4861 N 50 St #4863 · Milwaukee, WI 53218

$199,900

4 bd · 2.0 ba · 2,015 sqft · MultiFamily · 120 Days on market

Built 1959 Fair condition 5,662 sqft lot $99/sqft · 9% above area Est $184k · 9% 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• ARV discount +3.6/15.0
• Condition / age +2.2/5.0
• 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 MLS

3/2 Brick and Aluminum duplex with side drive and garage in a popular rental location; features newer roof, and the craftsmanship of the 1950's construction.

Key facts

• Newer roof
• 5,662 sq ft lot
• 2 garage spots

Tags

• NEWER ROOF
• POPULAR RENTAL LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $694 ($8k/yr) — positive. Per door: $347/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 (+5.3%/yr); 153 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,627/mo this rent would consume 69% of the median local household income ($46k/yr) (locally 2421% 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 + 5.3% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 18089% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 10.46%
• Cash-on-cash: 14.88%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

• ARV (median comp): $183,944
• List price: $199,900
• Delta: 8.67%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4568 N 51st Blvd #4570	0.39mi	4/2.0	1,886 (-6%)	8mo	$147,000	$78	64
4960 N 48th St #4962	0.20mi	5/2.0 (+1)	2,201 (+9%)	9mo	$195,000	$89	63
5324 N 48th St	0.60mi	5/2.0 (+1)	1,986 (-1%)	2mo	$240,000	$121	63
5011 N 47th St Unit 5011A	0.26mi	5/2.0 (+1)	2,212 (+10%)	5mo	$132,500	$60	62
5101 W Lincoln Creek Dr #5103	0.49mi	4/2.0	1,903 (-6%)	9mo	$166,900	$88	60
5269 N Sherman Blvd	0.68mi	4/2.0	2,102 (+4%)	4mo	$192,000	$91	58
6130 W Fairmount Ave	0.68mi	4/2.0	2,022 (+0%)	11mo	$280,000	$138	58
4908 N 60th St Unit 4908A	0.54mi	5/2.0 (+1)	2,112 (+5%)	10mo	$60,000	$28	53
4668 N 42nd St #4670	0.60mi	4/2.0	2,094 (+4%)	15mo	$153,000	$73	53
5066 N Hopkins St #5068	0.72mi	4/2.0	1,904 (-6%)	11mo	$165,000	$87	48
4432 N 55th St Unit 4432A	0.64mi	3/2.0 (-1)	1,833 (-9%)	6mo	$191,000	$104	45
4547 N 60th St	0.71mi	4/2.0	2,232 (+11%)	12mo	$228,000	$102	39

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 · 5.29% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.32×
• Total profit: $18,031
• Equity at exit: $29,806

10-year hold

• IRR: 19.2%
• Equity multiple: 2.78×
• Total profit: $99,392
• Equity at exit: $17,284

Cash invested: $55,972 (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 53218

• Home prices YoY: -19.0%
• Rents YoY: 5.3%
• Active inventory: 153
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,627 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $694

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,626
Total (2 units)			$2,627

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	4d	1	0.50mi
5268 N 64th St Milwaukee, WI	5.0	1.0	1672	$1,850	$1.11	10d	1	0.96mi
6813 W Hampton Ave Unit Rear (Unit B) Milwaukee, WI	3.0	2.0	1600	$1,350	$0.84	23d	1	1.13mi
4079 N 63rd St Milwaukee, WI	3.0	1.0	1600	$1,595	$1.00	20d	1	1.28mi
6921 W Herbert Ave Milwaukee, WI	3.0	2.0	1414	$1,620	$1.15	4d	1	1.35mi

Listing history 18 events

1. 2026-06-18
   days on market $199,900 Active 120 DOM
2. 2026-06-17
   days on market $199,900 Active 119 DOM
3. 2026-06-16
   days on market $199,900 Active 118 DOM
4. 2026-06-15
   days on market $199,900 Active 117 DOM
5. 2026-06-13
   days on market $199,900 Active 115 DOM
6. 2026-06-13
   days on market $199,900 Active 114 DOM
7. 2026-06-09
   days on market $199,900 Active 111 DOM
8. 2026-06-08
   days on market $199,900 Active 110 DOM
9. 2026-06-07
   days on market $199,900 Active 109 DOM
10. 2026-06-05
    days on market $199,900 Active 106 DOM
11. 2026-06-03
    days on market $199,900 Active 105 DOM
12. 2026-06-02
    days on market $199,900 Active 104 DOM
13. 2026-06-01
    days on market $199,900 Active 103 DOM
14. 2026-05-31
    days on market $199,900 Active 102 DOM
15. 2026-05-13
    historical $1,099
16. 2026-04-29
    listed $1,099
17. 2026-03-23
    price $199,900 157-char remark

    Show marketing remark (157 chars)

    3/2 Brick and Aluminum duplex with side drive and garage in a popular rental location; features newer roof, and the craftsmanship of the 1950's construction.

18. 2026-02-18
    listed $209,900 Active 157-char remark

    Show marketing remark (157 chars)

    3/2 Brick and Aluminum duplex with side drive and garage in a popular rental location; features newer roof, and the craftsmanship of the 1950's construction.

ⓘ 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: $31,524
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,522
• − Management: −$2,522
• − Depreciation: −$5,815
• Taxable income: $5,469
• Est. tax owed @ 24.0%: −$1,313
• After-tax cash flow: $7,014/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 · 4 photos

Fair 45/100 Moderate rehab

This 3/2 brick and aluminum duplex requires significant repairs and maintenance to improve its condition and value.

Repairs flagged

• Major roof — Significant wear and tear
• Major exterior siding — Peeling paint and siding damage
• Major flooring — Worn and damaged
• Major interior walls — Painted walls show significant wear
• Major windows — Visible damage and potential leaks
• Major HVAC/mechanicals — No visible signs of recent maintenance

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace flooring — Improves living space and value
• Both Repair windows — Enhances energy efficiency and value
• Both Service HVAC — Improves comfort and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear	Major	$15,000–50,000
exterior siding · Peeling paint and siding damage	Major	$15,000–50,000
flooring · Worn and damaged	Major	$15,000–50,000
interior walls · Painted walls show significant wear	Major	$15,000–50,000
windows · Visible damage and potential leaks	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of recent maintenance	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace flooring — Improves living space and value ↑
• Both Repair windows — Enhances energy efficiency and value ↑
• Both Service HVAC — Improves comfort and 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): 41,196
• Household income: $45,642
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 2421.0

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 (72%)
• Race & ethnicity: Black 72% Asian 10% White 10% Hispanic / Latino 5% Two or more races 3%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 6% · Philippines, Canada
• Languages at home: 89% English-only · Other Asian/Pacific 7% Spanish 3%

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: ▼ -76.44%
• Current HPI: 325.1975
• Rent YoY: ▲ 5.29%
• 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

-99.5% since first listed

4 events — show timeline

• 2026-05-13 Rental Removed $1,099 APPFOLIO
• 2026-04-29 Listed for Rent $1,099 APPFOLIO
• 2026-03-23 Price Changed $199,900 METROMLS
• 2026-02-18 Listed $209,900 METROMLS