2649 47th St #2651 · Milwaukee, WI 53210

$174,999

4 bd · 2.0 ba · 2,828 sqft · MultiFamily · 73 Days on market

Built 1922 Good condition 5,227 sqft lot $62/sqft · at area comps Est $167k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +5.4/15.0
• 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 MLS

Turnkey Remodeled Duplex Fully remodeled 2/2 duplex offering a turnkey opportunity. Tenants will be place this month

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1922

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $706 ($8k/yr) — positive. Per door: $353/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,424/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 $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 $49k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 5y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,499 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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 1922 — 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: 1.39% ✓
• Cap rate: 11.13%
• Cash-on-cash: 17.28%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (median comp): $167,146
• List price: $174,999
• Delta: 4.70%
• 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
2722 N 45th St #2724	0.18mi	4/2.0	2,854 (+1%)	6mo	$157,500	$55	85
2813 N 49th St #2815	0.24mi	4/2.0	2,800 (-1%)	5mo	$135,000	$48	83
2777 N 48th St #2779	0.18mi	4/2.0	2,508 (-11%)	7mo	$146,000	$58	67
2342 N 45th St #2344	0.42mi	4/2.0	2,577 (-9%)	3mo	$125,000	$49	63
2331 N 54th St #2333	0.58mi	4/2.0	2,719 (-4%)	5mo	$270,000	$99	62
2924 N 48th St	0.35mi	4/2.0	2,518 (-11%)	5mo	$250,000	$99	62
2661 N 39th St #2663	0.52mi	4/2.0	2,469 (-13%)	2mo	$145,000	$59	53
2624 N 37th St #2626	0.67mi	4/2.0	2,652 (-6%)	7mo	$110,500	$42	52
2607 N 40th St #2609	0.46mi	4/2.0	2,430 (-14%)	6mo	$98,500	$41	50
3023 N 52nd St #3025	0.56mi	4/2.0	2,408 (-15%)	2mo	$139,900	$58	48
2182 N 48th St	0.57mi	4/2.0	2,410 (-15%)	4mo	$199,900	$83	46
2929 N 57th St #2931	0.69mi	4/2.0	2,406 (-15%)	6mo	$209,900	$87	38

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: 9.6%
• Equity multiple: 1.38×
• Total profit: $18,634
• Equity at exit: $26,093

10-year hold

• IRR: 19.4%
• Equity multiple: 2.69×
• Total profit: $82,653
• Equity at exit: $15,131

Cash invested: $49,000 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,424 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $706

Break-even live

Break-even rent $1,531

Max offer price $174,999

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,424
Total (2 units)			$2,424

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-18
   days on market $174,999 Active 73 DOM
2. 2026-06-17
   days on market $174,999 Active 72 DOM
3. 2026-06-16
   days on market $174,999 Active 71 DOM
4. 2026-06-15
   days on market $174,999 Active 70 DOM
5. 2026-06-13
   days on market $174,999 Active 68 DOM
6. 2026-06-13
   remarks 196-char remark
7. 2026-06-13
   days on market $174,999 Active 67 DOM
8. 2026-06-09
   days on market $174,999 Active 64 DOM
9. 2026-06-08
   days on market $174,999 Active 63 DOM
10. 2026-06-07
    days on market $174,999 Active 62 DOM
11. 2026-06-05
    days on market $174,999 Active 59 DOM
12. 2026-06-03
    days on market $174,999 Active 58 DOM
13. 2026-06-02
    days on market $174,999 Active 57 DOM
14. 2026-06-01
    days on market $174,999 Active 56 DOM
15. 2026-05-31
    days on market $174,999 Active 55 DOM
16. 2026-04-16
    price $174,999 116-char remark

    Show marketing remark (116 chars)

    Turnkey Remodeled Duplex Fully remodeled 2/2 duplex offering a turnkey opportunity. Tenants will be place this month

17. 2026-04-06
    listed $185,000 Active 116-char remark

    Show marketing remark (116 chars)

    Turnkey Remodeled Duplex Fully remodeled 2/2 duplex offering a turnkey opportunity. Tenants will be place this month

18. 2026-04-03
    historical $185,000 116-char remark

    Show marketing remark (116 chars)

    Turnkey Remodeled Duplex Fully remodeled 2/2 duplex offering a turnkey opportunity. Tenants will be place this month

19. 2026-03-01
    historical
20. 2026-01-13
    price $199,999
21. 2025-11-21
    listed $220,000 Active
22. 2025-11-17
    historical $220,000
23. 2025-06-06
    soldstatus $119,500 Sold
24. 2025-05-12
    status Pending
25. 2025-04-03
    status Active
26. 2025-04-01
    historical
27. 2025-02-28
    status Active
28. 2025-02-01
    historical
29. 2024-12-10
    status Active
30. 2024-11-01
    historical
31. 2024-10-07
    price $130,000
32. 2024-09-06
    status Active
33. 2024-08-01
    historical
34. 2024-04-01
    listed $145,000 Active
35. 2021-07-23
    soldstatus $129,000 Sold
36. 2021-07-01
    status Pending
37. 2021-07-01
    historical
38. 2021-06-10
    historical Contingent
39. 2021-05-08
    listed $129,000 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $29,088
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,327
• − Management: −$2,327
• − Depreciation: −$5,091
• Taxable income: $6,040
• Est. tax owed @ 24.0%: −$1,450
• After-tax cash flow: $7,017/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 · 2 photos

Good 75/100 Cosmetic rehab

This fully remodeled 2/2 duplex is in good condition with no visible repairs needed. It offers a turnkey opportunity with potential for further value increases through cosmetic upgrades and improvements.

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to both buyers and renters.
• Both Landscaping improvements — Well-maintained landscaping can improve the property's curb appeal and add value to both the resale and rental market.
• Both Upgrading the HVAC system — A modern, energy-efficient HVAC system can improve comfort and reduce energy costs, making the property more attractive to both buyers and renters.
• Both Upgrading the kitchen and bathrooms — Modern, well-equipped kitchens and bathrooms can significantly increase the property's value and appeal to both buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to both buyers and renters. ↑
• Both Landscaping improvements — Well-maintained landscaping can improve the property's curb appeal and add value to both the resale and rental market. ↑
• Both Upgrading the HVAC system — A modern, energy-efficient HVAC system can improve comfort and reduce energy costs, making the property more attractive to both buyers and renters. ↑
• Both Upgrading the kitchen and bathrooms — Modern, well-equipped kitchens and bathrooms can significantly increase the property's value and appeal to both buyers and renters. ↑

ⓘ 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

+35.7% since first listed

24 events — show timeline

• 2026-04-16 Price Changed $174,999 METROMLS
• 2026-04-06 Listed $185,000 METROMLS
• 2026-04-03 Coming Soon $185,000 METROMLS
• 2026-03-01 Listing Removed — METROMLS
• 2026-01-13 Price Changed $199,999 METROMLS
• 2025-11-21 Listed $220,000 METROMLS
• 2025-11-17 Coming Soon $220,000 METROMLS
• 2025-06-06 Sold (MLS) $119,500 METROMLS
• 2025-05-12 Pending — METROMLS
• 2025-04-03 Relisted — METROMLS
• 2025-04-01 Listing Removed — METROMLS
• 2025-02-28 Relisted — METROMLS
• 2025-02-01 Listing Removed — METROMLS
• 2024-12-10 Relisted — METROMLS
• 2024-11-01 Listing Removed — METROMLS
• 2024-10-07 Price Changed $130,000 METROMLS
• 2024-09-06 Relisted — METROMLS
• 2024-08-01 Listing Removed — METROMLS
• 2024-04-01 Listed $145,000 METROMLS
• 2021-07-23 Sold (MLS) $129,000 METROMLS
• 2021-07-01 Pending — METROMLS
• 2021-07-01 Listing Removed — METROMLS
• 2021-06-10 Contingent — METROMLS
• 2021-05-08 Listed $129,000 METROMLS