3728 N 18th St Unit 3728A · Milwaukee, WI 53206

$70,000

6 bd · 4.0 ba · 2,065 sqft · MultiFamily · 62 Days on market

Built 1921 Poor condition 4,356 sqft lot $34/sqft · 32% below area Est $103k · 32% under ↓ 6% since listing

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Why this score? — see what drove the A 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0

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 your next value-add project! This duplex property is being sold as-is and is ideal for experienced buyers ready to bring vision and capital. Whether you're using cash or hard money, this one is priced for the potential. Located in a high-demand rental area, this blank slate offers strong upside for those ready to renovate.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1921

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $70k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $621/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.6% 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 (+8.3%/yr); 150 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,185/mo this rent would consume 89% of the median local household income ($29k/yr) (locally 2061% 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 $7k of equity ($484 loan paydown + $7k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $20k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 3.12% ✓
• Cap rate: 27.59%
• Cash-on-cash: 76.07%
• DSCR: 4.38
• GRM: 2.7

CMA / ARV

• ARV (median comp): $103,436
• List price: $70,000
• Delta: -32.33%
• 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
3607 N 19th St #3609	0.14mi	5/2.0 (-1)	2,270 (+10%)	6mo	$213,000	$94	59
1518 W Ring St	0.52mi	6/2.0	2,016 (-2%)	10mo	$33,000	$16	56
3221 N 20th St Unit 3221A	0.60mi	6/2.0	2,101 (+2%)	8mo	$139,000	$66	54
3611 N 12th St	0.36mi	5/2.0 (-1)	1,933 (-6%)	9mo	$105,000	$54	52
3730 N 11th St #3732	0.44mi	5/2.0 (-1)	2,210 (+7%)	6mo	$149,000	$67	50
3407 N 22nd St	0.45mi	6/2.0	1,842 (-11%)	10mo	$85,000	$46	45
3379 N 25th St #3381	0.68mi	6/2.0	2,152 (+4%)	11mo	$60,000	$28	44
1304 W Ring St Unit 1304A	0.58mi	5/2.0 (-1)	1,851 (-10%)	1mo	$70,000	$38	42
1013 W Keefe Ave	0.53mi	6/2.0	1,800 (-13%)	10mo	$75,000	$42	38
3461 N 9th St	0.59mi	6/2.0	1,829 (-11%)	9mo	$70,300	$38	37
3252 N Dr Lester Carter Dr Unit 3252A	0.68mi	5/2.0 (-1)	2,202 (+7%)	9mo	$135,000	$61	37
3381 N 26th St #3383	0.74mi	6/2.0	2,335 (+13%)	11mo	$153,500	$66	26

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 90.9%
• Equity multiple: 7.57×
• Total profit: $128,833
• Equity at exit: $63,062

10-year hold

• IRR: 87.2%
• Equity multiple: 18.64×
• Total profit: $345,837
• Equity at exit: $135,995

Cash invested: $19,600 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,185 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $1,242

Break-even live

Break-even rent $612

Max offer price $70,000

Occupancy floor 38%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,186
Total (2 units)			$2,185

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
806 W Keefe Ave Milwaukee, WI	7.0	2.0	2900	$700	$0.24	43d	1	0.62mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.83mi

Listing history 15 events

1. 2026-06-18
   days on market $70,000 Active 62 DOM
2. 2026-06-17
   days on market $70,000 Active 61 DOM
3. 2026-06-16
   days on market $70,000 Active 60 DOM
4. 2026-06-15
   days on market $70,000 Active 59 DOM
5. 2026-06-13
   days on market $70,000 Active 57 DOM
6. 2026-06-13
   days on market $70,000 Active 56 DOM
7. 2026-06-09
   days on market $70,000 Active 53 DOM
8. 2026-06-08
   days on market $70,000 Active 52 DOM
9. 2026-06-07
   days on market $70,000 Active 51 DOM
10. 2026-06-05
    pricestatusdays on market $70,000 Active 48 DOM
11. 2026-04-16
    listed $80,000 Active 352-char remark

    Show marketing remark (352 chars)

    Attention investors: here's your next value-add project! This duplex property is being sold as-is and is ideal for experienced buyers ready to bring vision and capital. Whether you're using cash or hard money, this one is priced for the potential. Located in a high-demand rental area, this blank slate offers strong upside for those ready to renovate.

12. 2026-01-18
    historical 352-char remark

    Show marketing remark (352 chars)

    Attention investors: here's your next value-add project! This duplex property is being sold as-is and is ideal for experienced buyers ready to bring vision and capital. Whether you're using cash or hard money, this one is priced for the potential. Located in a high-demand rental area, this blank slate offers strong upside for those ready to renovate.

13. 2025-10-30
    status Active 352-char remark

    Show marketing remark (352 chars)

    Attention investors: here's your next value-add project! This duplex property is being sold as-is and is ideal for experienced buyers ready to bring vision and capital. Whether you're using cash or hard money, this one is priced for the potential. Located in a high-demand rental area, this blank slate offers strong upside for those ready to renovate.

14. 2025-10-30
    historical 352-char remark

    Show marketing remark (352 chars)

    Attention investors: here's your next value-add project! This duplex property is being sold as-is and is ideal for experienced buyers ready to bring vision and capital. Whether you're using cash or hard money, this one is priced for the potential. Located in a high-demand rental area, this blank slate offers strong upside for those ready to renovate.

15. 2025-10-17
    listed $85,000 Active 352-char remark

    Show marketing remark (352 chars)

    Attention investors: here's your next value-add project! This duplex property is being sold as-is and is ideal for experienced buyers ready to bring vision and capital. Whether you're using cash or hard money, this one is priced for the potential. Located in a high-demand rental area, this blank slate offers strong upside for those ready to renovate.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 68% 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: $26,220
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$2,098
• − Management: −$2,098
• − Depreciation: −$2,036
• Taxable income: $14,667
• Est. tax owed @ 24.0%: −$3,520
• After-tax cash flow: $11,389/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 · 4 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and improvements to become move-in ready. Immediate focus should be on structural repairs and landscaping to enhance its value.

Repairs flagged

• Major Boarded-up windows — Structural damage or safety hazard
• Major Overgrown vegetation — Safety hazard and poor curb appeal
• Major Structural issues — Boarded-up windows suggest structural problems

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value
• Both Boarded-up windows repair — Safeguards against further damage and improves property value
• Both Structural repairs — Ensures safety and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Boarded-up windows · Structural damage or safety hazard	Major	$15,000–50,000
Overgrown vegetation · Safety hazard and poor curb appeal	Major	$15,000–50,000
Structural issues · Boarded-up windows suggest structural problems	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value ↑
• Both Boarded-up windows repair — Safeguards against further damage and improves property value ↑
• Both Structural repairs — Ensures safety and property 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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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 (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

-5.9% since first listed

5 events — show timeline

• 2026-04-16 Listed $80,000 METROMLS
• 2026-01-18 Listing Removed — METROMLS
• 2025-10-30 Relisted — METROMLS
• 2025-10-30 Listing Removed — METROMLS
• 2025-10-17 Listed $85,000 METROMLS