1700 N 28th St #1702 · Milwaukee, WI 53208

$174,000

6 bd · 2.0 ba · 2,248 sqft · MultiFamily · 45 Days on market

Built 1907 Good condition 2,613 sqft lot $77/sqft · 93% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 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

Add this great duplex to your investment portfolio. Both units are currently vacant. Features include 3 bedrooms, 1 full bath in each unit. This one won't last long!

Key facts

• 2,613 sq ft lot
• Built 1907
• Listed 45 days

Property features AI

Finance

• Other: Property acreage less than 1/2 acre (approx. 0.06 acre)

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Duplex, 2-story multi-family property; Zoning: RT4
• Construction: Assessor/public record lists year built (not specified)
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 2 kitchen located on upper level
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master and other bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $174k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $726 ($9k/yr) — positive. Per door: $363/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Recommended offer: $169k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,441/mo this rent would consume 56% 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 $5k 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 $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago 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.
• Current owner paid $84k; list at $174k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $168,780 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1907 — 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: 1.40% ✓
• Cap rate: 11.30%
• Cash-on-cash: 17.88%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $90,000
• List price: $174,000
• Delta: 93.33%
• 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
1649 N 29th St #1651	0.09mi	6/2.0	2,382 (+6%)	6mo	$47,000	$20	81
1302 N 26th St #1304	0.40mi	6/2.0	2,318 (+3%)	0mo	$210,900	$91	76
2622 W Vine St #2624	0.17mi	6/2.0	2,459 (+9%)	4mo	$180,000	$73	73
1800 N 36th St	0.50mi	6/2.0	2,320 (+3%)	1mo	$147,700	$64	70
1922 N 27th St #1924	0.19mi	5/2.0 (-1)	2,454 (+9%)	4mo	$90,000	$37	67
3127 W Garfield Ave #3129	0.49mi	5/2.0 (-1)	2,332 (+4%)	0mo	$130,000	$56	66
1420 N 37th St	0.60mi	6/2.0	2,193 (-2%)	9mo	$282,000	$129	61
1440 N 28th St	0.23mi	5/2.0 (-1)	1,982 (-12%)	5mo	$95,000	$48	60
1800 N 36th St #1802	0.50mi	5/2.0 (-1)	2,320 (+3%)	8mo	$45,000	$19	59
2201 N 33rd St	0.56mi	6/2.0	2,446 (+9%)	3mo	$186,300	$76	57
1932 W Brown St #1934	0.62mi	5/2.0 (-1)	2,448 (+9%)	2mo	$120,000	$49	50
2137 N 31st St	0.45mi	5/2.0 (-1)	1,919 (-15%)	1mo	$138,500	$72	49

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: 14.9%
• Equity multiple: 1.64×
• Total profit: $30,975
• Equity at exit: $25,944

10-year hold

• IRR: 27.2%
• Equity multiple: 3.98×
• Total profit: $145,370
• Equity at exit: $15,044

Cash invested: $48,720 (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: 11.9×

Monthly cashflow live

• Estimated rent: $2,441 high
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $726

Break-even live

Break-even rent $1,522

Max offer price $174,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,440
Total (2 units)			$2,441

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.70mi
2028 W Michigan St Milwaukee, WI	6.0	2.0	2005	$2,450	$1.22	10d	1	1.17mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	1.25mi

Listing history 25 events

1. 2026-06-18
   days on market $174,000 Active 45 DOM
2. 2026-06-17
   days on market $174,000 Active 44 DOM
3. 2026-06-16
   days on market $174,000 Active 43 DOM
4. 2026-06-15
   days on market $174,000 Active 42 DOM
5. 2026-06-13
   days on market $174,000 Active 40 DOM
6. 2026-06-13
   days on market $174,000 Active 39 DOM
7. 2026-06-09
   days on market $174,000 Active 36 DOM
8. 2026-06-08
   days on market $174,000 Active 35 DOM
9. 2026-06-07
   days on market $174,000 Active 34 DOM
10. 2026-06-05
    days on market $174,000 Active 31 DOM
11. 2026-06-03
    days on market $174,000 Active 30 DOM
12. 2026-06-02
    days on market $174,000 Active 29 DOM
13. 2026-06-01
    days on market $174,000 Active 28 DOM
14. 2026-05-31
    days on market $174,000 Active 27 DOM
15. 2026-05-04
    listed $179,000 Active 536-char remark
16. 2024-03-01
    soldstatus $83,600 Sold 165-char remark

    Show marketing remark (165 chars)

    Add this great duplex to your investment portfolio. Both units are currently vacant. Features include 3 bedrooms, 1 full bath in each unit. This one won't last long!

17. 2024-01-05
    historical Contingent 165-char remark

    Show marketing remark (165 chars)

    Add this great duplex to your investment portfolio. Both units are currently vacant. Features include 3 bedrooms, 1 full bath in each unit. This one won't last long!

18. 2024-01-01
    listed $91,900 Active 165-char remark

    Show marketing remark (165 chars)

    Add this great duplex to your investment portfolio. Both units are currently vacant. Features include 3 bedrooms, 1 full bath in each unit. This one won't last long!

19. 2023-12-10
    historical

    Show marketing remark (205 chars)

    Add this great duplex to your investment portfolio. One unit rented, while the other awaits a new tenant or owner occupancy. Features include 3 bedrooms, 1 full bath in each unit. This one won't last long.

20. 2023-12-06
    listed $91,900 Active

    Show marketing remark (205 chars)

    Add this great duplex to your investment portfolio. One unit rented, while the other awaits a new tenant or owner occupancy. Features include 3 bedrooms, 1 full bath in each unit. This one won't last long.

21. 2018-11-23
    soldstatus $37,000 Sold
22. 2018-10-18
    status Pending
23. 2018-09-24
    price $43,000
24. 2018-09-06
    price $48,000
25. 2018-06-27
    listed $52,000 Active

ⓘ 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: $29,292
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$870
• − Repairs & maintenance: −$2,343
• − Management: −$2,343
• − Depreciation: −$5,062
• Taxable income: $6,317
• Est. tax owed @ 24.0%: −$1,516
• After-tax cash flow: $7,195/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 well-maintained, investor-ready duplex offers stable tenancy and low maintenance appeal, with potential for cosmetic updates to enhance its resale and rental value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace carpet — improves comfort and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace carpet — improves comfort and rental appeal ↑

ⓘ 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

+234.6% since first listed

12 events — show timeline

• 2026-05-28 Price Changed $174,000 METROMLS
• 2026-05-04 Listed $179,000 METROMLS
• 2024-03-01 Sold (MLS) $83,600 METROMLS
• 2024-01-05 Contingent — METROMLS
• 2024-01-01 Listed $91,900 METROMLS
• 2023-12-10 Listing Removed — METROMLS
• 2023-12-06 Listed $91,900 METROMLS
• 2018-11-23 Sold (MLS) $37,000 METROMLS
• 2018-10-18 Pending — METROMLS
• 2018-09-24 Price Changed $43,000 METROMLS
• 2018-09-06 Price Changed $48,000 METROMLS
• 2018-06-27 Listed $52,000 METROMLS