2802 N 51st St #2804 · Milwaukee, WI 53210

$49,900

4 bd · 2.0 ba · 2,776 sqft · MultiFamily · 56 Days on market

Built 1926 Poor condition 5,227 sqft lot $18/sqft · 72% 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
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

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 property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $82,410 and the total scope of work totaling $130,510. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

Key facts

• 5,227 sq ft lot
• Garage
• Built 1926

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $50k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $944 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.0% 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; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 41% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% 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 1926 — 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: 3.27% ✓
• Cap rate: 29.00%
• Cash-on-cash: 81.09%
• DSCR: 4.61
• GRM: 2.5

CMA / ARV

• ARV (median comp): $180,745
• List price: $49,900
• Delta: -72.39%
• 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
2813 N 49th St #2815	0.10mi	4/2.0	2,800 (+1%)	5mo	$135,000	$48	90
2722 N 45th St #2724	0.38mi	4/2.0	2,854 (+3%)	6mo	$157,500	$55	73
2924 N 48th St	0.25mi	4/2.0	2,518 (-9%)	5mo	$250,000	$99	69
2331 N 54th St #2333	0.62mi	4/2.0	2,719 (-2%)	5mo	$270,000	$99	64
3023 N 52nd St #3025	0.30mi	4/2.0	2,408 (-13%)	2mo	$139,900	$58	63
3128 N 52nd St #3130	0.42mi	4/2.0	2,400 (-14%)	0mo	$283,000	$118	58
2342 N 45th St #2344	0.68mi	4/2.0	2,577 (-7%)	3mo	$125,000	$49	54
2929 N 57th St #2931	0.41mi	4/2.0	2,406 (-13%)	6mo	$209,900	$87	53
3154 N 54th St #3156	0.49mi	5/2.0 (+1)	2,523 (-9%)	6mo	$168,010	$67	52
3280 N 54th St #3282	0.64mi	4/2.0	2,494 (-10%)	2mo	$340,000	$136	52
2753 N 60th St #2755	0.55mi	4/2.0	2,384 (-14%)	4mo	$170,000	$71	47
2607 N 40th St #2609	0.72mi	4/2.0	2,430 (-12%)	6mo	$98,500	$41	41

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: 82.3%
• Equity multiple: 4.82×
• Total profit: $53,433
• Equity at exit: $7,440

10-year hold

• IRR: 85.8%
• Equity multiple: 10.28×
• Total profit: $129,727
• Equity at exit: $4,314

Cash invested: $13,972 (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: 2.5×

Monthly cashflow live

• Estimated rent: $1,632 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $944

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 37%

Sensitivity live

Price	-10% $979	-5% $961	+0% $944	+5% $927	+10% $910
Rent	-10% $815	-5% $880	+0% $944	+5% $1,009	+10% $1,073
Rate	-1.0pp $969	-0.5pp $957	base $944	+0.5pp $931	+1.0pp $918

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-13
   statusdays on market $49,900 Pending 56 DOM
2. 2026-06-09
   days on market $49,900 Active 55 DOM
3. 2026-06-08
   days on market $49,900 Active 54 DOM
4. 2026-06-07
   days on market $49,900 Active 53 DOM
5. 2026-06-05
   days on market $49,900 Active 50 DOM
6. 2026-06-03
   days on market $49,900 Active 49 DOM
7. 2026-06-02
   days on market $49,900 Active 48 DOM
8. 2026-06-01
   days on market $49,900 Active 47 DOM
9. 2026-05-31
   days on market $49,900 Active 46 DOM
10. 2026-04-13
    listed $49,900 Active 500-char remark

    Show marketing remark (500 chars)

    This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $82,410 and the total scope of work totaling $130,510. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

11. 2026-04-06
    historical 235-char remark

    Show marketing remark (235 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00am

12. 2026-02-23
    listed $130,800 Active 235-char remark

    Show marketing remark (235 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00am

ⓘ 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 ≥100°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: $19,581
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − Depreciation: −$1,452
• Taxable income: $11,203
• Est. tax owed @ 24.0%: −$2,689
• After-tax cash flow: $8,642/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 · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including new flooring, paint, HVAC system, and windows. The home is in poor condition and requires significant investment to become move-in ready.

Repairs flagged

• Major Exposed pipes in the kitchen — Exposed pipes indicate potential plumbing issues
• Major Rusted sink in the kitchen — Rusted sink indicates potential plumbing issues
• Major Worn-out fixtures in the bathrooms — Worn-out fixtures indicate potential plumbing issues
• Major Peeling paint throughout the house — Peeling paint indicates potential structural issues
• Major Overgrown lawn and general disrepair — Overgrown lawn and general disrepair indicate lack of maintenance

Value-add opportunities

• Both New flooring — New flooring will improve the overall appearance and functionality of the home
• Both New paint — New paint will improve the overall appearance and functionality of the home
• Both New HVAC system — New HVAC system will improve the comfort and energy efficiency of the home
• Both New windows — New windows will improve the energy efficiency and curb appeal of the home

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed pipes in the kitchen · Exposed pipes indicate potential plumbing issues	Major	$15,000–50,000
Rusted sink in the kitchen · Rusted sink indicates potential plumbing issues	Major	$15,000–50,000
Worn-out fixtures in the bathrooms · Worn-out fixtures indicate potential plumbing issues	Major	$15,000–50,000
Peeling paint throughout the house · Peeling paint indicates potential structural issues	Major	$15,000–50,000
Overgrown lawn and general disrepair · Overgrown lawn and general disrepair indicate lack of maintenance	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both New flooring — New flooring will improve the overall appearance and functionality of the home ↑
• Both New paint — New paint will improve the overall appearance and functionality of the home ↑
• Both New HVAC system — New HVAC system will improve the comfort and energy efficiency of the home ↑
• Both New windows — New windows will improve the energy efficiency and curb appeal of the home ↑

ⓘ 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

-61.9% since first listed

3 events — show timeline

• 2026-04-13 Listed $49,900 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $130,800 METROMLS