2513 N 44th St · Milwaukee, WI 53210

$149,000

4 bd · 2.0 ba · 2,041 sqft · MultiFamily public records · 151 Days on market

Built 1914 5,227 sqft lot $73/sqft · 26% below area Est $201k · 26% under

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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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.7/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Spacious 4-bedroom, 2.5-bath home offering 2,000+ square feet of living space. Functional layout with generous room sizes and strong potential for owner-occupants or investors. Property is being sold as a short sale and is subject to lender approval. Seller to make no repairs; property sold as-is. Allow additional time for lender response.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1914

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 40% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $23k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.07% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 7.8

CMA / ARV

• ARV (median comp): $200,781
• List price: $149,000
• Delta: -25.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2576 N 51st St #2578	0.42mi	4/2.0	2,178 (+7%)	1mo	$149,900	$69	69
2149 N 41st St	0.47mi	4/2.0	1,931 (-5%)	1mo	$33,000	$17	68
3024 N 44th St	0.65mi	4/2.0	1,998 (-2%)	1mo	$120,775	$60	65
2834 N 54th St Unit 2834A	0.71mi	4/2.0	2,080 (+2%)	0mo	$175,000	$84	63
2400 N 35th St #2402	0.61mi	5/2.0 (+1)	1,994 (-2%)	1mo	$65,000	$33	62
2642 N 51st St #2644	0.45mi	4/2.0	2,294 (+12%)	1mo	$122,500	$53	58
2866 N 52nd St #2868	0.65mi	4/2.0	2,215 (+8%)	1mo	$257,000	$116	55
4324 W Lisbon Ave	0.43mi	3/2.0 (-1)	1,777 (-13%)	1mo	$36,000	$20	53
2160 N 52nd St	0.63mi	4/2.0	2,261 (+11%)	0mo	$399,900	$177	52
2403 N 56th St	0.73mi	4/2.0	2,200 (+8%)	1mo	$339,500	$154	52
2808 N 52nd St #2810	0.60mi	4/2.0	2,292 (+12%)	1mo	$153,000	$67	50
2118 N 38th St #2120	0.62mi	4/2.0	2,341 (+15%)	0mo	$62,500	$27	46

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: -4.6%
• Equity multiple: 0.83×
• Total profit: $-7,290
• Equity at exit: $22,216

10-year hold

• IRR: 6.0%
• Equity multiple: 1.46×
• Total profit: $19,197
• Equity at exit: $12,883

Cash invested: $41,720 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,587 high
• Mortgage (P&I): −$781
• Tax from tax record: −$167 /mo · $2,000/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $244

Break-even live

Break-even rent $1,279

Max offer price $149,000

Occupancy floor 80%

Sensitivity live

Price	-10% $328	-5% $286	+0% $244	+5% $202	+10% $159
Rent	-10% $118	-5% $181	+0% $244	+5% $306	+10% $369
Rate	-1.0pp $319	-0.5pp $282	base $244	+0.5pp $205	+1.0pp $166

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.23mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	0.52mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.64mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.76mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.01mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	1.05mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.10mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	1.39mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.47mi

Listing history 30 events

1. 2026-06-18
   days on market $149,000 Active 151 DOM
2. 2026-06-17
   days on market $149,000 Active 150 DOM
3. 2026-06-16
   days on market $149,000 Active 149 DOM
4. 2026-06-15
   days on market $149,000 Active 148 DOM
5. 2026-06-13
   days on market $149,000 Active 146 DOM
6. 2026-06-13
   days on market $149,000 Active 145 DOM
7. 2026-06-09
   days on market $149,000 Active 142 DOM
8. 2026-06-08
   days on market $149,000 Active 141 DOM
9. 2026-06-07
   days on market $149,000 Active 140 DOM
10. 2026-06-05
    days on market $149,000 Active 137 DOM
11. 2026-06-03
    days on market $149,000 Active 136 DOM
12. 2026-06-02
    days on market $149,000 Active 135 DOM
13. 2026-06-01
    days on market $149,000 Active 134 DOM
14. 2026-05-31
    days on market $149,000 Active 133 DOM
15. 2026-04-19
    price $149,000 341-char remark

    Show marketing remark (341 chars)

    Spacious 4-bedroom, 2.5-bath home offering 2,000+ square feet of living space. Functional layout with generous room sizes and strong potential for owner-occupants or investors. Property is being sold as a short sale and is subject to lender approval. Seller to make no repairs; property sold as-is. Allow additional time for lender response.

16. 2026-04-19
    status Active 341-char remark

    Show marketing remark (341 chars)

    Spacious 4-bedroom, 2.5-bath home offering 2,000+ square feet of living space. Functional layout with generous room sizes and strong potential for owner-occupants or investors. Property is being sold as a short sale and is subject to lender approval. Seller to make no repairs; property sold as-is. Allow additional time for lender response.

17. 2026-04-03
    historical 341-char remark

    Show marketing remark (341 chars)

    Spacious 4-bedroom, 2.5-bath home offering 2,000+ square feet of living space. Functional layout with generous room sizes and strong potential for owner-occupants or investors. Property is being sold as a short sale and is subject to lender approval. Seller to make no repairs; property sold as-is. Allow additional time for lender response.

18. 2026-03-15
    price $162,000 341-char remark

    Show marketing remark (341 chars)

    Spacious 4-bedroom, 2.5-bath home offering 2,000+ square feet of living space. Functional layout with generous room sizes and strong potential for owner-occupants or investors. Property is being sold as a short sale and is subject to lender approval. Seller to make no repairs; property sold as-is. Allow additional time for lender response.

19. 2026-01-02
    listed $172,000 Active 341-char remark

    Show marketing remark (341 chars)

    Spacious 4-bedroom, 2.5-bath home offering 2,000+ square feet of living space. Functional layout with generous room sizes and strong potential for owner-occupants or investors. Property is being sold as a short sale and is subject to lender approval. Seller to make no repairs; property sold as-is. Allow additional time for lender response.

20. 2021-05-25
    soldstatus $185,000
21. 2013-02-02
    listed $149,000 356-char remark

    Show marketing remark (356 chars)

    Totally renovation, Very nice. All new facade and interior walls, paint, fixtures, etc. Big mstr suite with new deck to back yard-could be 5 bedrooms. 2nd flr home theater rm, 1st flr laundry. Huge WICs. Black jacuzzi tub, WD flrs, A/C, tile & new 2 car grg. Very upcoming area, walk to Wash. Park. Still in constr. -Buyers can still choose features!

22. 2013-02-02
    historical 356-char remark

    Show marketing remark (356 chars)

    Totally renovation, Very nice. All new facade and interior walls, paint, fixtures, etc. Big mstr suite with new deck to back yard-could be 5 bedrooms. 2nd flr home theater rm, 1st flr laundry. Huge WICs. Black jacuzzi tub, WD flrs, A/C, tile & new 2 car grg. Very upcoming area, walk to Wash. Park. Still in constr. -Buyers can still choose features!

23. 2007-04-12
    soldstatus $145,000
24. 2007-02-26
    soldstatus $150,000
25. 2006-01-20
    soldstatus $30,000
26. 2005-12-22
    soldstatus $30,000
27. 2002-09-16
    soldstatus $28,000
28. 1997-10-10
    soldstatus $130,000
29. 1996-03-15
    soldstatus $35,500
30. 1996-03-15
    soldstatus $40,000

ⓘ 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: $2,000 · $167/mo
• Projected year-2 tax: $2,378 · $198/mo
• Expected delta: +$378/yr (+$32/mo · 18.9%)

ⓘ 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 ≥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: $19,046
• − Mortgage interest: −$8,346
• − Property taxes: −$2,000
• − Insurance: −$745
• − Repairs & maintenance: −$1,524
• − Management: −$1,524
• − Depreciation: −$4,335
• Taxable income: $573
• Est. tax owed @ 24.0%: −$137
• After-tax cash flow: $2,787/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

+319.7% since first listed

16 events — show timeline

• 2026-04-19 Price Changed $149,000 METROMLS
• 2026-04-19 Relisted — METROMLS
• 2026-04-03 Listing Removed — METROMLS
• 2026-03-15 Price Changed $162,000 METROMLS
• 2026-01-02 Listed $172,000 METROMLS
• 2021-05-25 Sold (Public Records) $185,000 Public Records
• 2013-02-02 Listing Removed — METROMLS
• 2013-02-02 Listed $149,000 METROMLS
• 2007-04-12 Sold (Public Records) $145,000 Public Records
• 2007-02-26 Sold (MLS) $150,000 METROMLS
• 2006-01-20 Sold (Public Records) $30,000 Public Records
• 2005-12-22 Sold (MLS) $30,000 METROMLS
• 2002-09-16 Sold (Public Records) $28,000 Public Records
• 1997-10-10 Sold (Public Records) $130,000 Public Records
• 1996-03-15 Sold (Public Records) $40,000 Public Records
• 1996-03-15 Sold (Public Records) $35,500 Public Records

Property tax history

-10.5%/yr

Latest (2024): $2,000 · +45.3% YoY. Source: county tax records.