2026 N 39th St #2028 · Milwaukee, WI 53208

$189,900

4 bd · 2.0 ba · 2,584 sqft · MultiFamily · 11 Days on market

Built 1922 Fair condition 0.25 ac lot Est $127k · 50% over

---

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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +7.3/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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

Roomy duplex, spacious living rooms, dinning rooms with buffet and lots of woodwork throughout, updated kitchens and baths. Backyard updated on the extra lot surrounded with a new fence. Nice size patio area for family BBQ's. 4 parking spaces. 2018 roofing. Solid Duplex.

Key facts

• Formal dining room
• Built-in buffet
• French doors

Tags

• SUNROOM
• FRENCH DOORS
• FORMAL DINING ROOM
• BUILT-IN BUFFET
• UPDATED KITCHENS
• UPDATED BATHROOMS

Property features AI

Finance

• Other: Inclusions: 2 ovens/ranges and 2 refrigerators; Exclusions: Tenant's personal property

Exterior

• Parking: Total garage capacity for 4+ cars; Listed as 4 garage parking spaces; Additional parking: 1 space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: Two-story duplex; Multi-family property (2 units); Year built: Assessor/Public Record
• Construction: Vinyl siding
• Exterior features: Vinyl exterior; Lot is approximately 0.25 acre; Zoned RT4 Residential

Interior

• Kitchen: Unit 2 kitchen on upper level; Includes 2 ovens/ranges and 2 refrigerators (included)
• 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 block basement
• Laundry & utility: No washer/dryer details provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $528 ($6k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 9.6% 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); 92 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 $2,330/mo this rent would consume 53% 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 $1k of loan paydown is wiped out by about $6k 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 $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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 $151k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.23% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.92%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $126,616
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2118 N 38th St #2120	0.08mi	4/2.0	2,341 (-9%)	0mo	$62,500	$27	80
3513 W Lloyd St #3515	0.21mi	4/2.0	2,470 (-4%)	3mo	$220,000	$89	80
2342 N 45th St #2344	0.50mi	4/2.0	2,577 (-0%)	3mo	$125,000	$49	74
3733 W Sarnow St #3735	0.22mi	4/2.0	2,288 (-12%)	2mo	$157,000	$69	69
2014 N 35th St #2016	0.24mi	4/2.0	2,208 (-15%)	2mo	$72,000	$33	62
1350 N 36th St #1352	0.63mi	4/2.0	2,649 (+2%)	4mo	$130,000	$49	62
2182 N 48th St	0.58mi	4/2.0	2,410 (-7%)	4mo	$199,900	$83	58
2661 N 39th St #2663	0.71mi	4/2.0	2,469 (-4%)	2mo	$145,000	$59	58
3127 W Garfield Ave #3129	0.45mi	5/2.0 (+1)	2,332 (-10%)	0mo	$130,000	$56	57
2631 N 33rd St #2633	0.75mi	4/2.0	2,470 (-4%)	1mo	$72,500	$29	57
1922 N 27th St #1924	0.75mi	5/2.0 (+1)	2,454 (-5%)	4mo	$90,000	$37	48
1925 N 27th St #1927	0.72mi	4/2.0	2,266 (-12%)	4mo	$90,000	$40	43

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: 6.9%
• Equity multiple: 1.29×
• Total profit: $15,227
• Equity at exit: $28,315

10-year hold

• IRR: 20.3%
• Equity multiple: 3.12×
• Total profit: $112,777
• Equity at exit: $16,419

Cash invested: $53,172 (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: 92
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $2,330 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $528

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,330
Total (2 units)			$2,330

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: $47,475
• Closing costs: $5,697
• 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	43d	1	0.81mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.14mi

Listing history 9 events

1. 2026-06-18
   days on market $189,900 Active 11 DOM
2. 2026-06-17
   days on market $189,900 Active 10 DOM
3. 2026-06-16
   days on market $189,900 Active 9 DOM
4. 2026-06-15
   days on market $189,900 Active 8 DOM
5. 2026-06-13
   days on market $189,900 Active 6 DOM
6. 2026-06-13
   days on market $189,900 Active 5 DOM
7. 2026-06-09
   days on market $189,900 Active 2 DOM
8. 2026-06-08
   remarks 442-char remark
9. 2026-06-08
   listed $189,900 Active 1 DOM

ⓘ 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: $27,960
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$2,237
• − Management: −$2,237
• − Depreciation: −$5,524
• Taxable income: $3,527
• Est. tax owed @ 24.0%: −$846
• After-tax cash flow: $5,494/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

Fair 45/100 Moderate rehab

The home requires significant repairs and maintenance, particularly to the roof and exterior, to improve its condition and value.

Repairs flagged

• Major roof — The satellite image suggests potential roof damage.
• Major exterior siding — The siding is peeling and the paint is faded.
• Major landscaping — The landscaping is sparse and needs improvement to enhance curb appeal.

Value-add opportunities

• Both repair roof — Repairing the roof would improve the home's structural integrity and curb appeal.
• Both repair exterior siding and paint — Repairing the siding and repainting would enhance the home's appearance and curb appeal.
• Both landscaping — Improving the landscaping would enhance the home's curb appeal and make it more attractive to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The satellite image suggests potential roof damage.	Major	$15,000–50,000
exterior siding · The siding is peeling and the paint is faded.	Major	$15,000–50,000
landscaping · The landscaping is sparse and needs improvement to enhance curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both repair roof — Repairing the roof would improve the home's structural integrity and curb appeal. ↑
• Both repair exterior siding and paint — Repairing the siding and repainting would enhance the home's appearance and curb appeal. ↑
• Both landscaping — Improving the landscaping would enhance the home's curb appeal and make it more attractive to potential buyers or renters. ↑

ⓘ 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

+18.7% since first listed

7 events — show timeline

• 2026-06-07 Listed $189,900 METROMLS
• 2023-05-19 Sold (MLS) $151,000 METROMLS
• 2023-04-04 Pending — METROMLS
• 2023-03-22 Price Changed $155,000 METROMLS
• 2023-03-15 Relisted — METROMLS
• 2023-01-26 Pending — METROMLS
• 2023-01-06 Listed $160,000 METROMLS