2551 N 40th St #2553 · Milwaukee, WI 53210

$40,000

4 bd · 2.0 ba · 2,330 sqft · MultiFamily · 64 Days on market

Built 1914 Poor condition 4,791 sqft lot $17/sqft · 65% below area ↓ 43% since listing

---

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 +3.5/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• 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 - 2/2BR Duplex w/ 2,330 square feet, and more. City Scope of Essential Work is $73,265 Total scope of work is $85,065. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Bring flashlights & use caution when entering. Property open to owner-occupant offers only first 30 days of listing. NOTE: When writing an OTP write address on offer as follows: 2551-2553 N. 40th Street

Key facts

• 4,791 sq ft lot
• Parking
• Built 1914

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $40k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $739/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 50.6% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,221/mo this rent would consume 55% 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 $277 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 + 3.8% 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 64 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 2 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 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $37,600 (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. 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 5.55% ✓
• Cap rate: 50.64%
• Cash-on-cash: 158.37%
• DSCR: 8.05
• GRM: 1.5

CMA / ARV

• ARV (median comp): $114,895
• List price: $40,000
• Delta: -65.19%
• 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
2661 N 39th St #2663	0.15mi	4/2.0	2,469 (+6%)	2mo	$145,000	$59	81
2118 N 38th St #2120	0.53mi	4/2.0	2,341 (+0%)	0mo	$62,500	$27	74
2838 N 40th St #2840	0.36mi	4/2.0	2,202 (-6%)	2mo	$65,000	$30	72
2631 N 33rd St #2633	0.43mi	4/2.0	2,470 (+6%)	1mo	$72,500	$29	69
2642 N 51st St #2644	0.70mi	4/2.0	2,294 (-2%)	1mo	$122,500	$53	64
3127 W Garfield Ave #3129	0.68mi	5/2.0 (+1)	2,332 (+0%)	0mo	$130,000	$56	63
2342 N 45th St #2344	0.40mi	4/2.0	2,577 (+11%)	3mo	$125,000	$49	61
3513 W Lloyd St #3515	0.63mi	4/2.0	2,470 (+6%)	3mo	$220,000	$89	58
2014 N 35th St #2016	0.67mi	4/2.0	2,208 (-5%)	2mo	$72,000	$33	58
2576 N 51st St #2578	0.68mi	4/2.0	2,178 (-6%)	1mo	$149,900	$69	57
2400 N 35th St #2402	0.37mi	5/2.0 (+1)	1,994 (-14%)	1mo	$65,000	$33	53
3024 N 44th St	0.64mi	4/2.0	1,998 (-14%)	1mo	$120,775	$60	45

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: —
• Equity multiple: 8.99×
• Total profit: $89,544
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 19.49×
• Total profit: $207,044
• Equity at exit: $3,458

Cash invested: $11,200 (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: 3.0×

Monthly cashflow live

• Estimated rent: $2,221 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $1,478

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 28%

Sensitivity live

Price	-10% $1,506	-5% $1,492	+0% $1,478	+5% $1,464	+10% $1,451
Rent	-10% $1,303	-5% $1,390	+0% $1,478	+5% $1,566	+10% $1,654
Rate	-1.0pp $1,498	-0.5pp $1,488	base $1,478	+0.5pp $1,468	+1.0pp $1,457

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,220
Total (2 units)			$2,221

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	0.66mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.78mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.80mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.30mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.38mi

Listing history 17 events

1. 2026-06-18
   days on market $40,000 Active 64 DOM
2. 2026-06-17
   days on market $40,000 Active 63 DOM
3. 2026-06-16
   days on market $40,000 Active 62 DOM
4. 2026-06-15
   days on market $40,000 Active 61 DOM
5. 2026-06-13
   days on market $40,000 Active 59 DOM
6. 2026-06-13
   days on market $40,000 Active 58 DOM
7. 2026-06-09
   days on market $40,000 Active 55 DOM
8. 2026-06-08
   days on market $40,000 Active 54 DOM
9. 2026-06-07
   days on market $40,000 Active 53 DOM
10. 2026-06-05
    days on market $40,000 Active 50 DOM
11. 2026-06-03
    days on market $40,000 Active 49 DOM
12. 2026-06-02
    days on market $40,000 Active 48 DOM
13. 2026-06-01
    days on market $40,000 Active 47 DOM
14. 2026-05-31
    days on market $40,000 Active 46 DOM
15. 2026-04-15
    listed $40,000 Active 467-char remark

    Show marketing remark (467 chars)

    City Tax Foreclosure - 2/2BR Duplex w/ 2,330 square feet, and more. City Scope of Essential Work is $73,265 Total scope of work is $85,065. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Bring flashlights & use caution when entering. Property open to owner-occupant offers only first 30 days of listing. NOTE: When writing an OTP write address on offer as follows: 2551-2553 N. 40th Street

16. 2026-04-06
    historical 235-char remark

    Show marketing remark (235 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 10:00am

17. 2026-02-23
    listed $69,700 Active 235-char remark

    Show marketing remark (235 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 10:00am

ⓘ 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: $26,652
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$2,132
• − Management: −$2,132
• − Depreciation: −$1,164
• Taxable income: $18,183
• Est. tax owed @ 24.0%: −$4,364
• After-tax cash flow: $13,374/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 · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including structural and exterior work, to become move-in ready. Significant value can be added through these improvements.

Repairs flagged

• Major Exposed cabinets — Structural damage
• Major Exposed plumbing — Structural damage
• Major Exposed subfloor — Structural damage
• Major Exposed frames — Structural damage
• Major Peeling paint — Structural damage

Value-add opportunities

• Resale Exterior painting — Enhances curb appeal
• Resale Interior painting — Enhances interior appeal
• Both Structural repairs — Improves safety and value
• Both Landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed cabinets · Structural damage	Major	$15,000–50,000
Exposed plumbing · Structural damage	Major	$15,000–50,000
Exposed subfloor · Structural damage	Major	$15,000–50,000
Exposed frames · Structural damage	Major	$15,000–50,000
Peeling paint · Structural damage	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale Exterior painting — Enhances curb appeal ↑
• Resale Interior painting — Enhances interior appeal ↑
• Both Structural repairs — Improves safety and value ↑
• Both Landscaping — Enhances curb appeal and property value ↑

ⓘ 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): 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

-42.6% since first listed

3 events — show timeline

• 2026-04-15 Listed $40,000 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $69,700 METROMLS