2521 N 51st St · Milwaukee, WI 53210

$165,000

4 bd · 2.0 ba · 1,607 sqft · MultiFamily public records · 153 Days on market

Built 1885 4,356 sqft lot $103/sqft · 6% above area Est $156k · 6% over

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Why this score? — see what drove the C+ 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +5.0/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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

2 bedroom/2 bedroom duplex is producing income from both units and ready for it's next owner. Updated electrical, newer roof and vinyl windows, and separate meters for tenant utilities. Both tenants are month to month for flexibility. Add this to your portfolio by calling today!

Key facts

• Updated electrical
• Vinyl windows
• Newer roof

Tags

• UPDATED ELECTRICAL
• NEWER ROOF
• VINYL WINDOWS
• SEPARATE METERS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive. Per door: $263/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 (+3.8%/yr); 142 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,082/mo this rent would consume 52% 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 $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 14y ago; this cycle's ask has dropped $28k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $165k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 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 1885 — 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: 1.26% ✓
• Cap rate: 10.11%
• Cash-on-cash: 13.65%
• DSCR: 1.61
• GRM: 6.6

CMA / ARV

• ARV (median comp): $156,248
• List price: $165,000
• Delta: 5.60%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2467 N 57th St Unit 2467A	0.35mi	3/2.0 (-1)	1,660 (+3%)	9mo	$102,000	$61	66
2202 N 55th St	0.42mi	4/2.0	1,688 (+5%)	12mo	$230,000	$136	62
2241 N 54th St	0.36mi	3/2.0 (-1)	1,518 (-6%)	9mo	$266,000	$175	62
2931 N 58th St	0.65mi	4/2.0	1,669 (+4%)	10mo	$152,900	$92	55
2818 N 55th St Unit 2818A	0.43mi	4/2.0	1,825 (+14%)	4mo	$208,000	$114	54
2969 N 56th St Unit 2969A	0.64mi	4/2.0	1,742 (+8%)	7mo	$137,500	$79	50
4324 W Lisbon Ave	0.65mi	3/2.0 (-1)	1,777 (+11%)	0mo	$36,000	$20	47
2952 N 51st St	0.56mi	4/2.0	1,818 (+13%)	11mo	$220,000	$121	43
2916 N 54th St #2918	0.52mi	3/2.0 (-1)	1,800 (+12%)	15mo	$125,000	$69	38
1900 N 55th St Unit 1900A	0.68mi	3/2.0 (-1)	1,802 (+12%)	7mo	$225,000	$125	37
2741 N 63rd St #2743	0.72mi	3/2.0 (-1)	1,433 (-11%)	14mo	$245,000	$171	31
2372 N 63rd St #2374	0.67mi	3/2.0 (-1)	1,825 (+14%)	12mo	$355,000	$195	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: 4.7%
• Equity multiple: 1.18×
• Total profit: $8,478
• Equity at exit: $24,602

10-year hold

• IRR: 14.9%
• Equity multiple: 2.25×
• Total profit: $57,775
• Equity at exit: $14,266

Cash invested: $46,200 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,082 high
• Mortgage (P&I): −$865
• Tax from tax record: −$185 /mo · $2,224/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $525

Break-even live

Break-even rent $1,417

Max offer price $165,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,082
Total (2 units)			$2,082

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	23d	1	0.12mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	0.14mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	43d	1	0.19mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	43d	1	0.21mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	43d	1	0.50mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	0.56mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.60mi
3012 N 57th St Unit Lower Milwaukee, WI	3.0	1.0	1130	$1,398	$1.24	4d	1	0.68mi
2251 N 41st St Unit Lower Milwaukee, WI	3.0	1.0	1187	$1,198	$1.01	14d	1	0.73mi
2403-2405 N 39th St Unit 2405 Upper Milwaukee, WI	3.0	1.0	1141	$995	$0.87	10d	1	0.80mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	43d	1	0.80mi
2403-2405 N 39th St Unit 2403 Lower Milwaukee, WI	3.0	1.0	1200	$995	$0.83	10d	1	0.80mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	0.96mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	0.98mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	1.02mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	16d	1	1.26mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	1d	1	1.26mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	23d	1	1.43mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.47mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	1.50mi

Listing history 50 events

1. 2026-06-18
   days on market $165,000 Active 153 DOM
2. 2026-06-17
   days on market $165,000 Active 152 DOM
3. 2026-06-16
   days on market $165,000 Active 151 DOM
4. 2026-06-15
   days on market $165,000 Active 150 DOM
5. 2026-06-13
   days on market $165,000 Active 148 DOM
6. 2026-06-13
   days on market $165,000 Active 147 DOM
7. 2026-06-09
   days on market $165,000 Active 144 DOM
8. 2026-06-08
   days on market $165,000 Active 143 DOM
9. 2026-06-07
   days on market $165,000 Active 142 DOM
10. 2026-06-05
    days on market $165,000 Active 139 DOM
11. 2026-06-03
    days on market $165,000 Active 138 DOM
12. 2026-06-02
    days on market $165,000 Active 137 DOM
13. 2026-06-01
    days on market $165,000 Active 136 DOM
14. 2026-05-31
    days on market $165,000 Active 135 DOM
15. 2026-05-04
    price $165,000 279-char remark

    Show marketing remark (279 chars)

    2 bedroom/2 bedroom duplex is producing income from both units and ready for it's next owner. Updated electrical, newer roof and vinyl windows, and separate meters for tenant utilities. Both tenants are month to month for flexibility. Add this to your portfolio by calling today!

16. 2026-03-10
    price $172,900 279-char remark

    Show marketing remark (279 chars)

    2 bedroom/2 bedroom duplex is producing income from both units and ready for it's next owner. Updated electrical, newer roof and vinyl windows, and separate meters for tenant utilities. Both tenants are month to month for flexibility. Add this to your portfolio by calling today!

17. 2026-02-10
    price $180,000 279-char remark

    Show marketing remark (279 chars)

    2 bedroom/2 bedroom duplex is producing income from both units and ready for it's next owner. Updated electrical, newer roof and vinyl windows, and separate meters for tenant utilities. Both tenants are month to month for flexibility. Add this to your portfolio by calling today!

18. 2026-01-15
    listed $192,500 Active 279-char remark

    Show marketing remark (279 chars)

    2 bedroom/2 bedroom duplex is producing income from both units and ready for it's next owner. Updated electrical, newer roof and vinyl windows, and separate meters for tenant utilities. Both tenants are month to month for flexibility. Add this to your portfolio by calling today!

19. 2024-11-13
    historical 262-char remark

    Show marketing remark (262 chars)

    Affordable classic Milwaukee duplex two beds and one bath on each floor. The backyard has plenty of space for summer fun and plenty of off street parking. The property is updated with a newer roof, vinyl windows, 100 amp electric for each unit in a dry basement.

20. 2024-09-10
    listed $130,000 Active 262-char remark

    Show marketing remark (262 chars)

    Affordable classic Milwaukee duplex two beds and one bath on each floor. The backyard has plenty of space for summer fun and plenty of off street parking. The property is updated with a newer roof, vinyl windows, 100 amp electric for each unit in a dry basement.

21. 2023-11-14
    soldstatus $65,000
22. 2021-06-17
    soldstatus $35,000
23. 2021-06-17
    soldstatus $55,500
24. 2019-10-03
    soldstatus $35,500 Sold
25. 2019-08-27
    historical Contingent
26. 2019-07-30
    listed $35,500 Active
27. 2017-08-24
    historical
28. 2017-05-04
    historical Contingent
29. 2017-04-27
    status Active
30. 2017-03-06
    historical Contingent
31. 2017-01-06
    status Active
32. 2016-12-02
    historical
33. 2016-09-27
    status Active
34. 2016-09-16
    historical
35. 2016-08-26
    listed $25,750 Active
36. 2016-01-18
    status Pending
37. 2015-08-18
    price $25,000
38. 2015-08-18
    status Active
39. 2015-08-18
    historical
40. 2015-08-18
    historical
41. 2015-08-17
    historical
42. 2015-04-25
    price $41,000
43. 2015-02-19
    listed $42,000 Active
44. 2013-05-11
    historical
45. 2013-05-11
    listed $64,500
46. 2012-10-09
    historical
47. 2012-10-09
    listed $129,900
48. 2006-09-26
    soldstatus $112,500
49. 2006-09-01
    soldstatus $112,500
50. 2005-09-14
    soldstatus $68,500

ⓘ 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: $2,224 · $185/mo
• Projected year-2 tax: $2,638 · $220/mo
• Expected delta: +$414/yr (+$35/mo · 18.6%)

ⓘ 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 ≥99°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: $24,984
• − Mortgage interest: −$9,243
• − Property taxes: −$2,224
• − Insurance: −$825
• − Repairs & maintenance: −$1,999
• − Management: −$1,999
• − Depreciation: −$4,800
• Taxable income: $3,895
• Est. tax owed @ 24.0%: −$935
• After-tax cash flow: $5,370/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): 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

+450.0% since first listed

37 events — show timeline

• 2026-05-04 Price Changed $165,000 METROMLS
• 2026-03-10 Price Changed $172,900 METROMLS
• 2026-02-10 Price Changed $180,000 METROMLS
• 2026-01-15 Listed $192,500 METROMLS
• 2024-11-13 Listing Removed — METROMLS
• 2024-09-10 Listed $130,000 METROMLS
• 2023-11-14 Sold (Public Records) $65,000 Public Records
• 2021-06-17 Sold (Public Records) $55,500 Public Records
• 2021-06-17 Sold (Public Records) $35,000 Public Records
• 2019-10-03 Sold (MLS) $35,500 METROMLS
• 2019-08-27 Contingent — METROMLS
• 2019-07-30 Listed $35,500 METROMLS
• 2017-08-24 Listing Removed — METROMLS
• 2017-05-04 Contingent — METROMLS
• 2017-04-27 Relisted — METROMLS
• 2017-03-06 Contingent — METROMLS
• 2017-01-06 Relisted — METROMLS
• 2016-12-02 Listing Removed — METROMLS
• 2016-09-27 Relisted — METROMLS
• 2016-09-16 Listing Removed — METROMLS
• 2016-08-26 Listed $25,750 METROMLS
• 2016-01-18 Pending — METROMLS
• 2015-08-18 Price Changed $25,000 METROMLS
• 2015-08-18 Relisted — METROMLS
• 2015-08-18 Listing Removed — METROMLS
• 2015-08-18 Listing Removed — METROMLS
• 2015-08-17 Listing Removed — METROMLS
• 2015-04-25 Price Changed $41,000 METROMLS
• 2015-02-19 Listed $42,000 METROMLS
• 2013-05-11 Listed $64,500 METROMLS
• 2013-05-11 Listing Removed — METROMLS
• 2012-10-09 Listed $129,900 METROMLS
• 2012-10-09 Listing Removed — METROMLS
• 2006-09-26 Sold (Public Records) $112,500 Public Records
• 2006-09-01 Sold (MLS) $112,500 METROMLS
• 2005-09-14 Sold (Public Records) $68,500 Public Records
• 2005-08-03 Sold (Public Records) $30,000 Public Records

Property tax history

+1.7%/yr

Latest (2024): $2,224 · +24.9% YoY. Source: county tax records.