4745 N 48th St · Milwaukee, WI 53218

$89,900

4 bd · 2.0 ba · 1,769 sqft · SingleFamily public records · 64 Days on market

Built 1928 6,098 sqft lot $51/sqft · 54% below 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $30,740 and the total scope of work totaling $83,976. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1928

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 44% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $19k; list at $90k implies a 376% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.87% ✓
• Cap rate: 15.73%
• Cash-on-cash: 33.72%
• DSCR: 2.50
• GRM: 4.5

CMA / ARV

• ARV (median comp): $196,881
• List price: $89,900
• Delta: -54.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4611 N 46th St	0.22mi	4/2.0	1,900 (+7%)	0mo	$250,000	$132	77
4607 N 42nd St	0.44mi	4/2.0	1,700 (-4%)	1mo	$195,000	$115	72
4570 N 44th St	0.35mi	4/2.0	1,892 (+7%)	3mo	$260,000	$137	70
4341 N 48th St	0.51mi	4/2.5	1,675 (-5%)	1mo	$255,000	$152	64
4937 N 51st Blvd	0.31mi	3/2.0 (-1)	1,595 (-10%)	3mo	$206,000	$129	62
4545 N 45th St	0.32mi	4/2.5	1,542 (-13%)	4mo	$205,000	$133	59
4571 N 39th St	0.63mi	4/1.5	1,691 (-4%)	6mo	$219,900	$130	57
4576 N 40th St	0.59mi	3/2.0 (-1)	1,682 (-5%)	6mo	$190,000	$113	54
5613 W Congress St	0.68mi	4/2.0	1,881 (+6%)	5mo	$249,900	$133	53
4576 N 38th St	0.71mi	4/2.0	1,992 (+13%)	0mo	$79,900	$40	46
5273 N 51st Blvd	0.71mi	4/3.0	2,007 (+14%)	0mo	$230,000	$115	40
4350 N 40th St	0.74mi	3/1.5 (-1)	1,520 (-14%)	5mo	$182,500	$120	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: 31.6%
• Equity multiple: 2.37×
• Total profit: $34,472
• Equity at exit: $13,404

10-year hold

• IRR: 40.0%
• Equity multiple: 5.18×
• Total profit: $105,175
• Equity at exit: $7,773

Cash invested: $25,172 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,682 high
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $707

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 53%

Sensitivity live

Price	-10% $769	-5% $738	+0% $707	+5% $676	+10% $645
Rent	-10% $574	-5% $641	+0% $707	+5% $774	+10% $840
Rate	-1.0pp $753	-0.5pp $730	base $707	+0.5pp $684	+1.0pp $660

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	5d	1	0.62mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	0.80mi
5268 N 64th St Milwaukee, WI	5.0	1.0	1672	$1,850	$1.11	11d	1	1.12mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	1.12mi
6813 W Hampton Ave Unit Rear (Unit B) Milwaukee, WI	3.0	2.0	1600	$1,350	$0.84	24d	1	1.23mi
4079 N 63rd St Milwaukee, WI	3.0	1.0	1600	$1,595	$1.00	20d	1	1.25mi

Listing history 24 events

1. 2026-06-18
   days on market $89,900 Active 64 DOM
2. 2026-06-17
   days on market $89,900 Active 63 DOM
3. 2026-06-16
   days on market $89,900 Active 62 DOM
4. 2026-06-15
   days on market $89,900 Active 61 DOM
5. 2026-06-13
   days on market $89,900 Active 59 DOM
6. 2026-06-13
   days on market $89,900 Active 58 DOM
7. 2026-06-09
   days on market $89,900 Active 55 DOM
8. 2026-06-08
   days on market $89,900 Active 54 DOM
9. 2026-06-07
   days on market $89,900 Active 53 DOM
10. 2026-06-05
    days on market $89,900 Active 50 DOM
11. 2026-06-03
    days on market $89,900 Active 49 DOM
12. 2026-06-02
    days on market $89,900 Active 48 DOM
13. 2026-06-01
    days on market $89,900 Active 47 DOM
14. 2026-05-31
    days on market $89,900 Active 46 DOM
15. 2026-04-13
    listed $89,900 Active 499-char remark

    Show marketing remark (499 chars)

    This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $30,740 and the total scope of work totaling $83,976. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

16. 2026-04-06
    historical 237-char remark

    Show marketing remark (237 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 at 10:00 am.

17. 2026-02-23
    listed $95,000 Active 237-char remark

    Show marketing remark (237 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 at 10:00 am.

18. 2013-08-27
    listed $19,900
19. 2013-08-27
    historical
20. 2013-02-09
    listed $49,900
21. 2013-02-09
    historical
22. 2012-05-31
    soldstatus $18,900
23. 2001-11-19
    soldstatus $64,900
24. 1972-05-01
    soldstatus $16,700

ⓘ 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 (shaded) · 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: $20,181
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$1,615
• − Management: −$1,615
• − Depreciation: −$2,615
• Taxable income: $7,503
• Est. tax owed @ 24.0%: −$1,801
• After-tax cash flow: $6,687/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): 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

+438.3% since first listed

10 events — show timeline

• 2026-04-13 Listed $89,900 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $95,000 METROMLS
• 2013-08-27 Listing Removed — METROMLS
• 2013-08-27 Listed $19,900 METROMLS
• 2013-02-09 Listing Removed — METROMLS
• 2013-02-09 Listed $49,900 METROMLS
• 2012-05-31 Sold (MLS) $18,900 METROMLS
• 2001-11-19 Sold (Public Records) $64,900 Public Records
• 1972-05-01 Sold (Public Records) $16,700 Public Records

Property tax history

+17.4%/yr

Latest (2024): $12,340 · +226.4% YoY. Source: county tax records.