922 E Hamilton St #924 · Milwaukee, WI 53202

$315,000

4 bd · 2.0 ba · 1,900 sqft · MultiFamily · 65 Days on market

Built 1904 Fair condition 2,613 sqft lot $166/sqft · 11% below area Est $352k · 11% under

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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 +25.1/30.0
• ARV discount +12.2/15.0
• DSCR +8.2/10.0
• 1% rule +6.5/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• 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

Here is the investment opportunity that allows you to transition from renting to building your own equity. Why continue paying rent to someone else when you could be paying it to yourself? Come see this income-generating duplex available near Brady Street. The property features a spacious three-bedroom unit on the lower level and a two-bedroom unit upstairs, offering great flexibility for an owner-occupant or a traditional investor. Schedule your showing today!

Key facts

• Two bedroom unit
• 2,613 sq ft lot
• Built 1904

Tags

• INCOME GENERATING DUPLEX
• SPACIOUS THREE BEDROOM UNIT
• TWO BEDROOM UNIT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $315k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $697 ($8k/yr) — positive. Per door: $349/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Recommended offer: $296k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 (+1.6%/yr); 146 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $3,638/mo this rent would consume 61% of the median local household income ($71k/yr) (locally 2752% 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 $2k of loan paydown is wiped out by about $9k 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 65 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $265k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $296,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.15% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.48%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $351,987
• List price: $315,000
• Delta: -10.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1815 N Astor St	0.02mi	4/2.0	1,887 (-1%)	9mo	$285,715	$151	90
1682 N Cass St #1684	0.17mi	4/2.0	2,154 (+13%)	1mo	$332,000	$154	69
2138 N Hubbard St	0.50mi	4/4.0	1,942 (+2%)	8mo	$430,000	$221	58
2116 N Oakland Ave #2118	0.65mi	4/2.0	2,032 (+7%)	0mo	$305,000	$150	58
433 E Lloyd St	0.36mi	4/2.0	1,664 (-12%)	6mo	$290,000	$174	58
615 E Pleasant St Unit 615A	0.36mi	5/2.0 (+1)	2,142 (+13%)	3mo	$265,000	$124	55
1932 N Warren Ave #1934	0.37mi	5/2.0 (+1)	2,080 (+10%)	11mo	$340,000	$163	53
2513 N Holton St #2515	0.72mi	4/2.0	1,976 (+4%)	9mo	$165,900	$84	52
2438 N Pierce St	0.59mi	5/3.0 (+1)	2,032 (+7%)	0mo	$265,000	$130	52
2436 N Fratney St	0.57mi	5/2.0 (+1)	1,687 (-11%)	6mo	$245,000	$145	44
823 E Clarke St	0.75mi	4/2.0	1,750 (-8%)	10mo	$168,500	$96	44
2525 N Weil St	0.68mi	3/2.0 (-1)	2,085 (+10%)	9mo	$235,000	$113	40

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 · 1.56% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-11,785
• Equity at exit: $46,968

10-year hold

• IRR: 4.4%
• Equity multiple: 1.30×
• Total profit: $26,418
• Equity at exit: $27,235

Cash invested: $88,200 (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 53202

• Rents YoY: 1.6%
• Active inventory: 146
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $3,638 high
• Mortgage (P&I): −$1,652
• Tax est. 1.5%: −$394 /mo · $4,725/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$764
• Net cashflow: $697

Break-even live

Break-even rent $2,756

Max offer price $315,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,638
Total (2 units)			$3,638

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
922 E Hamilton St Unit Lower Milwaukee, WI	3.0	1.0	1900	$1,550	$0.82	24d	1	0.02mi
1014 E Land Pl Milwaukee, WI	3.0	2.0	1900	$2,000	$1.05	4d	1	0.06mi
1025 E Land Pl Milwaukee, WI	3.0	1.0	1560	$1,750	$1.12	24d	1	0.07mi
1845 N Water St Milwaukee, WI	3.0	1.0–2.0	948	$4,455	$4.70	3d	84	0.09mi
1703 N Astor St Milwaukee, WI	4.0	2.0	1800	$2,200	$1.22	44d	1	0.13mi
1116 E Hamilton St Milwaukee, WI	3.0	2.0	1400	$1,750	$1.25	17d	1	0.13mi
2012 N Buffum St Milwaukee, WI	3.0	2.5	2200	$2,695	$1.23	44d	1	0.35mi
1551 N Water St Milwaukee, WI	3.0	1.0–2.0	1074	$3,395	$3.16	2d	52	0.48mi
2429 N Weil St Milwaukee, WI	3.0	1.0	1300	$1,500	$1.15	44d	1	0.53mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	16d	1	0.60mi
1040 N Cass St Milwaukee, WI	1.0–3.0	1.0–2.0	2025	$7,750	$3.83	2d	9	0.70mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	20d	1	0.72mi
700 E Kilbourn Ave Milwaukee, WI	1.0–3.0	1.0–2.0	1041	$5,500	$5.28	3d	13	0.83mi
2245 N Lake Dr Unit 2247 Milwaukee, WI	3.0	1.0	2197	$2,495	$1.14	44d	1	0.95mi
2761 N Humboldt Blvd Unit First Floor Milwaukee, WI	3.0	1.0	1236	$1,600	$1.29	17d	1	0.96mi
828 N Milwaukee St Unit 6 Milwaukee, WI	3.0	1.0	1500	$1,725	$1.15	44d	1	0.96mi
828 N Milwaukee St Unit 9 Milwaukee, WI	4.0	1.0	1600	$2,300	$1.44	44d	1	0.96mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	44d	1	0.97mi
1141 N Doctor Martin Luther King Junior Dr Milwaukee, WI	1.0–3.0	1.0–2.5	1861	$6,250	$3.36	2d	6	0.99mi
777 N Van Buren St Milwaukee, WI	3.0	1.0–3.0	1108	$6,730	$6.07	2d	8	1.01mi
2634 N Doctor M.L.K. Jr Dr Milwaukee, WI	5.0	2.5	2512	$3,700	$1.47	44d	1	1.06mi
2579 N Frederick Ave Milwaukee, WI	4.0	2.0	2400	$2,095	$0.87	4d	1	1.07mi
2609 N Maryland Ave Milwaukee, WI	4.0	2.5	1700	$2,050	$1.21	4d	1	1.15mi
2511 N Prospect Ave Unit 2511 19 Milwaukee, WI	3.0	1.0	1658	$1,980	$1.19	17d	1	1.16mi
2706 N Frederick Ave Milwaukee, WI	3.0	2.0	1500	$2,000	$1.33	17d	1	1.19mi
2534 N Prospect Ave Milwaukee, WI	3.0	1.0	1500	$2,095	$1.40	44d	1	1.19mi
909 E Michigan St Milwaukee, WI	1.0–3.0	1.0–2.5	1250	$9,470	$7.58	2d	54	1.22mi
901 W Winnebago St Milwaukee, WI	1.0–3.0	1.0–2.0	1359	$2,629	$1.93	2d	10	1.29mi
2830 N Maryland Ave Unit 2828 Milwaukee, WI	3.0	1.0	1675	$1,995	$1.19	17d	1	1.37mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	24d	1	1.39mi
2803 E Belleview Pl Unit 1 Milwaukee, WI	3.0	1.0	1500	$2,040	$1.36	4d	1	1.40mi
1814 E Linnwood Ave Milwaukee, WI	4.0	2.0	1800	$3,100	$1.72	44d	1	1.40mi
2959 N Murray Ave Milwaukee, WI	3.0	1.0	1500	$1,800	$1.20	16d	1	1.40mi
2937 N Frederick Ave Milwaukee, WI	4.0	1.0	1700	$1,925	$1.13	4d	1	1.40mi
1902 E Linnwood Ave Unit 1902 3002 Milwaukee, WI	3.0	1.0	1300	$1,899	$1.46	44d	1	1.42mi
1902 E Linnwood Ave Unit 1902 05 Milwaukee, WI	4.0	1.5	1599	$2,400	$1.50	4d	1	1.42mi
1902 E Linnwood Ave Unit 1902 04 Milwaukee, WI	4.0	1.5	1599	$2,400	$1.50	17d	1	1.42mi
2745 N Downer Ave #2747 Milwaukee, WI	3.0	2.0	1800	$2,400	$1.33	10d	1	1.43mi
2974 N Frederick Ave Milwaukee, WI	4.0	2.0	1626	$2,600	$1.60	44d	1	1.47mi
333 N Water St Milwaukee, WI	3.0	1.0–2.0	1186	$7,795	$6.57	2d	34	1.49mi

Listing history 19 events

1. 2026-06-18
   days on market $315,000 Active 65 DOM
2. 2026-06-17
   days on market $315,000 Active 64 DOM
3. 2026-06-16
   days on market $315,000 Active 63 DOM
4. 2026-06-15
   days on market $315,000 Active 62 DOM
5. 2026-06-13
   days on market $315,000 Active 60 DOM
6. 2026-06-13
   days on market $315,000 Active 59 DOM
7. 2026-06-09
   days on market $315,000 Active 56 DOM
8. 2026-06-08
   days on market $315,000 Active 55 DOM
9. 2026-06-07
   days on market $315,000 Active 54 DOM
10. 2026-06-05
    days on market $315,000 Active 51 DOM
11. 2026-06-03
    days on market $315,000 Active 50 DOM
12. 2026-06-02
    days on market $315,000 Active 49 DOM
13. 2026-06-01
    days on market $315,000 Active 48 DOM
14. 2026-05-31
    days on market $315,000 Active 47 DOM
15. 2026-05-02
    price $315,000 465-char remark

    Show marketing remark (465 chars)

    Here is the investment opportunity that allows you to transition from renting to building your own equity. Why continue paying rent to someone else when you could be paying it to yourself? Come see this income-generating duplex available near Brady Street. The property features a spacious three-bedroom unit on the lower level and a two-bedroom unit upstairs, offering great flexibility for an owner-occupant or a traditional investor. Schedule your showing today!

16. 2026-04-14
    listed $325,000 Active 465-char remark

    Show marketing remark (465 chars)

    Here is the investment opportunity that allows you to transition from renting to building your own equity. Why continue paying rent to someone else when you could be paying it to yourself? Come see this income-generating duplex available near Brady Street. The property features a spacious three-bedroom unit on the lower level and a two-bedroom unit upstairs, offering great flexibility for an owner-occupant or a traditional investor. Schedule your showing today!

17. 2022-06-27
    soldstatus $265,000 Sold 370-char remark

    Show marketing remark (370 chars)

    Lower east side 3/2 duplex for sale!! Great opportunity for investor or owner occupant. Lower unit is in a lease for $1100 a month until 2/2023 & upper unit is paying $975 with lease ending 6/2022. Updates in recent years include a new tear off roof in 2018. Nice location just blocks away from Brady street & everything the lower east side has to offer.

18. 2022-06-09
    historical Contingent 370-char remark

    Show marketing remark (370 chars)

    Lower east side 3/2 duplex for sale!! Great opportunity for investor or owner occupant. Lower unit is in a lease for $1100 a month until 2/2023 & upper unit is paying $975 with lease ending 6/2022. Updates in recent years include a new tear off roof in 2018. Nice location just blocks away from Brady street & everything the lower east side has to offer.

19. 2022-04-14
    listed $279,000 Active 370-char remark

    Show marketing remark (370 chars)

    Lower east side 3/2 duplex for sale!! Great opportunity for investor or owner occupant. Lower unit is in a lease for $1100 a month until 2/2023 & upper unit is paying $975 with lease ending 6/2022. Updates in recent years include a new tear off roof in 2018. Nice location just blocks away from Brady street & everything the lower east side has to offer.

ⓘ 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: $43,656
• − Mortgage interest: −$17,645
• − Property taxes: −$4,725
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,492
• − Management: −$3,492
• − Depreciation: −$9,164
• Taxable income: $3,563
• Est. tax owed @ 24.0%: −$855
• After-tax cash flow: $7,511/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to improve its condition and appeal to buyers and renters. The kitchen and bathrooms need updates, and the deck and flooring could use some attention.

Repairs flagged

• Major kitchen cabinets — dated and in need of replacement
• Major backsplash — outdated and in need of replacement
• Minor bathroom fixtures — standard fixtures, could be updated

Value-add opportunities

• Both update kitchen cabinets and backsplash — modernizing kitchen would appeal to both buyers and renters
• Both update bathroom fixtures — standard fixtures can be updated to modernize the space
• Both paint interior walls — neutral paint can be updated to a more appealing color
• Both replace worn flooring — new flooring would improve the overall appearance and functionality of the home
• Both repair deck — a well-maintained deck would improve the curb appeal and functionality of the home

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Major	$15,000–50,000
backsplash · outdated and in need of replacement	Major	$15,000–50,000
bathroom fixtures · standard fixtures, could be updated	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both update kitchen cabinets and backsplash — modernizing kitchen would appeal to both buyers and renters ↑
• Both update bathroom fixtures — standard fixtures can be updated to modernize the space ↑
• Both paint interior walls — neutral paint can be updated to a more appealing color ↑
• Both replace worn flooring — new flooring would improve the overall appearance and functionality of the home ↑
• Both repair deck — a well-maintained deck would improve the curb appeal and functionality of the home ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 25,861
• Household income: $71,034
• Rent vs Own: 78.6% rent · 21.4% own
• Severe rent burden: 2752.0

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 White (75%)
• Race & ethnicity: White 75% Black 8% Two or more races 6% Hispanic / Latino 6% Asian 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 9% Portuguese 4% Lithuanian 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 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: ▼ -133.46%
• Current HPI: 226.4316
• Rent YoY: ▲ 1.56%
• 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

+12.9% since first listed

5 events — show timeline

• 2026-05-02 Price Changed $315,000 METROMLS
• 2026-04-14 Listed $325,000 METROMLS
• 2022-06-27 Sold (MLS) $265,000 METROMLS
• 2022-06-09 Contingent — METROMLS
• 2022-04-14 Listed $279,000 METROMLS