2862 N 48th St #2864 · Milwaukee, WI 53210

$169,900

None bd · None ba · — sqft · MultiFamily · 8 Days on market

Built 1923 Fair condition 4,791 sqft lot

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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 +9.2/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.0/5.0
• 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

HUGE 3/3 Duplex in highly sought after St. Joe's Neighborhood! Newer vinyl siding, exterior trim and newer roof are some of the recent updates. This is a part of a larger portfolio with an overall 97.2% rental rate as of 4/30/2022. Investment Opportunity is here!

Key facts

• 4,791 sq ft lot
• Built 1923
• Listed 8 days

Property features AI

Finance

• Financial info: Total taxes listed for 2025

Exterior

• Parking: Includes inside and outside parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property (Duplex+); 1–2 stories
• Exterior features: Exterior: Other; Lot under 1/2 acre (about 0.11 acre); Zoned RT2

Interior

• Heating & cooling: Heating/cooling: Other (see remarks)
• Interior features: No basement (slab)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $170k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $730 ($9k/yr) — positive. Per door: $365/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 11.4% 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; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,410/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 $48k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y 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.
• Current owner paid $135k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1923 — 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: 1.42% ✓
• Cap rate: 11.45%
• Cash-on-cash: 18.41%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2866 N 52nd St #2868	0.25mi	4/2.0	2,215	1mo	$257,000	$116	75
2642 N 50th St #2644	0.31mi	6/2.0	2,612	1mo	$264,000	$101	72
2646 N 50th St #2648	0.30mi	6/2.0	2,826	1mo	$155,000	$55	72
2642 N 51st St #2644	0.34mi	4/2.0	2,294	1mo	$122,500	$53	71
2834 N 54th St Unit 2834A	0.37mi	4/2.0	2,080	0mo	$175,000	$84	70
3128 N 52nd St #3130	0.42mi	4/2.0	2,400	0mo	$283,000	$118	68
2576 N 51st St #2578	0.41mi	4/2.0	2,178	1mo	$149,900	$69	68
3044 N 54th St #3046	0.43mi	4/2.0	2,279	0mo	$200,000	$88	67
3013 N 57th St #3015	0.60mi	6/2.5	2,682	0mo	$329,000	$123	59
3034 N 60th St #3036	0.73mi	4/2.0	1,632	0mo	$163,000	$100	53
5601 W Brooklyn Pl	0.73mi	3/2.0	2,186	1mo	$310,000	$142	52
2977 N 60th St #2979	0.75mi	5/2.0	2,273	0mo	$179,900	$79	52

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: 11.0%
• Equity multiple: 1.44×
• Total profit: $20,989
• Equity at exit: $25,333

10-year hold

• IRR: 20.7%
• Equity multiple: 2.82×
• Total profit: $86,637
• Equity at exit: $14,690

Cash invested: $47,572 (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: 11.8×

Monthly cashflow live

• Estimated rent: $2,410 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $730

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,410
Total (2 units)			$2,410

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2842 N 47th St Milwaukee, WI	2.0	1.0	1500	$1,100	$0.73	43d	1	0.05mi
2819 N 47th St Unit 2819 Milwaukee, WI	2.0	1.0	—	$1,050	—	4d	1	0.05mi
2841 N 49th St Milwaukee, WI	2.0	1.0	1237	$1,098	$0.89	43d	1	0.11mi
2813 N 49th St #2815 Milwaukee, WI	2.0	1.0	—	$1,150	—	43d	1	0.12mi
2824 N 50th St Milwaukee, WI	2.0	1.0	—	$1,250	—	43d	1	0.15mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.18mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	43d	1	0.27mi
3066 N 49th St Unit 3066-5 Milwaukee, WI	2.0	1.0	1100	$950	$0.86	43d	1	0.28mi
3072 N 49th St Milwaukee, WI	2.0	1.0	1000	$950	$0.95	16d	1	0.29mi
3072 N 49th St Unit 3072- 3 Milwaukee, WI	2.0	1.0	1000	$950	$0.95	43d	1	0.29mi
2712 N 44th St Unit 2712A Milwaukee, WI	2.0	1.0	911	$995	$1.09	23d	1	0.30mi
2631 N 49th St Unit 2 Milwaukee, WI	3.0	1.0	—	$1,350	—	4d	1	0.31mi
2663 N 44th St Unit 1 Milwaukee, WI	2.0	1.0	900	$995	$1.11	43d	1	0.31mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	43d	1	0.31mi
2613 N 48th St Unit 2 Milwaukee, WI	2.0	1.0	1150	$1,250	$1.09	23d	1	0.32mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	0.34mi
4409 W Burleigh St Apt 1 Milwaukee, WI	2.0	1.0	800	$795	$0.99	4d	1	0.34mi
2600 N 50th St Milwaukee, WI	2.0	1.0	—	$1,050	—	43d	1	0.36mi
2675 N 52nd St Milwaukee, WI	2.0	1.0	—	$915	—	23d	1	0.37mi
2607-2609 N 44th St Milwaukee, WI	3.0	1.0	—	$1,200	—	43d	1	0.38mi
3130 N 45th St Unit 3130A Milwaukee, WI	2.0	1.0	—	$995	—	43d	1	0.38mi
3130A N 45th St Milwaukee, WI	2.0	1.0	—	$995	—	43d	1	0.38mi
2544 N 49th St #2546 Milwaukee, WI	2.0	1.0	—	$1,250	—	43d	1	0.40mi
2947 N 54th St #2945 Milwaukee, WI	2.0	1.0	1244	$1,050	$0.84	14d	1	0.43mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	43d	1	0.48mi
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	16d	1	0.48mi
2767 N 40th St #2769 Milwaukee, WI	2.0	1.0	—	$1,199	—	43d	1	0.49mi
3133 N 42nd St Milwaukee, WI	3.0	1.0	1	$1,300	$1300.00	43d	1	0.50mi
2737 N 55th St Milwaukee, WI	1.0	1.0	—	$750	—	4d	1	0.50mi
2467 N 49th St Unit 2467A Milwaukee, WI	2.0	1.0	850	$850	$1.00	43d	1	0.50mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	0.51mi
2445 N 45th St Milwaukee, WI	2.0	1.0	—	$1,250	—	4d	1	0.54mi
2445 N 50th St Milwaukee, WI	3.0	1.0	3	$1,195	$398.33	21d	1	0.55mi
2639 N 55th St Unit 2639A (Upper) Milwaukee, WI	2.0	1.0	950	$1,150	$1.21	17d	1	0.55mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	23d	1	0.57mi
4228 W Bonny Pl Milwaukee, WI	3.0	1.0	—	$1,095	—	3d	1	0.58mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	43d	1	0.58mi
2821 N 57th St Milwaukee, WI	2.0	1.0	900	$995	$1.11	14d	1	0.58mi
3012 N 57th St Unit Lower Milwaukee, WI	3.0	1.0	1130	$1,398	$1.24	4d	1	0.59mi
2706 N 39th St Unit 2706 Milwaukee, WI	2.0	1.0	866	$845	$0.98	43d	1	0.59mi

Listing history 10 events

1. 2026-05-15
   listed $169,900 Active
2. 2022-05-25
   soldstatus $134,763 Sold 265-char remark

   Show marketing remark (265 chars)

   HUGE 3/3 Duplex in highly sought after St. Joe's Neighborhood! Newer vinyl siding, exterior trim and newer roof are some of the recent updates. This is a part of a larger portfolio with an overall 97.2% rental rate as of 4/30/2022. Investment Opportunity is here!

3. 2022-05-12
   historical Contingent 265-char remark

   Show marketing remark (265 chars)

   HUGE 3/3 Duplex in highly sought after St. Joe's Neighborhood! Newer vinyl siding, exterior trim and newer roof are some of the recent updates. This is a part of a larger portfolio with an overall 97.2% rental rate as of 4/30/2022. Investment Opportunity is here!

4. 2022-05-01
   listed $154,900 Active 265-char remark

   Show marketing remark (265 chars)

   HUGE 3/3 Duplex in highly sought after St. Joe's Neighborhood! Newer vinyl siding, exterior trim and newer roof are some of the recent updates. This is a part of a larger portfolio with an overall 97.2% rental rate as of 4/30/2022. Investment Opportunity is here!

5. 2016-10-26
   soldstatus $64,500 Sold 202-char remark

   Show marketing remark (202 chars)

   GREAT INVESTMENT opportunity. Large 3/3 duplex. Large Updated kitchens and baths, ceramic tile, Newer furnaces, updated electric, Hardwood floors, refinished, natural wood work, 2 car garage. Very clean

6. 2016-09-19
   historical Contingent 202-char remark

   Show marketing remark (202 chars)

   GREAT INVESTMENT opportunity. Large 3/3 duplex. Large Updated kitchens and baths, ceramic tile, Newer furnaces, updated electric, Hardwood floors, refinished, natural wood work, 2 car garage. Very clean

7. 2016-09-01
   historical
8. 2016-08-31
   listed $68,500 Active 202-char remark

   Show marketing remark (202 chars)

   GREAT INVESTMENT opportunity. Large 3/3 duplex. Large Updated kitchens and baths, ceramic tile, Newer furnaces, updated electric, Hardwood floors, refinished, natural wood work, 2 car garage. Very clean

9. 2016-07-07
   listed $69,900 Active
10. 2006-09-28
    soldstatus $139,900

ⓘ 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: $28,920
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,314
• − Management: −$2,314
• − Depreciation: −$4,943
• Taxable income: $6,435
• Est. tax owed @ 24.0%: −$1,544
• After-tax cash flow: $7,213/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 · 1 photo

Fair 40/100 Moderate rehab

This duplex requires significant exterior and interior repairs, but presents a good investment opportunity with potential for substantial value increase.

Repairs flagged

• Major exterior siding — Significant discoloration and wear
• Major interior walls/paint — Visible peeling and discoloration
• Major kitchen and bathrooms — No photos, but based on unit specs, likely outdated

Value-add opportunities

• Both exterior painting — Enhances curb appeal and value
• Both interior painting — Improves aesthetics and value
• Both kitchen and bathroom updates — Modernizes spaces and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant discoloration and wear	Major	$15,000–50,000
interior walls/paint · Visible peeling and discoloration	Major	$15,000–50,000
kitchen and bathrooms · No photos, but based on unit specs, likely outdated	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior painting — Enhances curb appeal and value ↑
• Both interior painting — Improves aesthetics and value ↑
• Both kitchen and bathroom updates — Modernizes spaces and increases 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

+21.4% since first listed

10 events — show timeline

• 2026-05-15 Listed $169,900 METROMLS
• 2022-05-25 Sold (MLS) $134,763 METROMLS
• 2022-05-12 Contingent — METROMLS
• 2022-05-01 Listed $154,900 METROMLS
• 2016-10-26 Sold (MLS) $64,500 METROMLS
• 2016-09-19 Contingent — METROMLS
• 2016-09-01 Listing Removed — METROMLS
• 2016-08-31 Listed $68,500 METROMLS
• 2016-07-07 Listed $69,900 METROMLS
• 2006-09-28 Sold (MLS) $139,900 METROMLS