–4 stories
• Construction: Less than 1/2 acre lot; Lot approximately 0.2 acres; Zoning: RS6
• Exterior features: Brick, stone, and vinyl exterior

Interior

• Heating & cooling: Forced air heating; Hot water/steam heating; Individual heating units; Natural gas fuel
• Interior features: Full block basement
• Laundry & utility: Seller-owned washer; Seller-owned dryer; Seller-owned water heater

What this means for you Summary

Snapshot

• This is a multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $365k).
• Recommended offer: $360k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% 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: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $4,489/mo this rent would consume 171% of the median local household income ($32k/yr) (locally 636% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $14k of equity ($3k loan paydown + $11k appreciation (3.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $102k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($360k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $85k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $365k implies a 356% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $359,524 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.23% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.02%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $140,334
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2334 N 9th St #2336	0.58mi	—/—	3,570 (-3%)	0mo	$125,000	$35	67
2601 N 16th St	0.64mi	6/2.0	3,942 (+7%)	20mo	$167,000	$42	43
1334 N 22nd St #1336	0.72mi	—/—	3,318 (-10%)	15mo	$125,000	$38	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.8%
• Equity multiple: 2.07×
• Total profit: $109,701
• Equity at exit: $164,600

10-year hold

• IRR: 20.1%
• Equity multiple: 3.92×
• Total profit: $298,723
• Equity at exit: $254,043

Cash invested: $102,200 (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 53205

• Home prices YoY: 0.8%
• Active inventory: 28
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $4,489 high
• Mortgage (P&I): −$1,914
• Tax est. 1.5%: −$456 /mo · $5,475/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$943
• Net cashflow: $1,024

Break-even live

Break-even rent $3,193

Max offer price $364,999

Occupancy floor 72%

Sensitivity live

Price	-10% $1,276	-5% $1,150	+0% $1,024	+5% $898	+10% $772
Rent	-10% $669	-5% $847	+0% $1,024	+5% $1,201	+10% $1,379
Rate	-1.0pp $1,208	-0.5pp $1,117	base $1,024	+0.5pp $929	+1.0pp $833

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,488
Total (3 units)			$4,489

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1141 N Doctor Martin Luther King Junior Dr Milwaukee, WI	1.0–3.0	1.0–2.5	1861	$4,032	$2.17	3d	6	1.17mi

Listing history 15 events

1. 2026-06-21
   days on market $364,999 Active 18 DOM
2. 2026-06-18
   days on market $364,999 Active 15 DOM
3. 2026-06-17
   days on market $364,999 Active 14 DOM
4. 2026-06-16
   days on market $364,999 Active 13 DOM
5. 2026-06-16
   price $364,999 Active 12 DOM
6. 2026-06-15
   days on market $379,999 Active 12 DOM
7. 2026-06-13
   days on market $379,999 Active 10 DOM
8. 2026-06-13
   pricedays on market $379,999 Active 9 DOM
9. 2026-06-09
   days on market $384,999 Active 6 DOM
10. 2026-06-08
    days on market $384,999 Active 5 DOM
11. 2026-06-07
    pricedays on market $384,999 Active 4 DOM
12. 2026-06-05
    remarks 232-char remark
13. 2026-06-05
    price $399,999 Active 1 DOM
14. 2026-06-03
    remarks 104-char remark
15. 2026-06-03
    listed $449,900 Active 1 DOM

ⓘ 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: $53,868
• − Mortgage interest: −$20,446
• − Property taxes: −$5,475
• − Insurance: −$1,825
• − Repairs & maintenance: −$4,309
• − Management: −$4,309
• − Depreciation: −$10,618
• Taxable income: $6,885
• Est. tax owed @ 24.0%: −$1,652
• After-tax cash flow: $10,634/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): 9,265
• Household income: $31,529
• Rent vs Own: 72.6% rent · 27.4% own
• Severe rent burden: 636.0

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 (80%)
• Race & ethnicity: Black 80% Asian 7% White 6% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 1% Lithuanian 1% Swedish 1%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Other Asian/Pacific 5% Spanish 5%

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: ▲ 3.02%
• Current HPI: 363.0038
• Rent YoY: —
• 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

+200.1% since first listed

10 events — show timeline

• 2026-06-03 Listed $449,900 METROMLS
• 2015-08-10 Listing Removed — METROMLS
• 2015-08-07 Sold (MLS) $80,000 METROMLS
• 2015-07-17 Pending — METROMLS
• 2015-05-18 Contingent — METROMLS
• 2015-03-04 Price Changed $84,900 METROMLS
• 2015-02-26 Relisted — METROMLS
• 2015-02-26 Price Changed $99,900 METROMLS
• 2015-02-13 Listing Removed — METROMLS
• 2014-09-05 Listed $149,900 METROMLS