3976 N 27th St #3978 · Milwaukee, WI 53216

$105,500

4 bd · 2.0 ba · 2,220 sqft · MultiFamily · 5 Days on market

Built 1926 4,356 sqft lot Est $149k · 29% under

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Why this score? — see what drove the A- 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.7/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Foreclosure property being sold in the as is condition. Room sizes have been estimated. Contact Lister for special addendums needed for all offers presented.

Key facts

• 4,356 sq ft lot
• Parking
• Built 1926

Property features AI

Finance

• Other: Lot size approximately 0.1 acres (less than 1/2 acre)

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer
• Home design: Duplex, 2-story; Multi-family property; Zoned RT3
• Construction: Information source indicates year built from public/assessor records
• Exterior features: Aluminum/steel and vinyl exterior

Interior

• Kitchen: Unit 2 kitchen located on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $106k.

Deal economics

• At list price, monthly cash flow is $939 ($11k/yr) — positive. Per door: $470/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $106k).
• Cap rate 17.0% 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 fast (+7.0%/yr); 126 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,112/mo this rent would consume 54% of the median local household income ($47k/yr) (locally 2202% 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 $2k of equity ($729 loan paydown + $1k appreciation (1.3% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.3% appreciation + 7.0% rent growth), your $30k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 16y 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 $40k; list at $106k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,500

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. Built in 1926 — 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: 2.00% ✓
• Cap rate: 16.98%
• Cash-on-cash: 38.16%
• DSCR: 2.70
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $148,740
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4148 N 24th Pl	0.30mi	4/2.0	2,298 (+4%)	2mo	$123,000	$54	79
4215 N 26th St #4217	0.28mi	4/2.0	2,080 (-6%)	2mo	$190,000	$91	75
4045 N 26th St Unit 4045A	0.12mi	4/2.0	1,963 (-12%)	2mo	$66,100	$34	73
4105 N 24th St #4107	0.28mi	4/2.0	1,988 (-10%)	3mo	$180,000	$91	67
3382 N 23rd St #3384	0.65mi	4/2.0	2,266 (+2%)	0mo	$152,435	$67	66
4049 N Elmhurst Rd #4051	0.69mi	4/2.0	2,122 (-4%)	2mo	$170,000	$80	58
3625 W Capitol Dr	0.64mi	4/2.0	2,100 (-5%)	5mo	$165,000	$79	57
3607 N 20th St	0.60mi	4/2.0	2,046 (-8%)	2mo	$115,000	$56	57
3381 N 21st St #3383	0.71mi	4/2.0	2,364 (+6%)	2mo	$71,000	$30	55
3381 N 22nd St	0.68mi	4/2.0	2,043 (-8%)	3mo	$49,900	$24	53
4246 N 21st St	0.61mi	3/2.0 (-1)	2,033 (-8%)	2mo	$194,900	$96	50
2022 W Keefe Ave Unit 2022A	0.63mi	4/2.0	1,914 (-14%)	1mo	$55,000	$29	47

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

Projected returns pro-forma

1.33% appreciation · 7.01% rent growth · sell at horizon

5-year hold

• IRR: 44.9%
• Equity multiple: 3.45×
• Total profit: $72,405
• Equity at exit: $37,830

10-year hold

• IRR: 48.3%
• Equity multiple: 7.83×
• Total profit: $201,674
• Equity at exit: $51,706

Cash invested: $29,540 (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 53216

• Home prices YoY: 0.3%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,112 high
• Mortgage (P&I): −$553
• Tax est. 1.5%: −$132 /mo · $1,582/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $939

Break-even live

Break-even rent $923

Max offer price $105,500

Occupancy floor 51%

Sensitivity live

Price	-10% $1,012	-5% $976	+0% $939	+5% $903	+10% $866
Rent	-10% $773	-5% $856	+0% $939	+5% $1,023	+10% $1,106
Rate	-1.0pp $993	-0.5pp $966	base $939	+0.5pp $912	+1.0pp $884

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,112
Total (2 units)			$2,112

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: $26,375
• Closing costs: $3,165
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	0.46mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	0.67mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	1.32mi

Listing history 7 events

1. 2026-05-31
   status $105,500 Pending 5 DOM
2. 2026-05-31
   days on market $105,500 Active 5 DOM
3. 2026-05-26
   listed $105,500 Active
4. 2010-12-21
   listed $45,900 157-char remark

   Show marketing remark (157 chars)

   Foreclosure property being sold in the as is condition. Room sizes have been estimated. Contact Lister for special addendums needed for all offers presented.

5. 2010-12-21
   historical 157-char remark

   Show marketing remark (157 chars)

   Foreclosure property being sold in the as is condition. Room sizes have been estimated. Contact Lister for special addendums needed for all offers presented.

6. 2009-03-04
   soldstatus $39,500 157-char remark

   Show marketing remark (157 chars)

   Foreclosure property being sold in the as is condition. Room sizes have been estimated. Contact Lister for special addendums needed for all offers presented.

7. 2005-05-25
   soldstatus $68,900 308-char remark

   Show marketing remark (308 chars)

   Jumbo 2/2 duplex with many of the rooms being very large, including Living rooms and Formal Dining rooms. Near maintenance free exterior with vinyl combonation windows, soffits and facia boards. Property does need minor TLC on the interior, otherwise, this is a profitable live-in or investment opportunity.

ⓘ 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: $25,344
• − Mortgage interest: −$5,910
• − Property taxes: −$1,582
• − Insurance: −$528
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − Depreciation: −$3,069
• Taxable income: $10,200
• Est. tax owed @ 24.0%: −$2,448
• After-tax cash flow: $8,825/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): 30,345
• Household income: $46,752
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 2202.0

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 (81%)
• Race & ethnicity: Black 81% White 9% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 1%
• Foreign-born: 3% · Canada, Philippines, China
• Languages at home: 93% English-only · Spanish 4% 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: ▲ 1.33%
• Current HPI: 381.0954
• Rent YoY: ▲ 7.01%
• 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

+53.1% since first listed

5 events — show timeline

• 2026-05-26 Listed $105,500 METROMLS
• 2010-12-21 Listing Removed — METROMLS
• 2010-12-21 Listed $45,900 METROMLS
• 2009-03-04 Sold (MLS) $39,500 METROMLS
• 2005-05-25 Sold (MLS) $68,900 METROMLS