743 N 32nd St

Milwaukee, WI 53208

$199,900D

6 bd · 1.5 ba · 3,291 sqft · Built 1890 · MultiFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,806/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$497
• HOA: −$0
• Vac / Maint / Mgmt: −$379
• Net cashflow: $-118/mo
• Annual: $-1,419/yr
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• 1% rule: 0.90%
• Cash to close: $55,972

Investor read

• This is a 6-bed/1.5-bath multifamily listed at $200k.
• 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).
• It's been on market 95 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (10.5% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• This rent runs 41% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?