2516 N 56th St #2518 · Milwaukee, WI 53210

$229,900

4 bd · 2.0 ba · 2,230 sqft · MultiFamily · 32 Days on market

Built 1956 Good condition 435 sqft lot Est $241k · at est.

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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 +20.8/30.0
• ARV discount +9.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.5/5.0
• 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

A Well Maintained DUPLEX. 3 BEDROOMS LOWER, 2 BEDROOMS UPPER. Separate Gas Forced Air Furnaces, Separate Circuit Breakers, Separate newer Water Heaters, Separate Laundries. Lower unit includes stove, refrigerator, Wash machine and dryer. Side Driveway with ample parking for 4 + vehicles. Lower Flat is easy to view . Upper Flat please allow 24 hours notice.

Key facts

• Side driveway
• Separate laundries
• Parking

Tags

• SEPARATE CIRCUIT BREAKERS
• SEPARATE NEWER WATER HEATERS
• SEPARATE LAUNDRIES
• SIDE DRIVEWAY
• AMPLE PARKING FOR 4 VEHICLES

Property features AI

Finance

• Other: Two units in building; Each unit approximately 1,115 square feet; Unit 2 living room approx. 19 x 12

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoning: RT2; Lot smaller than 1/2 acre
• Construction: Aluminum exterior siding
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 2 kitchen is on the upper level (approx. 15 x 11); One stove and one refrigerator included
• Bedrooms: Unit 1 has 3 bedrooms; Unit 2 has 2 bedrooms (master on upper level; second bedroom on upper level)
• Bathrooms: Each unit has 1 full bathroom
• Interior features: Full basement with block construction
• Laundry & utility: One washer and one dryer included

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive. Per door: $157/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,408/mo this rent would consume 60% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $223,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1956 — 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: 1.05% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $240,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2403 N 56th St	0.15mi	4/2.0	2,200 (-1%)	1mo	$339,500	$154	90
2576 N 51st St #2578	0.30mi	4/2.0	2,178 (-2%)	1mo	$149,900	$69	82
2642 N 51st St #2644	0.32mi	4/2.0	2,294 (+3%)	1mo	$122,500	$53	80
2164 N 56th St	0.42mi	4/2.0	2,238 (+0%)	1mo	$350,000	$156	79
2160 N 52nd St	0.48mi	4/2.0	2,261 (+1%)	0mo	$399,900	$177	75
2866 N 52nd St #2868	0.50mi	4/2.0	2,215 (-1%)	1mo	$257,000	$116	75
2808 N 52nd St #2810	0.43mi	4/2.0	2,292 (+3%)	1mo	$153,000	$67	74
2834 N 54th St Unit 2834A	0.42mi	4/2.0	2,080 (-7%)	0mo	$175,000	$84	69
1913 N 57th St #1915	0.63mi	4/2.5	2,187 (-2%)	1mo	$265,000	$121	64
3044 N 54th St #3046	0.68mi	4/2.0	2,279 (+2%)	1mo	$200,000	$88	64
2977 N 60th St #2979	0.65mi	5/2.0 (+1)	2,273 (+2%)	1mo	$179,900	$79	61
3031 N 60th St	0.70mi	4/2.0	1,990 (-11%)	1mo	$215,000	$108	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: -6.3%
• Equity multiple: 0.76×
• Total profit: $-15,245
• Equity at exit: $34,279

10-year hold

• IRR: 4.3%
• Equity multiple: 1.33×
• Total profit: $20,943
• Equity at exit: $19,878

Cash invested: $64,372 (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: 15.9×

Monthly cashflow live

• Estimated rent: $2,408 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $314

Break-even live

Break-even rent $2,011

Max offer price $229,900

Occupancy floor 82%

Sensitivity live

Price	-10% $472	-5% $393	+0% $314	+5% $234	+10% $155
Rent	-10% $123	-5% $218	+0% $314	+5% $409	+10% $504
Rate	-1.0pp $429	-0.5pp $372	base $314	+0.5pp $254	+1.0pp $193

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,408
Total (2 units)			$2,408

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	16d	1	0.71mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	18d	1	0.72mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	45d	1	0.74mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	25d	1	1.14mi
6100 W State St Wauwatosa, WI	1.0–3.0	1.0–2.0	1160	$3,017	$2.60	3d	20	1.45mi

Listing history 16 events

1. 2026-06-21
   days on market $229,900 Active 32 DOM
2. 2026-06-18
   days on market $229,900 Active 29 DOM
3. 2026-06-17
   days on market $229,900 Active 28 DOM
4. 2026-06-16
   days on market $229,900 Active 27 DOM
5. 2026-06-15
   days on market $229,900 Active 26 DOM
6. 2026-06-13
   days on market $229,900 Active 24 DOM
7. 2026-06-13
   days on market $229,900 Active 23 DOM
8. 2026-06-09
   days on market $229,900 Active 20 DOM
9. 2026-06-08
   days on market $229,900 Active 19 DOM
10. 2026-06-07
    days on market $229,900 Active 18 DOM
11. 2026-06-05
    days on market $229,900 Active 15 DOM
12. 2026-06-03
    days on market $229,900 Active 14 DOM
13. 2026-06-02
    days on market $229,900 Active 13 DOM
14. 2026-06-01
    days on market $229,900 Active 12 DOM
15. 2026-05-31
    days on market $229,900 Active 11 DOM
16. 2026-05-20
    listed $229,900 Active

ⓘ 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 ≥99°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: $28,896
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,312
• − Management: −$2,312
• − Depreciation: −$6,688
• Taxable income: $109
• Est. tax owed @ 24.0%: −$26
• After-tax cash flow: $3,736/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 · 7 photos

Good 75/100 Cosmetic rehab

A well-maintained and updated duplex with good condition and fresh finishes. Minor touch-ups and landscaping improvements can further enhance its value.

Value-add opportunities

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value.
• Resale Kitchen appliances — Modern appliances can attract more buyers and renters.
• Resale Bathroom updates — Fresh bathrooms can improve the home's appeal and value.
• Both Flooring replacement — Replacing worn-out flooring can improve the home's appearance and functionality.
• Both Window treatments — New window treatments can enhance curb appeal and interior aesthetics.
• Both HVAC maintenance — A clean and efficient HVAC system can improve comfort and energy efficiency.
• Both Landscaping maintenance — Well-maintained landscaping can improve curb appeal and property value.
• Both Interior lighting upgrades — Upgraded lighting can improve the home's ambiance and energy efficiency.
• Both Exterior lighting upgrades — Upgraded lighting can improve curb appeal and safety at night.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value. ↑
• Resale Kitchen appliances — Modern appliances can attract more buyers and renters. ↑
• Resale Bathroom updates — Fresh bathrooms can improve the home's appeal and value. ↑
• Both Flooring replacement — Replacing worn-out flooring can improve the home's appearance and functionality. ↑
• Both Window treatments — New window treatments can enhance curb appeal and interior aesthetics. ↑
• Both HVAC maintenance — A clean and efficient HVAC system can improve comfort and energy efficiency. ↑
• Both Landscaping maintenance — Well-maintained landscaping can improve curb appeal and property value. ↑
• Both Interior lighting upgrades — Upgraded lighting can improve the home's ambiance and energy efficiency. ↑
• Both Exterior lighting upgrades — Upgraded lighting can improve curb appeal and safety at night. ↑

ⓘ 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

1 event — show timeline

• 2026-05-20 Listed $229,900 METROMLS