2119 N 40th St #2121 · Milwaukee, WI 53208

$73,745

None bd · None ba · 2,105 sqft · MultiFamily · 8 Days on market

Built 1915 Poor condition 3,484 sqft lot $35/sqft · 13% below area Est $85k · 13% under ↓ 42% since listing

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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
• ARV discount +13.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

This is a tax foreclosed property. (sold with vacant lot at 2115 N 40th St)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

• 3,484 sq ft lot
• Built 1915
• Listed 8 days

Property features AI

Exterior

• Parking: Inside and outside parking available; Carport
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; 1–2 stories
• Construction: Information source for year built: Assessor/Public Record
• Exterior features: Wood exterior; Lot under 1/2 acre (approximately 0.08 acre); Zoned RT4

Interior

• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Full basement; 3 units in the building

What this means for you Summary

Snapshot

• This is a multifamily listed at $74k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $497 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Cap rate 14.4% 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 (+10.8%/yr); 92 active listings in the ZIP; 15 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $510 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 $63k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,745

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1915 — 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 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: 1.73% ✓
• Cap rate: 14.38%
• Cash-on-cash: 28.90%
• DSCR: 2.29
• GRM: 4.8

CMA / ARV

• ARV (median comp): $84,740
• List price: $73,745
• Delta: 6.11%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2149 N 41st St	0.07mi	4/2.0	1,931 (-8%)	1mo	$33,000	$17	82
2118 N 38th St #2120	0.14mi	4/2.0	2,341 (+11%)	0mo	$62,500	$27	75
3733 W Sarnow St #3735	0.31mi	4/2.0	2,288 (+9%)	2mo	$157,000	$69	70
2400 N 35th St #2402	0.45mi	5/2.0	1,994 (-5%)	1mo	$65,000	$33	69
2338 N 45th St #2340	0.40mi	6/2.0	2,304 (+10%)	2mo	$170,000	$74	64
1800 N 36th St	0.42mi	6/2.0	2,320 (+10%)	1mo	$147,700	$64	62
2137 N 31st St	0.55mi	5/2.0	1,919 (-9%)	1mo	$138,500	$72	59
3127 W Garfield Ave #3129	0.52mi	5/2.0	2,332 (+11%)	0mo	$130,000	$56	57
2616 N 38th St	0.60mi	4/2.0	1,887 (-10%)	2mo	$117,500	$62	53
2160 N 52nd St	0.75mi	4/2.0	2,261 (+7%)	0mo	$399,900	$177	52
2519 N 35th St	0.55mi	6/2.0	1,811 (-14%)	2mo	$110	—	50
1619 N 49th St	0.71mi	3/2.0	1,810 (-14%)	1mo	$300,000	$166	43

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: 28.8%
• Equity multiple: 2.28×
• Total profit: $26,474
• Equity at exit: $10,996

10-year hold

• IRR: 39.0%
• Equity multiple: 5.58×
• Total profit: $94,565
• Equity at exit: $6,376

Cash invested: $20,649 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 92
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,275 high
• Mortgage (P&I): −$387
• Tax est. 1.5%: −$92 /mo · $1,106/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $497

Break-even live

Break-even rent $645

Max offer price $73,745

Occupancy floor 56%

Sensitivity live

Price	-10% $548	-5% $523	+0% $497	+5% $472	+10% $446
Rent	-10% $397	-5% $447	+0% $497	+5% $548	+10% $598
Rate	-1.0pp $534	-0.5pp $516	base $497	+0.5pp $478	+1.0pp $459

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: $18,436
• Closing costs: $2,212
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	17d	1	0.53mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	0.58mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.76mi
1750 N 53rd St Unit 1750 Milwaukee, WI	2.0	1.0	1500	$1,500	$1.00	17d	1	0.84mi
1609 N 52nd St Unit Upper Milwaukee, WI	2.0	1.0	1518	$1,648	$1.09	3d	1	0.88mi
1607 N 52nd St Unit Lower Milwaukee, WI	2.0	1.0	1518	$1,648	$1.09	3d	1	0.88mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.93mi
2842 N 47th St Milwaukee, WI	2.0	1.0	1500	$1,100	$0.73	44d	1	0.97mi
1609 N 57th St Milwaukee, WI	2.0	1.0	1400	$1,650	$1.18	17d	1	1.12mi
1551 N 57th St Milwaukee, WI	2.0	1.0	1400	$1,795	$1.28	44d	1	1.13mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.18mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.24mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	24d	1	1.24mi
2419 W McKinley Ave Milwaukee, WI	2.0	1.0	1852	$1,200	$0.65	44d	1	1.28mi
4802 W Wells St Unit 4802-1 Milwaukee, WI	3.0	2.0	1700	$1,799	$1.06	44d	1	1.34mi

Listing history 14 events

1. 2026-06-18
   days on market $73,745 Active 8 DOM
2. 2026-06-17
   days on market $73,745 Active 7 DOM
3. 2026-06-16
   days on market $73,745 Active 6 DOM
4. 2026-06-15
   days on market $73,745 Active 5 DOM
5. 2026-06-13
   days on market $73,745 Active 3 DOM
6. 2026-06-13
   pricestatusdays on marketlisting id $73,745 Active 2 DOM
7. 2026-04-13
   listed $89,917 Active 258-char remark

   Show marketing remark (258 chars)

   This is a tax foreclosed property. (sold with vacant lot at 2115 N 40th St)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

8. 2022-10-06
   historical 308-char remark

   Show marketing remark (308 chars)

   This large Washington Park triplex is just waiting for the right investor to come and put a bit of sweat equity in to achieve market rents and maximize the fantastic cash-flow potential. Also a ideal situation for an owner-occupant to pay for their mortgage and then some! Don't wait or hesitate on this one!

9. 2022-09-07
   listed $135,000 Active 308-char remark

   Show marketing remark (308 chars)

   This large Washington Park triplex is just waiting for the right investor to come and put a bit of sweat equity in to achieve market rents and maximize the fantastic cash-flow potential. Also a ideal situation for an owner-occupant to pay for their mortgage and then some! Don't wait or hesitate on this one!

10. 2018-04-12
    soldstatus $62,510 Sold
11. 2018-04-03
    historical Contingent
12. 2018-03-23
    listed $59,900 Active
13. 2012-10-03
    listed $126,500
14. 2012-10-03
    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: $15,294
• − Mortgage interest: −$4,131
• − Property taxes: −$1,106
• − Insurance: −$369
• − Repairs & maintenance: −$1,224
• − Management: −$1,224
• − Depreciation: −$2,145
• Taxable income: $5,096
• Est. tax owed @ 24.0%: −$1,223
• After-tax cash flow: $4,744/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

Poor 20/100 Extensive rehab

This foreclosed multi-family property requires extensive repairs and maintenance to become habitable and marketable.

Repairs flagged

• Major Boarded windows — Prevents entry and is a safety hazard
• Major Missing siding — Exposes structure to weather and pests
• Major General disrepair — Structural and aesthetic issues

Value-add opportunities

• Both Boarded windows — Safety and security
• Both Repaired siding — Aesthetics and structural integrity
• Both Landscaping — Curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Boarded windows · Prevents entry and is a safety hazard	Major	$15,000–50,000
Missing siding · Exposes structure to weather and pests	Major	$15,000–50,000
General disrepair · Structural and aesthetic issues	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Boarded windows — Safety and security ↑
• Both Repaired siding — Aesthetics and structural integrity ↑
• Both Landscaping — 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): 27,201
• Household income: $52,690
• Rent vs Own: 60.8% rent · 39.2% own
• Severe rent burden: 1568.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Black 41% White 36% Hispanic / Latino 10% Asian 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 6% Spanish 6% French/Haitian/Cajun 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: ▼ -123.92%
• Current HPI: 333.7268
• Rent YoY: ▲ 10.78%
• 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

-41.7% since first listed

10 events — show timeline

• 2026-06-10 Listed $73,745 METROMLS
• 2026-05-20 Listing Removed — METROMLS
• 2026-04-13 Listed $89,917 METROMLS
• 2022-10-06 Listing Removed — METROMLS
• 2022-09-07 Listed $135,000 METROMLS
• 2018-04-12 Sold (MLS) $62,510 METROMLS
• 2018-04-03 Contingent — METROMLS
• 2018-03-23 Listed $59,900 METROMLS
• 2012-10-03 Listing Removed — METROMLS
• 2012-10-03 Listed $126,500 METROMLS