Heat milk in Microwave or over stove until warm (not too hot - ideally between 130°-140°). Add the warm water, butter, and yeast and stir to combine.
In the bowl of a mixer, combine flour, sugar, and salt. Add the milk mixture and the egg and stir until well blended (will be a sticky dough).
Cover the dough and let rise in a warm place until doubled in bulk (about 1 hour).
Once doubled, spread evenly in a 9x9 inch pan. Arrange peach slices on top of dough evenly.
For the topping, stir together flour, sugar, and cinnamon. Add in butter and use your hands or a pastry cutter to combine until crumbly mixture forms. Spread the topping over the peaches evenly.
Let rise in a warm place for about 40 minutes.
Bake in a 350° oven for 35 minutes.