4731 N 28th St · Milwaukee, WI 53209

$57,600

5 bd · 1.0 ba · 1,276 sqft · SingleFamily public records · 35 Days on market

Built 1934 7,405 sqft lot $45/sqft · 53% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

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 ONLY. BIDS DUE MAY 18, 2026 AT 10:00AM

Key facts

• 7,405 sq ft lot
• Built 1934
• Listed 35 days

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $58k).
• Recommended offer: $56k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.9% 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 (+8.6%/yr); 171 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 $1,939/mo this rent would consume 48% of the median local household income ($48k/yr) (locally 3390% 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 $398 of loan paydown is wiped out by about $2k 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 + 8.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,872 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.37% ✓
• Cap rate: 29.92%
• Cash-on-cash: 84.37%
• DSCR: 4.75
• GRM: 2.5

CMA / ARV

• ARV (median comp): $123,764
• List price: $57,600
• Delta: -53.46%
• 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
4624 N 29th St	0.13mi	4/1.0 (-1)	1,398 (+10%)	3mo	$100,001	$72	71
4633 N 30th St	0.17mi	4/1.0 (-1)	1,407 (+10%)	1mo	$141,000	$100	69
3223 W Fairmount Ave	0.43mi	4/1.0 (-1)	1,358 (+6%)	3mo	$124,000	$91	62
2710 W Fairmount Ave	0.36mi	5/1.0	1,392 (+9%)	11mo	$180,000	$129	59
4515 N 27th St	0.27mi	4/1.0 (-1)	1,142 (-10%)	8mo	$100,000	$88	58
2733 W Fairmount Ave	0.33mi	4/1.0 (-1)	1,371 (+7%)	14mo	$190,000	$139	56
2417 W Roosevelt Dr	0.63mi	4/2.0 (-1)	1,200 (-6%)	0mo	$194,900	$162	51
5141 N 31st St	0.55mi	4/2.0 (-1)	1,330 (+4%)	12mo	$210,000	$158	48
4906 N 24th Pl	0.38mi	4/1.0 (-1)	1,093 (-14%)	13mo	$130,000	$119	42
3726 W Fairmount Ave	0.69mi	4/1.0 (-1)	1,411 (+11%)	7mo	$75,000	$53	39
4841 N 39th St	0.71mi	4/2.0 (-1)	1,444 (+13%)	8mo	$87,900	$61	29
4336 N 22nd St	0.67mi	4/1.5 (-1)	1,456 (+14%)	15mo	$150,000	$103	26

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 90.4%
• Equity multiple: 5.54×
• Total profit: $73,165
• Equity at exit: $8,588

10-year hold

• IRR: 94.4%
• Equity multiple: 13.62×
• Total profit: $203,470
• Equity at exit: $4,980

Cash invested: $16,128 (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 53209

• Rents YoY: 8.6%
• Active inventory: 171
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,939 medium
• Mortgage (P&I): −$302
• Tax est. 1.5%: −$72 /mo · $864/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $1,134

Break-even live

Break-even rent $504

Max offer price $57,600

Occupancy floor 37%

Sensitivity live

Price	-10% $1,174	-5% $1,154	+0% $1,134	+5% $1,114	+10% $1,094
Rent	-10% $981	-5% $1,057	+0% $1,134	+5% $1,211	+10% $1,287
Rate	-1.0pp $1,163	-0.5pp $1,149	base $1,134	+0.5pp $1,119	+1.0pp $1,104

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: $14,400
• Closing costs: $1,728
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	0.91mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	24d	1	1.14mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	24d	1	1.15mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	15d	1	1.35mi

Listing history 10 events

1. 2026-05-18
   status Pending 218-char remark

   Show marketing remark (218 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 ONLY. BIDS DUE MAY 18, 2026 AT 10:00AM

2. 2026-04-13
   listed $57,600 Active 218-char remark

   Show marketing remark (218 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 ONLY. BIDS DUE MAY 18, 2026 AT 10:00AM

3. 2022-06-17
   listed $64,900 Active 219-char remark

   Show marketing remark (219 chars)

   Huge, 5bd SF in Milwaukee just waiting for the right owner to realize the potential. Dead end, double lot, large bedrooms and living areas make this a very attractive rental or residence. Don't let this one pass you by!

4. 2022-06-17
   historical 219-char remark

   Show marketing remark (219 chars)

   Huge, 5bd SF in Milwaukee just waiting for the right owner to realize the potential. Dead end, double lot, large bedrooms and living areas make this a very attractive rental or residence. Don't let this one pass you by!

5. 2019-06-18
   soldstatus $60,000
6. 2017-12-22
   soldstatus $211,000
7. 2017-11-06
   soldstatus $59,900 Sold
8. 2017-10-16
   status Pending
9. 2017-10-16
   price $59,900
10. 2017-10-03
    listed $23,900 Active

ⓘ 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: $23,271
• − Mortgage interest: −$3,226
• − Property taxes: −$864
• − Insurance: −$288
• − Repairs & maintenance: −$1,862
• − Management: −$1,862
• − Depreciation: −$1,676
• Taxable income: $13,493
• Est. tax owed @ 24.0%: −$3,238
• After-tax cash flow: $10,369/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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

+141.0% since first listed

10 events — show timeline

• 2026-05-18 Pending — METROMLS
• 2026-04-13 Listed $57,600 METROMLS
• 2022-06-17 Listing Removed — METROMLS
• 2022-06-17 Listed $64,900 METROMLS
• 2019-06-18 Sold (Public Records) $60,000 Public Records
• 2017-12-22 Sold (Public Records) $211,000 Public Records
• 2017-11-06 Sold (MLS) $59,900 METROMLS
• 2017-10-16 Pending — METROMLS
• 2017-10-16 Price Changed $59,900 METROMLS
• 2017-10-03 Listed $23,900 METROMLS

Property tax history

+9.6%/yr

Latest (2024): $4,799 · +17.5% YoY. Source: county tax records.