2628 N 47th St #2630 · Milwaukee, WI 53210

$109,000

4 bd · 2.0 ba · 2,978 sqft · MultiFamily · 64 Days on market

Built 1923 4,791 sqft lot $37/sqft · 30% below area Est $156k · 30% under

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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 +15.0/15.0
• 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
• 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

Strong investment opportunity nearing the 2 per cent rule with pro forma rents of $1,150+ per unit. Features large 2-bedroom units with solid layouts. Lower unit is occupied by a long-term tenant paying $935/month with $875 deposit, offering immediate stability. Upper unit needs some TLC--ideal for value-add investors to push rents to market. Great upside with minimal work needed. Perfect for investors looking to build cash flow and equity in one move.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1923

🏷️ Possibly a rental listed for sale. The $109,000 price doesn't fit this home's estimated sale value (~$156,190) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $109k.

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 $109k).
• Recommended offer: $102k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.9% 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 (+3.8%/yr); 142 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,398/mo this rent would consume 60% 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 $754 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $102,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.20% ✓
• Cap rate: 18.86%
• Cash-on-cash: 44.87%
• DSCR: 3.00
• GRM: 3.8

CMA / ARV

• ARV (median comp): $156,190
• List price: $109,000
• Delta: -30.21%
• 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
2722 N 45th St #2724	0.17mi	4/2.0	2,854 (-4%)	6mo	$157,500	$55	80
2813 N 49th St #2815	0.28mi	4/2.0	2,800 (-6%)	5mo	$135,000	$48	73
2638 N 47th St #2640	0.02mi	4/2.0	2,642 (-11%)	11mo	$125,000	$47	72
2523 N 45th St #2525	0.16mi	4/2.0	2,670 (-10%)	13mo	$142,000	$53	64
2601 N 50th St #2603	0.23mi	4/2.0	2,687 (-10%)	13mo	$160,000	$60	62
2935 N 48th St #2937	0.40mi	4/2.0	3,195 (+7%)	9mo	$122,500	$38	62
2628 N 48th St #2630	0.07mi	4/4.0	2,594 (-13%)	11mo	$105,000	$40	58
2342 N 45th St #2344	0.38mi	4/2.0	2,577 (-14%)	3mo	$125,000	$49	58
2331 N 54th St #2333	0.59mi	4/2.0	2,719 (-9%)	5mo	$270,000	$99	54
2150 N 46th St #2152	0.59mi	4/2.0	3,330 (+12%)	1mo	$126,000	$38	52
3167 N 49th St #3169	0.70mi	4/2.0	2,854 (-4%)	11mo	$270,000	$95	51
2624 N 37th St #2626	0.64mi	4/2.0	2,652 (-11%)	7mo	$110,500	$42	46

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: 42.9%
• Equity multiple: 2.87×
• Total profit: $57,048
• Equity at exit: $16,252

10-year hold

• IRR: 49.3%
• Equity multiple: 5.97×
• Total profit: $151,733
• Equity at exit: $9,424

Cash invested: $30,520 (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: 7.6×

Monthly cashflow live

• Estimated rent: $2,398 high
• Mortgage (P&I): −$572
• Tax est. 1.5%: −$136 /mo · $1,635/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $1,141

Break-even live

Break-even rent $954

Max offer price $109,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,216	-5% $1,179	+0% $1,141	+5% $1,103	+10% $1,066
Rent	-10% $952	-5% $1,046	+0% $1,141	+5% $1,236	+10% $1,331
Rate	-1.0pp $1,196	-0.5pp $1,169	base $1,141	+0.5pp $1,113	+1.0pp $1,084

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,398
Total (2 units)			$2,398

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $109,000 Active 64 DOM
2. 2026-06-17
   days on market $109,000 Active 63 DOM
3. 2026-06-16
   days on market $109,000 Active 62 DOM
4. 2026-06-15
   days on market $109,000 Active 61 DOM
5. 2026-06-13
   days on market $109,000 Active 59 DOM
6. 2026-06-13
   days on market $109,000 Active 58 DOM
7. 2026-06-09
   days on market $109,000 Active 55 DOM
8. 2026-06-08
   days on market $109,000 Active 54 DOM
9. 2026-06-07
   days on market $109,000 Active 53 DOM
10. 2026-06-05
    days on market $109,000 Active 50 DOM
11. 2026-06-03
    days on market $109,000 Active 49 DOM
12. 2026-06-02
    days on market $109,000 Active 48 DOM
13. 2026-06-01
    days on market $109,000 Active 47 DOM
14. 2026-05-31
    days on market $109,000 Active 46 DOM
15. 2026-04-20
    price $109,000 456-char remark

    Show marketing remark (456 chars)

    Strong investment opportunity nearing the 2 per cent rule with pro forma rents of $1,150+ per unit. Features large 2-bedroom units with solid layouts. Lower unit is occupied by a long-term tenant paying $935/month with $875 deposit, offering immediate stability. Upper unit needs some TLC--ideal for value-add investors to push rents to market. Great upside with minimal work needed. Perfect for investors looking to build cash flow and equity in one move.

16. 2026-04-15
    listed $119,000 Active 456-char remark

    Show marketing remark (456 chars)

    Strong investment opportunity nearing the 2 per cent rule with pro forma rents of $1,150+ per unit. Features large 2-bedroom units with solid layouts. Lower unit is occupied by a long-term tenant paying $935/month with $875 deposit, offering immediate stability. Upper unit needs some TLC--ideal for value-add investors to push rents to market. Great upside with minimal work needed. Perfect for investors looking to build cash flow and equity in one move.

17. 2022-03-02
    soldstatus $102,000 Sold 316-char remark

    Show marketing remark (316 chars)

    Spacious St. Joseph area 2/2 duplex with natural woodwork & beautiful hardwood floors! Updated bathrooms in both units & large finished attic space. Easy access to downtown & Wauwatosa from this walkable north side neighborhood. Both units currently occupied for $700/mo. Property to be sold AS-IS.

18. 2022-01-19
    status Pending 316-char remark

    Show marketing remark (316 chars)

    Spacious St. Joseph area 2/2 duplex with natural woodwork & beautiful hardwood floors! Updated bathrooms in both units & large finished attic space. Easy access to downtown & Wauwatosa from this walkable north side neighborhood. Both units currently occupied for $700/mo. Property to be sold AS-IS.

19. 2022-01-13
    listed $100,000 Active 316-char remark

    Show marketing remark (316 chars)

    Spacious St. Joseph area 2/2 duplex with natural woodwork & beautiful hardwood floors! Updated bathrooms in both units & large finished attic space. Easy access to downtown & Wauwatosa from this walkable north side neighborhood. Both units currently occupied for $700/mo. Property to be sold AS-IS.

20. 2012-03-16
    listed $13,900
21. 2012-03-16
    soldstatus $13,900

ⓘ 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: $28,776
• − Mortgage interest: −$6,106
• − Property taxes: −$1,635
• − Insurance: −$545
• − Repairs & maintenance: −$2,302
• − Management: −$2,302
• − Depreciation: −$3,171
• Taxable income: $12,715
• Est. tax owed @ 24.0%: −$3,052
• After-tax cash flow: $10,642/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

+684.2% since first listed

7 events — show timeline

• 2026-04-20 Price Changed $109,000 METROMLS
• 2026-04-15 Listed $119,000 METROMLS
• 2022-03-02 Sold (MLS) $102,000 METROMLS
• 2022-01-19 Pending — METROMLS
• 2022-01-13 Listed $100,000 METROMLS
• 2012-03-16 Listed $13,900 METROMLS
• 2012-03-16 Sold (MLS) $13,900 METROMLS