743 N 32nd St · Milwaukee, WI 53208

$199,900

6 bd · 1.5 ba · 3,291 sqft · MultiFamily public records · 95 Days on market

Built 1890 6,534 sqft lot $61/sqft · 22% below area Est $311k · 36% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +10.1/30.0
• Rent growth +5.0/5.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• DSCR +2.9/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Exceptional investment opportunity within walking distance of Marquette University and downtown Milwaukee. This spacious 6-bedroom, 2.5-bathroom property is currently operating as an adult group home, providing immediate income potential for investors seeking a cash-flowing asset in a highly desirable urban location. The property offers generous living space and classic character, making it well-suited for continued group housing operations, maximizing rental income. Its proximity to Marquette University and the heart of Milwaukee supports strong rental demand. It could also be a good fit for a homeowner as current tenancy is month to month!

Key facts

• Strong rental demand
• 6,534 sq ft lot
• Parking

Tags

• GENEROUS LIVING SPACE
• STRONG RENTAL DEMAND

🏷️ Possibly a rental listed for sale. The $199,900 price doesn't fit this home's estimated sale value (~$310,869) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/1.5-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (9.7% below list).
• Recommended offer: $179k (10.5% below list) — sets the bar for cash-flow.

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 (+10.8%/yr); 94 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 41% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 11 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.
• Current owner paid $75k; list at $200k implies a 167% 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 $179,008 (10.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.90% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• GRM: 9.2

CMA / ARV

• ARV (median comp): $310,869
• List price: $199,900
• Delta: -35.70%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3225 W Saint Paul Ave #3227	0.36mi	6/2.0	3,266 (-1%)	8mo	$310,000	$95	73
748 N 34th St #750	0.06mi	6/3.0	3,558 (+8%)	6mo	$304,000	$85	73
3312 W State St #3314	0.27mi	6/2.0	3,128 (-5%)	9mo	$240,000	$77	70
532 N 34th St #534	0.21mi	6/2.0	3,035 (-8%)	13mo	$170,000	$56	64
520 N 33rd St	0.21mi	6/2.0	2,800 (-15%)	13mo	$270,000	$96	52
2707 W Highland Blvd #2709	0.45mi	6/3.0	2,806 (-15%)	2mo	$280,000	$100	47
3206 W Mckinley Blvd	0.54mi	6/4.0	2,968 (-10%)	3mo	$139,000	$47	46
2849 W Juneau Ave #2951	0.46mi	6/2.0	2,870 (-13%)	15mo	$120,000	$42	42
2810 W Mckinley Blvd	0.61mi	5/2.0 (-1)	3,722 (+13%)	9mo	$150,000	$40	35

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.46×
• Total profit: $-30,252
• Equity at exit: $29,806

10-year hold

• IRR: 1.6%
• Equity multiple: 1.14×
• Total profit: $7,918
• Equity at exit: $17,284

Cash invested: $55,972 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 94
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,806 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$413 /mo · $4,961/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-118

Break-even live

Break-even rent $1,956

Max offer price $179,008

Occupancy floor —

Sensitivity live

Price	-10% $-5	-5% $-62	+0% $-118	+5% $-175	+10% $-231
Rent	-10% $-261	-5% $-190	+0% $-118	+5% $-47	+10% $24
Rate	-1.0pp $-18	-0.5pp $-67	base $-118	+0.5pp $-170	+1.0pp $-223

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $199,900 Active 95 DOM
2. 2026-06-18
   days on market $199,900 Active 92 DOM
3. 2026-06-17
   days on market $199,900 Active 91 DOM
4. 2026-06-16
   days on market $199,900 Active 90 DOM
5. 2026-06-15
   days on market $199,900 Active 89 DOM
6. 2026-06-13
   days on market $199,900 Active 87 DOM
7. 2026-06-13
   days on market $199,900 Active 86 DOM
8. 2026-06-09
   days on market $199,900 Active 83 DOM
9. 2026-06-08
   days on market $199,900 Active 82 DOM
10. 2026-06-07
    days on market $199,900 Active 81 DOM
11. 2026-06-05
    days on market $199,900 Active 78 DOM
12. 2026-06-03
    days on market $199,900 Active 77 DOM
13. 2026-06-02
    days on market $199,900 Active 76 DOM
14. 2026-06-01
    days on market $199,900 Active 75 DOM
15. 2026-05-31
    days on market $199,900 Active 74 DOM
16. 2026-03-27
    price $199,900 649-char remark

    Show marketing remark (649 chars)

    Exceptional investment opportunity within walking distance of Marquette University and downtown Milwaukee. This spacious 6-bedroom, 2.5-bathroom property is currently operating as an adult group home, providing immediate income potential for investors seeking a cash-flowing asset in a highly desirable urban location. The property offers generous living space and classic character, making it well-suited for continued group housing operations, maximizing rental income. Its proximity to Marquette University and the heart of Milwaukee supports strong rental demand. It could also be a good fit for a homeowner as current tenancy is month to month!

17. 2026-03-18
    listed $204,900 Active 649-char remark

    Show marketing remark (649 chars)

    Exceptional investment opportunity within walking distance of Marquette University and downtown Milwaukee. This spacious 6-bedroom, 2.5-bathroom property is currently operating as an adult group home, providing immediate income potential for investors seeking a cash-flowing asset in a highly desirable urban location. The property offers generous living space and classic character, making it well-suited for continued group housing operations, maximizing rental income. Its proximity to Marquette University and the heart of Milwaukee supports strong rental demand. It could also be a good fit for a homeowner as current tenancy is month to month!

18. 2025-08-05
    historical 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

19. 2025-07-20
    price $219,000 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

20. 2025-06-25
    price $229,000 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

21. 2025-05-26
    status Active 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

22. 2025-05-25
    historical 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

23. 2025-05-14
    historical Contingent 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

24. 2025-05-13
    price $249,000 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

25. 2025-02-15
    price $275,000 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

26. 2025-01-05
    listed $279,000 Active 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

27. 2025-01-04
    historical $279,000 396-char remark

    Show marketing remark (396 chars)

    Massive 5 bedroom 2.5 bathroom cash flowing property within walking distance to Marquette University and downtown Milwaukee. This historical treasure is currently being occupied as an adult group home and would be the perfect investment for the savvy entrepreneur or primary residence for homeowners that enjoy space and city living. Add your special touch and make this gem shine even brighter.

28. 2025-01-01
    historical
29. 2024-11-25
    price $225,000
30. 2024-11-07
    price $227,000
31. 2024-10-13
    price $237,000
32. 2024-10-01
    historical
33. 2024-10-01
    listed $239,000 Active
34. 2024-09-04
    price $225,000
35. 2024-08-23
    price $241,500
36. 2024-08-16
    price $254,000
37. 2024-08-07
    historical
38. 2024-08-07
    listed $259,000 Active
39. 2024-07-24
    status Active
40. 2024-07-15
    historical Contingent
41. 2024-07-12
    price $264,000
42. 2024-07-04
    price $265,000
43. 2024-06-20
    historical
44. 2024-06-20
    listed $284,500 Active
45. 2024-06-06
    price $299,500
46. 2024-06-01
    price $317,500
47. 2024-05-24
    listed $319,000 Active
48. 2023-05-30
    soldstatus $75,000
49. 2023-05-26
    soldstatus $75,000 Sold
50. 2023-04-28
    status Pending

ⓘ 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: $4,961 · $413/mo
• Projected year-2 tax: $4,961 · $413/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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,673
• − Mortgage interest: −$11,198
• − Property taxes: −$4,961
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − Depreciation: −$5,815
• Taxable loss: −$4,769
• Est. tax savings @ 24.0%: +$1,145
• After-tax cash flow: $-275/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): 27,201
• Household income: $52,690
• Rent vs Own: 60.8% rent · 39.2% own
• Severe rent burden: 1568.0

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 0.69)
• Race & ethnicity: Black 41% White 36% Hispanic / Latino 10% Asian 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 6% Spanish 6% French/Haitian/Cajun 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: ▼ -123.92%
• Current HPI: 333.7268
• Rent YoY: ▲ 10.78%
• 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

+640.4% since first listed

44 events — show timeline

• 2026-03-27 Price Changed $199,900 METROMLS
• 2026-03-18 Listed $204,900 METROMLS
• 2025-08-05 Listing Removed — METROMLS
• 2025-07-20 Price Changed $219,000 METROMLS
• 2025-06-25 Price Changed $229,000 METROMLS
• 2025-05-26 Relisted — METROMLS
• 2025-05-25 Listing Removed — METROMLS
• 2025-05-14 Contingent — METROMLS
• 2025-05-13 Price Changed $249,000 METROMLS
• 2025-02-15 Price Changed $275,000 METROMLS
• 2025-01-05 Listed $279,000 METROMLS
• 2025-01-04 Coming Soon $279,000 METROMLS
• 2025-01-01 Listing Removed — METROMLS
• 2024-11-25 Price Changed $225,000 METROMLS
• 2024-11-07 Price Changed $227,000 METROMLS
• 2024-10-13 Price Changed $237,000 METROMLS
• 2024-10-01 Listing Removed — METROMLS
• 2024-10-01 Listed $239,000 METROMLS
• 2024-09-04 Price Changed $225,000 METROMLS
• 2024-08-23 Price Changed $241,500 METROMLS
• 2024-08-16 Price Changed $254,000 METROMLS
• 2024-08-07 Listing Removed — METROMLS
• 2024-08-07 Listed $259,000 METROMLS
• 2024-07-24 Relisted — METROMLS
• 2024-07-15 Contingent — METROMLS
• 2024-07-12 Price Changed $264,000 METROMLS
• 2024-07-04 Price Changed $265,000 METROMLS
• 2024-06-20 Listing Removed — METROMLS
• 2024-06-20 Listed $284,500 METROMLS
• 2024-06-06 Price Changed $299,500 METROMLS
• 2024-06-01 Price Changed $317,500 METROMLS
• 2024-05-24 Listed $319,000 METROMLS
• 2023-05-30 Sold (Public Records) $75,000 Public Records
• 2023-05-26 Sold (MLS) $75,000 METROMLS
• 2023-04-28 Pending — METROMLS
• 2023-04-27 Listed $65,000 METROMLS
• 2022-05-27 Sold (Public Records) $75,000 Public Records
• 2022-01-18 Listing Removed — METROMLS
• 2021-12-30 Listed $89,900 METROMLS
• 2016-08-23 Sold (MLS) $2,990 METROMLS
• 2016-07-27 Pending — METROMLS
• 2016-07-23 Contingent — METROMLS
• 2016-07-11 Listed $2,990 METROMLS
• 1978-01-01 Sold (Public Records) $27,000 Public Records

Property tax history

-3.9%/yr

Latest (2024): $4,961 · +171.0% YoY. Source: county tax records.