4905 W Wells St Unit A · Milwaukee, WI 53208

$265,000

4 bd · 2.0 ba · 2,232 sqft · MultiFamily · 3 Days on market

Built 1894 Good condition 6,098 sqft lot Est $277k · at est.

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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 +20.1/30.0
• ARV discount +9.4/15.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 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

Attention Investors, house-hackers, and rehabbers! Fantastic Duplex Opportunity in highly desirable Story Hill. Over 2,200 sqft of living space w/ more opportunity in the massive, unfinished walk-up attic. This historic property retains much of its original character, w/ high ceilings, spacious living and dining areas, unpainted natural woodwork, and solid-wood doors. Each unit has 2 bedrooms, 1 full bathroom, dedicated HVAC, electric, and gas service. Full basement w/ shared laundry. Outside is a covered wraparound porch, rear deck/patio area, while the upper unit has two balconies. Conveniently located blocks from Hwy 175, Doyne and Mitchell Blvd Parks, and restaurants, w/ quick and easy

Key facts

• Rear deck patio area
• Two balconies
• Historic property

Tags

• HISTORIC PROPERTY
• COVERED WRAPAROUND PORCH
• REAR DECK PATIO AREA
• TWO BALCONIES

Property features AI

Finance

• Other: Inclusions: 2 refrigerators, 2 ranges/ovens, 2 dishwashers, 1 microwave, and any items left as a convenience to the seller; Exclusions: tenants' personal property

Exterior

• Parking: Detached 2-car garage with opener; Total of 2 garage parking spaces
• Utilities: Municipal water; Municipal sewer; Separate electric and gas meters (2 each)
• Home design: 2-story duplex; Multi-family property (duplex)
• Construction: Combination of aluminum/steel and wood construction; Basement: full, brick
• Exterior features: Aluminum/steel and wood exterior with aluminum trim; Lot smaller than 1/2 acre (0.14 acre); Zoned RT2; Located in the Murray Hill subdivision

Interior

• Kitchen: Unit 1 kitchen included; Unit 2 kitchen on upper level; Appliances included: 2 refrigerators, 2 ranges/ovens, 2 dishwashers, 1 microwave
• 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 brick basement
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $265k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive. Per door: $164/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 7.8% 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 (+10.8%/yr); 95 active listings in the ZIP; 4 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).
• At $2,734/mo this rent would consume 62% of the median local household income ($53k/yr) (locally 1568% 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 $2k of loan paydown is wiped out by about $8k 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 $74k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,000

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 1894 — 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: 1.03% ✓
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $276,768
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4905 W Wells St Unit A	0.00mi	4/2.0	2,232 (0%)	0mo	$280,000	$125	100
535 N 50th St #537	0.15mi	5/2.0 (+1)	2,266 (+2%)	10mo	$280,000	$124	77
1154 N 46th St #1156	0.47mi	4/2.0	2,212 (-1%)	1mo	$240,000	$108	76
5727 W Wisconsin Ave #5729	0.48mi	4/2.0	2,301 (+3%)	4mo	$425,000	$185	69
1128 N 45th St #1130	0.47mi	4/2.0	2,178 (-2%)	10mo	$299,900	$138	66
1137 N 45th St #1139	0.47mi	4/2.0	2,284 (+2%)	13mo	$247,300	$108	64
5607 W Wisconsin Ave #5609	0.40mi	4/2.0	2,048 (-8%)	6mo	$298,000	$146	63
1202 N 45th St Unit 1202 A	0.53mi	4/3.0	2,144 (-4%)	4mo	$265,000	$124	62
1261 N 43rd St #1263	0.65mi	4/2.0	2,263 (+1%)	9mo	$138,100	$61	60
1418 N 52nd St #1420	0.71mi	4/2.0	2,020 (-10%)	1mo	$324,000	$160	50
342-344 N 42nd St	0.58mi	4/2.0	2,448 (+10%)	8mo	$105,600	$43	50
1270 N 46th St #1272	0.60mi	3/2.0 (-1)	2,529 (+13%)	12mo	$265,000	$105	35

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-7,529
• Equity at exit: $39,512

10-year hold

• IRR: 12.0%
• Equity multiple: 2.16×
• Total profit: $86,314
• Equity at exit: $22,912

Cash invested: $74,200 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 95
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $2,734 high
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $329

Break-even live

Break-even rent $2,318

Max offer price $265,000

Occupancy floor 83%

Sensitivity live

Price	-10% $512	-5% $420	+0% $329	+5% $237	+10% $145
Rent	-10% $113	-5% $221	+0% $329	+5% $436	+10% $544
Rate	-1.0pp $462	-0.5pp $396	base $329	+0.5pp $260	+1.0pp $190

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,734
Total (2 units)			$2,734

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4802 W Wells St Unit 4802-1 Milwaukee, WI	3.0	2.0	1700	$1,799	$1.06	44d	1	0.10mi
6100 W State St Wauwatosa, WI	1.0–3.0	1.0–2.0	1160	$3,017	$2.60	2d	20	0.69mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	1.25mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.34mi

Listing history 2 events

1. 2026-05-15
   status Pending
2. 2026-05-12
   listed $265,000 Active

ⓘ 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 ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,808
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,625
• − Management: −$2,625
• − Depreciation: −$7,709
• Taxable loss: −$294
• Est. tax savings @ 24.0%: +$71
• After-tax cash flow: $4,013/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

Good 75/100 Cosmetic rehab

This well-maintained duplex in Story Hill offers a good investment opportunity with minimal repairs needed.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Landscaping improvements — Enhances curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Landscaping improvements — Enhances curb appeal and rental value ↑

ⓘ 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): 27,201
• Household income: $52,690
• Rent vs Own: 60.8% rent · 39.2% own
• Severe rent burden: 1568.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Black 41% White 36% Hispanic / Latino 10% Asian 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 6% Spanish 6% French/Haitian/Cajun 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: ▼ -123.92%
• Current HPI: 333.7268
• Rent YoY: ▲ 10.78%
• 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

2 events — show timeline

• 2026-05-15 Pending — METROMLS
• 2026-05-12 Listed $265,000 METROMLS