2932 N 44th St #2934 · Milwaukee, WI 53210

$157,500

4 bd · 2.0 ba · 2,446 sqft · MultiFamily · 112 Days on market

Built 1924 4,356 sqft lot $64/sqft · 17% above area Est $135k · 17% over

---

Why this score? — see what drove the C+ 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 +9.2/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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 2/2 duplex fully rented duplex. This Duplex features newer roof, trim, siding, porches, and much more, in last 12 years. Separate utilities. Seperate entrances. Lower and upper units both offer a formal dinning room and eat in kitchen with tons of natural woodwork. Rents are low. Long term tenants.

Key facts

• Natural woodwork
• Separate utilities
• Formal dining room

Tags

• NEWER ROOF
• SEPARATE UTILITIES
• SEPARATE ENTRANCES
• FORMAL DINING ROOM
• EAT IN KITCHEN
• NATURAL WOODWORK

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $158k.

Deal economics

• At list price, monthly cash flow is $684 ($8k/yr) — positive. Per door: $342/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $158k).
• Recommended offer: $143k (9.0% below list) — sets the bar for market timing.
• 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 (+3.8%/yr); 142 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,244/mo this rent would consume 56% 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 $44k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $143,325 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 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 1924 — 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: 1.42% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.62%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (median comp): $134,571
• List price: $157,500
• Delta: 17.04%
• Verdict: OVERPRICED
• 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	0.45mi	4/2.0	2,469 (+1%)	2mo	$145,000	$59	76
3128 N 52nd St #3130	0.56mi	4/2.0	2,400 (-2%)	0mo	$283,000	$118	71
3023 N 52nd St #3025	0.54mi	4/2.0	2,408 (-2%)	2mo	$139,900	$58	71
2838 N 40th St #2840	0.30mi	4/2.0	2,202 (-10%)	2mo	$65,000	$30	68
2808 N 52nd St #2810	0.53mi	4/2.0	2,292 (-6%)	1mo	$153,000	$67	64
2642 N 51st St #2644	0.58mi	4/2.0	2,294 (-6%)	1mo	$122,500	$53	62
2866 N 52nd St #2868	0.51mi	4/2.0	2,215 (-9%)	1mo	$257,000	$116	60
3044 N 54th St #3046	0.63mi	4/2.0	2,279 (-7%)	1mo	$200,000	$88	59
3037 N 53rd St	0.60mi	4/2.0	2,257 (-8%)	2mo	$161,000	$71	58
2576 N 51st St #2578	0.62mi	4/2.0	2,178 (-11%)	1mo	$149,900	$69	52
2834 N 54th St Unit 2834A	0.63mi	4/2.0	2,080 (-15%)	0mo	$175,000	$84	45
3068 N 34th St Unit 3068A	0.66mi	5/2.0 (+1)	2,087 (-15%)	0mo	$110,000	$53	40

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: 11.3%
• Equity multiple: 1.45×
• Total profit: $19,963
• Equity at exit: $23,484

10-year hold

• IRR: 21.0%
• Equity multiple: 2.85×
• Total profit: $81,430
• Equity at exit: $13,618

Cash invested: $44,100 (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: 11.7×

Monthly cashflow live

• Estimated rent: $2,244 high
• Mortgage (P&I): −$826
• Tax est. 1.5%: −$197 /mo · $2,362/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $684

Break-even live

Break-even rent $1,378

Max offer price $157,500

Occupancy floor 64%

Sensitivity live

Price	-10% $793	-5% $739	+0% $684	+5% $630	+10% $575
Rent	-10% $507	-5% $596	+0% $684	+5% $773	+10% $862
Rate	-1.0pp $764	-0.5pp $724	base $684	+0.5pp $644	+1.0pp $602

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,244
Total (2 units)			$2,244

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: $39,375
• Closing costs: $4,725
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.34mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	1.00mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.15mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	1.16mi

Listing history 12 events

1. 2026-06-02
   status $157,500 Pending 112 DOM
2. 2026-06-01
   days on market $157,500 Active 112 DOM
3. 2026-05-31
   days on market $157,500 Active 111 DOM
4. 2026-03-23
   price $157,500 305-char remark

   Show marketing remark (305 chars)

   Huge 2/2 duplex fully rented duplex. This Duplex features newer roof, trim, siding, porches, and much more, in last 12 years. Separate utilities. Seperate entrances. Lower and upper units both offer a formal dinning room and eat in kitchen with tons of natural woodwork. Rents are low. Long term tenants.

5. 2026-02-11
   status Active 305-char remark

   Show marketing remark (305 chars)

   Huge 2/2 duplex fully rented duplex. This Duplex features newer roof, trim, siding, porches, and much more, in last 12 years. Separate utilities. Seperate entrances. Lower and upper units both offer a formal dinning room and eat in kitchen with tons of natural woodwork. Rents are low. Long term tenants.

6. 2026-02-02
   status Pending 305-char remark

   Show marketing remark (305 chars)

   Huge 2/2 duplex fully rented duplex. This Duplex features newer roof, trim, siding, porches, and much more, in last 12 years. Separate utilities. Seperate entrances. Lower and upper units both offer a formal dinning room and eat in kitchen with tons of natural woodwork. Rents are low. Long term tenants.

7. 2026-01-31
   listed $164,900 Active 305-char remark

   Show marketing remark (305 chars)

   Huge 2/2 duplex fully rented duplex. This Duplex features newer roof, trim, siding, porches, and much more, in last 12 years. Separate utilities. Seperate entrances. Lower and upper units both offer a formal dinning room and eat in kitchen with tons of natural woodwork. Rents are low. Long term tenants.

8. 2026-01-01
   historical 430-char remark

   Show marketing remark (430 chars)

   Huge 2/2 duplex fully rented duplex in popular ''St. Joes'' Area. This Duplex has garage parking in the back. A small yard, newer roof, trim, siding, porches, and much more, in last 12 years. Separate utilities. Lower and upper units both offer a formal dinning room and eat in kitchen with tons of natural woodwork. Great place to start your investing career. Rents are low. Hurry while it's still available with tons of upside.

9. 2025-09-22
   price $179,900 430-char remark

   Show marketing remark (430 chars)

   Huge 2/2 duplex fully rented duplex in popular ''St. Joes'' Area. This Duplex has garage parking in the back. A small yard, newer roof, trim, siding, porches, and much more, in last 12 years. Separate utilities. Lower and upper units both offer a formal dinning room and eat in kitchen with tons of natural woodwork. Great place to start your investing career. Rents are low. Hurry while it's still available with tons of upside.

10. 2025-09-10
    listed $189,900 Active 430-char remark

    Show marketing remark (430 chars)

    Huge 2/2 duplex fully rented duplex in popular ''St. Joes'' Area. This Duplex has garage parking in the back. A small yard, newer roof, trim, siding, porches, and much more, in last 12 years. Separate utilities. Lower and upper units both offer a formal dinning room and eat in kitchen with tons of natural woodwork. Great place to start your investing career. Rents are low. Hurry while it's still available with tons of upside.

11. 2009-01-18
    listed $69,900
12. 2009-01-18
    historical

ⓘ 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: $26,928
• − Mortgage interest: −$8,822
• − Property taxes: −$2,362
• − Insurance: −$788
• − Repairs & maintenance: −$2,154
• − Management: −$2,154
• − Depreciation: −$4,582
• Taxable income: $6,065
• Est. tax owed @ 24.0%: −$1,456
• After-tax cash flow: $6,756/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

+125.3% since first listed

9 events — show timeline

• 2026-03-23 Price Changed $157,500 METROMLS
• 2026-02-11 Relisted — METROMLS
• 2026-02-02 Pending — METROMLS
• 2026-01-31 Listed $164,900 METROMLS
• 2026-01-01 Listing Removed — METROMLS
• 2025-09-22 Price Changed $179,900 METROMLS
• 2025-09-10 Listed $189,900 METROMLS
• 2009-01-18 Listing Removed — METROMLS
• 2009-01-18 Listed $69,900 METROMLS