922 E Hamilton St #924

Milwaukee, WI 53202

$315,000C+

4 bd · 2.0 ba · 1,900 sqft · Built 1904 · MultiFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,638/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$525
• HOA: −$0
• Vac / Maint / Mgmt: −$764
• Net cashflow: $697/mo
• Annual: $8,366/yr
• Cap rate: 8.95%
• Cash-on-cash: 9.48%
• DSCR: 1.42
• 1% rule: 1.15%
• Cash to close: $88,200

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $315k. Condition is rated fair.
• 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).
• It's been on market 65 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $296k (6.0% below list) — sets the bar for market timing.
• 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.
• 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 1904 — expect roof / HVAC / electrical / plumbing capex.
• 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 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1904 — 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?

Repairs flagged (vision-AI assessment)

• 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