2139 N 18th St Unit 2139A/2141 · Milwaukee, WI 53205

$214,999

None bd · None ba · 3,820 sqft · MultiFamily · 46 Days on market

Built 1897 Fair condition 3,920 sqft lot $56/sqft · 150% above area ↓ 12% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

Key facts

• Separate mechanicals
• In-unit laundry
• Separately metered

Tags

• IN-UNIT LAUNDRY
• NEXT DOOR TO RESTAURANTS
• SEPARATELY METERED
• SEPARATE MECHANICALS

Property features AI

Finance

• Other: Building contains 3 units; Inclusions vary by unit; appliances provided differently for each unit

Exterior

• Parking: Outdoor parking spaces; On-site parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Apartment building; 3–4 stories; Zoned RT4
• Construction: Brick/Stone construction; Brick construction
• Exterior features: Brick exterior; Lot under 1/2 acre

Interior

• Kitchen: Stoves included for all units; Refrigerators included for 2nd and 3rd floor units; 1st floor fridge not included; Microwave included in 2nd floor unit; Dishwasher included in 2nd floor unit
• Heating & cooling: Individual heating units
• Interior features: Full basement; Three-unit building
• Laundry & utility: Washer and dryer included for 2nd and 1st floor units (seller owned on some appliances); Washer and dryer included for 3rd floor unit; Seller-owned water heater

What this means for you Summary

Snapshot

• This is a multifamily listed at $215k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.8% 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: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $4,038/mo this rent would consume 154% of the median local household income ($32k/yr) (locally 636% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $60k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $208,549 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.88% ✓
• Cap rate: 15.80%
• Cash-on-cash: 33.97%
• DSCR: 2.51
• GRM: 4.4

CMA / ARV

• ARV (median comp): $86,102
• List price: $214,999
• Delta: 149.70%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2334 N 9th St #2336	0.67mi	—/—	3,570 (-6%)	0mo	$125,000	$35	58
2601 N 16th St	0.51mi	6/2.0	3,942 (+3%)	20mo	$167,000	$42	54
2432 N 25th St Unit 2432A	0.56mi	—/—	3,332 (-13%)	22mo	$64,000	$19	34

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

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.7%
• Equity multiple: 3.24×
• Total profit: $134,769
• Equity at exit: $96,956

10-year hold

• IRR: 39.6%
• Equity multiple: 6.44×
• Total profit: $327,434
• Equity at exit: $149,642

Cash invested: $60,200 (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 53205

• Home prices YoY: 0.8%
• Active inventory: 28
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $4,038 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$848
• Net cashflow: $1,704

Break-even live

Break-even rent $1,881

Max offer price $214,999

Occupancy floor 53%

Sensitivity live

Price	-10% $1,853	-5% $1,779	+0% $1,704	+5% $1,630	+10% $1,556
Rent	-10% $1,385	-5% $1,545	+0% $1,704	+5% $1,864	+10% $2,023
Rate	-1.0pp $1,812	-0.5pp $1,759	base $1,704	+0.5pp $1,648	+1.0pp $1,592

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,038
Total (3 units)			$4,038

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1141 N Doctor Martin Luther King Junior Dr Milwaukee, WI	1.0–3.0	1.0–2.5	1861	$4,032	$2.17	4d	6	1.38mi

Listing history 27 events

1. 2026-06-21
   days on market $214,999 Active 46 DOM
2. 2026-06-18
   days on market $214,999 Active 43 DOM
3. 2026-06-17
   days on market $214,999 Active 42 DOM
4. 2026-06-16
   days on market $214,999 Active 41 DOM
5. 2026-06-16
   price $214,999 Active 40 DOM
6. 2026-06-15
   days on market $219,999 Active 40 DOM
7. 2026-06-13
   days on market $219,999 Active 38 DOM
8. 2026-06-13
   pricedays on market $219,999 Active 37 DOM
9. 2026-06-09
   pricedays on market $259,999 Active 34 DOM
10. 2026-06-08
    pricedays on market $219,999 Active 33 DOM
11. 2026-06-07
    pricedays on market $224,999 Active 32 DOM
12. 2026-06-05
    pricedays on market $234,999 Active 29 DOM
13. 2026-06-03
    days on market $239,999 Active 28 DOM
14. 2026-06-02
    days on market $239,999 Active 27 DOM
15. 2026-06-02
    price $239,999 Active 26 DOM
16. 2026-06-01
    days on market $249,999 Active 26 DOM
17. 2026-05-31
    days on market $249,999 Active 25 DOM
18. 2026-05-14
    price $264,999 533-char remark
19. 2026-05-06
    listed $274,999 Active 533-char remark
20. 2022-05-13
    historical 511-char remark

    Show marketing remark (511 chars)

    Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

21. 2022-03-31
    price $240,000 511-char remark

    Show marketing remark (511 chars)

    Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

22. 2022-02-16
    price $217,000 511-char remark

    Show marketing remark (511 chars)

    Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

23. 2022-01-25
    price $240,000 511-char remark

    Show marketing remark (511 chars)

    Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

24. 2021-09-18
    price $220,000 511-char remark

    Show marketing remark (511 chars)

    Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

25. 2021-09-07
    price $244,000 511-char remark

    Show marketing remark (511 chars)

    Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

26. 2021-09-07
    price $226,000 511-char remark

    Show marketing remark (511 chars)

    Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

27. 2021-09-06
    listed $244,000 Active 511-char remark

    Show marketing remark (511 chars)

    Great rare turn key investment in up and coming Lindsay Heights Neighborhood. Long term mtm tenants, grossing $2,560, with potential for more. 5 minutes from Downtown Milwaukee. Right off of the highway and main street Fondulac Ave. Walking distance from the Milwaukee Bucks and the FISERV Forum. Take advantage of being next door to restaurants like Tandem and community organizations such as Walnut Way and The Running Rebels. New roof, new gutters, updated plumbing, separately metered, separate mechanicals.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 74% 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: $48,456
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,876
• − Management: −$3,876
• − Depreciation: −$6,255
• Taxable income: $18,105
• Est. tax owed @ 24.0%: −$4,345
• After-tax cash flow: $16,105/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

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and appeal. Key areas for improvement include updating cabinets, fixtures, and exterior siding, as well as enhancing the landscaping and curb appeal.

Repairs flagged

• Moderate Kitchen cabinets — Dated and need updating.
• Moderate Bathroom fixtures — Dated and need updating.
• Moderate Exterior siding — Weathered and needs repainting or replacement.
• Moderate Paint — Worn in some areas and needs touch-up or fresh paint.

Value-add opportunities

• Both Fresh paint throughout — Fresh paint enhances curb appeal and interior aesthetics.
• Both New kitchen cabinets — New cabinets improve functionality and aesthetics.
• Both Modern bathroom fixtures — Modern fixtures enhance functionality and appeal.
• Both Landscaping improvements — Landscaping enhances curb appeal and property value.
• Rental HVAC maintenance — A clean and efficient HVAC system improves tenant satisfaction and reduces utility costs.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated and need updating.	Moderate	$3,000–15,000
Bathroom fixtures · Dated and need updating.	Moderate	$3,000–15,000
Exterior siding · Weathered and needs repainting or replacement.	Moderate	$3,000–15,000
Paint · Worn in some areas and needs touch-up or fresh paint.	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both Fresh paint throughout — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both New kitchen cabinets — New cabinets improve functionality and aesthetics. ↑
• Both Modern bathroom fixtures — Modern fixtures enhance functionality and appeal. ↑
• Both Landscaping improvements — Landscaping enhances curb appeal and property value. ↑
• Rental HVAC maintenance — A clean and efficient HVAC system improves tenant satisfaction and reduces utility costs. ↑

ⓘ 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): 9,265
• Household income: $31,529
• Rent vs Own: 72.6% rent · 27.4% own
• Severe rent burden: 636.0

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 (80%)
• Race & ethnicity: Black 80% Asian 7% White 6% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 1% Lithuanian 1% Swedish 1%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Other Asian/Pacific 5% Spanish 5%

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: ▲ 3.02%
• Current HPI: 363.0038
• Rent YoY: —
• 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

-11.9% since first listed

18 events — show timeline

• 2026-06-16 Price Changed $214,999 METROMLS
• 2026-06-10 Price Changed $219,999 METROMLS
• 2026-06-09 Price Changed $259,999 METROMLS
• 2026-06-08 Price Changed $219,999 METROMLS
• 2026-06-05 Price Changed $224,999 METROMLS
• 2026-06-04 Price Changed $234,999 METROMLS
• 2026-06-02 Price Changed $239,999 METROMLS
• 2026-05-24 Price Changed $249,999 METROMLS
• 2026-05-14 Price Changed $264,999 METROMLS
• 2026-05-06 Listed $274,999 METROMLS
• 2022-05-13 Listing Removed — METROMLS
• 2022-03-31 Price Changed $240,000 METROMLS
• 2022-02-16 Price Changed $217,000 METROMLS
• 2022-01-25 Price Changed $240,000 METROMLS
• 2021-09-18 Price Changed $220,000 METROMLS
• 2021-09-07 Price Changed $244,000 METROMLS
• 2021-09-07 Price Changed $226,000 METROMLS
• 2021-09-06 Listed $244,000 METROMLS