5281 N 28th St · Milwaukee, WI 53209

$159,000

4 bd · 2.0 ba · 1,536 sqft · MultiFamily · 41 Days on market

Built 1954 Fair condition 6,098 sqft lot $104/sqft · 8% above area Est $147k · 8% over

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• ARV discount +3.7/15.0
• 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

Well-maintained 2-unit investment property featuring two spacious 2 bed, 1 bath units. One unit is currently occupied, providing immediate rental income, while the second unit is vacant and ready for an owner-occupant or new tenant. Great opportunity for investors or buyers looking to offset expenses with rental income.

Key facts

• 6,098 sq ft lot
• Built 1954
• Listed 41 days

Property features AI

Finance

• Other: Property sits on approximately 0.14 acre (less than 1/2 acre); Two total units; Tenant-owned appliances excluded

Exterior

• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoned RT3
• Construction: Information source indicates year built from assessor/public record
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 2 kitchen on lower level (approx. 13 x 12)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on lower level; master approx. 15 x 11, second bedroom approx. 12 x 12)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $159k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $510/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $159k).
• Recommended offer: $154k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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 fast (+8.6%/yr); 168 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,681/mo this rent would consume 66% of the median local household income ($48k/yr) (locally 3390% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.69% ✓
• Cap rate: 13.98%
• Cash-on-cash: 27.47%
• DSCR: 2.22
• GRM: 4.9

CMA / ARV

• ARV (median comp): $146,728
• List price: $159,000
• Delta: 8.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5241 N 31st St	0.20mi	4/2.0	1,657 (+8%)	2mo	$104,000	$63	76
3130 W Cameron Ave Unit 3130A	0.48mi	5/2.0 (+1)	1,543 (+0%)	0mo	$165,000	$107	72
5021 N 27th St	0.35mi	5/2.0 (+1)	1,630 (+6%)	5mo	$135,000	$83	64
5337 N 38th St	0.63mi	4/2.0	1,510 (-2%)	7mo	$110,000	$73	62
3202 W Fairmount Ave Unit 3202A	0.44mi	4/2.0	1,614 (+5%)	15mo	$102,400	$63	58
5151 N 31st St	0.27mi	4/2.0	1,742 (+13%)	14mo	$168,000	$96	54
5362 N 34th St Unit 5362A	0.36mi	3/2.0 (-1)	1,426 (-7%)	15mo	$99,500	$70	54
4951 N 24th St Unit 4951A	0.51mi	4/2.0	1,692 (+10%)	16mo	$100,000	$59	46
5011 N 26th St	0.36mi	5/2.0 (+1)	1,725 (+12%)	14mo	$145,000	$84	46
3110 W Cameron Ave	0.47mi	4/2.0	1,705 (+11%)	18mo	$135,000	$79	45
5368 N 39th St Unit 5368A	0.67mi	3/2.0 (-1)	1,384 (-10%)	11mo	$90,000	$65	38
2115 W Kendall Ave	0.65mi	3/2.0 (-1)	1,760 (+15%)	20mo	$321,000	$182	24

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: 27.1%
• Equity multiple: 2.20×
• Total profit: $53,356
• Equity at exit: $23,707

10-year hold

• IRR: 37.5%
• Equity multiple: 5.37×
• Total profit: $194,697
• Equity at exit: $13,747

Cash invested: $44,520 (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 53209

• Rents YoY: 8.6%
• Active inventory: 168
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,681 high
• Mortgage (P&I): −$834
• Tax est. 1.5%: −$199 /mo · $2,385/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $1,019

Break-even live

Break-even rent $1,391

Max offer price $159,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,680
Total (2 units)			$2,681

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	12d	1	0.42mi
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	4d	1	0.53mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	23d	1	1.01mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	23d	1	1.02mi
3931 W Kaul Ave Milwaukee, WI	3.0	1.0	1400	$1,695	$1.21	43d	1	1.24mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	43d	1	1.27mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	14d	1	1.29mi
2225 W Mill Rd Glendale, WI	4.0	2.0	1945	$2,495	$1.28	23d	1	1.41mi
1616 W Bender Rd #213 Glendale, WI	3.0	2.0	1500	$2,795	$1.86	1d	1	1.45mi

Listing history 15 events

1. 2026-06-18
   days on market $159,000 Active 41 DOM
2. 2026-06-17
   days on market $159,000 Active 40 DOM
3. 2026-06-16
   days on market $159,000 Active 39 DOM
4. 2026-06-15
   days on market $159,000 Active 38 DOM
5. 2026-06-13
   days on market $159,000 Active 36 DOM
6. 2026-06-13
   days on market $159,000 Active 35 DOM
7. 2026-06-09
   days on market $159,000 Active 32 DOM
8. 2026-06-08
   days on market $159,000 Active 31 DOM
9. 2026-06-07
   days on market $159,000 Active 30 DOM
10. 2026-06-05
    days on market $159,000 Active 27 DOM
11. 2026-06-03
    days on market $159,000 Active 26 DOM
12. 2026-06-02
    days on market $159,000 Active 25 DOM
13. 2026-06-01
    days on market $159,000 Active 24 DOM
14. 2026-05-31
    days on market $159,000 Active 23 DOM
15. 2026-05-08
    listed $159,000 Active 321-char remark

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 70% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,172
• − Mortgage interest: −$8,906
• − Property taxes: −$2,385
• − Insurance: −$795
• − Repairs & maintenance: −$2,574
• − Management: −$2,574
• − Depreciation: −$4,625
• Taxable income: $10,313
• Est. tax owed @ 24.0%: −$2,475
• After-tax cash flow: $9,755/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 · 4 photos

Fair 45/100 Moderate rehab

This 2-unit property requires moderate renovations to improve its condition and increase its value. Immediate repairs and maintenance are needed to address the poor condition of the exterior and interior spaces.

Repairs flagged

• Major exterior siding — Severe weathering
• Major interior walls — Paint peeling and chipping
• Major bathroom and kitchen — Needs cleaning and repairs

Value-add opportunities

• Both Painting and updating the exterior — Enhances curb appeal and resale value
• Both Deep cleaning and decluttering — Improves the home's presentation and rental appeal
• Both Upgrading the kitchen and bathrooms — Increases the home's marketability and rental income potential

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering	Major	$15,000–50,000
interior walls · Paint peeling and chipping	Major	$15,000–50,000
bathroom and kitchen · Needs cleaning and repairs	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Painting and updating the exterior — Enhances curb appeal and resale value ↑
• Both Deep cleaning and decluttering — Improves the home's presentation and rental appeal ↑
• Both Upgrading the kitchen and bathrooms — Increases the home's marketability and rental income potential ↑

ⓘ 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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 Black (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

1 event — show timeline

• 2026-05-08 Listed $159,000 METROMLS