6128 N 38th St · Milwaukee, WI 53209

$60,300

3 bd · 1.0 ba · 937 sqft · SingleFamily public records · 41 Days on market

Built 1953 4,791 sqft lot $64/sqft · 41% below area Est $102k · 41% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a City Of Milwaukee owned Tax Foreclosure. Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$8,945 (Total Scope Of Work:$16,645)

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1953

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $662 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.5% 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 (+8.6%/yr); 168 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 35% 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 $417 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($58k) 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.
• Current owner paid $22k; list at $60k implies a 168% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,491 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.37% ✓
• Cap rate: 19.47%
• Cash-on-cash: 47.05%
• DSCR: 3.09
• GRM: 3.5

CMA / ARV

• ARV (median comp): $102,444
• List price: $60,300
• Delta: -41.14%
• 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
6148 N 38th St	0.03mi	2/1.0 (-1)	919 (-2%)	11mo	$127,000	$138	81
6170 N 36th St	0.14mi	3/1.0	894 (-5%)	11mo	$120,000	$134	77
4215 W Florist Ave	0.37mi	3/1.0	977 (+4%)	2mo	$140,000	$143	74
5778 N 32nd St	0.60mi	3/1.0	926 (-1%)	5mo	$106,000	$114	66
5866 N 39th St	0.37mi	3/1.0	1,052 (+12%)	1mo	$85,000	$81	61
5760 N 32nd St	0.62mi	3/1.0	882 (-6%)	1mo	$128,000	$145	60
5751 N 38th St	0.49mi	3/1.0	1,042 (+11%)	1mo	$146,400	$140	58
5791 N 32nd St	0.57mi	2/1.0 (-1)	882 (-6%)	1mo	$125,000	$142	58
5629 N 35th St	0.68mi	2/1.0 (-1)	936 (-0%)	7mo	$93,000	$99	57
5744 N 39th St	0.50mi	2/1.0 (-1)	876 (-6%)	12mo	$138,000	$158	51
5738 N 38th St	0.50mi	2/1.0 (-1)	820 (-12%)	6mo	$157,000	$191	46
4701 W Brentwood Ave	0.75mi	3/1.5	1,074 (+15%)	3mo	$205,000	$191	36

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: 50.3%
• Equity multiple: 3.37×
• Total profit: $39,991
• Equity at exit: $8,991

10-year hold

• IRR: 57.8%
• Equity multiple: 8.33×
• Total profit: $123,684
• Equity at exit: $5,214

Cash invested: $16,884 (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 53209

• Rents YoY: 8.6%
• Active inventory: 168
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,429 high
• Mortgage (P&I): −$316
• Tax from tax record: −$125 /mo · $1,503/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $662

Break-even live

Break-even rent $591

Max offer price $60,300

Occupancy floor 49%

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: $15,075
• Closing costs: $1,809
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6148 N 39th St Milwaukee, WI	2.0	1.0	792	$1,175	$1.48	43d	1	0.08mi
6110 N 39th St Milwaukee, WI	2.0	1.0	703	$1,395	$1.98	4d	1	0.10mi
5696 N 42nd St Milwaukee, WI	4.0	1.0	1023	$1,495	$1.46	23d	1	0.66mi
6600 N Sidney Pl Glendale, WI	1.0–2.0	1.0	800	$1,587	$1.98	3d	13	0.79mi
5435 N 40th St Milwaukee, WI	2.0	1.0	850	$1,150	$1.35	17d	1	0.96mi
4127 W Kiley Ave Unit A Milwaukee, WI	3.0	1.0	1025	$1,250	$1.22	43d	1	1.05mi
5237 N 34th St Unit 5237 Lower Milwaukee, WI	2.0	1.0	956	$1,350	$1.41	23d	1	1.20mi
5688 N 56th St Milwaukee, WI	3.0	1.0	850	$1,445	$1.70	12d	1	1.33mi
7233 N 38th St Unit 7 Milwaukee, WI	2.0	1.0	675	$1,075	$1.59	43d	1	1.34mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	23d	1	1.38mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	23d	1	1.38mi
6535 N 58th St Milwaukee, WI	2.0	1.0	962	$1,195	$1.24	17d	1	1.39mi
5165-5167 N 45th St Unit 5165 Milwaukee, WI	3.0	1.0	1020	$1,200	$1.18	17d	1	1.39mi
1633 W Bender Rd Apt 11C Glendale, WI	2.0	2.0	1000	$1,725	$1.73	23d	1	1.40mi
4610 W Eggert Pl #4612 Milwaukee, WI	3.0	1.0	852	$1,095	$1.29	23d	1	1.43mi
1616 W Bender Rd Glendale, WI	2.0	2.0	764	$1,775	$2.32	2d	1	1.45mi
5830 N 61st St Milwaukee, WI	3.0	1.0	1024	$1,450	$1.42	43d	1	1.48mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	12d	1	1.49mi
6026 W Carmen Ave Milwaukee, WI	2.0	1.0	672	$1,195	$1.78	23d	1	1.50mi

Listing history 4 events

1. 2026-04-15
   listed $60,300 Active 201-char remark

   Show marketing remark (201 chars)

   This is a City Of Milwaukee owned Tax Foreclosure. Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs:$8,945 (Total Scope Of Work:$16,645)

2. 2026-04-06
   historical 236-char remark

   Show marketing remark (236 chars)

   This is a tax foreclosed property. For the first 30-days of the listing period, mo offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00 am

3. 2026-02-23
   listed $141,838 Active 236-char remark

   Show marketing remark (236 chars)

   This is a tax foreclosed property. For the first 30-days of the listing period, mo offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00 am

4. 1982-05-01
   soldstatus $22,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $1,503 · $125/mo
• Projected year-2 tax: $1,503 · $125/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $17,142
• − Mortgage interest: −$3,378
• − Property taxes: −$1,503
• − Insurance: −$302
• − Repairs & maintenance: −$1,371
• − Management: −$1,371
• − Depreciation: −$1,754
• Taxable income: $7,463
• Est. tax owed @ 24.0%: −$1,791
• After-tax cash flow: $6,152/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.

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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

+168.0% since first listed

4 events — show timeline

• 2026-04-15 Listed $60,300 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $141,838 METROMLS
• 1982-05-01 Sold (Public Records) $22,500 Public Records

Property tax history

-0.7%/yr

Latest (2020): $1,503 · -62.2% YoY. Source: county tax records.