4566 N 28th St · Milwaukee, WI 53209

$139,900

4 bd · 2.0 ba · 1,549 sqft · MultiFamily public records · 49 Days on market

Built 1926 4,791 sqft lot $90/sqft · 7% above area Est $131k · 7% 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
• ARV discount +4.5/15.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• 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 MLS

Great 2/2 Duplex. Upper unit is turnkey and rent ready. Fresh paint, LVP, and updated roof. Lower unit is spacious with living room and dining room. Lower also has a long term tenant. Great for owner occupant or investor.

Key facts

• Stable asset
• Updated roof
• Lvp flooring

Tags

• LVP FLOORING
• UPDATED ROOF
• STABLE ASSET

Property features AI

Finance

• Other: Tenant personal property excluded from sale

Exterior

• Parking: 1 off-street parking space; 2-car garage (2 garage parking spaces)
• Utilities: Municipal water; Municipal sewer
• Home design: 2-story duplex; Multi-family property
• Construction: Information source lists year built as assessor/public record
• Exterior features: Aluminum/steel exterior; Aluminum siding; Lot less than 1/2 acre (approximately 0.11 acre); Zoned RT3

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Interior features: Full basement
• Laundry & utility: 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $898 ($11k/yr) — positive. Per door: $449/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,348/mo this rent would consume 58% 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 $967 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 $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1926 — 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: 1.68% ✓
• Cap rate: 13.99%
• Cash-on-cash: 27.50%
• DSCR: 2.22
• GRM: 5.0

CMA / ARV

• ARV (median comp): $131,170
• List price: $139,900
• Delta: 6.66%
• 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
3130 W Cameron Ave Unit 3130A	0.54mi	5/2.0 (+1)	1,543 (-0%)	0mo	$165,000	$107	69
4648 N 28th St	0.10mi	3/2.0 (-1)	1,713 (+11%)	13mo	$70,500	$41	61
4604 N 29th St	0.07mi	3/2.0 (-1)	1,384 (-11%)	20mo	$165,000	$119	57
5021 N 27th St	0.57mi	5/2.0 (+1)	1,630 (+5%)	5mo	$135,000	$83	56
3202 W Fairmount Ave Unit 3202A	0.62mi	4/2.0	1,614 (+4%)	16mo	$102,400	$63	51
4368 N 19th Pl	0.68mi	4/2.0	1,666 (+8%)	12mo	$135,000	$81	46
4831 N 19th Pl Unit 4831A	0.69mi	4/2.0	1,342 (-13%)	1mo	$140,000	$104	45
4951 N 24th St Unit 4951A	0.58mi	4/2.0	1,692 (+9%)	16mo	$100,000	$59	44
3110 W Cameron Ave	0.53mi	4/2.0	1,705 (+10%)	18mo	$135,000	$79	43
5011 N 26th St	0.57mi	5/2.0 (+1)	1,725 (+11%)	14mo	$145,000	$84	37
4729 N 19th Pl Unit 4729A	0.64mi	3/2.0 (-1)	1,761 (+14%)	9mo	$195,000	$111	35
4729 N 19th Pl Unit 4729A	0.64mi	4/2.0	1,761 (+14%)	20mo	$25,000	$14	31

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: $46,944
• Equity at exit: $20,860

10-year hold

• IRR: 37.5%
• Equity multiple: 5.37×
• Total profit: $171,099
• Equity at exit: $12,096

Cash invested: $39,172 (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: $2,348 high
• Mortgage (P&I): −$734
• Tax from tax record: −$165 /mo · $1,983/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $898

Break-even live

Break-even rent $1,212

Max offer price $139,900

Occupancy floor 57%

Sensitivity live

Price	-10% $977	-5% $937	+0% $898	+5% $858	+10% $819
Rent	-10% $712	-5% $805	+0% $898	+5% $990	+10% $1,083
Rate	-1.0pp $968	-0.5pp $933	base $898	+0.5pp $861	+1.0pp $825

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,348
Total (2 units)			$2,348

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 12 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	13d	1	0.66mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	0.74mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	44d	1	1.02mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	1.19mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	24d	1	1.25mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	24d	1	1.26mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.29mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	5d	1	1.31mi
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	5d	1	1.34mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.43mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	15d	1	1.43mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	1.45mi

Listing history 25 events

1. 2026-06-18
   days on market $139,900 Active 49 DOM
2. 2026-06-17
   days on market $139,900 Active 48 DOM
3. 2026-06-16
   days on market $139,900 Active 47 DOM
4. 2026-06-15
   days on market $139,900 Active 46 DOM
5. 2026-06-13
   days on market $139,900 Active 44 DOM
6. 2026-06-13
   days on market $139,900 Active 43 DOM
7. 2026-06-09
   days on market $139,900 Active 40 DOM
8. 2026-06-08
   days on market $139,900 Active 39 DOM
9. 2026-06-07
   days on market $139,900 Active 38 DOM
10. 2026-06-05
    days on market $139,900 Active 35 DOM
11. 2026-06-03
    days on market $139,900 Active 34 DOM
12. 2026-06-02
    days on market $139,900 Active 33 DOM
13. 2026-06-01
    days on market $139,900 Active 32 DOM
14. 2026-05-31
    days on market $139,900 Active 31 DOM
15. 2026-04-30
    listed $139,900 Active 294-char remark
16. 2025-11-13
    historical $850
17. 2025-09-23
    price $850
18. 2025-08-28
    price $875
19. 2025-08-21
    historical 221-char remark

    Show marketing remark (221 chars)

    Great 2/2 Duplex. Upper unit is turnkey and rent ready. Fresh paint, LVP, and updated roof. Lower unit is spacious with living room and dining room. Lower also has a long term tenant. Great for owner occupant or investor.

20. 2025-06-27
    price $134,900 221-char remark

    Show marketing remark (221 chars)

    Great 2/2 Duplex. Upper unit is turnkey and rent ready. Fresh paint, LVP, and updated roof. Lower unit is spacious with living room and dining room. Lower also has a long term tenant. Great for owner occupant or investor.

21. 2025-05-01
    listed $900

    Show marketing remark (221 chars)

    Great 2/2 Duplex. Upper unit is turnkey and rent ready. Fresh paint, LVP, and updated roof. Lower unit is spacious with living room and dining room. Lower also has a long term tenant. Great for owner occupant or investor.

22. 2025-05-01
    listed $139,900 Active 221-char remark

    Show marketing remark (221 chars)

    Great 2/2 Duplex. Upper unit is turnkey and rent ready. Fresh paint, LVP, and updated roof. Lower unit is spacious with living room and dining room. Lower also has a long term tenant. Great for owner occupant or investor.

23. 2025-01-22
    soldstatus $129,000
24. 2024-09-30
    soldstatus $77,000
25. 1978-08-01
    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: $1,983 · $165/mo
• Projected year-2 tax: $2,286 · $190/mo
• Expected delta: +$303/yr (+$25/mo · 15.3%)

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

Taxation est. · year 1

• Rental income: $28,176
• − Mortgage interest: −$7,837
• − Property taxes: −$1,983
• − Insurance: −$700
• − Repairs & maintenance: −$2,254
• − Management: −$2,254
• − Depreciation: −$4,070
• Taxable income: $9,079
• Est. tax owed @ 24.0%: −$2,179
• After-tax cash flow: $8,594/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

+459.6% since first listed

11 events — show timeline

• 2026-04-30 Listed $139,900 METROMLS
• 2025-11-13 Rental Removed $850 TENANTTURNER2
• 2025-09-23 Price Changed $850 TENANTTURNER2
• 2025-08-28 Price Changed $875 TENANTTURNER2
• 2025-08-21 Listing Removed — METROMLS
• 2025-06-27 Price Changed $134,900 METROMLS
• 2025-05-01 Listed for Rent $900 TENANTTURNER2
• 2025-05-01 Listed $139,900 METROMLS
• 2025-01-22 Sold (Public Records) $129,000 Public Records
• 2024-09-30 Sold (Public Records) $77,000 Public Records
• 1978-08-01 Sold (Public Records) $25,000 Public Records

Property tax history

+0.5%/yr

Latest (2024): $1,983 · +37.4% YoY. Source: county tax records.