2631 N 47th St · Milwaukee, WI 53210

$137,500

4 bd · 2.0 ba · 1,996 sqft · MultiFamily public records · 85 Days on market

Built 1922 4,791 sqft lot Est $142k · at est.

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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 +8.8/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• 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

GOOD CONDITION. 2-car garage with slab for additional parking. HWF. Partially finished basemt. New Furnace and HWH. New roof and siding. Good cash flow in good neighborhood. Excellent access to freeway and public trans, schools and shopping.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1922

Property features AI

Finance

• Financial info: Property contains 2 units

Exterior

• Parking: Detached 2-car garage; Total of 2 garage parking spaces
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; 1.5-story building
• Construction: Block basement
• Exterior features: Vinyl exterior; Lot under 1/2 acre (approx. 0.11 acre); Zoned RT2

Interior

• Kitchen: Unit 2 kitchen located on upper level (approx. 10 x 10)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master on upper level, approx. 11 x 11)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement
• Laundry & utility: Separate electric and gas meters (2 electric meters, 2 gas meters)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $138k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive. Per door: $332/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $129k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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; 14 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 $2,120/mo this rent would consume 53% 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 $951 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 $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,249 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 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. Built in 1922 — 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: 1.54% ✓
• Cap rate: 12.09%
• Cash-on-cash: 20.71%
• DSCR: 1.92
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $141,716
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3024 N 44th St	0.54mi	4/2.0	1,998 (+0%)	1mo	$120,775	$60	74
2576 N 51st St #2578	0.23mi	4/2.0	2,178 (+9%)	1mo	$149,900	$69	73
2834 N 54th St Unit 2834A	0.48mi	4/2.0	2,080 (+4%)	0mo	$175,000	$84	70
2642 N 51st St #2644	0.23mi	4/2.0	2,294 (+15%)	1mo	$122,500	$53	64
2149 N 41st St	0.69mi	4/2.0	1,931 (-3%)	1mo	$33,000	$17	62
2866 N 52nd St #2868	0.42mi	4/2.0	2,215 (+11%)	1mo	$257,000	$116	62
2808 N 52nd St #2810	0.36mi	4/2.0	2,292 (+15%)	1mo	$153,000	$67	57
2403 N 56th St	0.61mi	4/2.0	2,200 (+10%)	1mo	$339,500	$154	54
2160 N 52nd St	0.64mi	4/2.0	2,261 (+13%)	0mo	$399,900	$177	48
4324 W Lisbon Ave	0.62mi	3/2.0 (-1)	1,777 (-11%)	1mo	$36,000	$20	47
3037 N 53rd St	0.64mi	4/2.0	2,257 (+13%)	2mo	$161,000	$71	47
3044 N 54th St #3046	0.66mi	4/2.0	2,279 (+14%)	1mo	$200,000	$88	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: 14.1%
• Equity multiple: 1.57×
• Total profit: $21,872
• Equity at exit: $20,502

10-year hold

• IRR: 23.5%
• Equity multiple: 3.11×
• Total profit: $81,177
• Equity at exit: $11,888

Cash invested: $38,500 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,120 high
• Mortgage (P&I): −$721
• Tax from tax record: −$232 /mo · $2,784/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $664

Break-even live

Break-even rent $1,279

Max offer price $137,500

Occupancy floor 64%

Sensitivity live

Price	-10% $742	-5% $703	+0% $664	+5% $626	+10% $587
Rent	-10% $497	-5% $581	+0% $664	+5% $748	+10% $832
Rate	-1.0pp $734	-0.5pp $699	base $664	+0.5pp $629	+1.0pp $593

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,120
Total (2 units)			$2,120

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: $34,375
• Closing costs: $4,125
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	0.18mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.22mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	44d	1	0.32mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	24d	1	0.33mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	18d	1	0.44mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	0.62mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.70mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	0.72mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	0.72mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	0.93mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	1.21mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	1.23mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	1.27mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.34mi

Listing history 26 events

1. 2026-06-18
   days on market $137,500 Active 85 DOM
2. 2026-06-17
   days on market $137,500 Active 84 DOM
3. 2026-06-16
   days on market $137,500 Active 83 DOM
4. 2026-06-15
   days on market $137,500 Active 82 DOM
5. 2026-06-13
   days on market $137,500 Active 80 DOM
6. 2026-06-13
   days on market $137,500 Active 79 DOM
7. 2026-06-10
   status $137,500 Active 76 DOM
8. 2026-06-09
   days on market $137,500 Contingent 76 DOM
9. 2026-06-08
   days on market $137,500 Contingent 75 DOM
10. 2026-06-07
    days on market $137,500 Contingent 74 DOM
11. 2026-06-05
    days on market $137,500 Contingent 71 DOM
12. 2026-06-03
    days on market $137,500 Contingent 70 DOM
13. 2026-06-02
    days on market $137,500 Contingent 69 DOM
14. 2026-06-01
    days on market $137,500 Contingent 68 DOM
15. 2026-05-31
    days on market $137,500 Contingent 67 DOM
16. 2026-04-22
    historical Contingent
17. 2026-03-25
    listed $137,500 Active
18. 2022-11-02
    soldstatus $388,000
19. 2017-04-13
    soldstatus $147,800
20. 2012-10-25
    soldstatus $16,100
21. 2012-10-09
    listed $160,000 241-char remark

    Show marketing remark (241 chars)

    GOOD CONDITION. 2-car garage with slab for additional parking. HWF. Partially finished basemt. New Furnace and HWH. New roof and siding. Good cash flow in good neighborhood. Excellent access to freeway and public trans, schools and shopping.

22. 2012-10-09
    historical 241-char remark

    Show marketing remark (241 chars)

    GOOD CONDITION. 2-car garage with slab for additional parking. HWF. Partially finished basemt. New Furnace and HWH. New roof and siding. Good cash flow in good neighborhood. Excellent access to freeway and public trans, schools and shopping.

23. 2003-09-22
    soldstatus $63,000
24. 2001-05-30
    soldstatus $70,000
25. 1990-10-01
    soldstatus $44,500
26. 1979-09-01
    soldstatus $44,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $2,784 · $232/mo
• Projected year-2 tax: $2,784 · $232/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $25,440
• − Mortgage interest: −$7,702
• − Property taxes: −$2,784
• − Insurance: −$688
• − Repairs & maintenance: −$2,035
• − Management: −$2,035
• − Depreciation: −$4,000
• Taxable income: $6,196
• Est. tax owed @ 24.0%: −$1,487
• After-tax cash flow: $6,487/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

+206.2% since first listed

11 events — show timeline

• 2026-04-22 Contingent — METROMLS
• 2026-03-25 Listed $137,500 METROMLS
• 2022-11-02 Sold (Public Records) $388,000 Public Records
• 2017-04-13 Sold (Public Records) $147,800 Public Records
• 2012-10-25 Sold (Public Records) $16,100 Public Records
• 2012-10-09 Listing Removed — METROMLS
• 2012-10-09 Listed $160,000 METROMLS
• 2003-09-22 Sold (Public Records) $63,000 Public Records
• 2001-05-30 Sold (Public Records) $70,000 Public Records
• 1990-10-01 Sold (Public Records) $44,500 Public Records
• 1979-09-01 Sold (Public Records) $44,900 Public Records

Property tax history

-1.6%/yr

Latest (2024): $2,784 · +38.6% YoY. Source: county tax records.