2444 N 40th St #2446 · Milwaukee, WI 53210

$174,000

6 bd · 2.0 ba · 2,534 sqft · MultiFamily · 45 Days on market

Built 1913 4,356 sqft lot $69/sqft · 77% above area

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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 +8.8/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• 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

Opportunity awaits in this centrally and conveniently located duplex. Large upper/lower duplex with amazing rent potential. One newer water heater and one furnace.

Key facts

• 4,356 sq ft lot
• Parking
• Built 1913

Property features AI

Finance

• Other: Lot size less than 1/2 acre (0.1 acre)

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: Duplex, 2-story multi-family property; Zoning: RT2
• Construction: Exterior: Aluminum/steel; Year built: Assessor/Public Record
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master and other bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $174k.

Deal economics

• At list price, monthly cash flow is $694 ($8k/yr) — positive. Per door: $347/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Recommended offer: $169k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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; 2 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,401/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 $49k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 5 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 $63k; list at $174k implies a 176% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $168,780 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1913 — 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: 1.38% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.10%
• DSCR: 1.76
• GRM: 6.0

CMA / ARV

• ARV (median comp): $98,106
• List price: $174,000
• Delta: 77.36%
• 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
2200 N 42nd St #2202	0.31mi	6/2.0	2,565 (+1%)	0mo	$37,000	$14	84
2771 N 40th St #2773	0.42mi	6/2.0	2,614 (+3%)	2mo	$135,000	$52	74
2328 N 45th St #2330	0.37mi	7/2.0 (+1)	2,622 (+4%)	2mo	$175,000	$67	71
2201 N 33rd St	0.49mi	6/2.0	2,446 (-4%)	3mo	$186,300	$76	69
2338 N 45th St #2340	0.37mi	6/2.0	2,304 (-9%)	2mo	$170,000	$74	66
2107 N 48th St #2109	0.69mi	6/2.0	2,552 (+1%)	3mo	$250,000	$98	64
2642 N 50th St #2644	0.69mi	6/2.0	2,612 (+3%)	1mo	$264,000	$101	62
2857 N 34th St #2859	0.62mi	6/2.0	2,314 (-9%)	1mo	$135,000	$58	56
3127 W Garfield Ave #3129	0.58mi	5/2.0 (-1)	2,332 (-8%)	0mo	$130,000	$56	55
1800 N 36th St	0.74mi	6/2.0	2,320 (-8%)	1mo	$147,700	$64	50
2646 N 50th St #2648	0.70mi	6/2.0	2,826 (+12%)	1mo	$155,000	$55	47
2139 N 48th St #2141	0.66mi	6/2.0	2,866 (+13%)	1mo	$219,000	$76	46

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: 9.3%
• Equity multiple: 1.37×
• Total profit: $18,059
• Equity at exit: $25,944

10-year hold

• IRR: 19.2%
• Equity multiple: 2.67×
• Total profit: $81,147
• Equity at exit: $15,044

Cash invested: $48,720 (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: 12.1×

Monthly cashflow live

• Estimated rent: $2,401 high
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $694

Break-even live

Break-even rent $1,522

Max offer price $174,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,400
Total (2 units)			$2,401

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.73mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.37mi

Listing history 26 events

1. 2026-06-18
   days on market $174,000 Active 45 DOM
2. 2026-06-17
   days on market $174,000 Active 44 DOM
3. 2026-06-16
   days on market $174,000 Active 43 DOM
4. 2026-06-15
   days on market $174,000 Active 42 DOM
5. 2026-06-13
   days on market $174,000 Active 40 DOM
6. 2026-06-13
   days on market $174,000 Active 39 DOM
7. 2026-06-09
   days on market $174,000 Active 36 DOM
8. 2026-06-08
   days on market $174,000 Active 35 DOM
9. 2026-06-07
   days on market $174,000 Active 34 DOM
10. 2026-06-05
    pricestatusdays on market $174,000 Active 31 DOM
11. 2026-06-03
    days on market $179,000 Contingent 30 DOM
12. 2026-06-02
    days on market $179,000 Contingent 29 DOM
13. 2026-06-01
    days on market $179,000 Contingent 28 DOM
14. 2026-05-31
    days on market $179,000 Contingent 27 DOM
15. 2026-05-04
    listed $179,000 Active 536-char remark
16. 2024-07-19
    soldstatus $63,000 Sold 163-char remark

    Show marketing remark (163 chars)

    Opportunity awaits in this centrally and conveniently located duplex. Large upper/lower duplex with amazing rent potential. One newer water heater and one furnace.

17. 2024-06-21
    status Pending 163-char remark

    Show marketing remark (163 chars)

    Opportunity awaits in this centrally and conveniently located duplex. Large upper/lower duplex with amazing rent potential. One newer water heater and one furnace.

18. 2024-06-19
    price $89,900 163-char remark

    Show marketing remark (163 chars)

    Opportunity awaits in this centrally and conveniently located duplex. Large upper/lower duplex with amazing rent potential. One newer water heater and one furnace.

19. 2024-06-04
    status Active 163-char remark

    Show marketing remark (163 chars)

    Opportunity awaits in this centrally and conveniently located duplex. Large upper/lower duplex with amazing rent potential. One newer water heater and one furnace.

20. 2024-05-21
    historical Contingent 163-char remark

    Show marketing remark (163 chars)

    Opportunity awaits in this centrally and conveniently located duplex. Large upper/lower duplex with amazing rent potential. One newer water heater and one furnace.

21. 2024-05-19
    price $99,900 163-char remark

    Show marketing remark (163 chars)

    Opportunity awaits in this centrally and conveniently located duplex. Large upper/lower duplex with amazing rent potential. One newer water heater and one furnace.

22. 2024-05-14
    listed $105,000 Active 163-char remark

    Show marketing remark (163 chars)

    Opportunity awaits in this centrally and conveniently located duplex. Large upper/lower duplex with amazing rent potential. One newer water heater and one furnace.

23. 2017-05-08
    soldstatus $13,000 Sold

    Show marketing remark (160 chars)

    At this price, this is a great investment opportunity with excellent cash flow. Property does need some minor repairs and cleaning. Room sizes are approximated.

24. 2017-02-08
    status Pending

    Show marketing remark (160 chars)

    At this price, this is a great investment opportunity with excellent cash flow. Property does need some minor repairs and cleaning. Room sizes are approximated.

25. 2016-11-01
    historical Contingent

    Show marketing remark (160 chars)

    At this price, this is a great investment opportunity with excellent cash flow. Property does need some minor repairs and cleaning. Room sizes are approximated.

26. 2016-10-08
    listed $16,900 Active

    Show marketing remark (160 chars)

    At this price, this is a great investment opportunity with excellent cash flow. Property does need some minor repairs and cleaning. Room sizes are approximated.

ⓘ 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: $28,812
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$870
• − Repairs & maintenance: −$2,305
• − Management: −$2,305
• − Depreciation: −$5,062
• Taxable income: $5,914
• Est. tax owed @ 24.0%: −$1,419
• After-tax cash flow: $6,913/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): 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

+929.6% since first listed

15 events — show timeline

• 2026-06-04 Price Changed $174,000 METROMLS
• 2026-06-04 Relisted — METROMLS
• 2026-05-19 Contingent — METROMLS
• 2026-05-04 Listed $179,000 METROMLS
• 2024-07-19 Sold (MLS) $63,000 METROMLS
• 2024-06-21 Pending — METROMLS
• 2024-06-19 Price Changed $89,900 METROMLS
• 2024-06-04 Relisted — METROMLS
• 2024-05-21 Contingent — METROMLS
• 2024-05-19 Price Changed $99,900 METROMLS
• 2024-05-14 Listed $105,000 METROMLS
• 2017-05-08 Sold (MLS) $13,000 METROMLS
• 2017-02-08 Pending — METROMLS
• 2016-11-01 Contingent — METROMLS
• 2016-10-08 Listed $16,900 METROMLS