2660 N 45th St #2662 · Milwaukee, WI 53210

$149,000

4 bd · 2.0 ba · 2,742 sqft · MultiFamily · 121 Days on market

Built 1921 4,791 sqft lot $54/sqft · 7% above area Est $139k · 7% over

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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 +4.3/15.0
• 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-bath duplex offering a spacious and functional layout. Each unit features a comfortable living room and a separate dining room, providing plenty of space for everyday living and entertaining. Property includes a 2-car garage with a brand-new roof (2025) and a new garage door with electric opener to be installed prior to closing. Fully rented by long-time tenants on a month-to-month basis, this property offers excellent flexibility and immediate income potential for investors or owner-occupants alike.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1921

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $834 ($10k/yr) — positive. Per door: $417/mo.
• 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 13.0% 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 (+3.8%/yr); 142 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,359/mo this rent would consume 59% 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 $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.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $47k; list at $149k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — 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 121 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 1921 — 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: 1.58% ✓
• Cap rate: 13.01%
• Cash-on-cash: 23.99%
• DSCR: 2.07
• GRM: 5.3

CMA / ARV

• ARV (median comp): $138,977
• List price: $149,000
• Delta: 7.21%
• 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
2722 N 45th St #2724	0.08mi	4/2.0	2,854 (+4%)	6mo	$157,500	$55	85
2813 N 49th St #2815	0.34mi	4/2.0	2,800 (+2%)	5mo	$135,000	$48	76
2342 N 45th St #2344	0.40mi	4/2.0	2,577 (-6%)	3mo	$125,000	$49	69
2661 N 39th St #2663	0.36mi	4/2.0	2,469 (-10%)	2mo	$145,000	$59	65
2924 N 48th St	0.38mi	4/2.0	2,518 (-8%)	5mo	$250,000	$99	65
2607 N 40th St #2609	0.31mi	4/2.0	2,430 (-11%)	6mo	$98,500	$41	62
2331 N 54th St #2333	0.72mi	4/2.0	2,719 (-1%)	5mo	$270,000	$99	61
2631 N 33rd St #2633	0.72mi	4/2.0	2,470 (-10%)	1mo	$72,500	$29	49
2182 N 48th St	0.61mi	4/2.0	2,410 (-12%)	4mo	$199,900	$83	48
3023 N 52nd St #3025	0.65mi	4/2.0	2,408 (-12%)	2mo	$139,900	$58	48
2229 N 41st St #2231	0.57mi	4/2.0	2,346 (-14%)	5mo	$139,500	$59	46
3128 N 52nd St #3130	0.73mi	4/2.0	2,400 (-12%)	0mo	$283,000	$118	45

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: 18.1%
• Equity multiple: 1.74×
• Total profit: $30,965
• Equity at exit: $22,216

10-year hold

• IRR: 27.1%
• Equity multiple: 3.49×
• Total profit: $103,685
• 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: 10.5×

Monthly cashflow live

• Estimated rent: $2,359 high
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $834

Break-even live

Break-even rent $1,303

Max offer price $149,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,358
Total (2 units)			$2,359

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	1.12mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.42mi

Listing history 21 events

1. 2026-06-18
   days on market $149,000 Active 121 DOM
2. 2026-06-17
   days on market $149,000 Active 120 DOM
3. 2026-06-16
   days on market $149,000 Active 119 DOM
4. 2026-06-15
   days on market $149,000 Active 118 DOM
5. 2026-06-13
   days on market $149,000 Active 116 DOM
6. 2026-06-13
   days on market $149,000 Active 115 DOM
7. 2026-06-09
   days on market $149,000 Active 112 DOM
8. 2026-06-08
   days on market $149,000 Active 111 DOM
9. 2026-06-07
   days on market $149,000 Active 110 DOM
10. 2026-06-05
    days on market $149,000 Active 107 DOM
11. 2026-06-03
    days on market $149,000 Active 106 DOM
12. 2026-06-02
    days on market $149,000 Active 105 DOM
13. 2026-06-01
    days on market $149,000 Active 104 DOM
14. 2026-05-31
    days on market $149,000 Active 103 DOM
15. 2026-02-16
    listed $149,000 Active 518-char remark

    Show marketing remark (518 chars)

    2-bedroom, 2-bath duplex offering a spacious and functional layout. Each unit features a comfortable living room and a separate dining room, providing plenty of space for everyday living and entertaining. Property includes a 2-car garage with a brand-new roof (2025) and a new garage door with electric opener to be installed prior to closing. Fully rented by long-time tenants on a month-to-month basis, this property offers excellent flexibility and immediate income potential for investors or owner-occupants alike.

16. 2021-10-20
    soldstatus $47,000 Sold 269-char remark

    Show marketing remark (269 chars)

    INVESTOR LIQUIDATION ON THIS 2/2 DUPLEX. GOOD BONES, GREAT LONG TERM TENANTS OF 8 AND 12 YEARS AND WOULD LIKE TO STAY. PROPERTY HAS LOTS OF DEFERRED MAINTENANCE. MUST HAVE AN ''ALL CASH'' IN ''AS IS'' CONDITION OFFER! TENANTS LOOKING FOR A NEW LANDLORD WHO HAS TOOLS!

17. 2021-10-05
    status Pending 269-char remark

    Show marketing remark (269 chars)

    INVESTOR LIQUIDATION ON THIS 2/2 DUPLEX. GOOD BONES, GREAT LONG TERM TENANTS OF 8 AND 12 YEARS AND WOULD LIKE TO STAY. PROPERTY HAS LOTS OF DEFERRED MAINTENANCE. MUST HAVE AN ''ALL CASH'' IN ''AS IS'' CONDITION OFFER! TENANTS LOOKING FOR A NEW LANDLORD WHO HAS TOOLS!

18. 2021-10-04
    listed $45,900 Active 269-char remark

    Show marketing remark (269 chars)

    INVESTOR LIQUIDATION ON THIS 2/2 DUPLEX. GOOD BONES, GREAT LONG TERM TENANTS OF 8 AND 12 YEARS AND WOULD LIKE TO STAY. PROPERTY HAS LOTS OF DEFERRED MAINTENANCE. MUST HAVE AN ''ALL CASH'' IN ''AS IS'' CONDITION OFFER! TENANTS LOOKING FOR A NEW LANDLORD WHO HAS TOOLS!

19. 2013-09-20
    listed $14,900
20. 2013-09-20
    historical
21. 2013-06-28
    soldstatus $13,000

ⓘ 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,308
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$2,265
• − Management: −$2,265
• − Depreciation: −$4,335
• Taxable income: $8,118
• Est. tax owed @ 24.0%: −$1,948
• After-tax cash flow: $8,059/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

+1046.2% since first listed

7 events — show timeline

• 2026-02-16 Listed $149,000 METROMLS
• 2021-10-20 Sold (MLS) $47,000 METROMLS
• 2021-10-05 Pending — METROMLS
• 2021-10-04 Listed $45,900 METROMLS
• 2013-09-20 Listing Removed — METROMLS
• 2013-09-20 Listed $14,900 METROMLS
• 2013-06-28 Sold (MLS) $13,000 METROMLS