813 S Shea Ave · Milwaukee, WI 53215

$320,000

None bd · None ba · — sqft · MultiFamily · 67 Days on market

Built 1918 Fair condition 6,969 sqft lot

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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 +28.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• 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: 4 units. confirmed

Listing remarks MLS

Solid 4-unit investment opportunity on Milwaukee's South Side! Fully rented with three units leased at $850 per month and one unit at $700, generating $3,250 in monthly gross income and $39,000 annually. This income-producing property offers spacious units with functional layouts, large living areas, hardwood floors in select rooms, painted interiors in select spaces, and a full basement with storage and laundry area. Detached 4-car garage structure adds additional value and future potential. While the property could benefit from cosmetic TLS and continued improvements, it offers as strong rental setup for investors seeking immediate income with upside through future updates and rent growth. Conveniently located near shopping, schools, parks, public transportation, and everyday amenities.

Key facts

• Full basement
• Fully rented
• Large living areas

Tags

• 4 UNIT INVESTMENT OPPORTUNITY
• FULLY RENTED
• SPACIOUS UNITS
• LARGE LIVING AREAS
• HARDWOOD FLOORS
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $320k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $267/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $301k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+5.0%/yr); 57 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); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $4,149/mo this rent would consume 92% of the median local household income ($54k/yr) (locally 2283% 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 $2k of loan paydown is wiped out by about $10k 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 + 5.0% rent growth), your $90k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($301k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $300,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.30% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.28%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $187,544
• List price: $320,000
• Delta: 70.63%
• 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
807 S 29th St #809	0.26mi	4/2.0	2,285	1mo	$218,000	$95	75
1128 S 35th St #1130	0.23mi	4/2.0	2,326	3mo	$175,000	$75	74
3612 W Scott St	0.29mi	6/2.0	1,916	2mo	$168,000	$88	72
1326 S 36th St	0.40mi	6/2.0	2,914	1mo	$245,000	$84	68
3914 W Scott St #3916	0.43mi	4/2.0	1,872	1mo	$290,000	$155	66
743 S 25th St Unit 743A	0.53mi	6/3.0	3,498	2mo	$278,600	$80	61
3109 W Lapham St #3113	0.60mi	6/2.0	2,300	1mo	$248,000	$108	59
743 S 24th St	0.60mi	—/—	2,326	1mo	$222,500	$96	59
2421 W Scott St #2423	0.62mi	—/—	3,396	2mo	$252,500	$74	57
747 S 23rd St	0.67mi	—/—	2,288	1mo	$160,100	$70	56
2417 W Greenfield Ave #2419	0.70mi	—/—	2,524	1mo	$100,100	$40	54
2413 W Orchard St	0.74mi	2/2.0	1,758	2mo	$55,000	$31	51

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 · 5.02% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.28×
• Total profit: $24,722
• Equity at exit: $47,713

10-year hold

• IRR: 18.0%
• Equity multiple: 2.63×
• Total profit: $146,016
• Equity at exit: $27,668

Cash invested: $89,600 (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 53215

• Home prices YoY: -13.6%
• Rents YoY: 5.0%
• Active inventory: 57
• Price-to-rent: 25.7×

Monthly cashflow live

• Estimated rent: $4,149 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,800/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$871
• Net cashflow: $1,066

Break-even live

Break-even rent $2,799

Max offer price $320,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,287	-5% $1,177	+0% $1,066	+5% $956	+10% $845
Rent	-10% $738	-5% $902	+0% $1,066	+5% $1,230	+10% $1,394
Rate	-1.0pp $1,227	-0.5pp $1,148	base $1,066	+0.5pp $983	+1.0pp $899

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,148
Total (4 units)			$4,149

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
926 S 35th St Milwaukee, WI	3.0	1.5	—	$1,795	—	15d	1	0.10mi
3124 W National Ave Unit 3124-4 Milwaukee, WI	1.0	1.0	—	$999	—	2d	1	0.13mi
3124 W National Ave Unit 3124-6 Milwaukee, WI	2.0	1.0	900	$1,199	$1.33	22d	1	0.13mi
3124 W National Ave Unit 3124-2 Milwaukee, WI	2.0	1.0	900	$1,199	$1.33	44d	1	0.13mi
3124 W National Ave Unit 3124-12 Milwaukee, WI	1.0	1.0	—	$999	—	44d	1	0.13mi
3030 W Pierce St Apt 2 Milwaukee, WI	1.0	1.0	500	$650	$1.30	44d	1	0.23mi
3032 W Pierce St Apt 3 Milwaukee, WI	1.0	1.0	500	$600	$1.20	15d	1	0.24mi
2925 W Greenfield Ave Unit 5929A Milwaukee, WI	2.0	1.0	1200	$1,350	$1.12	2d	1	0.44mi
754 S Layton Blvd Apt 203 Milwaukee, WI	1.0	1.0	—	$750	—	16d	1	0.44mi
746 S Layton Blvd Unit 208 Milwaukee, WI	1.0	1.0	800	$750	$0.94	17d	1	0.44mi
746 S Layton Blvd Unit 208 Milwaukee, WI	1.0	1.0	—	$750	—	44d	1	0.44mi
2621 W Pierce St Milwaukee, WI	1.0	1.0	—	$800	—	5d	1	0.47mi
2621 W Pierce St Unit 1 Milwaukee, WI	1.0	1.0	—	$900	—	13d	1	0.47mi
2621 W Pierce St Milwaukee, WI	2.0	1.0	—	$1,350	—	17d	1	0.47mi
2621 W Pierce St Milwaukee, WI	1.0	1.0	—	$900	—	44d	1	0.47mi
733 S 26th St Unit 1 Milwaukee, WI	1.0	1.0	276	$900	$3.26	24d	1	0.48mi
902 S 25th St Unit 12 Milwaukee, WI	1.0	1.0	—	$425	—	22d	1	0.57mi
1143 S 25th St #1 Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	44d	1	0.57mi
2424 W Greenfield Ave Unit 1 Milwaukee, WI	1.0	1.0	600	$795	$1.32	24d	1	0.67mi
1119 S Westchester St Milwaukee, WI	2.0	2.0	950	$1,500	$1.58	2d	3	0.72mi
823 S 22nd St Apt 4 Milwaukee, WI	1.0	1.0	648	$800	$1.23	24d	1	0.75mi
823 S 22nd St Apt 1 Milwaukee, WI	1.0	1.0	648	$800	$1.23	24d	1	0.75mi
1805 S 37th St Unit 208 Milwaukee, WI	1.0	1.0	—	$850	—	5d	1	0.80mi
1815 S 37th St Unit 203 Milwaukee, WI	1.0	1.0	—	$850	—	17d	1	0.81mi
2100 W National Ave Unit 4 Milwaukee, WI	2.0	1.0	900	$1,225	$1.36	24d	1	0.83mi
1747 S 25th St Apt 4 Milwaukee, WI	2.0	1.0	646	$895	$1.39	44d	1	0.91mi
2030 W Greenfield Ave Milwaukee, WI	1.0	1.0	217	$850	$3.92	44d	1	0.92mi
2012 W Greenfield Ave Milwaukee, WI	1.0	1.0	—	$750	—	11d	1	0.94mi
2818 W Saint Paul Ave Milwaukee, WI	3.0	1.5	—	$1,495	—	44d	1	0.95mi
837 S 19th St Unit 2 Milwaukee, WI	1.0	1.0	150	$500	$3.33	24d	1	0.96mi
837 S 19th St Unit 8 Milwaukee, WI	1.0	1.0	—	$450	—	17d	1	0.96mi
1824 Miller Park Way Unit 1824 West Milwaukee, WI	2.0	2.0	—	$1,380	—	24d	1	0.97mi
1930 S 26th St Milwaukee, WI	3.0	1.0	—	$1,500	—	24d	1	0.98mi
417 N 39th St Unit 6 Milwaukee, WI	2.0	1.0	750	$1,095	$1.46	44d	1	0.98mi
502-504 N 32nd St Unit 1 Left Lower Milwaukee, WI	2.0	1.0	750	$875	$1.17	17d	1	1.00mi
1907 Miller Park Way Unit 1907 West Milwaukee, WI	2.0	1.0	—	$1,220	—	24d	1	1.04mi
1710 W Mineral St Unit 1712A Milwaukee, WI	1.0	1.0	—	$925	—	24d	1	1.08mi
1710 W Mineral St Unit 1710 Milwaukee, WI	1.0	1.0	—	$925	—	44d	1	1.08mi
1712A W Mineral St Milwaukee, WI	1.0	1.0	—	$925	—	24d	1	1.08mi
1574 S Union St Unit 2 Milwaukee, WI	3.0	1.0	—	$1,250	—	20d	1	1.10mi

Listing history 14 events

1. 2026-06-16
   statusdays on market $320,000 Pending 67 DOM
2. 2026-06-15
   days on market $320,000 Active 66 DOM
3. 2026-06-13
   days on market $320,000 Active 64 DOM
4. 2026-06-13
   days on market $320,000 Active 63 DOM
5. 2026-06-09
   days on market $320,000 Active 60 DOM
6. 2026-06-08
   days on market $320,000 Active 59 DOM
7. 2026-06-07
   days on market $320,000 Active 58 DOM
8. 2026-06-05
   days on market $320,000 Active 55 DOM
9. 2026-06-03
   days on market $320,000 Active 54 DOM
10. 2026-06-02
    days on market $320,000 Active 53 DOM
11. 2026-06-01
    days on market $320,000 Active 52 DOM
12. 2026-05-31
    days on market $320,000 Active 51 DOM
13. 2026-04-14
    price $320,000 799-char remark

    Show marketing remark (799 chars)

    Solid 4-unit investment opportunity on Milwaukee's South Side! Fully rented with three units leased at $850 per month and one unit at $700, generating $3,250 in monthly gross income and $39,000 annually. This income-producing property offers spacious units with functional layouts, large living areas, hardwood floors in select rooms, painted interiors in select spaces, and a full basement with storage and laundry area. Detached 4-car garage structure adds additional value and future potential. While the property could benefit from cosmetic TLS and continued improvements, it offers as strong rental setup for investors seeking immediate income with upside through future updates and rent growth. Conveniently located near shopping, schools, parks, public transportation, and everyday amenities.

14. 2026-04-10
    listed $295,000 Active 799-char remark

    Show marketing remark (799 chars)

    Solid 4-unit investment opportunity on Milwaukee's South Side! Fully rented with three units leased at $850 per month and one unit at $700, generating $3,250 in monthly gross income and $39,000 annually. This income-producing property offers spacious units with functional layouts, large living areas, hardwood floors in select rooms, painted interiors in select spaces, and a full basement with storage and laundry area. Detached 4-car garage structure adds additional value and future potential. While the property could benefit from cosmetic TLS and continued improvements, it offers as strong rental setup for investors seeking immediate income with upside through future updates and rent growth. Conveniently located near shopping, schools, parks, public transportation, and everyday amenities.

ⓘ 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 ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,788
• − Mortgage interest: −$17,925
• − Property taxes: −$4,800
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,983
• − Management: −$3,983
• − Depreciation: −$9,309
• Taxable income: $8,188
• Est. tax owed @ 24.0%: −$1,965
• After-tax cash flow: $10,830/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

Fair 45/100 Moderate rehab

This 4-unit investment property requires moderate rehabilitation, focusing on repairs to the kitchen and exterior, as well as routine maintenance. Upgrades to the exterior and landscaping will significantly enhance its curb appeal and rental value.

Repairs flagged

• Major Exposed pipes and unfinished electrical wiring in kitchen — Safety hazard and potential water damage
• Minor Painted walls in need of touch-up — Aesthetic improvement

Value-add opportunities

• Both Painting exterior — Enhances curb appeal and resale value
• Both Landscaping overgrown vegetation — Improves curb appeal and rental value
• Both Fixing exposed pipes and unfinished electrical wiring — Ensures safety and prevents potential water damage

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed pipes and unfinished electrical wiring in kitchen · Safety hazard and potential water damage	Major	$15,000–50,000
Painted walls in need of touch-up · Aesthetic improvement	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Painting exterior — Enhances curb appeal and resale value ↑
• Both Landscaping overgrown vegetation — Improves curb appeal and rental value ↑
• Both Fixing exposed pipes and unfinished electrical wiring — Ensures safety and prevents potential water damage ↑

ⓘ 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): 58,146
• Household income: $54,289
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 2283.0

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 Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 34% White 18% Asian 6% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 52% Puerto Rican 12%
• Common ancestry: Romanian 6% Portuguese 1%
• Foreign-born: 31% · Canada, Philippines, Jamaica
• Languages at home: 35% English-only · Spanish 59% Other Asian/Pacific 3% Other Indo-European 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: ▼ -52.55%
• Current HPI: 332.891
• Rent YoY: ▲ 5.02%
• 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

+8.5% since first listed

2 events — show timeline

• 2026-04-14 Price Changed $320,000 METROMLS
• 2026-04-10 Listed $295,000 METROMLS