4531 N 29th St · Milwaukee, WI 53209

$125,000

4 bd · 2.0 ba · 1,882 sqft · MultiFamily public records · 332 Days on market

Built 1926 0.25 ac lot $66/sqft · 14% below area Est $146k · 14% 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 +14.0/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Be the proud new owner of the best home on the block. Old world charm abounds in this 2/2 Bedroom bungalow duplex. The lower unit features a generous living room and dining room. The 2-bedroom upper unit features a spacious kitchen and living room. This property is a must see!

Key facts

• 0.25 acre lot
• Built 1926
• Listed 331 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $943 ($11k/yr) — positive. Per door: $472/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.3% 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); 171 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,381/mo this rent would consume 59% of the median local household income ($48k/yr) (locally 3390% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 332 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $125k implies a 191% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 332 days. Have you received any prior offers? Is the seller open to a 12% 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 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.90% ✓
• Cap rate: 15.35%
• Cash-on-cash: 32.34%
• DSCR: 2.44
• GRM: 4.4

CMA / ARV

• ARV (median comp): $145,991
• List price: $125,000
• Delta: -14.38%
• 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
4537 N 27th St	0.12mi	4/2.0	2,012 (+7%)	8mo	$150,000	$75	76
4572 N 38th St Unit 4572A	0.54mi	4/2.0	1,873 (-0%)	4mo	$110,000	$59	70
4045 N 26th St Unit 4045A	0.64mi	4/2.0	1,963 (+4%)	2mo	$66,100	$34	61
4568 N 38th St	0.54mi	4/2.0	1,796 (-5%)	8mo	$70,000	$39	61
4783 N 30th St #4785	0.32mi	5/2.5 (+1)	2,050 (+9%)	3mo	$85,000	$41	61
4215 N 26th St #4217	0.49mi	4/2.0	2,080 (+10%)	2mo	$190,000	$91	58
4952 N 25th St	0.62mi	4/2.0	2,027 (+8%)	0mo	$140,000	$69	58
4105 N 24th St #4107	0.66mi	4/2.0	1,988 (+6%)	3mo	$180,000	$91	58
4133 N 24th St	0.63mi	4/2.0	2,014 (+7%)	5mo	$102,000	$51	55
4246 N 21st St	0.66mi	3/2.0 (-1)	2,033 (+8%)	2mo	$194,900	$96	49
5021 N 27th St	0.63mi	5/2.0 (+1)	1,630 (-13%)	5mo	$135,000	$83	39
4855 N Hopkins St	0.70mi	4/2.0	1,610 (-14%)	8mo	$70,000	$43	37

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: 33.2%
• Equity multiple: 2.50×
• Total profit: $52,490
• Equity at exit: $18,638

10-year hold

• IRR: 42.9%
• Equity multiple: 6.16×
• Total profit: $180,671
• Equity at exit: $10,808

Cash invested: $35,000 (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: 171
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,381 high
• Mortgage (P&I): −$656
• Tax from tax record: −$230 /mo · $2,761/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $943

Break-even live

Break-even rent $1,187

Max offer price $125,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,014	-5% $979	+0% $943	+5% $908	+10% $873
Rent	-10% $755	-5% $849	+0% $943	+5% $1,037	+10% $1,131
Rate	-1.0pp $1,006	-0.5pp $975	base $943	+0.5pp $911	+1.0pp $878

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,380
Total (2 units)			$2,381

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	0.77mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	45d	1	1.15mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	18d	1	1.31mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.43mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	45d	1	1.46mi

Listing history 20 events

1. 2026-06-21
   days on market $125,000 Active 332 DOM
2. 2026-06-18
   days on market $125,000 Active 329 DOM
3. 2026-06-17
   days on market $125,000 Active 328 DOM
4. 2026-06-16
   days on market $125,000 Active 327 DOM
5. 2026-06-15
   days on market $125,000 Active 326 DOM
6. 2026-06-13
   days on market $125,000 Active 324 DOM
7. 2026-06-13
   days on market $125,000 Active 323 DOM
8. 2026-06-09
   days on market $125,000 Active 320 DOM
9. 2026-06-08
   days on market $125,000 Active 319 DOM
10. 2026-06-07
    days on market $125,000 Active 318 DOM
11. 2026-06-05
    days on market $125,000 Active 315 DOM
12. 2026-06-03
    days on market $125,000 Active 314 DOM
13. 2026-06-02
    days on market $125,000 Active 313 DOM
14. 2026-06-01
    days on market $125,000 Active 312 DOM
15. 2026-05-31
    days on market $125,000 Active 311 DOM
16. 2025-07-24
    listed $140,000 Active 277-char remark

    Show marketing remark (277 chars)

    Be the proud new owner of the best home on the block. Old world charm abounds in this 2/2 Bedroom bungalow duplex. The lower unit features a generous living room and dining room. The 2-bedroom upper unit features a spacious kitchen and living room. This property is a must see!

17. 2014-02-15
    listed $110,000 326-char remark

    Show marketing remark (326 chars)

    Be the proud owner of the best home on the block. Old world charm abounds in this 2/2 Bedroom bungalow duplex. The lower unit features a generous living room and dining room. Pamper yourself in the comfort of the bathroom spa. The 2 bedroom upper unit features a spacious kitchen and living room. This property is a must see.

18. 2014-02-15
    historical 326-char remark

    Show marketing remark (326 chars)

    Be the proud owner of the best home on the block. Old world charm abounds in this 2/2 Bedroom bungalow duplex. The lower unit features a generous living room and dining room. Pamper yourself in the comfort of the bathroom spa. The 2 bedroom upper unit features a spacious kitchen and living room. This property is a must see.

19. 1996-04-16
    soldstatus $43,000
20. 1996-03-01
    soldstatus $43,000

ⓘ 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: $2,761 · $230/mo
• Projected year-2 tax: $2,761 · $230/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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,572
• − Mortgage interest: −$7,002
• − Property taxes: −$2,761
• − Insurance: −$625
• − Repairs & maintenance: −$2,286
• − Management: −$2,286
• − Depreciation: −$3,636
• Taxable income: $9,976
• Est. tax owed @ 24.0%: −$2,394
• After-tax cash flow: $8,926/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

+225.6% since first listed

5 events — show timeline

• 2025-07-24 Listed $140,000 METROMLS
• 2014-02-15 Listing Removed — METROMLS
• 2014-02-15 Listed $110,000 METROMLS
• 1996-04-16 Sold (Public Records) $43,000 Public Records
• 1996-03-01 Sold (Public Records) $43,000 Public Records

Property tax history

+4.4%/yr

Latest (2024): $2,761 · +111.2% YoY. Source: county tax records.