3729 N Vel R Phillips Ave · Milwaukee, WI 53212

$39,000

3 bd · 2.0 ba · 1,987 sqft · MultiFamily public records · 260 Days on market

Built 1925 3,920 sqft lot $20/sqft · 68% below area

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

City Tax Foreclosure - 2/1BR Duplex w/ over 1,987 square feet, 2 car detached garage and more. City Scope of Essential Work is $27,600. Total scope of work is $52,740. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Bring flashlights & use caution when entering.

Key facts

• 3,920 sq ft lot
• 2 garage spots
• Built 1925

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $39k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $815/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $39k).
• Recommended offer: $34k (12.0% below list) — sets the bar for market timing.
• Cap rate 56.4% 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 fast (+5.0%/yr); 129 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,404/mo this rent would consume 61% of the median local household income ($47k/yr) (locally 2397% 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 $270 of loan paydown is wiped out by about $1k 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 + 5.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 260 days — a 12% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $26k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% 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 1925 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 6.16% ✓
• Cap rate: 56.44%
• Cash-on-cash: 179.08%
• DSCR: 8.97
• GRM: 1.4

CMA / ARV

• ARV (median comp): $122,587
• List price: $39,000
• Delta: -68.19%
• 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
3600 N Vel R Phillips Ave #3602	0.10mi	4/2.0 (+1)	2,021 (+2%)	8mo	$146,500	$72	81
3726 N 3rd St #3728	0.09mi	4/2.0 (+1)	1,810 (-9%)	9mo	$90,771	$50	69
4071 N 12th St Unit 4071A	0.71mi	3/2.0	2,045 (+3%)	1mo	$110,000	$54	61
3358 N Richards St #3364	0.52mi	4/2.0 (+1)	1,858 (-6%)	1mo	$95,000	$51	59
3906 N 6th St #3908	0.31mi	4/2.0 (+1)	2,223 (+12%)	4mo	$134,900	$61	57
3905 N 13th St #3907	0.66mi	4/2.0 (+1)	1,884 (-5%)	2mo	$144,500	$77	54
3258 N 12th St #3260	0.71mi	4/2.0 (+1)	2,086 (+5%)	3mo	$51,000	$24	51
3613 N 11th St	0.50mi	4/2.0 (+1)	2,197 (+11%)	6mo	$35,000	$16	49
1222 W Capitol Dr	0.68mi	4/2.0 (+1)	2,096 (+6%)	7mo	$110,000	$52	48
608 W Burleigh St #610	0.69mi	4/2.0 (+1)	2,174 (+9%)	3mo	$112,000	$52	45
3701 N 14th St #3703	0.69mi	4/2.0 (+1)	2,174 (+9%)	4mo	$90,000	$41	44
3328 N 13th St #3330	0.70mi	4/2.0 (+1)	2,176 (+10%)	6mo	$130,000	$60	42

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 · 5.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.38×
• Total profit: $102,443
• Equity at exit: $5,815

10-year hold

• IRR: —
• Equity multiple: 23.35×
• Total profit: $244,095
• Equity at exit: $3,372

Cash invested: $10,920 (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 53212

• Rents YoY: 5.0%
• Active inventory: 129
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,404 high
• Mortgage (P&I): −$205
• Tax est. 1.5%: −$49 /mo · $585/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $1,630

Break-even live

Break-even rent $341

Max offer price $39,000

Occupancy floor 27%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,404
Total (2 units)			$2,404

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 E Townsend St Unit 312 Milwaukee, WI	3.0	1.0	1400	$1,250	$0.89	24d	1	0.51mi
3042 N Palmer St #5 Milwaukee, WI	3.0	1.0	1718	$1,050	$0.61	24d	1	0.82mi
912 W Hadley St Milwaukee, WI	2.0	1.0	2222	$1,250	$0.56	14d	1	1.14mi
2719 N 1st St Milwaukee, WI	2.0	1.0	1300	$1,095	$0.84	14d	1	1.18mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.21mi
4451 N Marlborough Dr Unit 2 Shorewood, WI	2.0	1.0	1250	$2,125	$1.70	3d	1	1.26mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.29mi
2772 N Bremen St #2774 Milwaukee, WI	3.0	1.0	1500	$1,795	$1.20	44d	1	1.34mi
1104 E Glendale Ave Unit 1104 Shorewood, WI	3.0	1.5	1300	$2,395	$1.84	16d	1	1.38mi
4147 N Bartlett Ave #4149 Shorewood, WI	3.0	2.0	1339	$1,995	$1.49	2d	1	1.41mi
2761 N Humboldt Blvd Unit First Floor Milwaukee, WI	3.0	1.0	1236	$1,600	$1.29	17d	1	1.41mi
3377 N Oakland Ave Milwaukee, WI	4.0	2.0	1358	$2,550	$1.88	2d	1	1.42mi
3131 N Bartlett Ave Unit 1 Milwaukee, WI	4.0	1.0	1600	$1,750	$1.09	44d	1	1.45mi
4175 N Oakland Ave Unit 516 Shorewood, WI	2.0	2.0	1420	$2,450	$1.73	2d	1	1.48mi
4175 N Oakland Ave Unit 502 Shorewood, WI	2.0	1.5	1795	$2,725	$1.52	2d	1	1.48mi
4175 N Oakland Ave Unit 603 Shorewood, WI	3.0	2.0	2040	$3,690	$1.81	2d	1	1.48mi
2507 N Buffum St Milwaukee, WI	3.0	1.0	1300	$1,375	$1.06	20d	1	1.50mi

Listing history 18 events

1. 2026-06-18
   days on market $39,000 Active 260 DOM
2. 2026-06-17
   days on market $39,000 Active 259 DOM
3. 2026-06-16
   days on market $39,000 Active 258 DOM
4. 2026-06-15
   days on market $39,000 Active 257 DOM
5. 2026-06-13
   days on market $39,000 Active 255 DOM
6. 2026-06-13
   days on market $39,000 Active 254 DOM
7. 2026-06-09
   days on market $39,000 Active 251 DOM
8. 2026-06-08
   days on market $39,000 Active 250 DOM
9. 2026-06-07
   days on market $39,000 Active 249 DOM
10. 2026-06-05
    days on market $39,000 Active 246 DOM
11. 2026-06-03
    days on market $39,000 Active 245 DOM
12. 2026-06-02
    days on market $39,000 Active 244 DOM
13. 2026-06-01
    days on market $39,000 Active 243 DOM
14. 2026-05-31
    days on market $39,000 Active 242 DOM
15. 2026-03-25
    price $39,000 340-char remark

    Show marketing remark (340 chars)

    City Tax Foreclosure - 2/1BR Duplex w/ over 1,987 square feet, 2 car detached garage and more. City Scope of Essential Work is $27,600. Total scope of work is $52,740. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Bring flashlights & use caution when entering.

16. 2026-01-21
    price $64,000 340-char remark

    Show marketing remark (340 chars)

    City Tax Foreclosure - 2/1BR Duplex w/ over 1,987 square feet, 2 car detached garage and more. City Scope of Essential Work is $27,600. Total scope of work is $52,740. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Bring flashlights & use caution when entering.

17. 2025-09-30
    listed $74,700 Active 340-char remark

    Show marketing remark (340 chars)

    City Tax Foreclosure - 2/1BR Duplex w/ over 1,987 square feet, 2 car detached garage and more. City Scope of Essential Work is $27,600. Total scope of work is $52,740. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Bring flashlights & use caution when entering.

18. 1981-11-01
    soldstatus $26,500

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,848
• − Mortgage interest: −$2,185
• − Property taxes: −$585
• − Insurance: −$195
• − Repairs & maintenance: −$2,308
• − Management: −$2,308
• − Depreciation: −$1,135
• Taxable income: $20,133
• Est. tax owed @ 24.0%: −$4,832
• After-tax cash flow: $14,724/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): 28,938
• Household income: $47,298
• Rent vs Own: 65.6% rent · 34.4% own
• Severe rent burden: 2397.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 48% White 35% Hispanic / Latino 12% Two or more races 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6%
• Common ancestry: Romanian 4% Portuguese 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -216.73%
• Current HPI: 385.8225
• Rent YoY: ▲ 5.00%
• 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

+47.2% since first listed

4 events — show timeline

• 2026-03-25 Price Changed $39,000 METROMLS
• 2026-01-21 Price Changed $64,000 METROMLS
• 2025-09-30 Listed $74,700 METROMLS
• 1981-11-01 Sold (Public Records) $26,500 Public Records

Property tax history

+26.0%/yr

Latest (2024): $13,405 · +165.8% YoY. Source: county tax records.