2867 N 37th St #2869 · Milwaukee, WI 53210

$160,000

6 bd · 2.0 ba · 2,456 sqft · MultiFamily · 9 Days on market

Built 1921 Fair condition 4,791 sqft lot Est $130k · 23% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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

Huge turnkey duplex recently updated. Each unit has Large kitchen, living room and dining room with built-ins. Plus an additional room. Fresh paint, tiled bathroom, updated windows through out. Must See, great for investor or owner occupant. Schedule your showing NOW.

Key facts

• Large bedrooms
• Wood floors
• Formal dining rooms

Tags

• LARGE BEDROOMS
• FORMAL DINING ROOMS
• BUILT IN CHINA CABINETS
• ORIGINAL WOODWORK
• WOOD FLOORS
• STAINED GLASS WINDOWS

Property features AI

Finance

• Financial info: Property listed as multi-family (duplex) — income/expense details not provided

Exterior

• Parking: Detached 2-car garage; One additional off-street parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: Two-story duplex; Multi-family property
• Construction: Aluminum and wood exterior construction
• Exterior features: Aluminum/steel siding; Wood trim or accents; Lot is approximately 0.11 acre (less than 1/2 acre)

Interior

• Kitchen: Stove included; Refrigerator included
• Bedrooms: Each unit has 3 bedrooms; Unit 2 bedrooms located on upper level
• Bathrooms: Each unit has 1 full bathroom
• Interior features: Full block basement
• Laundry & utility: Separate electric meters for each unit; Separate gas meters for each unit

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $160k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $654 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 11.2% 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; 3 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).
• At $2,227/mo this rent would consume 55% 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 $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y ago 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 $120k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1921 — 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 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: 1.39% ✓
• Cap rate: 11.19%
• Cash-on-cash: 17.51%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $130,168
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2857 N 34th St #2859	0.19mi	6/2.0	2,314 (-6%)	1mo	$135,000	$58	81
2771 N 40th St #2773	0.22mi	6/2.0	2,614 (+6%)	2mo	$135,000	$52	77
2603 N 37th St #2605	0.34mi	6/2.0	2,440 (-1%)	8mo	$63,000	$26	76
2425 N 38th St #2427	0.57mi	6/2.0	2,466 (+0%)	7mo	$50,000	$20	67
2422 N 40th St #2424	0.59mi	6/2.0	2,490 (+1%)	5mo	$115,000	$46	66
2873 N 26th St #2875	0.69mi	6/2.0	2,488 (+1%)	1mo	$103,000	$41	65
3122 N 28th St #3124	0.68mi	6/2.0	2,364 (-4%)	7mo	$180,000	$76	56
3068 N 34th St Unit 3068A	0.33mi	5/2.0 (-1)	2,087 (-15%)	0mo	$110,000	$53	54
2941 N 26th St #2943	0.70mi	6/2.0	2,664 (+8%)	3mo	$140,900	$53	51
2944 N 28th St #2946	0.61mi	5/2.0 (-1)	2,232 (-9%)	3mo	$165,000	$74	49
3282 N 30th St #3284	0.71mi	6/2.0	2,162 (-12%)	3mo	$168,000	$78	45
2413 N 40th St	0.61mi	6/2.0	2,812 (+14%)	8mo	$185,000	$66	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: 9.9%
• Equity multiple: 1.39×
• Total profit: $17,588
• Equity at exit: $23,857

10-year hold

• IRR: 19.7%
• Equity multiple: 2.71×
• Total profit: $76,784
• Equity at exit: $13,834

Cash invested: $44,800 (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: 12.0×

Monthly cashflow live

• Estimated rent: $2,227 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $654

Break-even live

Break-even rent $1,400

Max offer price $160,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,228
Total (2 units)			$2,227

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.79mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.86mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	1.11mi

Listing history 8 events

1. 2026-06-18
   days on market $160,000 Active 9 DOM
2. 2026-06-17
   days on market $160,000 Active 8 DOM
3. 2026-06-16
   days on market $160,000 Active 7 DOM
4. 2026-06-15
   days on market $160,000 Active 6 DOM
5. 2026-06-13
   days on market $160,000 Active 4 DOM
6. 2026-06-13
   days on market $160,000 Active 3 DOM
7. 2026-06-10
   remarks 687-char remark
8. 2026-06-10
   listed $160,000 Active 1 DOM

ⓘ 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: $26,724
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$2,138
• − Management: −$2,138
• − Depreciation: −$4,655
• Taxable income: $5,631
• Est. tax owed @ 24.0%: −$1,351
• After-tax cash flow: $6,492/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

Fair 45/100 Moderate rehab

This property requires moderate renovations, including exterior repairs and updates to the bathroom and kitchen, to improve its value for resale or rental.

Repairs flagged

• Major Exterior siding — Visible wear and tear
• Major Exterior trim — Visible wear and tear
• Major Bathroom — Needs updating

Value-add opportunities

• Both Painting and updating the bathroom — Improves both resale and rental value
• Both Landscaping and curb appeal — Enhances curb appeal and can increase property value
• Both Updating the kitchen — Modernizes the space and can increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Visible wear and tear	Major	$15,000–50,000
Exterior trim · Visible wear and tear	Major	$15,000–50,000
Bathroom · Needs updating	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Painting and updating the bathroom — Improves both resale and rental value ↑
• Both Landscaping and curb appeal — Enhances curb appeal and can increase property value ↑
• Both Updating the kitchen — Modernizes the space and can 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

+33.4% since first listed

5 events — show timeline

• 2026-06-07 Listed $160,000 METROMLS
• 2026-06-01 Listed for Rent $995 APPFOLIO
• 2023-02-20 Sold (MLS) $120,000 METROMLS
• 2023-01-13 Contingent — METROMLS
• 2022-12-03 Listed $119,900 METROMLS