2718 N 37th St #2720 · Milwaukee, WI 53210

$164,900

6 bd · 2.0 ba · 1,219 sqft · MultiFamily · 8 Days on market

Built 1919 Fair condition 7,405 sqft lot $135/sqft · 74% above area

---

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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.0/5.0
• 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

Charming well-maintained duplex. Each unit features 3 spacious bedrooms, 1 bath, formal dining room, living room, with a mixture of hardwood and carpeted floors. both have separate utilities. The basement is clean with washer/dryer hookups. There is a two-car garage plus a large slab with a large fenced in yard as well. * * * Be the first to see and make your best offer, this property will not last long. * * *

Key facts

• Separate utilities
• Formal dining room
• Living room

Tags

• WELL-MAINTAINED DUPLEX
• FORMAL DINING ROOM
• LIVING ROOM
• HARDWOOD AND CARPETED FLOORS
• SEPARATE UTILITIES
• CLEAN BASEMENT

Property features AI

Exterior

• Parking: Detached 2-car garage; 1 additional parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property
• Construction: Assessor/public record year built
• Exterior features: Aluminum/steel siding; Aluminum siding; Masonite/pressboard siding; Vinyl siding; Less than 1/2 acre lot (0.17 acre); Zoned RT2

Interior

• Kitchen: Unit 2 kitchen on main level
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master on main 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 × 3-bed/1.0-bath units multifamily listed at $165k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $563 ($7k/yr) — positive. Per door: $281/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Cap rate 10.4% 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); 143 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,155/mo this rent would consume 54% 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 $5k 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 $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,900

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 1919 — 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: 1.31% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.63%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (median comp): $94,899
• List price: $164,900
• Delta: 73.76%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2649 N 45th St	0.55mi	6/2.0	1,400 (+15%)	2mo	$220,000	$157	48

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: 6.0%
• Equity multiple: 1.24×
• Total profit: $10,953
• Equity at exit: $24,587

10-year hold

• IRR: 16.2%
• Equity multiple: 2.37×
• Total profit: $63,310
• Equity at exit: $14,258

Cash invested: $46,172 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 143
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,155 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $563

Break-even live

Break-even rent $1,443

Max offer price $164,900

Occupancy floor 69%

Sensitivity live

Price	-10% $677	-5% $620	+0% $563	+5% $506	+10% $449
Rent	-10% $393	-5% $478	+0% $563	+5% $648	+10% $733
Rate	-1.0pp $646	-0.5pp $605	base $563	+0.5pp $520	+1.0pp $477

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,156
Total (2 units)			$2,155

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-03
   status Pending 417-char remark
2. 2026-04-28
   listed $154,900 Active 417-char remark

ⓘ 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: $25,860
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$824
• − Repairs & maintenance: −$2,069
• − Management: −$2,069
• − Depreciation: −$4,797
• Taxable income: $4,390
• Est. tax owed @ 24.0%: −$1,054
• After-tax cash flow: $5,701/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 · 0 photos

Fair 40/100 Moderate rehab

This duplex requires significant renovations to improve its condition and increase its value. The kitchen, bathrooms, and flooring are in poor condition and need major updates. Painting the exterior and landscaping will also improve its curb appeal.

Repairs flagged

• Major Kitchen countertops and cabinets — The countertops and cabinets are worn and need replacement or renovation.
• Major Bathroom fixtures and tiles — The fixtures and tiles are dated and need updating.
• Major Flooring — The carpeted flooring is worn and needs replacement or renovation.
• Major Interior walls — The walls show signs of wear and discoloration, indicating a need for repainting.
• Major Exterior siding — The siding shows signs of wear and discoloration, indicating a need for repainting or replacement.

Value-add opportunities

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the property's resale value.
• Resale Bathroom updates — Upgrading the bathrooms will make the property more appealing to potential buyers.
• Resale Flooring replacement — New flooring will improve the property's appearance and increase its resale value.
• Both Exterior painting — Painting the exterior will improve the property's curb appeal and increase both resale and rental value.
• Both Landscaping — Landscaping will enhance the property's curb appeal and increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops and cabinets · The countertops and cabinets are worn and need replacement or renovation.	Major	$15,000–50,000
Bathroom fixtures and tiles · The fixtures and tiles are dated and need updating.	Major	$15,000–50,000
Flooring · The carpeted flooring is worn and needs replacement or renovation.	Major	$15,000–50,000
Interior walls · The walls show signs of wear and discoloration, indicating a need for repainting.	Major	$15,000–50,000
Exterior siding · The siding shows signs of wear and discoloration, indicating a need for repainting or replacement.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the property's resale value. ↑
• Resale Bathroom updates — Upgrading the bathrooms will make the property more appealing to potential buyers. ↑
• Resale Flooring replacement — New flooring will improve the property's appearance and increase its resale value. ↑
• Both Exterior painting — Painting the exterior will improve the property's curb appeal and increase both resale and rental value. ↑
• Both Landscaping — Landscaping will enhance the property's curb appeal and increase both resale 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): 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

+6.5% since first listed

5 events — show timeline

• 2026-05-25 Pending — METROMLS
• 2026-05-21 Price Changed $164,900 METROMLS
• 2026-05-21 Relisted — METROMLS
• 2026-05-03 Pending — METROMLS
• 2026-04-28 Listed $154,900 METROMLS