3262 N 28th St · Milwaukee, WI 53216

$25,000

5 bd · 1.0 ba · 1,558 sqft · SingleFamily public records · 104 Days on market

Built 1917 3,484 sqft lot $16/sqft · 58% below area

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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
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $44,630 and the total scope of work totaling $66,023. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

Key facts

• 3,484 sq ft lot
• Built 1917
• Listed 104 days

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $23k (9.0% below list) — sets the bar for market timing.
• Cap rate 75.4% 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 (+7.0%/yr); 126 active listings in the ZIP; 6 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 $2,042/mo this rent would consume 52% of the median local household income ($47k/yr) (locally 2202% 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 $505 of equity ($173 loan paydown + $332 appreciation (1.3% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.3% appreciation + 7.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $10k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $22,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 8.17% ✓
• Cap rate: 75.43%
• Cash-on-cash: 246.93%
• DSCR: 11.99
• GRM: 1.0

CMA / ARV

• ARV (median comp): $59,682
• List price: $25,000
• Delta: -58.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3049 N 28th St	0.27mi	4/2.0 (-1)	1,636 (+5%)	5mo	$65,700	$40	66
3450 N 23rd St	0.46mi	4/2.0 (-1)	1,556 (-0%)	4mo	$135,000	$87	66
3354 N 26th St	0.19mi	5/2.0	1,342 (-14%)	8mo	$57,000	$42	58
3936 N 28th St	0.69mi	4/1.0 (-1)	1,584 (+2%)	3mo	$146,600	$93	58
3745 N 25th St	0.53mi	4/1.5 (-1)	1,635 (+5%)	5mo	$100,000	$61	56
3003 N 20th St	0.64mi	4/1.0 (-1)	1,437 (-8%)	2mo	$93,000	$65	51
3024 N 20th St	0.64mi	4/1.0 (-1)	1,461 (-6%)	4mo	$68,000	$47	51
3533 N 22nd St	0.53mi	5/1.5	1,724 (+11%)	6mo	$170,000	$99	50
3155 N 38th St	0.67mi	4/2.0 (-1)	1,630 (+5%)	2mo	$202,000	$124	50
3036 N 24th Pl	0.38mi	4/1.0 (-1)	1,773 (+14%)	10mo	$97,000	$55	46
3021 N 36th St	0.62mi	4/1.0 (-1)	1,700 (+9%)	6mo	$120,500	$71	46
3540 N 26th St	0.37mi	4/1.0 (-1)	1,325 (-15%)	11mo	$50,000	$38	43

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

Projected returns pro-forma

1.33% appreciation · 7.01% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 15.46×
• Total profit: $101,215
• Equity at exit: $8,964

10-year hold

• IRR: —
• Equity multiple: 36.69×
• Total profit: $249,798
• Equity at exit: $12,253

Cash invested: $7,000 (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 53216

• Home prices YoY: 0.3%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $2,042 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $1,440

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 24%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.10mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.22mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	0.88mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	0.92mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	1.02mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	1.06mi

Listing history 23 events

1. 2026-06-18
   days on market $25,000 Active 104 DOM
2. 2026-06-17
   days on market $25,000 Active 103 DOM
3. 2026-06-16
   days on market $25,000 Active 102 DOM
4. 2026-06-15
   days on market $25,000 Active 101 DOM
5. 2026-06-13
   days on market $25,000 Active 99 DOM
6. 2026-06-13
   days on market $25,000 Active 98 DOM
7. 2026-06-09
   days on market $25,000 Active 95 DOM
8. 2026-06-08
   days on market $25,000 Active 94 DOM
9. 2026-06-07
   pricedays on market $25,000 Active 93 DOM
10. 2026-06-05
    days on market $34,900 Active 90 DOM
11. 2026-06-03
    days on market $34,900 Active 89 DOM
12. 2026-06-02
    days on market $34,900 Active 88 DOM
13. 2026-06-01
    days on market $34,900 Active 87 DOM
14. 2026-05-31
    days on market $34,900 Active 86 DOM
15. 2026-03-04
    listed $34,900 Active 499-char remark

    Show marketing remark (499 chars)

    This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $44,630 and the total scope of work totaling $66,023. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

16. 2026-02-17
    status Pending 238-char remark

    Show marketing remark (238 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

17. 2026-02-17
    historical 238-char remark

    Show marketing remark (238 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

18. 2026-01-12
    listed $40,500 Active 238-char remark

    Show marketing remark (238 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE FEBRUARY 16, 2026 AT 10:00am

19. 2013-01-23
    listed $10,900
20. 2013-01-23
    historical
21. 2011-01-13
    soldstatus $45,000
22. 2009-06-26
    soldstatus $11,250
23. 1997-10-06
    soldstatus $228,500

ⓘ 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 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,504
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,960
• − Management: −$1,960
• − Depreciation: −$727
• Taxable income: $17,956
• Est. tax owed @ 24.0%: −$4,309
• After-tax cash flow: $12,976/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): 30,345
• Household income: $46,752
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 2202.0

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 (81%)
• Race & ethnicity: Black 81% White 9% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 1%
• Foreign-born: 3% · Canada, Philippines, China
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 2%

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: ▲ 1.33%
• Current HPI: 381.0954
• Rent YoY: ▲ 7.01%
• 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

-84.7% since first listed

9 events — show timeline

• 2026-03-04 Listed $34,900 METROMLS
• 2026-02-17 Pending — METROMLS
• 2026-02-17 Listing Removed — METROMLS
• 2026-01-12 Listed $40,500 METROMLS
• 2013-01-23 Listing Removed — METROMLS
• 2013-01-23 Listed $10,900 METROMLS
• 2011-01-13 Sold (Public Records) $45,000 Public Records
• 2009-06-26 Sold (MLS) $11,250 METROMLS
• 1997-10-06 Sold (Public Records) $228,500 Public Records

Property tax history

+13.5%/yr

Latest (2024): $8,286 · +52.2% YoY. Source: county tax records.