3848 N 10th St Unit 3848A · Milwaukee, WI 53206

$41,499

4 bd · 2.0 ba · 1,904 sqft · MultiFamily · 95 Days on market

Built 1924 Poor condition 5,227 sqft lot $22/sqft · 63% 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0

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 1924

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $41k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $948 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $41k).
• Recommended offer: $38k (9.0% below list) — sets the bar for market timing.
• Cap rate 33.7% 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 (+8.3%/yr); 150 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $1,563/mo this rent would consume 64% of the median local household income ($29k/yr) (locally 2061% 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 $4k of equity ($287 loan paydown + $4k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $37,764 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% 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 1924 — 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: 3.77% ✓
• Cap rate: 33.70%
• Cash-on-cash: 97.90%
• DSCR: 5.36
• GRM: 2.2

CMA / ARV

• ARV (median comp): $112,204
• List price: $41,499
• Delta: -63.01%
• 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
3905 N 13th St #3907	0.22mi	4/2.0	1,884 (-1%)	2mo	$144,500	$77	87
4071 N 12th St Unit 4071A	0.28mi	3/2.0 (-1)	2,045 (+7%)	1mo	$110,000	$54	69
4047 N 19th St #4049	0.62mi	4/2.0	1,815 (-5%)	2mo	$134,900	$74	62
1223 W Olive St #1225	0.43mi	4/2.5	1,722 (-10%)	3mo	$183,000	$106	60
1304 W Ring St Unit 1304A	0.70mi	5/2.0 (+1)	1,851 (-3%)	1mo	$70,000	$38	57
3701 N 14th St #3703	0.34mi	4/2.0	2,174 (+14%)	4mo	$90,000	$41	57
3748 N 17th St	0.46mi	4/2.0	2,161 (+14%)	2mo	$80,000	$37	55
3283 N 14th St #3285	0.68mi	4/2.0	2,044 (+7%)	2mo	$80,000	$39	54
3258 N 12th St #3260	0.68mi	4/2.0	2,086 (+10%)	3mo	$51,000	$24	50
3711 N 1st St #3713	0.65mi	4/2.0	1,680 (-12%)	3mo	$160,000	$95	48
3328 N 13th St #3330	0.59mi	4/2.0	2,176 (+14%)	6mo	$130,000	$60	44
3921 N 19th Pl	0.65mi	4/2.0	2,183 (+15%)	6mo	$35,000	$16	40

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.85×
• Total profit: $91,261
• Equity at exit: $37,386

10-year hold

• IRR: —
• Equity multiple: 21.81×
• Total profit: $241,780
• Equity at exit: $80,623

Cash invested: $11,620 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,563 high
• Mortgage (P&I): −$218
• Tax est. 1.5%: −$52 /mo · $622/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $948

Break-even live

Break-even rent $363

Max offer price $41,499

Occupancy floor 34%

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: $10,375
• Closing costs: $1,245
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	1d	1	0.83mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	0.88mi
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	23d	1	0.96mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	23d	1	1.20mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.38mi

Listing history 21 events

1. 2026-06-18
   days on market $41,499 Active 95 DOM
2. 2026-06-17
   days on market $41,499 Active 94 DOM
3. 2026-06-16
   days on market $41,499 Active 93 DOM
4. 2026-06-15
   days on market $41,499 Active 92 DOM
5. 2026-06-13
   days on market $41,499 Active 90 DOM
6. 2026-06-13
   days on market $41,499 Active 89 DOM
7. 2026-06-09
   days on market $41,499 Active 86 DOM
8. 2026-06-08
   days on market $41,499 Active 85 DOM
9. 2026-06-07
   days on market $41,499 Active 84 DOM
10. 2026-06-05
    days on market $41,499 Active 81 DOM
11. 2026-06-03
    days on market $41,499 Active 80 DOM
12. 2026-06-02
    days on market $41,499 Active 79 DOM
13. 2026-06-01
    days on market $41,499 Active 78 DOM
14. 2026-05-31
    days on market $41,499 Active 77 DOM
15. 2026-04-14
    status Active 120-char remark

    Show marketing remark (120 chars)

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

16. 2026-01-13
    status Pending 394-char remark

    Show marketing remark (394 chars)

    This is a City Of Milwaukee Tax Foreclosure. Discover an incredible opportunity to own this 2/2 Duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs: $64,030 (Total Scope Of Work: $95,430). Hard Money Investor financing available. Reach out to the listing broker for details.

17. 2026-01-13
    historical 394-char remark

    Show marketing remark (394 chars)

    This is a City Of Milwaukee Tax Foreclosure. Discover an incredible opportunity to own this 2/2 Duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs: $64,030 (Total Scope Of Work: $95,430). Hard Money Investor financing available. Reach out to the listing broker for details.

18. 2025-10-22
    listed $41,499 Active 394-char remark

    Show marketing remark (394 chars)

    This is a City Of Milwaukee Tax Foreclosure. Discover an incredible opportunity to own this 2/2 Duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs: $64,030 (Total Scope Of Work: $95,430). Hard Money Investor financing available. Reach out to the listing broker for details.

19. 2025-09-30
    status Pending 120-char remark

    Show marketing remark (120 chars)

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

20. 2025-09-29
    historical 120-char remark

    Show marketing remark (120 chars)

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

21. 2025-08-29
    listed $41,499 Active 120-char remark

    Show marketing remark (120 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: $18,756
• − Mortgage interest: −$2,325
• − Property taxes: −$622
• − Insurance: −$207
• − Repairs & maintenance: −$1,500
• − Management: −$1,500
• − Depreciation: −$1,207
• Taxable income: $11,393
• Est. tax owed @ 24.0%: −$2,734
• After-tax cash flow: $8,641/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 · 2 photos

Poor 20/100 Extensive rehab

This tax foreclosed property requires extensive repairs and maintenance, including fencing and landscaping, to improve its condition and value.

Repairs flagged

• Major fencing — Damaged and overgrown
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Both landscaping and fencing repair — Improves curb appeal and safety
• Both exterior painting — Enhances curb appeal and property value
• Both interior updates — Improves living conditions and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
fencing · Damaged and overgrown	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both landscaping and fencing repair — Improves curb appeal and safety ↑
• Both exterior painting — Enhances curb appeal and property value ↑
• Both interior updates — Improves living conditions and rental appeal ↑

ⓘ 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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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 (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

+0.0% since first listed

7 events — show timeline

• 2026-04-14 Relisted — METROMLS
• 2026-01-13 Pending — METROMLS
• 2026-01-13 Listing Removed — METROMLS
• 2025-10-22 Listed $41,499 METROMLS
• 2025-09-30 Pending — METROMLS
• 2025-09-29 Listing Removed — METROMLS
• 2025-08-29 Listed $41,499 METROMLS