1335 S 3rd St · Milwaukee, WI 53204

$40,000

2 bd · 1.0 ba · 1,121 sqft · SingleFamily public records · 39 Days on market

Built 1922 4,791 sqft lot

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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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

Quaint brick home needs to be brought back to the original condition. Hardwood floors throughout. Formal living and dining rooms, ideal for entertaining family and friends. Buyer assumes all City of Milwaukee Code compliance violations. This is being sold in "AS IS" condition, and being conveyed by Guardian's deed.

Key facts

• 4,791 sq ft lot
• Built 1922
• Listed 39 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 44.8% 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 (+2.0%/yr); 55 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,099/mo this rent would consume 55% of the median local household income ($46k/yr) (locally 2357% 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 $4k of equity ($277 loan paydown + $4k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 2.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $38k (49%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 5.25% ✓
• Cap rate: 44.80%
• Cash-on-cash: 137.54%
• DSCR: 7.12
• GRM: 1.6

CMA / ARV

• ARV (on-the-fly): $152,456
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1032 S 4th St	0.22mi	3/1.5 (+1)	1,078 (-4%)	3mo	$225,000	$209	74
1730 S 6th St	0.44mi	2/2.0	1,133 (+1%)	4mo	$151,500	$134	70
1211 S 6th St	0.23mi	2/1.0	1,288 (+15%)	1mo	$130,000	$101	64
1732 S 7th St	0.48mi	3/1.0 (+1)	1,068 (-5%)	5mo	$125,000	$117	61
602 W Maple St	0.47mi	3/2.0 (+1)	1,100 (-2%)	6mo	$150,000	$136	60
122 W Maple St	0.43mi	2/1.0	1,236 (+10%)	5mo	$265,000	$214	59
1123 S 3rd St	0.16mi	3/2.0 (+1)	1,250 (+12%)	12mo	$285,000	$228	54
1530 S 10th St	0.49mi	3/1.0 (+1)	1,210 (+8%)	6mo	$125,000	$103	54
1409 S 5th St	0.14mi	2/1.0	968 (-14%)	21mo	$41,500	$43	53
317 W Maple St	0.44mi	2/1.5	1,018 (-9%)	22mo	$220,000	$216	44
1819 S 3rd St	0.46mi	3/1.0 (+1)	1,276 (+14%)	14mo	$202,000	$158	39
1966 S 7th St	0.65mi	3/2.0 (+1)	1,259 (+12%)	7mo	$145,000	$115	35

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

Projected returns pro-forma

10.0% appreciation · 2.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.07×
• Total profit: $101,545
• Equity at exit: $36,035

10-year hold

• IRR: —
• Equity multiple: 21.61×
• Total profit: $230,849
• Equity at exit: $77,711

Cash invested: $11,200 (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 53204

• Home prices YoY: 19.0%
• Rents YoY: 2.0%
• Active inventory: 55
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $2,099 high
• Mortgage (P&I): −$210
• Tax from tax record: −$148 /mo · $1,777/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $1,284

Break-even live

Break-even rent $474

Max offer price $40,000

Occupancy floor 34%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 W Washington St Milwaukee, WI	2.0	1.0–2.0	845	$2,126	$2.52	44d	11	0.26mi
924 S 5th St Unit 501 Milwaukee, WI	2.0	1.0	1005	$1,917	$1.91	44d	1	0.34mi
816 W Greenfield Ave Unit 102 Milwaukee, WI	1.0	1.0	800	$795	$0.99	16d	1	0.39mi
611 W National Ave Milwaukee, WI	1.0–2.0	1.0–2.0	866	$1,900	$2.19	3d	3	0.48mi
600 W Rogers St Unit 4 Milwaukee, WI	1.0	1.0	740	$995	$1.34	44d	1	0.64mi
600 W Rogers St Unit 3 Milwaukee, WI	1.0	1.0	740	$850	$1.15	44d	1	0.64mi
2033 S 1st St Unit 119 Milwaukee, WI	1.0	1.0	761	$1,775	$2.33	44d	1	0.67mi
300 W Florida St Unit 415 Milwaukee, WI	2.0	1.0	991	$2,350	$2.37	44d	1	0.73mi
324 S 2nd St Apt 309 Milwaukee, WI	2.0	2.0	1085	$2,525	$2.33	4d	1	0.74mi
324 S 2nd St Unit 1504185P Milwaukee, WI	2.0	1.0	1033	$4,467	$4.32	2d	1	0.74mi
324 S 2nd St Unit 1504186P Milwaukee, WI	2.0	1.0	1033	$4,713	$4.56	44d	1	0.74mi
205 W Oregon St Unit 322 Milwaukee, WI	2.0	2.0	1037	$2,360	$2.28	44d	1	0.77mi
205 W Oregon St Apt 402 Milwaukee, WI	2.0	2.0	1238	$2,705	$2.18	4d	1	0.77mi
720 W Virginia St Milwaukee, WI	1.0	1.0	746	$1,800	$2.41	11d	5	0.78mi
214 E Florida St Milwaukee, WI	1.0	1.0	624	$1,554	$2.49	2d	4	0.79mi
222 S 3rd St Milwaukee, WI	2.0	2.0	1369	$2,300	$1.68	17d	1	0.81mi
625 W Freshwater Way Milwaukee, WI	1.0–2.0	1.0–2.0	1137	$3,650	$3.21	2d	12	0.82mi
625 W Freshwater Way Unit 508 Milwaukee, WI	1.0	1.0	900	$2,200	$2.44	44d	1	0.82mi
747 W Freshwater Way Apt 502 Milwaukee, WI	2.0	2.0	1200	$3,650	$3.04	17d	1	0.83mi
747 W Freshwater Way Unit 112 Milwaukee, WI	2.0	1.0	983	$2,725	$2.77	44d	1	0.83mi
235 E Pittsburgh Ave Milwaukee, WI	1.0–2.0	1.0–2.5	1008	$2,775	$2.75	3d	6	0.85mi
2141 S Robinson Ave Milwaukee, WI	3.0	1.0–2.0	1006	$2,272	$2.26	2d	20	0.87mi
174 W Pittsburgh Ave Unit 174 Milwaukee, WI	1.0	1.0	1282	$1,995	$1.56	44d	1	0.88mi
441 E Erie St Milwaukee, WI	1.0–2.0	1.0–2.0	1044	$4,099	$3.93	3d	4	0.96mi
2252 S 7th St Unit Upper Front Milwaukee, WI	2.0	1.0	900	$1,200	$1.33	44d	1	0.98mi
425 E Menomonee St Milwaukee, WI	2.0	1.0–2.0	1021	$2,633	$2.58	3d	5	1.07mi
615 E Corcoran Ave Milwaukee, WI	3.0	1.0–2.5	1106	$3,797	$3.43	3d	14	1.08mi
249 N Water St Milwaukee, WI	1.0	1.0	891	$1,750	$1.96	24d	1	1.17mi
159 N Jackson St Unit 106 Live/Work Retail Milwaukee, WI	1.0	1.0	1060	$1,895	$1.79	44d	1	1.17mi
1578 S Union St Unit 1 Milwaukee, WI	2.0	1.0	900	$1,050	$1.17	24d	1	1.17mi
234 N Broadway Milwaukee, WI	1.0	1.0	789	$1,785	$2.26	15d	1	1.18mi
2482 S 5th St Milwaukee, WI	2.0	1.0	900	$1,095	$1.22	24d	1	1.20mi
2445 S Austin St Milwaukee, WI	3.0	1.0	1000	$1,598	$1.60	15d	1	1.22mi
2435 S 9th St Unit 2435A Milwaukee, WI	2.0	1.0	900	$1,025	$1.14	44d	1	1.22mi
2435 S 9th St Milwaukee, WI	2.0	1.0	900	$895	$0.99	24d	1	1.22mi
2435 S 9th St Unit 2435 Milwaukee, WI	2.0	1.0	900	$895	$0.99	44d	1	1.22mi
333 N Water St Milwaukee, WI	3.0	1.0–2.0	1186	$5,948	$5.02	2d	34	1.23mi
333 N Broadway Milwaukee, WI	2.0	2.0	1175	$3,645	$3.10	2d	1	1.26mi
2161 S 16th St Unit 2161 Milwaukee, WI	2.0	1.0	850	$1,045	$1.23	44d	1	1.28mi
1926 S 20th St Milwaukee, WI	3.0	1.0	795	$1,200	$1.51	44d	1	1.31mi

Listing history 9 events

1. 2026-04-06
   status Pending
2. 2026-02-26
   price $40,000
3. 2026-02-26
   status Active
4. 2026-02-24
   historical
5. 2026-02-23
   listed $77,700 Active
6. 2013-01-23
   listed $34,000 326-char remark

   Show marketing remark (326 chars)

   Quaint brick home needs to be brought back to the original condition. Hardwood floors throughout. Formal living and dining rooms, ideal for entertaining family and friends. Buyer assumes all City of Milwaukee Code compliance violations. This is being sold in "AS IS" condition, and being conveyed by Guardian's deed.

7. 2013-01-23
   historical 326-char remark

   Show marketing remark (326 chars)

   Quaint brick home needs to be brought back to the original condition. Hardwood floors throughout. Formal living and dining rooms, ideal for entertaining family and friends. Buyer assumes all City of Milwaukee Code compliance violations. This is being sold in "AS IS" condition, and being conveyed by Guardian's deed.

8. 2009-07-20
   soldstatus $34,000 326-char remark

   Show marketing remark (326 chars)

   Quaint brick home needs to be brought back to the original condition. Hardwood floors throughout. Formal living and dining rooms, ideal for entertaining family and friends. Buyer assumes all City of Milwaukee Code compliance violations. This is being sold in "AS IS" condition, and being conveyed by Guardian's deed.

9. 1979-02-01
   soldstatus $25,000

ⓘ 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: $1,777 · $148/mo
• Projected year-2 tax: $1,777 · $148/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 ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,188
• − Mortgage interest: −$2,241
• − Property taxes: −$1,777
• − Insurance: −$200
• − Repairs & maintenance: −$2,015
• − Management: −$2,015
• − Depreciation: −$1,164
• Taxable income: $15,777
• Est. tax owed @ 24.0%: −$3,786
• After-tax cash flow: $11,618/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): 39,996
• Household income: $45,934
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 2357.0

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 Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 35% White 15% Black 11% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 51% Puerto Rican 13%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 35% English-only · Spanish 61% 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: ▲ 64.27%
• Current HPI: 403.236
• Rent YoY: ▲ 2.00%
• 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

+60.0% since first listed

9 events — show timeline

• 2026-04-06 Pending — METROMLS
• 2026-02-26 Price Changed $40,000 METROMLS
• 2026-02-26 Relisted — METROMLS
• 2026-02-24 Listing Removed — METROMLS
• 2026-02-23 Listed $77,700 METROMLS
• 2013-01-23 Listing Removed — METROMLS
• 2013-01-23 Listed $34,000 METROMLS
• 2009-07-20 Sold (MLS) $34,000 METROMLS
• 1979-02-01 Sold (Public Records) $25,000 Public Records

Property tax history

+8.2%/yr

Latest (2022): $1,777 · -31.0% YoY. Source: county tax records.