2177 S 17th St Unit 2177B, 2177C · Milwaukee, WI 53208

$215,000

None bd · None ba · — sqft · MultiFamily · 59 Days on market

Built 1917 Good condition 3,049 sqft lot Est $152k · 42% over ↓ 4% since listing

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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 +5.0/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Make your next MOOve on this cash COW with endless options to either rent fully or your first house hack! This all-BRICK FULLY occupied triplex is located in the DESIRABLE Forest Home Hills corridor of MKE's SOUTHSIDE. Projected to bring in an annual net INCOME of $29k, you will find 3 UNIQUE layouts consisting of 4/2/1 bedroom layouts! Harwood floors throughout the units and original built-ins and columns add a special touch to this property's character. Periodic cosmetic updates have been maintained over the years & contains a newer furnace. Outer front porch & private upper balconies make this quite the desirable place for tenants to live! Parking slab for 3 cars provides convenient off-street parking. Full basement with laundry hookups is perfect for storage.

Key facts

• Original built-ins
• All brick triplex
• Hardwood floors

Tags

• ALL BRICK TRIPLEX
• HARDWOOD FLOORS
• ORIGINAL BUILT-INS
• PRIVATE UPPER BALCONIES
• PARKING SLAB FOR 3 CARS

What this means for you Summary

Snapshot

• This is a 1×4bd/2ba + 1×2bd/1ba + 1×1bd/1ba units multifamily listed at $215k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $416/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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 (+10.8%/yr); 92 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); 45% 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 $3,459/mo this rent would consume 79% of the median local household income ($53k/yr) (locally 1568% 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 $6k 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 $60k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.61% ✓
• Cap rate: 13.25%
• Cash-on-cash: 24.85%
• DSCR: 2.11
• GRM: 5.2

CMA / ARV

• ARV (median comp): $151,716
• List price: $215,000
• Delta: 41.71%
• 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
2375 S 15th Pl	0.27mi	5/2.0	1,619	2mo	$185,000	$114	74
1939 S Winona Ln #1941	0.32mi	7/2.5	2,286	1mo	$220,000	$96	72
2111 W Burnham St Unit 2111A	0.42mi	4/2.0	1,977	0mo	$194,000	$98	68
1715 S 18th St #1719	0.49mi	—/—	4,199	0mo	$245,000	$58	64
1929 S 23rd St	0.52mi	—/—	—	0mo	$230,000	—	63
2053 S 25th St	0.57mi	5/3.0	2,095	1mo	$300,000	$143	60
2673 S 14th St	0.64mi	6/2.0	1,972	1mo	$250,000	$127	57
2232 W Mitchell St #2234	0.65mi	5/2.0	2,600	0mo	$160,000	$62	57
2415 S 9th St Unit 2415A	0.66mi	5/2.0	2,124	0mo	$190,000	$89	56
1571 S 14th St	0.71mi	4/2.0	1,830	0mo	$155,000	$85	54
1560 S 15th St #1562	0.71mi	7/2.0	2,442	2mo	$235,000	$96	53
1541 S Union St	0.72mi	—/—	2,128	1mo	$182,000	$86	53

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: 23.8%
• Equity multiple: 2.04×
• Total profit: $62,902
• Equity at exit: $32,057

10-year hold

• IRR: 34.8%
• Equity multiple: 4.99×
• Total profit: $240,437
• Equity at exit: $18,589

Cash invested: $60,200 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 92
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $3,459 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$726
• Net cashflow: $1,247

Break-even live

Break-even rent $1,881

Max offer price $215,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
1× unit	4	2	$1,534
1× unit	2	1	$1,006
1× unit	1	1	$918
Total (3 units)			$3,459

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2161 S 16th St #2163 Milwaukee, WI	2.0	1.0	—	$995	—	16d	1	0.07mi
2161 S 16th St Unit 2161 Milwaukee, WI	2.0	1.0	850	$1,045	$1.23	43d	1	0.07mi
2319 S 17th St Milwaukee, WI	1.0	1.0	—	$750	—	43d	1	0.18mi
2235 S 20th St Unit 1 Milwaukee, WI	2.0	1.0	—	$1,000	—	4d	1	0.19mi
2143 S 15th St Unit 2143 Milwaukee, WI	1.0	1.0	645	$750	$1.16	16d	1	0.19mi
2038 W Lincoln Ave Unit A Milwaukee, WI	1.0	1.0	607	$750	$1.24	23d	1	0.26mi
2327 S 15th St Unit 1 Milwaukee, WI	2.0	1.0	780	$845	$1.08	4d	1	0.26mi
2116 S 14th St Milwaukee, WI	3.0	1.0	—	$1,500	—	43d	1	0.29mi
1568 W Windlake Ave Unit 4 Milwaukee, WI	2.0	1.0	713	$895	$1.26	14d	1	0.31mi
1926 S 20th St Milwaukee, WI	3.0	1.0	795	$1,200	$1.51	43d	1	0.35mi
2132 S 23rd St Milwaukee, WI	2.0	1.0	—	$1,000	—	14d	1	0.35mi
1233 W Windlake Ave Milwaukee, WI	1.0	1.0	350	$850	$2.43	10d	1	0.38mi
1231 W Windlake Ave Milwaukee, WI	1.0	1.0	350	$850	$2.43	10d	1	0.38mi
1745 S 18th St Milwaukee, WI	1.0	1.0	430	$1,100	$2.56	23d	1	0.44mi
1418 W Mitchell St Unit 205 Milwaukee, WI	1.0	1.0	—	$775	—	43d	1	0.58mi
1136 W Maple St Milwaukee, WI	3.0	1.0	—	$1,350	—	43d	1	0.60mi
1578 S Union St Unit 1 Milwaukee, WI	2.0	1.0	900	$1,050	$1.17	23d	1	0.65mi
1930 S 26th St Milwaukee, WI	3.0	1.0	—	$1,500	—	23d	1	0.66mi
918 W Windlake Ave #920 Milwaukee, WI	1.0	1.0	—	$695	—	23d	1	0.66mi
1574 S Union St Unit 2 Milwaukee, WI	3.0	1.0	—	$1,250	—	19d	1	0.66mi
1747 S 25th St Apt 4 Milwaukee, WI	2.0	1.0	646	$895	$1.39	43d	1	0.69mi
2435 S 9th St Unit 2435 Milwaukee, WI	2.0	1.0	900	$895	$0.99	43d	1	0.69mi
2435 S 9th St Milwaukee, WI	2.0	1.0	900	$895	$0.99	23d	1	0.70mi
2435 S 9th St Unit 2435A Milwaukee, WI	2.0	1.0	900	$1,025	$1.14	43d	1	0.70mi
2414 S 9th St Milwaukee, WI	2.0	1.0	—	$950	—	43d	1	0.71mi
828 W Windlake Ave Unit 3 Milwaukee, WI	1.0	1.0	—	$775	—	43d	1	0.73mi
828 W Windlake Ave Unit 3 Milwaukee, WI	1.0	1.0	—	$775	—	12d	1	0.73mi
2252 S 7th St Unit Upper Front Milwaukee, WI	2.0	1.0	900	$1,200	$1.33	43d	1	0.78mi
2252 S 7th St Unit Upper Rear Milwaukee, WI	1.0	1.0	600	$850	$1.42	19d	1	0.78mi
2875 W Grant St Milwaukee, WI	2.0	1.0	—	$1,695	—	43d	1	0.78mi
2365 S 7th St Milwaukee, WI	1.0	1.0	650	$850	$1.31	23d	1	0.79mi
2423 S 28th St Milwaukee, WI	1.0	1.0	245	$700	$2.86	10d	1	0.80mi
2425 S 28th St Milwaukee, WI	1.0	1.0	245	$700	$2.86	10d	1	0.80mi
2423-2425 S 28th St Unit 2423A Milwaukee, WI	2.0	1.0	—	$900	—	43d	1	0.80mi
1532 S 13th St Unit 1 Milwaukee, WI	2.0	1.0	—	$875	—	43d	1	0.80mi
2562 S 9th St Milwaukee, WI	2.0	1.0	1000	$995	$0.99	43d	1	0.81mi
769-771 W Windlake Ave Unit 771-A (Cottage) Milwaukee, WI	3.0	1.0	—	$1,095	—	23d	1	0.81mi
600 W Rogers St Unit 3 Milwaukee, WI	1.0	1.0	740	$850	$1.15	43d	1	0.85mi
600 W Rogers St Unit 4 Milwaukee, WI	1.0	1.0	740	$995	$1.34	43d	1	0.85mi
2262 S Chase Ave Milwaukee, WI	2.0	1.0	—	$795	—	4d	1	0.86mi

Listing history 16 events

1. 2026-06-18
   days on market $215,000 Active 59 DOM
2. 2026-06-17
   days on market $215,000 Active 58 DOM
3. 2026-06-16
   days on market $215,000 Active 57 DOM
4. 2026-06-15
   days on market $215,000 Active 56 DOM
5. 2026-06-13
   days on market $215,000 Active 54 DOM
6. 2026-06-13
   days on market $215,000 Active 53 DOM
7. 2026-06-09
   days on market $215,000 Active 50 DOM
8. 2026-06-08
   days on market $215,000 Active 49 DOM
9. 2026-06-07
   days on market $215,000 Active 48 DOM
10. 2026-06-05
    days on market $215,000 Active 45 DOM
11. 2026-06-03
    days on market $215,000 Active 44 DOM
12. 2026-06-02
    days on market $215,000 Active 43 DOM
13. 2026-06-01
    days on market $215,000 Active 42 DOM
14. 2026-05-31
    days on market $215,000 Active 41 DOM
15. 2026-05-08
    price $215,000 786-char remark

    Show marketing remark (786 chars)

    Make your next MOOve on this cash COW with endless options to either rent fully or your first house hack! This all-BRICK FULLY occupied triplex is located in the DESIRABLE Forest Home Hills corridor of MKE's SOUTHSIDE. Projected to bring in an annual net INCOME of $29k, you will find 3 UNIQUE layouts consisting of 4/2/1 bedroom layouts! Harwood floors throughout the units and original built-ins and columns add a special touch to this property's character. Periodic cosmetic updates have been maintained over the years & contains a newer furnace. Outer front porch & private upper balconies make this quite the desirable place for tenants to live! Parking slab for 3 cars provides convenient off-street parking. Full basement with laundry hookups is perfect for storage.

16. 2026-04-01
    listed $225,000 Active 786-char remark

    Show marketing remark (786 chars)

    Make your next MOOve on this cash COW with endless options to either rent fully or your first house hack! This all-BRICK FULLY occupied triplex is located in the DESIRABLE Forest Home Hills corridor of MKE's SOUTHSIDE. Projected to bring in an annual net INCOME of $29k, you will find 3 UNIQUE layouts consisting of 4/2/1 bedroom layouts! Harwood floors throughout the units and original built-ins and columns add a special touch to this property's character. Periodic cosmetic updates have been maintained over the years & contains a newer furnace. Outer front porch & private upper balconies make this quite the desirable place for tenants to live! Parking slab for 3 cars provides convenient off-street parking. Full basement with laundry hookups is perfect for storage.

ⓘ 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) · 74% 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,508
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,321
• − Management: −$3,321
• − Depreciation: −$6,255
• Taxable income: $12,269
• Est. tax owed @ 24.0%: −$2,945
• After-tax cash flow: $12,017/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

Good 75/100 Cosmetic rehab

This fully occupied triplex in the Forest Home Hills corridor of Milwaukee's Southside is in good condition with cosmetic updates. It offers unique layouts and periodic maintenance, making it a desirable rental property.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace window screens — improves energy efficiency and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace window screens — improves energy efficiency and aesthetics ↑

ⓘ 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): 27,201
• Household income: $52,690
• Rent vs Own: 60.8% rent · 39.2% own
• Severe rent burden: 1568.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Black 41% White 36% Hispanic / Latino 10% Asian 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 6% Spanish 6% French/Haitian/Cajun 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: ▼ -123.92%
• Current HPI: 333.7268
• Rent YoY: ▲ 10.78%
• 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

-4.4% since first listed

2 events — show timeline

• 2026-05-08 Price Changed $215,000 METROMLS
• 2026-04-01 Listed $225,000 METROMLS