4645 W Fond Du Lac Ave #4647 · Milwaukee, WI 53216

$179,900

4 bd · 2.0 ba · 1,624 sqft · MultiFamily · 59 Days on market

Built 1951 Fair condition 4,791 sqft lot $111/sqft · at area comps Est $181k · at est. ↓ 10% since listing

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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 +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.9/15.0
• 1% rule +7.4/10.0
• Appreciation +5.7/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0

Multi-family units

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

Listing remarks MLS

Attention investors, here's a nice 2/2 duplex with solid brick exterior, 2.5 car detached garage plus 1 car paved parking slab, full shared basement with separate mechanicals, separate utilities, ready to owner occupy or enjoy immediate cash flow, nice income producing property, fully rented. Each unit features 2bd/1ba, KIT, LR, HWF. Located on the Fond du Lac Avenue/Hwy 145 corridor in the Grasslyn Manor neighborhood. Property being sold As-Is. Sq ft/lot size per city or municipal tax records. Room sizes have not been verified. Owner responsible for water/sewer. Tenants are responsible for separate gas/electric utilities, shared snow removal/lawn maintenance.

Key facts

• Separate utilities
• Paved parking slab
• Separate mechanicals

Tags

• SOLID BRICK EXTERIOR
• DETACHED GARAGE
• PAVED PARKING SLAB
• FULL SHARED BASEMENT
• SEPARATE MECHANICALS
• SEPARATE UTILITIES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $180k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $518 ($6k/yr) — positive. Per door: $259/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (+7.0%/yr); 126 active listings in the ZIP; 16 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 $2,229/mo this rent would consume 57% of the median local household income ($47k/yr) (locally 2202% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $2k appreciation (1.3% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.3% appreciation + 7.0% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.24% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.33%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $181,367
• List price: $179,900
• Delta: -0.81%
• 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
4023 N 48th St Unit 4023A	0.28mi	3/2.0 (-1)	1,622 (-0%)	1mo	$182,000	$112	81
3287 N 49th St #3289	0.54mi	4/2.0	1,710 (+5%)	3mo	$181,000	$106	64
3913 N 53rd St #3915	0.39mi	4/2.0	1,704 (+5%)	14mo	$196,000	$115	62
3744 N 51st Blvd #3746	0.23mi	4/2.0	1,786 (+10%)	14mo	$173,000	$97	61
3719 N 50th St Unit 3719A	0.22mi	3/2.0 (-1)	1,822 (+12%)	7mo	$175,000	$96	59
4131 N 41st St	0.58mi	3/2.0 (-1)	1,638 (+1%)	11mo	$180,650	$110	58
3373 N 47th St #3375	0.40mi	4/2.0	1,840 (+13%)	4mo	$192,000	$104	56
3434 N 58th St #3436	0.73mi	4/2.0	1,783 (+10%)	5mo	$190,500	$107	46
4111 W Roosevelt Dr	0.40mi	4/2.0	1,860 (+14%)	18mo	$62,000	$33	42
3527 N 42nd St	0.41mi	3/2.0 (-1)	1,813 (+12%)	18mo	$165,000	$91	41
3946 N 36th St	0.75mi	3/2.0 (-1)	1,532 (-6%)	15mo	$128,888	$84	38
3454 N 55th St #3456	0.56mi	4/2.0	1,850 (+14%)	17mo	$210,000	$114	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.33% appreciation · 7.01% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 1.97×
• Total profit: $48,631
• Equity at exit: $64,508

10-year hold

• IRR: 23.3%
• Equity multiple: 4.26×
• Total profit: $164,054
• Equity at exit: $88,170

Cash invested: $50,372 (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 53216

• Home prices YoY: 0.3%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $2,229 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $518

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,230
Total (2 units)			$2,229

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	0.39mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	0.42mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	0.78mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.86mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	0.87mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.95mi
4079 N 63rd St Milwaukee, WI	3.0	1.0	1600	$1,595	$1.00	20d	1	0.97mi
3012 N 57th St Unit Lower Milwaukee, WI	3.0	1.0	1130	$1,398	$1.24	4d	1	1.06mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	44d	1	1.12mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	1.31mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	1.33mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	1.38mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.39mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	44d	1	1.40mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	1.41mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	4d	1	1.48mi

Listing history 21 events

1. 2026-06-18
   days on market $179,900 Active 59 DOM
2. 2026-06-17
   days on market $179,900 Active 58 DOM
3. 2026-06-16
   days on market $179,900 Active 57 DOM
4. 2026-06-15
   days on market $179,900 Active 56 DOM
5. 2026-06-13
   days on market $179,900 Active 54 DOM
6. 2026-06-13
   days on market $179,900 Active 53 DOM
7. 2026-06-09
   days on market $179,900 Active 50 DOM
8. 2026-06-08
   days on market $179,900 Active 49 DOM
9. 2026-06-07
   days on market $179,900 Active 48 DOM
10. 2026-06-05
    days on market $179,900 Active 45 DOM
11. 2026-06-03
    days on market $179,900 Active 44 DOM
12. 2026-06-02
    days on market $179,900 Active 43 DOM
13. 2026-06-01
    days on market $179,900 Active 42 DOM
14. 2026-05-31
    days on market $179,900 Active 41 DOM
15. 2026-04-20
    listed $179,900 Active 668-char remark

    Show marketing remark (668 chars)

    Attention investors, here's a nice 2/2 duplex with solid brick exterior, 2.5 car detached garage plus 1 car paved parking slab, full shared basement with separate mechanicals, separate utilities, ready to owner occupy or enjoy immediate cash flow, nice income producing property, fully rented. Each unit features 2bd/1ba, KIT, LR, HWF. Located on the Fond du Lac Avenue/Hwy 145 corridor in the Grasslyn Manor neighborhood. Property being sold As-Is. Sq ft/lot size per city or municipal tax records. Room sizes have not been verified. Owner responsible for water/sewer. Tenants are responsible for separate gas/electric utilities, shared snow removal/lawn maintenance.

16. 2025-06-29
    historical 546-char remark

    Show marketing remark (546 chars)

    Here's a nice 2/2 duplex with brick exterior, 2.5c detached garage plus 1c paved parking slab, full basement, separate mechanicals, roof replaced (2018), new water heater (2024), nice property to occupy or continue to collect rents. Located on the Fond du Lac Avenue/Hwy 145 corridor in the Grasslyn Manor neighborhood. Property being sold As-Is. Sq ft/lot size per city or municipal tax records. Room sizes have not been verified. Owner responsible for water/sewer/lawn maintenance. Tenants responsible for gas/electric/shared snow removal/lawn.

17. 2025-06-03
    status Contingent 546-char remark

    Show marketing remark (546 chars)

    Here's a nice 2/2 duplex with brick exterior, 2.5c detached garage plus 1c paved parking slab, full basement, separate mechanicals, roof replaced (2018), new water heater (2024), nice property to occupy or continue to collect rents. Located on the Fond du Lac Avenue/Hwy 145 corridor in the Grasslyn Manor neighborhood. Property being sold As-Is. Sq ft/lot size per city or municipal tax records. Room sizes have not been verified. Owner responsible for water/sewer/lawn maintenance. Tenants responsible for gas/electric/shared snow removal/lawn.

18. 2025-05-29
    historical 546-char remark

    Show marketing remark (546 chars)

    Here's a nice 2/2 duplex with brick exterior, 2.5c detached garage plus 1c paved parking slab, full basement, separate mechanicals, roof replaced (2018), new water heater (2024), nice property to occupy or continue to collect rents. Located on the Fond du Lac Avenue/Hwy 145 corridor in the Grasslyn Manor neighborhood. Property being sold As-Is. Sq ft/lot size per city or municipal tax records. Room sizes have not been verified. Owner responsible for water/sewer/lawn maintenance. Tenants responsible for gas/electric/shared snow removal/lawn.

19. 2025-03-25
    price $179,900 546-char remark

    Show marketing remark (546 chars)

    Here's a nice 2/2 duplex with brick exterior, 2.5c detached garage plus 1c paved parking slab, full basement, separate mechanicals, roof replaced (2018), new water heater (2024), nice property to occupy or continue to collect rents. Located on the Fond du Lac Avenue/Hwy 145 corridor in the Grasslyn Manor neighborhood. Property being sold As-Is. Sq ft/lot size per city or municipal tax records. Room sizes have not been verified. Owner responsible for water/sewer/lawn maintenance. Tenants responsible for gas/electric/shared snow removal/lawn.

20. 2025-01-16
    price $189,900 546-char remark

    Show marketing remark (546 chars)

    Here's a nice 2/2 duplex with brick exterior, 2.5c detached garage plus 1c paved parking slab, full basement, separate mechanicals, roof replaced (2018), new water heater (2024), nice property to occupy or continue to collect rents. Located on the Fond du Lac Avenue/Hwy 145 corridor in the Grasslyn Manor neighborhood. Property being sold As-Is. Sq ft/lot size per city or municipal tax records. Room sizes have not been verified. Owner responsible for water/sewer/lawn maintenance. Tenants responsible for gas/electric/shared snow removal/lawn.

21. 2024-11-28
    listed $199,900 Active 546-char remark

    Show marketing remark (546 chars)

    Here's a nice 2/2 duplex with brick exterior, 2.5c detached garage plus 1c paved parking slab, full basement, separate mechanicals, roof replaced (2018), new water heater (2024), nice property to occupy or continue to collect rents. Located on the Fond du Lac Avenue/Hwy 145 corridor in the Grasslyn Manor neighborhood. Property being sold As-Is. Sq ft/lot size per city or municipal tax records. Room sizes have not been verified. Owner responsible for water/sewer/lawn maintenance. Tenants responsible for gas/electric/shared snow removal/lawn.

ⓘ 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) · 20% 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: $26,748
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,140
• − Management: −$2,140
• − Depreciation: −$5,233
• Taxable income: $3,560
• Est. tax owed @ 24.0%: −$854
• After-tax cash flow: $5,358/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

Fair 45/100 Moderate rehab

This 2/2 duplex requires moderate repairs, particularly in painting and HVAC maintenance, to improve its condition and value.

Repairs flagged

• Major Paint — Paint appears worn and needs fresh coats
• Minor Windows — Standard windows, no visible damage

Value-add opportunities

• Both Paint — Fresh paint enhances curb appeal and interior aesthetics
• Rental HVAC maintenance — A clean and efficient HVAC system improves tenant satisfaction and reduces utility costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears worn and needs fresh coats	Major	$15,000–50,000
Windows · Standard windows, no visible damage	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Paint — Fresh paint enhances curb appeal and interior aesthetics ↑
• Rental HVAC maintenance — A clean and efficient HVAC system improves tenant satisfaction and reduces utility costs ↑

ⓘ 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): 30,345
• Household income: $46,752
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 2202.0

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 (81%)
• Race & ethnicity: Black 81% White 9% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 1%
• Foreign-born: 3% · Canada, Philippines, China
• Languages at home: 93% English-only · Spanish 4% 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: ▲ 1.33%
• Current HPI: 381.0954
• Rent YoY: ▲ 7.01%
• 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

-10.0% since first listed

7 events — show timeline

• 2026-04-20 Listed $179,900 METROMLS
• 2025-06-29 Listing Removed — METROMLS
• 2025-06-03 Relisted — METROMLS
• 2025-05-29 Listing Removed — METROMLS
• 2025-03-25 Price Changed $179,900 METROMLS
• 2025-01-16 Price Changed $189,900 METROMLS
• 2024-11-28 Listed $199,900 METROMLS