5649 N 61st St #5651 · Milwaukee, WI 53218

$172,000

4 bd · 2.0 ba · 1,536 sqft · MultiFamily · 12 Days on market

Built 1954 Fair condition 0.25 ac lot $112/sqft · at area comps Est $170k · 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 +9.3/10.0
• ARV discount +6.9/15.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• 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

Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

Key facts

• Newer water heaters
• Fence installation
• Updated flooring

Tags

• INCOME-PRODUCING UNITS
• RECENT CAPITAL IMPROVEMENTS
• NEWER WATER HEATERS
• FENCE INSTALLATION
• UPDATED FLOORING
• NEW FRONT ENTRANCE DOOR

Property features AI

Finance

• Other: Lot size approximately 0.25 acre (less than 1/2 acre)
• Financial info: Property includes two rental units

Exterior

• Utilities: Municipal water; Municipal sewer; Two electric meters; Two gas meters
• Home design: 2-story duplex; Multi-family property; Zoned RT1
• Construction: Exterior finished in aluminum/steel and vinyl; Year built per public/assessor records
• Exterior features: Aluminum/steel and vinyl exterior

Interior

• Kitchen: Unit 2 kitchen on main level (approx. 11 x 9); Two ovens/ranges included; Two refrigerators included
• Bedrooms: Unit 1 has 2 bedrooms; Unit 2 has 2 bedrooms (master on main level, approx. 13 x 10)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement
• Laundry & utility: Two electric meters; Two gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $172k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive. Per door: $376/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• Cap rate 11.5% 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); 152 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,456/mo this rent would consume 65% 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 $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 + 5.3% rent growth), your $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 14y 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 $108k; list at $172k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1954 — 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: 1.43% ✓
• Cap rate: 11.54%
• Cash-on-cash: 18.73%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (median comp): $169,901
• List price: $172,000
• Delta: 1.24%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6600 W Carmen Ave #6602	0.36mi	4/2.0	1,536 (0%)	14mo	$150,000	$98	72
5908 N 65th St #5910	0.38mi	4/2.0	1,536 (0%)	21mo	$155,000	$101	64

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: 13.1%
• Equity multiple: 1.54×
• Total profit: $25,823
• Equity at exit: $25,646

10-year hold

• IRR: 23.7%
• Equity multiple: 3.27×
• Total profit: $109,167
• Equity at exit: $14,871

Cash invested: $48,160 (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: 152
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,456 high
• Mortgage (P&I): −$902
• Tax est. 1.5%: −$215 /mo · $2,580/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $752

Break-even live

Break-even rent $1,505

Max offer price $172,000

Occupancy floor 64%

Sensitivity live

Price	-10% $870	-5% $811	+0% $752	+5% $692	+10% $633
Rent	-10% $558	-5% $655	+0% $752	+5% $849	+10% $946
Rate	-1.0pp $838	-0.5pp $795	base $752	+0.5pp $707	+1.0pp $662

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,456
Total (2 units)			$2,456

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: $43,000
• Closing costs: $5,160
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6046 N 61st St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,345	$1.12	25d	1	0.47mi
6046 N 61st St Unit 2 Milwaukee, WI	3.0	1.0	1250	$1,395	$1.12	45d	1	0.47mi
5268 N 64th St Milwaukee, WI	5.0	1.0	1672	$1,850	$1.11	12d	1	0.53mi
6921 W Herbert Ave Milwaukee, WI	3.0	2.0	1414	$1,620	$1.15	6d	1	0.60mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	6d	1	1.01mi
6919-6921 W Brentwood Ave Unit 6919 Milwaukee, WI	3.0	1.5	1200	$1,699	$1.42	6d	1	1.07mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	16d	1	1.08mi
5955 N 79th St Unit 1 Milwaukee, WI	3.0	1.0	1100	$1,650	$1.50	45d	1	1.17mi
5908 N 80th St Milwaukee, WI	3.0	1.0	1056	$1,550	$1.47	25d	1	1.18mi
6813 W Hampton Ave Unit Rear (Unit B) Milwaukee, WI	3.0	2.0	1600	$1,350	$0.84	25d	1	1.22mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	25d	1	1.23mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	25d	1	1.24mi
3931 W Kaul Ave Milwaukee, WI	3.0	1.0	1400	$1,695	$1.21	45d	1	1.42mi

Listing history 24 events

1. 2026-05-03
   status Pending 647-char remark
2. 2026-04-21
   historical 601-char remark

   Show marketing remark (601 chars)

   Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

3. 2026-04-20
   listed $172,000 Active 647-char remark
4. 2026-04-14
   price $172,000 601-char remark

   Show marketing remark (601 chars)

   Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

5. 2026-03-16
   price $177,000 601-char remark

   Show marketing remark (601 chars)

   Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

6. 2026-02-10
   price $185,000 601-char remark

   Show marketing remark (601 chars)

   Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

7. 2026-01-27
   listed $190,000 Active 601-char remark

   Show marketing remark (601 chars)

   Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

8. 2026-01-23
   historical

   Show marketing remark (601 chars)

   Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

9. 2025-12-02
   price $189,000

   Show marketing remark (601 chars)

   Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

10. 2025-10-22
    listed $190,000 Active

    Show marketing remark (601 chars)

    Welcome to this charming Two-Family located in the heart of Milwaukee! This well-maintained building features Two Units, offering a great investment opportunity or a chance to live in one unit while renting out the other. One unit is currently tenant occupied and is being rented out for $950, but the market rent is above $1,300 per unit. The owner applied many updates within the recent years: Newer water heaters (2025), fence installed (2024 & 2025), new FLOORING in upper unit (2022), and new front door entrance. Don't miss on this investment opportunity! ALL MEASUREMENT ARE APPROXIMATES.

11. 2022-08-22
    soldstatus $108,000 Sold
12. 2022-08-16
    status Pending
13. 2022-06-20
    historical Contingent
14. 2022-06-17
    listed $99,900 Active
15. 2018-11-16
    soldstatus $46,000 Sold
16. 2018-11-05
    historical Contingent
17. 2018-10-26
    listed $59,900 Active
18. 2018-10-23
    historical
19. 2018-09-01
    historical Contingent
20. 2018-08-06
    listed $64,900 Active
21. 2014-01-29
    historical
22. 2014-01-29
    listed $23,500
23. 2012-10-10
    historical
24. 2012-10-10
    listed $132,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $29,472
• − Mortgage interest: −$9,635
• − Property taxes: −$2,580
• − Insurance: −$860
• − Repairs & maintenance: −$2,358
• − Management: −$2,358
• − Depreciation: −$5,004
• Taxable income: $6,678
• Est. tax owed @ 24.0%: −$1,603
• After-tax cash flow: $7,416/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

Fair 45/100 Moderate rehab

This two-family property requires moderate renovations to improve its exterior, interior, and landscaping, significantly enhancing its resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major interior walls — Peeling paint
• Major flooring — Worn carpet

Value-add opportunities

• Both new exterior siding — Enhances curb appeal and property value
• Both new flooring — Improves living space and rental appeal
• Both paint interior walls — Fresh paint enhances property value and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
interior walls · Peeling paint	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both new exterior siding — Enhances curb appeal and property value ↑
• Both new flooring — Improves living space and rental appeal ↑
• Both paint interior walls — Fresh paint enhances property value and rental appeal ↑

ⓘ 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

+30.3% since first listed

24 events — show timeline

• 2026-05-03 Pending — METROMLS
• 2026-04-21 Listing Removed — METROMLS
• 2026-04-20 Listed $172,000 METROMLS
• 2026-04-14 Price Changed $172,000 METROMLS
• 2026-03-16 Price Changed $177,000 METROMLS
• 2026-02-10 Price Changed $185,000 METROMLS
• 2026-01-27 Listed $190,000 METROMLS
• 2026-01-23 Listing Removed — METROMLS
• 2025-12-02 Price Changed $189,000 METROMLS
• 2025-10-22 Listed $190,000 METROMLS
• 2022-08-22 Sold (MLS) $108,000 METROMLS
• 2022-08-16 Pending — METROMLS
• 2022-06-20 Contingent — METROMLS
• 2022-06-17 Listed $99,900 METROMLS
• 2018-11-16 Sold (MLS) $46,000 METROMLS
• 2018-11-05 Contingent — METROMLS
• 2018-10-26 Listed $59,900 METROMLS
• 2018-10-23 Listing Removed — METROMLS
• 2018-09-01 Contingent — METROMLS
• 2018-08-06 Listed $64,900 METROMLS
• 2014-01-29 Listed $23,500 METROMLS
• 2014-01-29 Listing Removed — METROMLS
• 2012-10-10 Listed $132,000 METROMLS
• 2012-10-10 Listing Removed — METROMLS