5120 W Courtland Ave · Milwaukee, WI 53218

$120,000

2 bd · 1.0 ba · 807 sqft · Townhouse public records · 13 Days on market

Built 1925 4,356 sqft lot $149/sqft · 19% above area Est $151k · 20% under

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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 +17.7/30.0
• ARV discount +15.0/15.0
• 1% rule +5.7/10.0
• DSCR +5.5/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy 2 bedroom ranch on a quiet block. . Plenty of interior updates. New flooring in the living room and kitchen. New carpet in the bedrooms, walk in closet, rec room and lower bonus room. New bathroom vanity, paint, and light fixtures. 2017 Roof , 2018 Water Heater. 2013 Furnace. Off street parking slab. Low Taxes. Why rent when you can own for less. Being sold ''As IS''

Key facts

• Finished rec room
• 4,356 sq ft lot
• 2 garage spots

Tags

• FINISHED REC ROOM
• HALF BATH IN BASEMENT

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story single-family home; Approximately 1001-1250 sq. ft. (est. 807 above grade, 400 finished below grade)
• Construction: Aluminum/steel and wood siding
• Exterior features: Aluminum and wood exterior; Lot under 1/2 acre (approx. 0.1 acre); Zoned residential

Interior

• Kitchen: Kitchen on the main level — 11 x 10; Oven; Refrigerator; Kitchen appliances included
• Bedrooms: Master bedroom (Main) — 13 x 8; Second bedroom (Main) — 12 x 7
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Finished full basement; Bonus room on the lower level; Living room on the main level; Family room on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 7.3% 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 fast (+5.3%/yr); 153 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 34% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $12k; list at $120k implies a 900% 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 $120,000

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.07% ✓
• Cap rate: 7.26%
• Cash-on-cash: 3.44%
• DSCR: 1.15
• GRM: 7.8

CMA / ARV

• ARV (median comp): $150,861
• List price: $120,000
• Delta: -20.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.29% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-10,226
• Equity at exit: $17,892

10-year hold

• IRR: 4.5%
• Equity multiple: 1.36×
• Total profit: $12,241
• Equity at exit: $10,375

Cash invested: $33,600 (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 53218

• Home prices YoY: -19.0%
• Rents YoY: 5.3%
• Active inventory: 153
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,278 high
• Mortgage (P&I): −$629
• Tax from tax record: −$234 /mo · $2,811/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $96

Break-even live

Break-even rent $1,156

Max offer price $120,000

Occupancy floor 87%

Sensitivity live

Price	-10% $164	-5% $130	+0% $96	+5% $62	+10% $28
Rent	-10% $-5	-5% $46	+0% $96	+5% $147	+10% $197
Rate	-1.0pp $157	-0.5pp $127	base $96	+0.5pp $65	+1.0pp $34

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4640 N 51st Blvd Milwaukee, WI	2.0	1.0	1075	$1,275	$1.19	44d	1	0.12mi
4852 N 48th St Unit 4852 Milwaukee, WI	2.0	1.0	830	$995	$1.20	2d	1	0.35mi
4727 N 46th St Milwaukee, WI	3.0	1.0	936	$1,700	$1.82	44d	1	0.36mi
4703 N 45th St Milwaukee, WI	3.0	1.0	1031	$1,695	$1.64	24d	1	0.43mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	44d	1	0.52mi
4479A N 44th St Milwaukee, WI	2.0	1.0	1000	$895	$0.90	44d	1	0.56mi
5050 N 47th St Milwaukee, WI	2.0	1.0	1092	$1,700	$1.56	44d	1	0.57mi
4610 W Eggert Pl #4612 Milwaukee, WI	3.0	1.0	852	$1,095	$1.29	24d	1	0.67mi
5165-5167 N 45th St Unit 5165 Milwaukee, WI	3.0	1.0	1020	$1,200	$1.18	17d	1	0.72mi
6518 W Hampton Ave Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,200	$1.09	44d	1	0.78mi
4661 N 38th St Unit 4661 Milwaukee, WI	2.0	1.0	1000	$845	$0.84	15d	1	0.88mi
4572 N 38th St Unit 2 Milwaukee, WI	2.0	1.0	600	$950	$1.58	44d	1	0.92mi
4651 N 36th St #4 Milwaukee, WI	2.0	1.0	747	$945	$1.27	24d	1	1.01mi
3925 N 42nd St Milwaukee, WI	2.0	1.0	985	$1,400	$1.42	24d	1	1.17mi
3890 N Sherman Blvd Milwaukee, WI	2.0	1.0	950	$1,100	$1.16	13d	1	1.19mi
4153 N 68th St Milwaukee, WI	3.0	1.0	1025	$1,700	$1.66	44d	1	1.20mi
5435 N 40th St Milwaukee, WI	2.0	1.0	850	$1,150	$1.35	17d	1	1.21mi
3925 N 41st St Unit 2 Milwaukee, WI	1.0	1.0	700	$845	$1.21	24d	1	1.21mi
4843 N 72nd St Milwaukee, WI	3.0	1.0	1014	$1,485	$1.46	44d	1	1.25mi
5688 N 56th St Milwaukee, WI	3.0	1.0	850	$1,445	$1.70	13d	1	1.28mi
5657 N 60th St #5659 Milwaukee, WI	3.0	1.0	878	$995	$1.13	17d	1	1.30mi
5237 N 34th St Unit 5237 Lower Milwaukee, WI	2.0	1.0	956	$1,350	$1.41	24d	1	1.32mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	13d	1	1.35mi
6221 W Thurston Ave #6223 Milwaukee, WI	3.0	1.0	800	$1,100	$1.38	20d	1	1.36mi
5659 N 64th St Unit 5659A Milwaukee, WI	2.0	1.0	1091	$1,300	$1.19	44d	1	1.40mi
7348 W Medford Ave Unit 7348A Milwaukee, WI	2.0	1.0	1095	$950	$0.87	24d	1	1.41mi
5137 W Keefe Ave Unit 5137 Milwaukee, WI	2.0	1.0	1000	$1,550	$1.55	3d	1	1.43mi
6026 W Carmen Ave Milwaukee, WI	2.0	1.0	672	$1,195	$1.78	24d	1	1.45mi
3871-3873 N 36th St Unit 3871 Milwaukee, WI	2.0	1.0	987	$950	$0.96	24d	1	1.45mi
4060 N 73rd St Apt 2 Milwaukee, WI	1.0	1.0	650	$850	$1.31	17d	1	1.49mi
5830 N 61st St Milwaukee, WI	3.0	1.0	1024	$1,450	$1.42	44d	1	1.50mi

Listing history 6 events

1. 2026-05-13
   listed $120,000 Active 581-char remark
2. 2021-07-03
   historical 374-char remark

   Show marketing remark (374 chars)

   Cozy 2 bedroom ranch on a quiet block. . Plenty of interior updates. New flooring in the living room and kitchen. New carpet in the bedrooms, walk in closet, rec room and lower bonus room. New bathroom vanity, paint, and light fixtures. 2017 Roof , 2018 Water Heater. 2013 Furnace. Off street parking slab. Low Taxes. Why rent when you can own for less. Being sold ''As IS''

3. 2021-04-13
   historical Contingent 374-char remark

   Show marketing remark (374 chars)

   Cozy 2 bedroom ranch on a quiet block. . Plenty of interior updates. New flooring in the living room and kitchen. New carpet in the bedrooms, walk in closet, rec room and lower bonus room. New bathroom vanity, paint, and light fixtures. 2017 Roof , 2018 Water Heater. 2013 Furnace. Off street parking slab. Low Taxes. Why rent when you can own for less. Being sold ''As IS''

4. 2021-04-02
   listed $74,900 Active 374-char remark

   Show marketing remark (374 chars)

   Cozy 2 bedroom ranch on a quiet block. . Plenty of interior updates. New flooring in the living room and kitchen. New carpet in the bedrooms, walk in closet, rec room and lower bonus room. New bathroom vanity, paint, and light fixtures. 2017 Roof , 2018 Water Heater. 2013 Furnace. Off street parking slab. Low Taxes. Why rent when you can own for less. Being sold ''As IS''

5. 2014-04-01
   soldstatus $12,000
6. 2001-03-19
   soldstatus $26,000

ⓘ 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: $2,811 · $234/mo
• Projected year-2 tax: $2,811 · $234/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 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $15,339
• − Mortgage interest: −$6,722
• − Property taxes: −$2,811
• − Insurance: −$600
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − Depreciation: −$3,491
• Taxable loss: −$738
• Est. tax savings @ 24.0%: +$177
• After-tax cash flow: $1,333/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): 41,196
• Household income: $45,642
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 2421.0

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 (72%)
• Race & ethnicity: Black 72% Asian 10% White 10% Hispanic / Latino 5% Two or more races 3%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 6% · Philippines, Canada
• Languages at home: 89% English-only · Other Asian/Pacific 7% Spanish 3%

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: ▼ -76.44%
• Current HPI: 325.1975
• Rent YoY: ▲ 5.29%
• 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

+361.5% since first listed

7 events — show timeline

• 2026-05-26 Pending — METROMLS
• 2026-05-13 Listed $120,000 METROMLS
• 2021-07-03 Listing Removed — METROMLS
• 2021-04-13 Contingent — METROMLS
• 2021-04-02 Listed $74,900 METROMLS
• 2014-04-01 Sold (Public Records) $12,000 Public Records
• 2001-03-19 Sold (Public Records) $26,000 Public Records

Property tax history

+4.8%/yr

Latest (2024): $2,811 · +218.3% YoY. Source: county tax records.