2944 N 48th St · Milwaukee, WI 53210

$235,000

6 bd · 3.6 ba · 2,264 sqft · MultiFamily · 123 Days on market

Built 1927 Fair condition 4,791 sqft lot $104/sqft · 35% above area Est $174k · 35% over

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Why this score? — see what drove the D 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 +19.3/30.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• 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 (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Excellent brick duplex investment opportunity with strong cash flow and upside in a convenient Milwaukee location. This well-maintained property offers a total of 6 bedrooms, 3 full bathrooms, and 2 additional half bathrooms, providing flexible layouts and strong tenant appeal. Both main units are currently rented at $1,450 per month each, generating $2,900 in immediate monthly income. The property also features a finished basement area with potential for an additional studio rental, estimated at $650 per month, bringing total projected monthly income to $3,550. Property is being sold in ''AS IS'' condition. Garage siding and roof have a hole

Key facts

• Strong cash flow
• Brick duplex
• Milwaukee location

Tags

• BRICK DUPLEX
• FINISHED BASEMENT
• MILWAUKEE LOCATION
• STRONG CASH FLOW
• FLEXIBLE LAYOUTS
• STRONG TENANT APPEAL

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $235k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive. Per door: $129/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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 (+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 $2,382/mo this rent would consume 59% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1927 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 1.01% ✓
• Cap rate: 7.61%
• Cash-on-cash: 4.70%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $174,126
• List price: $235,000
• Delta: 34.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2848 N 50th St #2850	0.17mi	6/2.0	2,222 (-2%)	1mo	$239,900	$108	81
3012 N 57th St	0.55mi	6/2.0	2,261 (-0%)	3mo	$180,000	$80	66
2860 N 52nd St #2862	0.28mi	5/3.0 (-1)	2,440 (+8%)	10mo	$290,000	$119	59
2501 N 50th St #2503	0.59mi	6/2.0	2,325 (+3%)	5mo	$239,000	$103	58
2977 N 60th St #2979	0.73mi	5/2.0 (-1)	2,273 (+0%)	0mo	$179,900	$79	53
2555 N 51st St #2557	0.54mi	6/2.0	2,519 (+11%)	7mo	$148,400	$59	44
3154 N 54th St #3156	0.46mi	5/2.0 (-1)	2,523 (+11%)	6mo	$168,010	$67	44
2638 N 49th St #2640	0.39mi	6/2.0	2,556 (+13%)	12mo	$190,000	$74	44
2565 N 40th St #2567	0.68mi	5/2.0 (-1)	2,348 (+4%)	9mo	$123,000	$52	43
2437 N 45th St #2439	0.66mi	6/2.0	2,423 (+7%)	9mo	$175,000	$72	43
3176 N 54th St #3178	0.47mi	5/2.0 (-1)	2,523 (+11%)	8mo	$240,000	$95	41
2706 N 40th St #2708	0.60mi	5/2.0 (-1)	2,058 (-9%)	12mo	$165,000	$80	36

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: -8.0%
• Equity multiple: 0.70×
• Total profit: $-19,647
• Equity at exit: $35,039

10-year hold

• IRR: 2.5%
• Equity multiple: 1.19×
• Total profit: $12,443
• Equity at exit: $20,319

Cash invested: $65,800 (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: 16.4×

Monthly cashflow live

• Estimated rent: $2,382 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $258

Break-even live

Break-even rent $2,056

Max offer price $235,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$2,382
Total (2 units)			$2,382

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	1.04mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.36mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	1.41mi

Listing history 19 events

1. 2026-06-16
   days on market $235,000 Active 123 DOM
2. 2026-06-15
   days on market $235,000 Active 122 DOM
3. 2026-06-13
   days on market $235,000 Active 120 DOM
4. 2026-06-13
   days on market $235,000 Active 119 DOM
5. 2026-06-09
   days on market $235,000 Active 116 DOM
6. 2026-06-08
   days on market $235,000 Active 115 DOM
7. 2026-06-07
   days on market $235,000 Active 114 DOM
8. 2026-06-05
   days on market $235,000 Active 111 DOM
9. 2026-06-03
   days on market $235,000 Active 110 DOM
10. 2026-06-02
    days on market $235,000 Active 109 DOM
11. 2026-06-01
    days on market $235,000 Active 108 DOM
12. 2026-05-31
    days on market $235,000 Active 107 DOM
13. 2026-05-15
    price $235,000 650-char remark

    Show marketing remark (650 chars)

    Excellent brick duplex investment opportunity with strong cash flow and upside in a convenient Milwaukee location. This well-maintained property offers a total of 6 bedrooms, 3 full bathrooms, and 2 additional half bathrooms, providing flexible layouts and strong tenant appeal. Both main units are currently rented at $1,450 per month each, generating $2,900 in immediate monthly income. The property also features a finished basement area with potential for an additional studio rental, estimated at $650 per month, bringing total projected monthly income to $3,550. Property is being sold in ''AS IS'' condition. Garage siding and roof have a hole

14. 2026-03-13
    price $245,000 650-char remark

    Show marketing remark (650 chars)

    Excellent brick duplex investment opportunity with strong cash flow and upside in a convenient Milwaukee location. This well-maintained property offers a total of 6 bedrooms, 3 full bathrooms, and 2 additional half bathrooms, providing flexible layouts and strong tenant appeal. Both main units are currently rented at $1,450 per month each, generating $2,900 in immediate monthly income. The property also features a finished basement area with potential for an additional studio rental, estimated at $650 per month, bringing total projected monthly income to $3,550. Property is being sold in ''AS IS'' condition. Garage siding and roof have a hole

15. 2026-02-13
    listed $225,000 Active 650-char remark

    Show marketing remark (650 chars)

    Excellent brick duplex investment opportunity with strong cash flow and upside in a convenient Milwaukee location. This well-maintained property offers a total of 6 bedrooms, 3 full bathrooms, and 2 additional half bathrooms, providing flexible layouts and strong tenant appeal. Both main units are currently rented at $1,450 per month each, generating $2,900 in immediate monthly income. The property also features a finished basement area with potential for an additional studio rental, estimated at $650 per month, bringing total projected monthly income to $3,550. Property is being sold in ''AS IS'' condition. Garage siding and roof have a hole

16. 2024-04-10
    historical $1,450
17. 2024-04-04
    listed $1,450
18. 2024-03-28
    historical $1,850
19. 2024-03-13
    listed $1,850

ⓘ 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: $28,584
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,287
• − Management: −$2,287
• − Depreciation: −$6,836
• Taxable loss: −$689
• Est. tax savings @ 24.0%: +$165
• After-tax cash flow: $3,258/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 · 6 photos

Fair 45/100 Moderate rehab

This well-maintained but fair condition multi-family property presents an opportunity for moderate renovations to enhance its curb appeal and increase its value.

Repairs flagged

• Major Garage siding — Hole in the siding
• Major Garage roof — Hole in the roof

Value-add opportunities

• Both Landscaping — Improves curb appeal and rental value
• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace garage siding and roof — Fixes major structural issues and improves property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Garage siding · Hole in the siding	Major	$15,000–50,000
Garage roof · Hole in the roof	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Landscaping — Improves curb appeal and rental value ↑
• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace garage siding and roof — Fixes major structural issues and improves 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): 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

+12602.7% since first listed

7 events — show timeline

• 2026-05-15 Price Changed $235,000 METROMLS
• 2026-03-13 Price Changed $245,000 METROMLS
• 2026-02-13 Listed $225,000 METROMLS
• 2024-04-10 Rental Removed $1,450 APPFOLIO
• 2024-04-04 Listed for Rent $1,450 APPFOLIO
• 2024-03-28 Rental Removed $1,850 APPFOLIO
• 2024-03-13 Listed for Rent $1,850 APPFOLIO