5278 N 34th St · Milwaukee, WI 53209

$124,900

4 bd · 2.0 ba · 1,596 sqft · MultiFamily public records · 7 Days on market

Built 1900 5,227 sqft lot $78/sqft · 14% above area Est $110k · 14% over

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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 +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
• Condition / age +2.5/5.0
• ARV discount +1.3/15.0
• 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

Excellent value in this 2/2 duplex located in the Old North/Lincoln Park area of MKE. An ideal property for an investor or an owner/occupant. Rented at $1,500/month. It's never too late to be great, don't hesitate!

Key facts

• Updated duplex
• Off-street parking
• Hardwood floors

Tags

• UPDATED DUPLEX
• HARDWOOD FLOORS
• LOW-MAINTENANCE EXTERIOR
• OFF-STREET PARKING

Property features AI

Finance

• Other: Property listed as multi-family (duplex) with two units

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer
• Home design: 2-story duplex (multi-family)
• Construction: Information source indicates year built from assessor/public record
• Exterior features: Vinyl and wood exterior; Lot less than 1/2 acre (approx. 0.12 acre); Zoned RES

Interior

• Kitchen: Unit 2 kitchen (upper level); Two oven/range units; Two refrigerators
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: Washer and dryer included; Two electric meters; Two gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $577/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Cap rate 17.4% 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; 7 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 $2,640/mo this rent would consume 65% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 14y 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 $90k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.11% ✓
• Cap rate: 17.38%
• Cash-on-cash: 39.61%
• DSCR: 2.76
• GRM: 3.9

CMA / ARV

• ARV (median comp): $109,851
• List price: $124,900
• Delta: 13.70%
• Verdict: OVERPRICED
• 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	0.17mi	4/2.0	1,657 (+4%)	2mo	$104,000	$63	84
5337 N 38th St	0.28mi	4/2.0	1,510 (-5%)	7mo	$110,000	$73	72
3130 W Cameron Ave Unit 3130A	0.44mi	5/2.0 (+1)	1,543 (-3%)	0mo	$165,000	$107	69
3202 W Fairmount Ave Unit 3202A	0.37mi	4/2.0	1,614 (+1%)	15mo	$102,400	$63	68
4855 N Hopkins St	0.62mi	4/2.0	1,610 (+1%)	8mo	$70,000	$43	63
5021 N 27th St	0.53mi	5/2.0 (+1)	1,630 (+2%)	5mo	$135,000	$83	62
5151 N 31st St	0.24mi	4/2.0	1,742 (+9%)	14mo	$168,000	$96	62
5362 N 34th St Unit 5362A	0.10mi	3/2.0 (-1)	1,426 (-11%)	15mo	$99,500	$70	60
3110 W Cameron Ave	0.44mi	4/2.0	1,705 (+7%)	18mo	$135,000	$79	53
5531 N 41st St	0.55mi	4/2.0	1,702 (+7%)	13mo	$180,000	$106	53
5368 N 39th St Unit 5368A	0.33mi	3/2.0 (-1)	1,384 (-13%)	11mo	$90,000	$65	48
5011 N 26th St	0.58mi	5/2.0 (+1)	1,725 (+8%)	14mo	$145,000	$84	42

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: 41.7%
• Equity multiple: 2.93×
• Total profit: $67,323
• Equity at exit: $18,623

10-year hold

• IRR: 50.3%
• Equity multiple: 7.21×
• Total profit: $217,135
• Equity at exit: $10,799

Cash invested: $34,972 (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: 7.9×

Monthly cashflow live

• Estimated rent: $2,640 high
• Mortgage (P&I): −$655
• Tax from tax record: −$224 /mo · $2,689/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $1,154

Break-even live

Break-even rent $1,179

Max offer price $124,900

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,640
Total (2 units)			$2,640

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	4d	1	0.31mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	12d	1	0.37mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	23d	1	0.67mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	23d	1	0.68mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	14d	1	0.95mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	43d	1	1.01mi
3931 W Kaul Ave Milwaukee, WI	3.0	1.0	1400	$1,695	$1.21	43d	1	1.08mi

Listing history 19 events

1. 2026-05-11
   status Pending 309-char remark
2. 2026-04-30
   listed $124,900 Active 309-char remark
3. 2024-04-12
   historical $950
4. 2024-04-10
   listed $950
5. 2024-04-10
   historical $950
6. 2024-03-13
   listed $950
7. 2023-04-01
   historical 214-char remark

   Show marketing remark (214 chars)

   Excellent value in this 2/2 duplex located in the Old North/Lincoln Park area of MKE. An ideal property for an investor or an owner/occupant. Rented at $1,500/month. It's never too late to be great, don't hesitate!

8. 2023-01-30
   soldstatus $90,000
9. 2022-12-13
   soldstatus $70,000
10. 2022-10-04
    historical Contingent 214-char remark

    Show marketing remark (214 chars)

    Excellent value in this 2/2 duplex located in the Old North/Lincoln Park area of MKE. An ideal property for an investor or an owner/occupant. Rented at $1,500/month. It's never too late to be great, don't hesitate!

11. 2022-09-07
    listed $95,000 Active 214-char remark

    Show marketing remark (214 chars)

    Excellent value in this 2/2 duplex located in the Old North/Lincoln Park area of MKE. An ideal property for an investor or an owner/occupant. Rented at $1,500/month. It's never too late to be great, don't hesitate!

12. 2018-07-16
    soldstatus $70,000
13. 2018-07-13
    soldstatus $70,000 Sold

    Show marketing remark (607 chars)

    Excellent opportunity for an owner occupant or investor in this quiet residential neighborhood! Updated 2/2 duplex ready to move into immediately and cash flowing. Frig and stove included in both units. Upper has new windows and lower has new storms. The upper boasts fresh paint thru out-including base moulding and trim, gorgeous refinished hwd floors & updated bath with new ceramic tile surround and floor. KIT features new counters and backsplash plus new ceramic tile floors. Maintenance free exterior! Mechanicals 5yrs old and off street parking make this an easy decision!! Hurry! Call today!

14. 2018-06-22
    historical Contingent

    Show marketing remark (607 chars)

    Excellent opportunity for an owner occupant or investor in this quiet residential neighborhood! Updated 2/2 duplex ready to move into immediately and cash flowing. Frig and stove included in both units. Upper has new windows and lower has new storms. The upper boasts fresh paint thru out-including base moulding and trim, gorgeous refinished hwd floors & updated bath with new ceramic tile surround and floor. KIT features new counters and backsplash plus new ceramic tile floors. Maintenance free exterior! Mechanicals 5yrs old and off street parking make this an easy decision!! Hurry! Call today!

15. 2018-06-12
    listed $72,500 Active

    Show marketing remark (607 chars)

    Excellent opportunity for an owner occupant or investor in this quiet residential neighborhood! Updated 2/2 duplex ready to move into immediately and cash flowing. Frig and stove included in both units. Upper has new windows and lower has new storms. The upper boasts fresh paint thru out-including base moulding and trim, gorgeous refinished hwd floors & updated bath with new ceramic tile surround and floor. KIT features new counters and backsplash plus new ceramic tile floors. Maintenance free exterior! Mechanicals 5yrs old and off street parking make this an easy decision!! Hurry! Call today!

16. 2012-10-10
    listed $97,500
17. 2012-10-10
    historical
18. 2003-08-12
    soldstatus $75,000
19. 1987-06-01
    soldstatus $33,000

ⓘ 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: $2,689 · $224/mo
• Projected year-2 tax: $2,689 · $224/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 ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,680
• − Mortgage interest: −$6,996
• − Property taxes: −$2,689
• − Insurance: −$624
• − Repairs & maintenance: −$2,534
• − Management: −$2,534
• − Depreciation: −$3,633
• Taxable income: $12,668
• Est. tax owed @ 24.0%: −$3,040
• After-tax cash flow: $10,813/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): 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

+278.5% since first listed

19 events — show timeline

• 2026-05-11 Pending — METROMLS
• 2026-04-30 Listed $124,900 METROMLS
• 2024-04-12 Rental Removed $950 APPFOLIO
• 2024-04-10 Listed for Rent $950 APPFOLIO
• 2024-04-10 Rental Removed $950 APPFOLIO
• 2024-03-13 Listed for Rent $950 APPFOLIO
• 2023-04-01 Listing Removed — METROMLS
• 2023-01-30 Sold (Public Records) $90,000 Public Records
• 2022-12-13 Sold (Public Records) $70,000 Public Records
• 2022-10-04 Contingent — METROMLS
• 2022-09-07 Listed $95,000 METROMLS
• 2018-07-16 Sold (Public Records) $70,000 Public Records
• 2018-07-13 Sold (MLS) $70,000 METROMLS
• 2018-06-22 Contingent — METROMLS
• 2018-06-12 Listed $72,500 METROMLS
• 2012-10-10 Listing Removed — METROMLS
• 2012-10-10 Listed $97,500 METROMLS
• 2003-08-12 Sold (Public Records) $75,000 Public Records
• 1987-06-01 Sold (Public Records) $33,000 Public Records

Property tax history

-1.0%/yr

Latest (2024): $2,689 · -13.5% YoY. Source: county tax records.