2817 N 12th St · Milwaukee, WI 53206

$115,000

4 bd · 2.0 ba · 2,022 sqft · MultiFamily public records · 140 Days on market

Built 1901 3,920 sqft lot Est $103k · 12% over

---

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
• Appreciation +10.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Fantastic opportunity to own a spacious upper/lower duplex in the highly sought-after North Division-Lindsay Heights neighborhood, centrally located in the heart of Milwaukee. Both units feature updated kitchens with newer cabinetry, countertops, and flooring, along with updated furnaces and water heaters. Newer windows have been installed throughout the property, adding value and efficiency. The property is in the final stages of renovation, making it an excellent opportunity for an investor looking to add to their portfolio or an owner-occupant seeking rental income potential while customizing the finishing touches to their own style and vision. Bring your ideas and make this property you

Key facts

• Upper lower duplex
• Newer windows
• Updated kitchens

Tags

• UPPER LOWER DUPLEX
• UPDATED KITCHENS
• NEWER WINDOWS
• FINAL STAGES OF RENOVATION

Property features AI

Finance

• Other: Two units total; Appliances are tenant owned
• Financial info: Property type: Multi-Family

Exterior

• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: Two-story duplex; Multi-family property
• Construction: Year built: assessor/public record
• Exterior features: Other exterior; Lot under 1/2 acre (approximately 0.09 acre); Zoned RT4

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 10 x 11)
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master on upper level, approx. 12 x 12)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $946 ($11k/yr) — positive. Per door: $473/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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+, 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.
• Zoned schools: Hopkins Lloyd Community School (math 10% / reading 10%, grade F, #934 of 1,041 statewide, top 91%, 135 students, 97% FRL); North Division High (math 10% / reading 10%, grade F, #440 of 483 statewide, top 95%, 366 students, 91% FRL) — zoned schools average 94% FRL vs 77% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.3%/yr); 150 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $115k implies a 475% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% 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 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.95% ✓
• Cap rate: 16.16%
• Cash-on-cash: 35.24%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $103,122
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3283 N 14th St #3285	0.61mi	4/2.0	2,044 (+1%)	2mo	$80,000	$39	68
3258 N 12th St #3260	0.56mi	4/2.0	2,086 (+3%)	3mo	$51,000	$24	66
2555 N 16th St	0.43mi	4/2.0	1,898 (-6%)	5mo	$95,999	$51	65
2020 W Hopkins St	0.70mi	4/2.0	2,050 (+1%)	0mo	$105,000	$51	65
2477 N 6th St	0.60mi	5/2.0 (+1)	2,046 (+1%)	1mo	$111,000	$54	65
2237 N 15th St #2239	0.74mi	4/2.0	2,024 (+0%)	3mo	$95,000	$47	62
3047 N 12th St	0.29mi	4/2.0	1,774 (-12%)	6mo	$28,000	$16	61
608 W Burleigh St #610	0.53mi	4/2.0	2,174 (+8%)	3mo	$112,000	$52	60
3065 N 10th St	0.35mi	4/2.0	1,753 (-13%)	2mo	$60,000	$34	60
1304 W Ring St Unit 1304A	0.56mi	5/2.0 (+1)	1,851 (-8%)	1mo	$70,000	$38	54
3328 N 13th St #3330	0.67mi	4/2.0	2,176 (+8%)	6mo	$130,000	$60	51
3266 N 17th St	0.64mi	4/2.0	2,322 (+15%)	2mo	$185,000	$80	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 54.7%
• Equity multiple: 5.18×
• Total profit: $134,725
• Equity at exit: $103,601

10-year hold

• IRR: 50.4%
• Equity multiple: 12.76×
• Total profit: $378,773
• Equity at exit: $223,420

Cash invested: $32,200 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,237 high
• Mortgage (P&I): −$603
• Tax from tax record: −$171 /mo · $2,049/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $946

Break-even live

Break-even rent $1,040

Max offer price $115,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,236
Total (2 units)			$2,237

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2634 N Doctor M.L.K. Jr Dr Milwaukee, WI	5.0	2.5	2512	$3,700	$1.47	43d	1	0.71mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	0.79mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	23d	1	0.94mi
3420-22 N Vel R Phillips Ave Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	43d	1	0.96mi
3420 N Vel R. Phillips Ave Unit 3422 Milwaukee, WI	3.0	1.0	2756	$1,195	$0.43	43d	1	0.97mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.15mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.15mi
400 E Meinecke Ave #402 Milwaukee, WI	3.0	1.0	1700	$1,800	$1.06	16d	1	1.17mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	1.19mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.22mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	23d	1	1.24mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	43d	1	1.37mi
2012 N Buffum St Milwaukee, WI	3.0	2.5	2200	$2,695	$1.23	43d	1	1.38mi

Listing history 20 events

1. 2026-06-18
   days on market $115,000 Active 140 DOM
2. 2026-06-17
   days on market $115,000 Active 139 DOM
3. 2026-06-16
   days on market $115,000 Active 138 DOM
4. 2026-06-15
   days on market $115,000 Active 137 DOM
5. 2026-06-13
   days on market $115,000 Active 135 DOM
6. 2026-06-13
   days on market $115,000 Active 134 DOM
7. 2026-06-09
   days on market $115,000 Active 131 DOM
8. 2026-06-08
   days on market $115,000 Active 130 DOM
9. 2026-06-07
   days on market $115,000 Active 129 DOM
10. 2026-06-05
    days on market $115,000 Active 126 DOM
11. 2026-06-03
    days on market $115,000 Active 125 DOM
12. 2026-06-02
    days on market $115,000 Active 124 DOM
13. 2026-06-01
    days on market $115,000 Active 123 DOM
14. 2026-05-31
    days on market $115,000 Active 122 DOM
15. 2026-05-25
    status Active
16. 2026-04-21
    historical Contingent
17. 2026-04-11
    price $115,000
18. 2026-02-26
    price $119,000
19. 2026-01-29
    listed $130,000 Active
20. 2021-04-23
    soldstatus $20,000

ⓘ 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: $2,049 · $171/mo
• Projected year-2 tax: $2,088 · $174/mo
• Expected delta: +$39/yr (+$3/mo · 1.9%)

ⓘ 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: $26,844
• − Mortgage interest: −$6,442
• − Property taxes: −$2,049
• − Insurance: −$575
• − Repairs & maintenance: −$2,148
• − Management: −$2,148
• − Depreciation: −$3,345
• Taxable income: $10,138
• Est. tax owed @ 24.0%: −$2,433
• After-tax cash flow: $8,913/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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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 (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

+475.0% since first listed

6 events — show timeline

• 2026-05-25 Relisted — METROMLS
• 2026-04-21 Contingent — METROMLS
• 2026-04-11 Price Changed $115,000 METROMLS
• 2026-02-26 Price Changed $119,000 METROMLS
• 2026-01-29 Listed $130,000 METROMLS
• 2021-04-23 Sold (Public Records) $20,000 Public Records

Property tax history

+10.7%/yr

Latest (2024): $2,049 · -9.5% YoY. Source: county tax records.