2802 N 47th St #2804 · Milwaukee, WI 53210

$169,900

6 bd · 2.0 ba · 2,954 sqft · MultiFamily · 119 Days on market

Built 1923 5,662 sqft lot $58/sqft · at area comps Est $171k · at est.

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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 +9.8/10.0
• ARV discount +7.7/15.0
• 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

Huge 3/3 duplex with 2 Car garage. Property has a newer roof, 2 car garage, manageable yard, and is fully rented.

Key facts

• 5,662 sq ft lot
• 2 garage spots
• Built 1923

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $808 ($10k/yr) — positive. Per door: $404/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $155k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,509/mo this rent would consume 62% 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 ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $170k implies a 305% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $154,609 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.48% ✓
• Cap rate: 12.00%
• Cash-on-cash: 20.38%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (median comp): $170,554
• List price: $169,900
• Delta: -0.38%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2844 N 50th St #2846	0.20mi	6/2.0	2,906 (-2%)	3mo	$140,000	$48	86
2646 N 50th St #2648	0.27mi	6/2.0	2,826 (-4%)	1mo	$155,000	$55	79
3002 N 40th St #3004	0.52mi	6/2.0	2,972 (+1%)	4mo	$184,900	$62	71
2642 N 50th St #2644	0.27mi	6/2.0	2,612 (-12%)	1mo	$264,000	$101	67
2349 N 44th St #2351	0.58mi	6/2.0	2,818 (-5%)	6mo	$250,000	$89	60
2771 N 40th St #2773	0.42mi	6/2.0	2,614 (-12%)	2mo	$135,000	$52	59
2445 N 50th St #2447	0.50mi	6/2.0	3,226 (+9%)	5mo	$168,000	$52	57
2928 N 55th St #2930	0.52mi	6/2.0	2,702 (-8%)	6mo	$250,000	$93	57
2403 N 49th St #2405	0.52mi	6/2.0	2,642 (-11%)	4mo	$162,888	$62	55
3013 N 57th St #3015	0.69mi	6/2.5	2,682 (-9%)	0mo	$329,000	$123	50
2328 N 45th St #2330	0.60mi	7/2.0 (+1)	2,622 (-11%)	2mo	$175,000	$67	47
3154 N 54th St #3156	0.63mi	5/2.0 (-1)	2,523 (-15%)	6mo	$168,010	$67	37

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: 13.6%
• Equity multiple: 1.55×
• Total profit: $26,054
• Equity at exit: $25,333

10-year hold

• IRR: 23.0%
• Equity multiple: 3.06×
• Total profit: $97,811
• 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: 11.3×

Monthly cashflow live

• Estimated rent: $2,509 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $808

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 63%

Sensitivity live

Price	-10% $925	-5% $867	+0% $808	+5% $749	+10% $691
Rent	-10% $610	-5% $709	+0% $808	+5% $907	+10% $1,006
Rate	-1.0pp $894	-0.5pp $851	base $808	+0.5pp $764	+1.0pp $719

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,508
Total (2 units)			$2,509

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: —

Listing history 8 events

1. 2026-06-02
   status $169,900 Pending 119 DOM
2. 2026-06-01
   days on market $169,900 Active 119 DOM
3. 2026-05-31
   days on market $169,900 Active 118 DOM
4. 2026-03-23
   price $169,900 113-char remark

   Show marketing remark (113 chars)

   Huge 3/3 duplex with 2 Car garage. Property has a newer roof, 2 car garage, manageable yard, and is fully rented.

5. 2026-02-02
   listed $179,900 Active 113-char remark

   Show marketing remark (113 chars)

   Huge 3/3 duplex with 2 Car garage. Property has a newer roof, 2 car garage, manageable yard, and is fully rented.

6. 2009-05-21
   listed $45,000 356-char remark

   Show marketing remark (356 chars)

   Spacious 3/3 duplex in great location. Lg bright rooms w/ lots of windows & old world charm. NWW throughout, HWFs, FDRs w/ BICCs. Lots of BSMT & 3rd floor attic storage space. Private deck on lower & balcony on upper. Fenced yard, 2 car GA. Great investment opportunity. Rents sh/be $650-750. Property to be sold in the 'AS Is' condition.

7. 2009-05-21
   historical 356-char remark

   Show marketing remark (356 chars)

   Spacious 3/3 duplex in great location. Lg bright rooms w/ lots of windows & old world charm. NWW throughout, HWFs, FDRs w/ BICCs. Lots of BSMT & 3rd floor attic storage space. Private deck on lower & balcony on upper. Fenced yard, 2 car GA. Great investment opportunity. Rents sh/be $650-750. Property to be sold in the 'AS Is' condition.

8. 2009-04-06
   soldstatus $42,000 356-char remark

   Show marketing remark (356 chars)

   Spacious 3/3 duplex in great location. Lg bright rooms w/ lots of windows & old world charm. NWW throughout, HWFs, FDRs w/ BICCs. Lots of BSMT & 3rd floor attic storage space. Private deck on lower & balcony on upper. Fenced yard, 2 car GA. Great investment opportunity. Rents sh/be $650-750. Property to be sold in the 'AS Is' condition.

ⓘ 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: $30,108
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,409
• − Management: −$2,409
• − Depreciation: −$4,943
• Taxable income: $7,433
• Est. tax owed @ 24.0%: −$1,784
• After-tax cash flow: $7,912/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

+304.5% since first listed

5 events — show timeline

• 2026-03-23 Price Changed $169,900 METROMLS
• 2026-02-02 Listed $179,900 METROMLS
• 2009-05-21 Listing Removed — METROMLS
• 2009-05-21 Listed $45,000 METROMLS
• 2009-04-06 Sold (MLS) $42,000 METROMLS