2149 N 41st St · Milwaukee, WI 53206

$25,000

4 bd · 2.0 ba · 1,931 sqft · MultiFamily · 47 Days on market

Built 1931 3,484 sqft lot

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• 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

2/2 duplex offers a renovation opportunity. City of Milwaukee Tax Foreclosure Property. Scope of work is $54,958. Essential scope of work is $37,030 Pre-approval or proof of funds REQUIRED with all offers & must cover purchase price plus Essential Repairs (see scope). Buyer must complete Essential Repairs within 180 days & have City provide proof of completion for performance deposit return. Property is being sold in AS-IS Condition.

Key facts

• 3,484 sq ft lot
• Built 1931
• Listed 47 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $732/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 76.5% 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; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,071/mo this rent would consume 85% 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 $3k of equity ($173 loan paydown + $2k 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, 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 47 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 8.28% ✓
• Cap rate: 76.53%
• Cash-on-cash: 250.85%
• DSCR: 12.16
• GRM: 1.0

CMA / ARV

• ARV (on-the-fly): $79,171
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2149 N 41st St	0.00mi	4/2.0	1,931 (0%)	1mo	$33,000	$17	100
4324 W Lisbon Ave	0.17mi	3/2.0 (-1)	1,777 (-8%)	1mo	$36,000	$20	73
2616 N 38th St	0.59mi	4/2.0	1,887 (-2%)	2mo	$117,500	$62	67
2400 N 35th St #2402	0.47mi	5/2.0 (+1)	1,994 (+3%)	1mo	$65,000	$33	67
1536 N 38th St #1538	0.57mi	4/2.0	1,970 (+2%)	6mo	$135,000	$69	65
2137 N 31st St	0.61mi	5/2.0 (+1)	1,919 (-1%)	1mo	$138,500	$72	65
2162 N 35th St	0.39mi	5/2.0 (+1)	1,750 (-9%)	2mo	$8,500	$5	60
2571 N 34th St	0.66mi	4/2.0	1,868 (-3%)	5mo	$77,000	$41	59
2014 N 35th St #2016	0.40mi	4/2.0	2,208 (+14%)	2mo	$72,000	$33	55
1619 N 49th St	0.68mi	3/2.0 (-1)	1,810 (-6%)	1mo	$300,000	$166	52
1527 N 49th St #1529	0.74mi	4/2.0	2,134 (+10%)	2mo	$406,500	$190	47
2706 N 37th St #2708	0.72mi	4/2.0	2,216 (+15%)	4mo	$85,000	$38	38

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: —
• Equity multiple: 17.83×
• Total profit: $117,791
• Equity at exit: $22,522

10-year hold

• IRR: —
• Equity multiple: 43.97×
• Total profit: $300,761
• Equity at exit: $48,570

Cash invested: $7,000 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $2,071 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $1,463

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 24%

Sensitivity live

Price	-10% $1,481	-5% $1,472	+0% $1,463	+5% $1,455	+10% $1,446
Rent	-10% $1,300	-5% $1,382	+0% $1,463	+5% $1,545	+10% $1,627
Rate	-1.0pp $1,476	-0.5pp $1,470	base $1,463	+0.5pp $1,457	+1.0pp $1,450

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,072
Total (2 units)			$2,071

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	0.24mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	0.40mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	44d	1	0.58mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	0.66mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.67mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	24d	1	0.69mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	0.79mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.88mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.93mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.10mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	1.16mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	1.16mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	1.16mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	44d	1	1.26mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	45d	1	1.26mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	1.28mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.30mi
2478-2480 W Juneau Ave Unit 2478 Milwaukee, WI	4.0	1.0	1375	$1,495	$1.09	24d	1	1.34mi
4802 W Wells St Unit 4802-1 Milwaukee, WI	3.0	2.0	1700	$1,799	$1.06	44d	1	1.39mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	1.40mi

Listing history 2 events

1. 2026-04-21
   status Pending
2. 2026-03-04
   listed $25,000 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 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: $24,852
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,988
• − Management: −$1,988
• − Depreciation: −$727
• Taxable income: $18,248
• Est. tax owed @ 24.0%: −$4,380
• After-tax cash flow: $13,180/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): 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

2 events — show timeline

• 2026-04-21 Pending — METROMLS
• 2026-03-04 Listed $25,000 METROMLS