4409 W Garfield Ave Unit 4409A · Milwaukee, WI 53208

$35,000

4 bd · 2.0 ba · 1,441 sqft · MultiFamily · 26 Days on market

Built 1906 Poor condition 3,484 sqft lot $24/sqft · 68% 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 +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. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized.

Key facts

• 3,484 sq ft lot
• Built 1906
• Listed 26 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $35k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $863 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 35.9% 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 (+10.8%/yr); 92 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 32% of the median local income ($53k/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 $242 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,475 (1.5% below list)

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 1906 — 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: 4.00% ✓
• Cap rate: 35.88%
• Cash-on-cash: 105.67%
• DSCR: 5.70
• GRM: 2.1

CMA / ARV

• ARV (median comp): $110,122
• List price: $35,000
• Delta: -68.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2241 N 54th St	0.60mi	3/2.0 (-1)	1,518 (+5%)	9mo	$266,000	$175	51
2735 N 39th St #2737	0.75mi	4/2.0	1,313 (-9%)	4mo	$100,000	$76	47
2427 N 54th St Unit 2427 A	0.66mi	5/2.0 (+1)	1,433 (-1%)	24mo	$100,000	$70	43
2616 N 37th St	0.71mi	3/2.0 (-1)	1,555 (+8%)	24mo	$68,000	$44	29

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: —
• Equity multiple: 6.79×
• Total profit: $56,706
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 16.70×
• Total profit: $153,882
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.1×

Monthly cashflow live

• Estimated rent: $1,399 high
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $863

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 33%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2232 N 44th St Unit 2234 Upper Milwaukee, WI	3.0	1.0	1000	$1,195	$1.20	44d	1	0.07mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	0.20mi
2251 N 41st St Unit Lower Milwaukee, WI	3.0	1.0	1187	$1,198	$1.01	15d	1	0.23mi
2403-2405 N 39th St Unit 2405 Upper Milwaukee, WI	3.0	1.0	1141	$995	$0.87	11d	1	0.41mi
2403-2405 N 39th St Unit 2403 Lower Milwaukee, WI	3.0	1.0	1200	$995	$0.83	11d	1	0.41mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	44d	1	0.41mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	0.42mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	24d	1	0.51mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	44d	1	0.63mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.64mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	0.66mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	16d	1	0.75mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	0.82mi
1515 N 32nd St Unit 1515 Milwaukee, WI	3.0	1.0	1200	$1,245	$1.04	4d	1	0.94mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	2d	1	1.01mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.03mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.11mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	1.17mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.17mi
3012 N 57th St Unit Lower Milwaukee, WI	3.0	1.0	1130	$1,398	$1.24	4d	1	1.28mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	1.30mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	1.31mi
4802 W Wells St Unit 4802-1 Milwaukee, WI	3.0	2.0	1700	$1,799	$1.06	44d	1	1.33mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	1.35mi
6100 W State St Wauwatosa, WI	1.0–3.0	1.0–2.0	1160	$3,017	$2.60	2d	20	1.41mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	44d	1	1.42mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	44d	1	1.42mi
1235 N 26th St Milwaukee, WI	3.0	1.0	900	$950	$1.06	44d	1	1.42mi
2610 W Juneau Ave Unit 2610 Milwaukee, WI	3.0	1.0	893	$1,400	$1.57	24d	1	1.44mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	1.47mi
2478-2480 W Juneau Ave Unit 2478 Milwaukee, WI	4.0	1.0	1375	$1,495	$1.09	24d	1	1.50mi

Listing history 4 events

1. 2026-05-06
   status Pending 121-char remark

   Show marketing remark (121 chars)

   This is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized.

2. 2026-04-10
   listed $35,000 Active 121-char remark

   Show marketing remark (121 chars)

   This is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized.

3. 2025-09-30
   historical 65-char remark

   Show marketing remark (65 chars)

   This is a tax foreclosed property. Occupants will be prioritized.

4. 2025-08-30
   listed $95,200 Active 65-char remark

   Show marketing remark (65 chars)

   This is a tax foreclosed property. Occupants will be prioritized.

ⓘ 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: $16,783
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − Depreciation: −$1,018
• Taxable income: $10,419
• Est. tax owed @ 24.0%: −$2,501
• After-tax cash flow: $7,856/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 · 0 photos

Poor 20/100 Extensive rehab

This tax foreclosed property requires extensive repairs and updates to bring it up to a livable condition. Significant investment is needed to improve the kitchen, bathrooms, exterior, flooring, interior walls, windows, HVAC, and landscaping.

Repairs flagged

• Major Kitchen appliances — Visible signs of wear and tear, possibly outdated appliances.
• Major Bathroom fixtures — Visible signs of wear and tear, possibly outdated fixtures.
• Major Exterior siding and paint — Signs of wear and tear, possibly outdated siding and paint.
• Major Flooring — Visible signs of wear and tear, possibly outdated flooring.
• Major Interior walls and paint — Visible signs of wear and tear, possibly outdated paint.
• Major Windows — Visible signs of wear and tear, possibly outdated or damaged windows.
• Major HVAC/mechanicals — No visible signs of damage, but the independent image suggests potential wear.
• Major Landscaping — Signs of wear and tear, possibly outdated landscaping.

Value-add opportunities

• Resale Kitchen appliances — Upgrading outdated appliances can significantly improve the home's appeal to potential buyers.
• Resale Bathroom fixtures — Upgrading outdated fixtures can significantly improve the home's appeal to potential buyers.
• Resale Exterior siding and paint — Updating the exterior can significantly improve the home's curb appeal and overall appearance.
• Resale Flooring — Upgrading the flooring can significantly improve the home's appeal to potential buyers.
• Resale Interior walls and paint — Updating the interior paint can significantly improve the home's appeal to potential buyers.
• Resale Windows — Upgrading the windows can significantly improve the home's appeal to potential buyers.
• Resale HVAC/mechanicals — Upgrading the HVAC system can significantly improve the home's appeal to potential buyers.
• Resale Landscaping — Upgrading the landscaping can significantly improve the home's curb appeal and overall appearance.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Visible signs of wear and tear, possibly outdated appliances.	Major	$15,000–50,000
Bathroom fixtures · Visible signs of wear and tear, possibly outdated fixtures.	Major	$15,000–50,000
Exterior siding and paint · Signs of wear and tear, possibly outdated siding and paint.	Major	$15,000–50,000
Flooring · Visible signs of wear and tear, possibly outdated flooring.	Major	$15,000–50,000
Interior walls and paint · Visible signs of wear and tear, possibly outdated paint.	Major	$15,000–50,000
Windows · Visible signs of wear and tear, possibly outdated or damaged windows.	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of damage, but the independent image suggests potential wear.	Major	$15,000–50,000
Landscaping · Signs of wear and tear, possibly outdated landscaping.	Major	$15,000–50,000
Total estimated repair cost · 8 items		$120,000–400,000

Value-add ROI direction

• Resale Kitchen appliances — Upgrading outdated appliances can significantly improve the home's appeal to potential buyers. ↑
• Resale Bathroom fixtures — Upgrading outdated fixtures can significantly improve the home's appeal to potential buyers. ↑
• Resale Exterior siding and paint — Updating the exterior can significantly improve the home's curb appeal and overall appearance. ↑
• Resale Flooring — Upgrading the flooring can significantly improve the home's appeal to potential buyers. ↑
• Resale Interior walls and paint — Updating the interior paint can significantly improve the home's appeal to potential buyers. ↑
• Resale Windows — Upgrading the windows can significantly improve the home's appeal to potential buyers. ↑
• Resale HVAC/mechanicals — Upgrading the HVAC system can significantly improve the home's appeal to potential buyers. ↑
• Resale Landscaping — Upgrading the landscaping can significantly improve the home's curb appeal and overall appearance. ↑

ⓘ 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

-63.2% since first listed

4 events — show timeline

• 2026-05-06 Pending — METROMLS
• 2026-04-10 Listed $35,000 METROMLS
• 2025-09-30 Listing Removed — METROMLS
• 2025-08-30 Listed $95,200 METROMLS