4120 W Burleigh St #4122 · Milwaukee, WI 53210

$149,900

4 bd · 2.0 ba · 2,476 sqft · MultiFamily · 1 Days on market

Built 1925 3,484 sqft lot $61/sqft · 38% above area Est $108k · 38% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Spacious 3/2 duplex offering approximately 2,476 sq. ft. of living space! This classic 2-story property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, each with formal dining rooms with built-in cabinets, generous living areas, and large eat-in kitchens. Full basement and expandable attic provide added potential. Detached 2-car garage with alley access and separate utilities with two gas meters. Great opportunity for owner-occupants or investors seeking rental income and long-term value.

Key facts

• 3,484 sq ft lot
• 2 garage spots
• Built 1925

Property features AI

Finance

• Financial info: Two-unit building

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: 2-story duplex; Multi-family property; Zoned RES
• Construction: Information source for year built from assessor/public record
• Exterior features: Aluminum/steel, aluminum, and wood exterior materials; Lot less than 1/2 acre

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms (both on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k.

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 $150k).
• Cap rate 12.3% 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); 143 active listings in the ZIP; 4 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).
• At $2,263/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 $4k 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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 $14k; list at $150k implies a 934% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $149,900

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. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.51% ✓
• Cap rate: 12.31%
• Cash-on-cash: 21.50%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

• ARV (median comp): $108,247
• List price: $149,900
• Delta: 33.95%
• 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	0.57mi	4/2.0	2,469 (-0%)	2mo	$145,000	$59	71
2924 N 48th St	0.47mi	4/2.0	2,518 (+2%)	5mo	$250,000	$99	71
4228 W Auer Ave #4230	0.14mi	4/2.0	2,148 (-13%)	5mo	$106,000	$49	68
3128 N 52nd St #3130	0.66mi	4/2.0	2,400 (-3%)	0mo	$283,000	$118	64
2838 N 40th St #2840	0.35mi	4/2.0	2,202 (-11%)	2mo	$65,000	$30	63
2607 N 40th St #2609	0.63mi	4/2.0	2,430 (-2%)	6mo	$98,500	$41	62
3023 N 52nd St #3025	0.70mi	4/2.0	2,408 (-3%)	2mo	$139,900	$58	61
3125 N 48th St #3127	0.46mi	4/2.0	2,213 (-11%)	4mo	$310,000	$140	58
2706 N 37th St #2708	0.58mi	4/2.0	2,216 (-10%)	4mo	$85,000	$38	52
2848 N 50th St	0.62mi	4/2.0	2,222 (-10%)	5mo	$122,000	$55	50
2866 N 52nd St #2868	0.72mi	4/2.0	2,215 (-10%)	1mo	$257,000	$116	48
2813 N 49th St #2815	0.62mi	4/2.0	2,800 (+13%)	5mo	$135,000	$48	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: 15.0%
• Equity multiple: 1.61×
• Total profit: $25,512
• Equity at exit: $22,351

10-year hold

• IRR: 24.3%
• Equity multiple: 3.19×
• Total profit: $91,868
• Equity at exit: $12,961

Cash invested: $41,972 (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: 143
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,263 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $752

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 62%

Sensitivity live

Price	-10% $855	-5% $804	+0% $752	+5% $700	+10% $648
Rent	-10% $573	-5% $662	+0% $752	+5% $841	+10% $931
Rate	-1.0pp $827	-0.5pp $790	base $752	+0.5pp $713	+1.0pp $673

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,264
Total (2 units)			$2,263

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: $37,475
• Closing costs: $4,497
• 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	18d	1	0.50mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	25d	1	0.93mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	45d	1	1.17mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	16d	1	1.24mi

Listing history 21 events

1. 2026-06-21
   pricedays on marketlisting id $149,900 Active 1 DOM

   Show marketing remark (521 chars)

   Spacious 3/2 duplex offering approximately 2,476 sq. ft. of living space! This classic 2-story property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, each with formal dining rooms with built-in cabinets, generous living areas, and large eat-in kitchens. Full basement and expandable attic provide added potential. Detached 2-car garage with alley access and separate utilities with two gas meters. Great opportunity for owner-occupants or investors seeking rental income and long-term value.

2. 2026-06-18
   days on market $145,000 Active 98 DOM
3. 2026-06-17
   days on market $145,000 Active 97 DOM
4. 2026-06-16
   days on market $145,000 Active 96 DOM
5. 2026-06-15
   days on market $145,000 Active 95 DOM
6. 2026-06-13
   days on market $145,000 Active 93 DOM
7. 2026-06-13
   days on market $145,000 Active 92 DOM
8. 2026-06-09
   days on market $145,000 Active 89 DOM
9. 2026-06-08
   days on market $145,000 Active 88 DOM
10. 2026-06-07
    days on market $145,000 Active 87 DOM
11. 2026-06-05
    days on market $145,000 Active 84 DOM
12. 2026-06-03
    days on market $145,000 Active 83 DOM
13. 2026-06-02
    days on market $145,000 Active 82 DOM
14. 2026-06-01
    days on market $145,000 Active 81 DOM
15. 2026-05-31
    days on market $145,000 Active 80 DOM
16. 2026-04-11
    price $145,000 521-char remark

    Show marketing remark (521 chars)

    Spacious 3/2 duplex offering approximately 2,476 sq. ft. of living space! This classic 2-story property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, each with formal dining rooms with built-in cabinets, generous living areas, and large eat-in kitchens. Full basement and expandable attic provide added potential. Detached 2-car garage with alley access and separate utilities with two gas meters. Great opportunity for owner-occupants or investors seeking rental income and long-term value.

17. 2026-03-12
    listed $149,900 Active 521-char remark

    Show marketing remark (521 chars)

    Spacious 3/2 duplex offering approximately 2,476 sq. ft. of living space! This classic 2-story property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, each with formal dining rooms with built-in cabinets, generous living areas, and large eat-in kitchens. Full basement and expandable attic provide added potential. Detached 2-car garage with alley access and separate utilities with two gas meters. Great opportunity for owner-occupants or investors seeking rental income and long-term value.

18. 2026-03-03
    historical $149,900 521-char remark

    Show marketing remark (521 chars)

    Spacious 3/2 duplex offering approximately 2,476 sq. ft. of living space! This classic 2-story property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, each with formal dining rooms with built-in cabinets, generous living areas, and large eat-in kitchens. Full basement and expandable attic provide added potential. Detached 2-car garage with alley access and separate utilities with two gas meters. Great opportunity for owner-occupants or investors seeking rental income and long-term value.

19. 2014-01-03
    listed $14,200 264-char remark

    Show marketing remark (264 chars)

    Great 3/2 duplex with expandable attic. Formal DR's in both units with BICC's. Large Eat-In-Kits. 2 car garage. Hurry!!NO INVESTOR OFFERS UNTIL 18 DOM. OWNER OCCUPANT OFFERS ONLY (FIRST LOOK CHECK THE HOMEPATH WEBSITE). Please allow 3 business days for a response.

20. 2014-01-03
    historical 264-char remark

    Show marketing remark (264 chars)

    Great 3/2 duplex with expandable attic. Formal DR's in both units with BICC's. Large Eat-In-Kits. 2 car garage. Hurry!!NO INVESTOR OFFERS UNTIL 18 DOM. OWNER OCCUPANT OFFERS ONLY (FIRST LOOK CHECK THE HOMEPATH WEBSITE). Please allow 3 business days for a response.

21. 2013-04-10
    soldstatus $14,500 264-char remark

    Show marketing remark (264 chars)

    Great 3/2 duplex with expandable attic. Formal DR's in both units with BICC's. Large Eat-In-Kits. 2 car garage. Hurry!!NO INVESTOR OFFERS UNTIL 18 DOM. OWNER OCCUPANT OFFERS ONLY (FIRST LOOK CHECK THE HOMEPATH WEBSITE). Please allow 3 business days for a response.

ⓘ 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: $27,156
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,172
• − Management: −$2,172
• − Depreciation: −$4,361
• Taxable income: $7,056
• Est. tax owed @ 24.0%: −$1,693
• After-tax cash flow: $7,329/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

+933.8% since first listed

8 events — show timeline

• 2026-06-21 Listing Removed — METROMLS
• 2026-06-20 Listed $149,900 METROMLS
• 2026-04-11 Price Changed $145,000 METROMLS
• 2026-03-12 Listed $149,900 METROMLS
• 2026-03-03 Coming Soon $149,900 METROMLS
• 2014-01-03 Listing Removed — METROMLS
• 2014-01-03 Listed $14,200 METROMLS
• 2013-04-10 Sold (MLS) $14,500 METROMLS