2870 S Delaware Ave #2872 · Milwaukee, WI 53207

$429,000

6 bd · 2.0 ba · 2,112 sqft · MultiFamily · 6 Days on market

Built 1909 3,484 sqft lot Est $418k · at est.

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Why this score? — see what drove the D 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 +17.1/30.0
• ARV discount +6.3/15.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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

Located just a few blocks from the lake in highly desirable Bayview location! Charming duplex boasts natural woodwork and maple hardwood floors. Updated kitchens with all appliances included. Remodeled baths with ceramic tile. Formal dining room with bulit-in china cabinet in each unit. Many updates including newer windows, updated mechanicals, newer roof, updated electrical services, and new central air conditioning for both units. Back yard features rear deck, patio, and off-street parking. Make an offer and make your move to Bayview!

Key facts

• Bayview duplex
• Vented stove
• Stainless appliances

Tags

• BAYVIEW DUPLEX
• COMPLETELY RENOVATED
• STAINLESS APPLIANCES
• DISHWASHER
• WINE FRIDGE
• VENTED STOVE

Property features AI

Finance

• Other: Zoning: RT4; Lot size less than 1/2 acre (approx. 0.08 acre); Includes 2 stoves, 2 refrigerators, 2 dishwashers; Tenant and sellers' personal property excluded

Exterior

• Parking: One parking space
• Utilities: Municipal water; Municipal sewer; Two electric meters; Two gas meters
• Home design: 2-story duplex; Multi-family property; Estimated size range: 1,001–1,250 sq. ft. per unit
• Construction: Aluminum exterior siding; Year built information from assessor/public record
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 1: Kitchen; Unit 2: Upper-level kitchen
• 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: Two washers and two dryers included (one set per unit)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $429k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive. Per door: $120/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $413k (3.8% below list).
• Recommended offer: $413k (3.8% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+2.4%/yr); 86 active listings in the ZIP; solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $4,126/mo this rent would consume 63% of the median local household income ($79k/yr) (locally 821% 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 $3k of loan paydown is wiped out by about $13k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 14y 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 $255k; list at $429k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $412,600 (3.8% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.96% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $418,176
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3002 S Kinnickinnic Ave	0.13mi	5/2.0 (-1)	2,138 (+1%)	2mo	$270,000	$126	86
2860 S Delaware Ave #2862	0.02mi	5/2.0 (-1)	2,112 (0%)	16mo	$400,000	$189	81
1817 E Rusk Ave #1819	0.21mi	5/2.0 (-1)	2,185 (+4%)	8mo	$415,000	$190	73
3136 S Pennsylvania Ave	0.41mi	6/2.0	2,049 (-3%)	15mo	$412,000	$201	64
1917 E Hillcrest Ave #1919	0.38mi	6/2.0	2,219 (+5%)	13mo	$440,000	$198	63
2506 S Delaware Ave #2508	0.55mi	5/2.0 (-1)	2,112 (0%)	9mo	$515,000	$244	62
2804 S Logan Ave #2806	0.65mi	6/2.0	2,304 (+9%)	1mo	$456,000	$198	54
1028 E Potter Ave Unit 1028A	0.74mi	7/2.0 (+1)	2,177 (+3%)	8mo	$385,000	$177	49
3423 S Kinnickinnic Ave	0.70mi	5/2.0 (-1)	2,258 (+7%)	13mo	$415,000	$184	40
2427 S Wentworth Ave	0.71mi	5/2.0 (-1)	1,872 (-11%)	10mo	$443,900	$237	35

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 · 2.39% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.53×
• Total profit: $-56,698
• Equity at exit: $63,965

10-year hold

• IRR: -5.2%
• Equity multiple: 0.67×
• Total profit: $-39,559
• Equity at exit: $37,092

Cash invested: $120,120 (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 53207

• Rents YoY: 2.4%
• Active inventory: 86
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $4,126 high
• Mortgage (P&I): −$2,250
• Tax est. 1.5%: −$536 /mo · $6,435/yr
• Insurance: −$179
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$866
• Net cashflow: $239

Break-even live

Break-even rent $3,823

Max offer price $429,000

Occupancy floor 89%

Sensitivity live

Price	-10% $536	-5% $388	+0% $239	+5% $91	+10% $-57
Rent	-10% $-87	-5% $76	+0% $239	+5% $402	+10% $565
Rate	-1.0pp $455	-0.5pp $348	base $239	+0.5pp $128	+1.0pp $15

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,126
Total (2 units)			$4,126

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-18
   listed $429,000 Active
2. 2018-06-27
   soldstatus $255,000 Sold 542-char remark

   Show marketing remark (542 chars)

   Located just a few blocks from the lake in highly desirable Bayview location! Charming duplex boasts natural woodwork and maple hardwood floors. Updated kitchens with all appliances included. Remodeled baths with ceramic tile. Formal dining room with bulit-in china cabinet in each unit. Many updates including newer windows, updated mechanicals, newer roof, updated electrical services, and new central air conditioning for both units. Back yard features rear deck, patio, and off-street parking. Make an offer and make your move to Bayview!

3. 2018-05-30
   historical Contingent 542-char remark

   Show marketing remark (542 chars)

   Located just a few blocks from the lake in highly desirable Bayview location! Charming duplex boasts natural woodwork and maple hardwood floors. Updated kitchens with all appliances included. Remodeled baths with ceramic tile. Formal dining room with bulit-in china cabinet in each unit. Many updates including newer windows, updated mechanicals, newer roof, updated electrical services, and new central air conditioning for both units. Back yard features rear deck, patio, and off-street parking. Make an offer and make your move to Bayview!

4. 2018-05-15
   listed $249,900 Active 542-char remark

   Show marketing remark (542 chars)

   Located just a few blocks from the lake in highly desirable Bayview location! Charming duplex boasts natural woodwork and maple hardwood floors. Updated kitchens with all appliances included. Remodeled baths with ceramic tile. Formal dining room with bulit-in china cabinet in each unit. Many updates including newer windows, updated mechanicals, newer roof, updated electrical services, and new central air conditioning for both units. Back yard features rear deck, patio, and off-street parking. Make an offer and make your move to Bayview!

5. 2012-10-10
   historical 337-char remark

   Show marketing remark (337 chars)

   2 and 2 deplex with an excellent location just 2 blocks from the lake. Go to the farmers market and see south shore fire works from your back yard. This property is well maintained. New HGT, windows, roof (tear off), elect, ext doors, baths and kit and more. refinished hardwood floors. Rear deck and porches. Asphalt parking for 4 cars.

6. 2012-10-10
   listed $224,900 337-char remark

   Show marketing remark (337 chars)

   2 and 2 deplex with an excellent location just 2 blocks from the lake. Go to the farmers market and see south shore fire works from your back yard. This property is well maintained. New HGT, windows, roof (tear off), elect, ext doors, baths and kit and more. refinished hardwood floors. Rear deck and porches. Asphalt parking for 4 cars.

7. 2012-10-09
   listed $194,900
8. 2012-10-09
   historical

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,512
• − Mortgage interest: −$24,031
• − Property taxes: −$6,435
• − Insurance: −$2,812
• − Repairs & maintenance: −$3,961
• − Management: −$3,961
• − Depreciation: −$12,480
• Taxable loss: −$4,167
• Est. tax savings @ 24.0%: +$1,000
• After-tax cash flow: $3,871/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): 34,313
• Household income: $79,117
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 821.0

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 White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 10% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 5%
• Common ancestry: Romanian 15% Portuguese 4% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 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: ▼ -261.93%
• Current HPI: 324.5284
• Rent YoY: ▲ 2.39%
• 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

+120.1% since first listed

8 events — show timeline

• 2026-05-18 Listed $429,000 METROMLS
• 2018-06-27 Sold (MLS) $255,000 METROMLS
• 2018-05-30 Contingent — METROMLS
• 2018-05-15 Listed $249,900 METROMLS
• 2012-10-10 Listed $224,900 METROMLS
• 2012-10-10 Listing Removed — METROMLS
• 2012-10-09 Listing Removed — METROMLS
• 2012-10-09 Listed $194,900 METROMLS