5232 N 49th St #5234 · Milwaukee, WI 53218

$189,900

6 bd · 2.0 ba · 2,264 sqft · MultiFamily · 58 Days on market

Built 1957 Good condition 5,227 sqft lot $84/sqft · 19% above area Est $159k · 19% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• 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

Totally redone 3/3 duplex in the last 12 years. Newer roof, siding, windows, baths, kitchens, etc. etc. etc. Long time rental property is perfect for an owner that wants something with no major improvements needed.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1957

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $977 ($12k/yr) — positive. Per door: $489/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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 (+5.3%/yr); 153 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,898/mo this rent would consume 76% of the median local household income ($46k/yr) (locally 2421% 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 $6k 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 + 5.3% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1957 — 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: 1.53% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.05%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

• ARV (median comp): $158,994
• List price: $189,900
• Delta: 19.44%
• 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
5044 N 47th St #5046	0.27mi	6/2.0	2,276 (+0%)	15mo	$275,000	$121	74
4959 N 51st Blvd #4961	0.38mi	6/2.0	2,213 (-2%)	7mo	$180,000	$81	73
5011 N 47th St Unit 5011A	0.30mi	5/2.0 (-1)	2,212 (-2%)	5mo	$132,500	$60	73
4960 N 48th St #4962	0.34mi	5/2.0 (-1)	2,201 (-3%)	9mo	$195,000	$89	67
5324 N 48th St	0.13mi	5/2.0 (-1)	1,986 (-12%)	2mo	$240,000	$121	66
4967 N 51st Blvd #4969	0.36mi	6/2.0	1,955 (-14%)	7mo	$180,000	$92	55
4972 N 55th St #4974	0.49mi	6/3.0	2,394 (+6%)	14mo	$185,000	$77	52
4882 N 50th St #4884	0.43mi	6/2.0	1,950 (-14%)	7mo	$225,000	$115	51
5233 N Sherman Blvd	0.34mi	6/2.0	2,000 (-12%)	20mo	$205,000	$103	48
4971 N 46th St #4973	0.36mi	6/2.0	2,028 (-10%)	22mo	$120,000	$59	48
5693 N 42nd St	0.73mi	5/2.0 (-1)	2,016 (-11%)	8mo	$162,000	$80	36
5122 N 39th St	0.65mi	5/2.0 (-1)	2,504 (+11%)	20mo	$125,000	$50	30

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 · 5.29% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 1.72×
• Total profit: $38,331
• Equity at exit: $28,315

10-year hold

• IRR: 27.4%
• Equity multiple: 3.69×
• Total profit: $143,058
• Equity at exit: $16,419

Cash invested: $53,172 (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 53218

• Home prices YoY: -19.0%
• Rents YoY: 5.3%
• Active inventory: 153
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,898 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $977

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,108	-5% $1,043	+0% $977	+5% $911	+10% $846
Rent	-10% $748	-5% $863	+0% $977	+5% $1,092	+10% $1,206
Rate	-1.0pp $1,073	-0.5pp $1,025	base $977	+0.5pp $928	+1.0pp $878

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,898
Total (2 units)			$2,898

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5268 N 64th St Milwaukee, WI	5.0	1.0	1672	$1,850	$1.11	11d	1	0.85mi

Listing history 5 events

1. 2026-05-14
   status Active 214-char remark

   Show marketing remark (214 chars)

   Totally redone 3/3 duplex in the last 12 years. Newer roof, siding, windows, baths, kitchens, etc. etc. etc. Long time rental property is perfect for an owner that wants something with no major improvements needed.

2. 2026-04-02
   historical Contingent 214-char remark

   Show marketing remark (214 chars)

   Totally redone 3/3 duplex in the last 12 years. Newer roof, siding, windows, baths, kitchens, etc. etc. etc. Long time rental property is perfect for an owner that wants something with no major improvements needed.

3. 2026-03-29
   listed $189,900 Active 214-char remark

   Show marketing remark (214 chars)

   Totally redone 3/3 duplex in the last 12 years. Newer roof, siding, windows, baths, kitchens, etc. etc. etc. Long time rental property is perfect for an owner that wants something with no major improvements needed.

4. 2026-02-09
   historical $1,199
5. 2026-01-14
   listed $1,199

ⓘ 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: $34,776
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$2,782
• − Management: −$2,782
• − Depreciation: −$5,524
• Taxable income: $9,252
• Est. tax owed @ 24.0%: −$2,221
• After-tax cash flow: $9,504/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

Good 75/100 Cosmetic rehab

This well-maintained duplex is in good condition with no major repairs needed, but some landscaping improvements and painting could further enhance its value.

Value-add opportunities

• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and attract more renters or buyers.
• Both Painting exterior — Fresh paint can improve the home's appearance and increase its value.
• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and attract more renters or buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and attract more renters or buyers. ↑
• Both Painting exterior — Fresh paint can improve the home's appearance and increase its value. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and attract more renters or buyers. ↑

ⓘ 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): 41,196
• Household income: $45,642
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 2421.0

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 (72%)
• Race & ethnicity: Black 72% Asian 10% White 10% Hispanic / Latino 5% Two or more races 3%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 6% · Philippines, Canada
• Languages at home: 89% English-only · Other Asian/Pacific 7% Spanish 3%

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: ▼ -76.44%
• Current HPI: 325.1975
• Rent YoY: ▲ 5.29%
• 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

+15738.2% since first listed

5 events — show timeline

• 2026-05-14 Relisted — METROMLS
• 2026-04-02 Contingent — METROMLS
• 2026-03-29 Listed $189,900 METROMLS
• 2026-02-09 Rental Removed $1,199 APPFOLIO
• 2026-01-14 Listed for Rent $1,199 APPFOLIO