2850 N 28th St · Milwaukee, WI 53210

$110,000

4 bd · 2.0 ba · 1,780 sqft · MultiFamily public records · 35 Days on market

Built 1902 1,742 sqft lot $62/sqft · 34% above area Est $82k · 34% over ↓ 15% 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
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

Great investment opportunity in Milwaukee! This duplex offers strong income potential with a lower unit currently occupied and generating $1,500/month, while the upper unit is vacant and ready for your updates or new tenant. Property does need some work, making it a perfect value-add opportunity for investors looking to build equity and increase cash flow. Ideal for adding to your rental portfolio or for an owner-occupant looking to offset their mortgage. Schedule your showing today!

Key facts

• 1,742 sq ft lot
• 2 garage spots
• Built 1902

Property features AI

Finance

• Other: Two residential units

Exterior

• Parking: Detached 2-car garage; Total of 2 garage parking spaces
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoning: RT4
• Construction: Construction materials: vinyl and wood
• Exterior features: Vinyl and wood exterior; Lot less than 1/2 acre

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master on upper level)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath, 1 half bath
• Interior features: Full basement; Duplex (2 units)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $890 ($11k/yr) — positive. Per door: $445/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.0% 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 (+3.8%/yr); 142 active listings in the ZIP; 15 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 $2,123/mo this rent would consume 53% of the median local household income ($48k/yr) (locally 1730% 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 $761 of loan paydown is wiped out by about $3k 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 + 3.8% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1902 — 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: 1.93% ✓
• Cap rate: 16.00%
• Cash-on-cash: 34.66%
• DSCR: 2.54
• GRM: 4.3

CMA / ARV

• ARV (median comp): $82,028
• List price: $110,000
• Delta: 34.10%
• 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
2972 N 28th St	0.16mi	4/2.0	1,757 (-1%)	0mo	$141,806	$81	90
2847 N 26th St	0.10mi	4/2.0	1,863 (+5%)	2mo	$70,000	$38	86
2873 N 34th St #2875	0.41mi	4/2.0	1,888 (+6%)	1mo	$108,500	$57	70
3260 N 34th St Unit 3260A	0.64mi	4/2.0	1,776 (-0%)	2mo	$86,000	$48	68
2638 N 22nd St	0.51mi	4/2.0	1,687 (-5%)	3mo	$55,000	$33	65
3233 W Auer Ave	0.53mi	4/2.0	1,657 (-7%)	1mo	$78,500	$47	63
2760 N 35th St Unit 2760A	0.46mi	5/2.0 (+1)	1,897 (+7%)	2mo	$107,500	$57	61
2848 N 19th St	0.60mi	4/2.0	1,650 (-7%)	3mo	$60,000	$36	57
3218 N 26th St	0.48mi	4/2.0	1,986 (+12%)	3mo	$165,000	$83	56
2616 N 38th St	0.70mi	4/2.0	1,887 (+6%)	2mo	$117,500	$62	56
3220 N 24th Pl Unit 3220A	0.53mi	3/2.0 (-1)	1,626 (-9%)	1mo	$65,000	$40	55
2400 N 35th St #2402	0.73mi	5/2.0 (+1)	1,994 (+12%)	1mo	$65,000	$33	40

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 2.32×
• Total profit: $40,657
• Equity at exit: $16,401

10-year hold

• IRR: 38.8%
• Equity multiple: 4.76×
• Total profit: $115,937
• Equity at exit: $9,511

Cash invested: $30,800 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,123 high
• Mortgage (P&I): −$577
• Tax from tax record: −$165 /mo · $1,977/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $890

Break-even live

Break-even rent $997

Max offer price $110,000

Occupancy floor 53%

Sensitivity live

Price	-10% $952	-5% $921	+0% $890	+5% $859	+10% $827
Rent	-10% $722	-5% $806	+0% $890	+5% $974	+10% $1,057
Rate	-1.0pp $945	-0.5pp $918	base $890	+0.5pp $861	+1.0pp $832

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$2,124
Total (2 units)			$2,123

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	0.08mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.36mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	0.46mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.54mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	0.58mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	0.93mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	0.94mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.96mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	1.08mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.12mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	1.21mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.34mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.35mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	1.47mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	44d	1	1.50mi

Listing history 17 events

1. 2026-06-18
   days on market $110,000 Active 35 DOM
2. 2026-06-17
   days on market $110,000 Active 34 DOM
3. 2026-06-16
   days on market $110,000 Active 33 DOM
4. 2026-06-15
   days on market $110,000 Active 32 DOM
5. 2026-06-13
   days on market $110,000 Active 30 DOM
6. 2026-06-13
   pricedays on market $110,000 Active 29 DOM
7. 2026-06-09
   days on market $120,000 Active 26 DOM
8. 2026-06-08
   days on market $120,000 Active 25 DOM
9. 2026-06-07
   days on market $120,000 Active 24 DOM
10. 2026-06-05
    days on market $120,000 Active 21 DOM
11. 2026-06-03
    days on market $120,000 Active 20 DOM
12. 2026-06-02
    days on market $120,000 Active 19 DOM
13. 2026-06-02
    price $120,000 Active 18 DOM
14. 2026-06-01
    days on market $130,000 Active 18 DOM
15. 2026-05-31
    days on market $130,000 Active 17 DOM
16. 2026-05-12
    status Pending 488-char remark
17. 2026-05-02
    listed $130,000 Active 488-char remark

ⓘ 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: $1,977 · $165/mo
• Projected year-2 tax: $2,006 · $167/mo
• Expected delta: +$29/yr (+$2/mo · 1.5%)

ⓘ 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: $25,476
• − Mortgage interest: −$6,162
• − Property taxes: −$1,977
• − Insurance: −$550
• − Repairs & maintenance: −$2,038
• − Management: −$2,038
• − Depreciation: −$3,200
• Taxable income: $9,511
• Est. tax owed @ 24.0%: −$2,283
• After-tax cash flow: $8,394/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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% 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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

-15.4% since first listed

5 events — show timeline

• 2026-06-12 Price Changed $110,000 METROMLS
• 2026-06-01 Price Changed $120,000 METROMLS
• 2026-05-21 Relisted — METROMLS
• 2026-05-12 Pending — METROMLS
• 2026-05-02 Listed $130,000 METROMLS

Property tax history

+4.7%/yr

Latest (2024): $1,977 · +174.5% YoY. Source: county tax records.