2902 N 44th St #2904 · Milwaukee, WI 53210

$179,000

6 bd · 4.0 ba · 3,164 sqft · MultiFamily · 16 Days on market

Built 1924 Fair condition 4,791 sqft lot Est $196k · 9% under

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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
• ARV discount +11.4/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Great investment or owner-occupant opportunity! This spacious 2/2 duplex offers solid rental income with both units rented MTM for $900 and $925. Features include updated kitchens and baths, hardwood floors, built-in cabinets, and artificial fireplaces. The finished 3rd floor adds a kitchen, bath, bedroom, and living room--ideal for combining with the upper unit for a large 3BR/2BA layout. New roof, fenced yard, and detached garage. Exterior needs some TLC. Schedule your showing today!

Key facts

• Updated baths
• Fenced yard
• Finished 3rd floor

Tags

• UPDATED KITCHENS
• UPDATED BATHS
• HARDWOOD FLOORS
• BUILT-IN CABINETS
• FINISHED 3RD FLOOR
• FENCED YARD

Property features AI

Exterior

• Parking: Detached 2-car garage; 1 additional parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoned RT2
• Construction: Assessor/public record year built; Less than 1/2 acre lot
• Exterior features: Aluminum/steel and vinyl exterior

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 6 bedrooms (upper level master and additional upper-level bedroom)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 2 full bathrooms and 1 half bathroom
• Interior features: Full block basement

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/2.0-bath units multifamily listed at $179k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $848 ($10k/yr) — positive. Per door: $424/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• Recommended offer: $176k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 (+3.8%/yr); 144 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,639/mo this rent would consume 66% of the median local household income ($48k/yr) (locally 1730% 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 + 3.8% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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 $95k; list at $179k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $176,315 (1.5% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1924 — 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: 1.47% ✓
• Cap rate: 11.98%
• Cash-on-cash: 20.30%
• DSCR: 1.90
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $196,168
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3002 N 40th St #3004	0.30mi	6/2.0	2,972 (-6%)	4mo	$184,900	$62	64
2844 N 50th St #2846	0.38mi	6/2.0	2,906 (-8%)	3mo	$140,000	$48	58
2423 N 44th St #2425	0.60mi	6/2.0	3,087 (-2%)	7mo	$32,000	$10	54
3035 N 40th St #3037	0.30mi	6/2.0	2,824 (-11%)	10mo	$236,000	$84	52
2445 N 50th St #2447	0.70mi	6/2.0	3,226 (+2%)	5mo	$168,000	$52	52
2854 N 47th St #2856	0.19mi	6/2.0	2,693 (-15%)	8mo	$161,000	$60	51
2646 N 50th St #2648	0.49mi	6/2.0	2,826 (-11%)	1mo	$155,000	$55	50
3028 N 39th St #3030	0.37mi	6/2.0	2,708 (-14%)	11mo	$265,000	$98	41
2519 N 41st St	0.51mi	6/2.0	2,785 (-12%)	12mo	$150,000	$54	38
2349 N 44th St #2351	0.69mi	6/2.0	2,818 (-11%)	6mo	$250,000	$89	36
2413 N 40th St	0.66mi	6/2.0	2,812 (-11%)	8mo	$185,000	$66	36
2928 N 55th St #2930	0.68mi	6/2.0	2,702 (-15%)	6mo	$250,000	$93	31

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.54×
• Total profit: $27,225
• Equity at exit: $26,689

10-year hold

• IRR: 22.9%
• Equity multiple: 3.05×
• Total profit: $102,555
• Equity at exit: $15,477

Cash invested: $50,120 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 144
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,639 high
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $848

Break-even live

Break-even rent $1,566

Max offer price $179,000

Occupancy floor 63%

Sensitivity live

Price	-10% $971	-5% $910	+0% $848	+5% $786	+10% $724
Rent	-10% $639	-5% $744	+0% $848	+5% $952	+10% $1,056
Rate	-1.0pp $938	-0.5pp $893	base $848	+0.5pp $801	+1.0pp $754

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	2	$2,640
Total (2 units)			$2,639

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $179,000 Active 16 DOM
2. 2026-06-18
   days on market $179,000 Active 13 DOM
3. 2026-06-17
   days on market $179,000 Active 12 DOM
4. 2026-06-16
   days on market $179,000 Active 11 DOM
5. 2026-06-15
   days on market $179,000 Active 10 DOM
6. 2026-06-13
   days on market $179,000 Active 8 DOM
7. 2026-06-13
   remarks 464-char remark
8. 2026-06-13
   days on market $179,000 Active 7 DOM
9. 2026-06-09
   days on market $179,000 Active 4 DOM
10. 2026-06-08
    days on market $179,000 Active 3 DOM
11. 2026-06-07
    remarks 442-char remark
12. 2026-06-07
    listed $179,000 Active 2 DOM

ⓘ 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,668
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$2,533
• − Management: −$2,533
• − Depreciation: −$5,207
• Taxable income: $7,787
• Est. tax owed @ 24.0%: −$1,869
• After-tax cash flow: $8,304/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 · 10 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate repairs and updates to its exterior and bathrooms to improve its condition and value.

Repairs flagged

• Moderate Exterior siding — Weathered and paint chipping.
• Moderate Windows — Old and possibly drafty.
• Minor Bathroom fixtures — Dated and could be replaced for a modern look.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value.
• Both Replace windows — Improves energy efficiency and aesthetics.
• Rental Update bathroom fixtures — Modernizes the space and attracts renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and paint chipping.	Moderate	$3,000–15,000
Windows · Old and possibly drafty.	Moderate	$3,000–15,000
Bathroom fixtures · Dated and could be replaced for a modern look.	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value. ↑
• Both Replace windows — Improves energy efficiency and aesthetics. ↑
• Rental Update bathroom fixtures — Modernizes the space and attracts renters. ↑

ⓘ 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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

+49.2% since first listed

12 events — show timeline

• 2026-06-05 Listed $179,000 METROMLS
• 2026-01-28 Listing Removed — METROMLS
• 2025-10-30 Listed $165,000 METROMLS
• 2025-04-01 Listing Removed — METROMLS
• 2025-02-21 Price Changed $189,900 METROMLS
• 2024-12-11 Listed $199,900 METROMLS
• 2023-05-02 Sold (MLS) $95,000 METROMLS
• 2023-03-09 Pending — METROMLS
• 2023-02-28 Relisted — METROMLS
• 2023-01-12 Contingent — METROMLS
• 2022-12-21 Price Changed $103,000 METROMLS
• 2022-11-30 Listed $120,000 METROMLS