4503 N 26th St Unit 4503-A N 26th St · Milwaukee, WI 53209

$71,010

5 bd · 2.0 ba · 2,534 sqft · MultiFamily · 73 Days on market

Built 1929 Poor condition 5,227 sqft lot $28/sqft · 52% below area

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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
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

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

This is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1929

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $71k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $71k).
• Recommended offer: $67k (6.0% below list) — sets the bar for market timing.
• Cap rate 25.4% 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 fast (+8.6%/yr); 170 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,052/mo this rent would consume 51% of the median local household income ($48k/yr) (locally 3390% 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 $490 of loan paydown is wiped out by about $2k 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 + 8.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($67k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,749 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.89% ✓
• Cap rate: 25.39%
• Cash-on-cash: 68.20%
• DSCR: 4.03
• GRM: 2.9

CMA / ARV

• ARV (median comp): $147,971
• List price: $71,010
• Delta: -52.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4465 N 27th St #4467	0.07mi	4/2.0 (-1)	2,344 (-8%)	12mo	$75,000	$32	70
4360 N 28th St #4362	0.20mi	5/2.0	2,222 (-12%)	5mo	$165,000	$74	66
4255 N 24th Pl #4257	0.37mi	5/3.0	2,348 (-7%)	5mo	$150,000	$64	63
4148 N 24th Pl	0.47mi	4/2.0 (-1)	2,298 (-9%)	2mo	$123,000	$54	56
4370 N 28th St #4372	0.19mi	5/2.0	2,276 (-10%)	22mo	$135,000	$59	56
4423 N 30th St #4425	0.27mi	4/2.0 (-1)	2,205 (-13%)	9mo	$250,000	$113	53
4309 N 19th Pl #4311	0.56mi	4/2.0 (-1)	2,347 (-7%)	10mo	$180,612	$77	49
4140 N 24th Pl #4142	0.47mi	4/2.0 (-1)	2,210 (-13%)	17mo	$117,000	$53	38
4316 N 19th Pl	0.58mi	4/2.0 (-1)	2,912 (+15%)	19mo	$202,000	$69	28
4671 N 37th St	0.73mi	4/2.0 (-1)	2,283 (-10%)	24mo	$123,750	$54	25

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 73.2%
• Equity multiple: 4.59×
• Total profit: $71,341
• Equity at exit: $10,588

10-year hold

• IRR: 78.5%
• Equity multiple: 11.27×
• Total profit: $204,275
• Equity at exit: $6,140

Cash invested: $19,883 (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 53209

• Rents YoY: 8.6%
• Active inventory: 170
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $2,052 medium
• Mortgage (P&I): −$372
• Tax est. 1.5%: −$89 /mo · $1,065/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $1,130

Break-even live

Break-even rent $621

Max offer price $71,010

Occupancy floor 40%

Sensitivity live

Price	-10% $1,179	-5% $1,155	+0% $1,130	+5% $1,106	+10% $1,081
Rent	-10% $968	-5% $1,049	+0% $1,130	+5% $1,211	+10% $1,292
Rate	-1.0pp $1,166	-0.5pp $1,148	base $1,130	+0.5pp $1,112	+1.0pp $1,093

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: $17,752
• Closing costs: $2,130
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	26d	1	1.36mi

Listing history 17 events

1. 2026-06-22
   days on market $71,010 Active 73 DOM
2. 2026-06-21
   days on market $71,010 Active 72 DOM
3. 2026-06-18
   days on market $71,010 Active 69 DOM
4. 2026-06-17
   days on market $71,010 Active 68 DOM
5. 2026-06-16
   days on market $71,010 Active 67 DOM
6. 2026-06-15
   days on market $71,010 Active 66 DOM
7. 2026-06-13
   days on market $71,010 Active 64 DOM
8. 2026-06-13
   days on market $71,010 Active 63 DOM
9. 2026-06-09
   days on market $71,010 Active 60 DOM
10. 2026-06-08
    days on market $71,010 Active 59 DOM
11. 2026-06-07
    days on market $71,010 Active 58 DOM
12. 2026-06-05
    days on market $71,010 Active 55 DOM
13. 2026-06-03
    days on market $71,010 Active 54 DOM
14. 2026-06-02
    days on market $71,010 Active 53 DOM
15. 2026-06-01
    days on market $71,010 Active 52 DOM
16. 2026-05-31
    days on market $71,010 Active 51 DOM
17. 2026-04-10
    listed $71,010 Active 121-char remark

    Show marketing remark (121 chars)

    This is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized.

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,620
• − Mortgage interest: −$3,978
• − Property taxes: −$1,065
• − Insurance: −$355
• − Repairs & maintenance: −$1,970
• − Management: −$1,970
• − Depreciation: −$2,066
• Taxable income: $13,217
• Est. tax owed @ 24.0%: −$3,172
• After-tax cash flow: $10,389/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 · 1 photo

Poor 20/100 Extensive rehab

This foreclosed property requires extensive repairs and improvements to become move-in ready. Significant work is needed to address boarded-up windows, overgrown vegetation, and outdated flooring and paint.

Repairs flagged

• Major Boarded-up windows — Prevents entry and is a safety hazard
• Major Overgrown vegetation — Reduces curb appeal and could be a fire hazard
• Major Older flooring and paint — Both need replacement to improve appearance and safety

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers
• Both New windows and siding — Improves safety and energy efficiency
• Both Interior paint and flooring — Enhances the home's appearance and could attract more buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Boarded-up windows · Prevents entry and is a safety hazard	Major	$15,000–50,000
Overgrown vegetation · Reduces curb appeal and could be a fire hazard	Major	$15,000–50,000
Older flooring and paint · Both need replacement to improve appearance and safety	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers ↑
• Both New windows and siding — Improves safety and energy efficiency ↑
• Both Interior paint and flooring — Enhances the home's appearance and could attract more buyers ↑

ⓘ 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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

1 event — show timeline

• 2026-04-10 Listed $71,010 METROMLS