2638 N 19th St · Milwaukee, WI 53206

$84,900

6 bd · 2.0 ba · 1,838 sqft · MultiFamily public records · 32 Days on market

Built 1895 3,920 sqft lot $46/sqft · 74% above area ↓ 15% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

CALLING ALL BUYERS! SOLD AS IS. Don't miss this opportunity to add a 3/3 duplex to your portfolio with instant cash flow. This tenant-occupied property is ripe for investment. Act fast!

Key facts

• Neighborhood shops
• Convenient access
• Dining options

Tags

• VALUABLE OFF STREET PARKING
• CONVENIENT ACCESS
• LOCAL PARKS
• NEARBY SCHOOLS
• NEIGHBORHOOD SHOPS
• DINING OPTIONS

Property features AI

Finance

• Other: Any items left by seller at closing included; seller's and tenants' personal items excluded

Exterior

• Parking: Detached 2-car garage; Total of 2 garage parking spaces
• Utilities: Municipal water; Municipal sewer
• Home design: 2-story duplex; Property type: Multi-Family; Zoning: RT4
• Construction: Less than 1/2 acre lot (0.09 acre)
• Exterior features: Vinyl exterior; Other exterior materials

Interior

• Kitchen: Unit 2 kitchen located on upper level
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master and additional bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $594/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.1% 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 fast (+8.3%/yr); 150 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,246/mo this rent would consume 92% of the median local household income ($29k/yr) (locally 2061% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $9k of equity ($587 loan paydown + $8k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 14y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,353 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.65% ✓
• Cap rate: 23.08%
• Cash-on-cash: 59.95%
• DSCR: 3.67
• GRM: 3.2

CMA / ARV

• ARV (median comp): $48,802
• List price: $84,900
• Delta: 73.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2813 N 21st St	0.26mi	6/2.0	1,942 (+6%)	1mo	$70,000	$36	78
2927 N 17th St	0.36mi	5/2.0 (-1)	1,954 (+6%)	12mo	$82,500	$42	57
2939 N 13th St	0.56mi	6/2.0	1,649 (-10%)	3mo	$143,000	$87	55
2925 N 22nd St	0.41mi	6/2.0	2,000 (+9%)	15mo	$138,000	$69	54
2520 W Hadley St	0.53mi	5/2.0 (-1)	1,768 (-4%)	14mo	$101,000	$57	52
2654 N 24th St	0.31mi	6/2.0	2,100 (+14%)	13mo	$100,000	$48	51
2630 N 24th Pl #2632	0.38mi	6/2.0	2,055 (+12%)	14mo	$76,000	$37	51
1123 W Hadley St	0.53mi	6/2.0	2,054 (+12%)	6mo	$100,000	$49	51
3027 N 25th St	0.67mi	6/2.0	1,695 (-8%)	14mo	$120,000	$71	44
2830 N 28th St Unit 2830A	0.67mi	5/2.0 (-1)	1,711 (-7%)	12mo	$105,000	$61	42
3017 N 26th St #3019	0.71mi	5/2.0 (-1)	2,044 (+11%)	9mo	$182,000	$89	36
3221 N 20th St Unit 3221A	0.73mi	6/2.0	2,101 (+14%)	8mo	$139,000	$66	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 76.3%
• Equity multiple: 6.63×
• Total profit: $133,782
• Equity at exit: $76,485

10-year hold

• IRR: 72.1%
• Equity multiple: 16.31×
• Total profit: $363,956
• Equity at exit: $164,942

Cash invested: $23,772 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,246 high
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $1,188

Break-even live

Break-even rent $743

Max offer price $84,900

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,246
Total (2 units)			$2,246

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.68mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.03mi
2634 N Doctor M.L.K. Jr Dr Milwaukee, WI	5.0	2.5	2512	$3,700	$1.47	43d	1	1.13mi

Listing history 32 events

1. 2026-06-02
   days on market $84,900 Active 32 DOM
2. 2026-06-01
   days on market $84,900 Active 31 DOM
3. 2026-05-31
   days on market $84,900 Active 30 DOM
4. 2026-05-16
   price $84,900 683-char remark
5. 2026-05-01
   listed $99,900 Active 683-char remark
6. 2023-09-08
   soldstatus $65,000
7. 2023-08-31
   soldstatus $65,000 Sold 185-char remark

   Show marketing remark (185 chars)

   CALLING ALL BUYERS! SOLD AS IS. Don't miss this opportunity to add a 3/3 duplex to your portfolio with instant cash flow. This tenant-occupied property is ripe for investment. Act fast!

8. 2023-07-22
   historical Contingent 185-char remark

   Show marketing remark (185 chars)

   CALLING ALL BUYERS! SOLD AS IS. Don't miss this opportunity to add a 3/3 duplex to your portfolio with instant cash flow. This tenant-occupied property is ripe for investment. Act fast!

9. 2023-07-05
   status Active 185-char remark

   Show marketing remark (185 chars)

   CALLING ALL BUYERS! SOLD AS IS. Don't miss this opportunity to add a 3/3 duplex to your portfolio with instant cash flow. This tenant-occupied property is ripe for investment. Act fast!

10. 2023-07-03
    historical 185-char remark

    Show marketing remark (185 chars)

    CALLING ALL BUYERS! SOLD AS IS. Don't miss this opportunity to add a 3/3 duplex to your portfolio with instant cash flow. This tenant-occupied property is ripe for investment. Act fast!

11. 2023-06-28
    listed $70,000 Active 185-char remark

    Show marketing remark (185 chars)

    CALLING ALL BUYERS! SOLD AS IS. Don't miss this opportunity to add a 3/3 duplex to your portfolio with instant cash flow. This tenant-occupied property is ripe for investment. Act fast!

12. 2020-10-16
    soldstatus $35,000
13. 2020-10-14
    soldstatus $35,000 Sold

    Show marketing remark (75 chars)

    ATTENTION ALL BUYERS CASH OFFER ONLY. AS IS. .. OWNER IS A MOTIVATED SELLER

14. 2020-09-26
    historical Contingent

    Show marketing remark (75 chars)

    ATTENTION ALL BUYERS CASH OFFER ONLY. AS IS. .. OWNER IS A MOTIVATED SELLER

15. 2020-08-08
    listed $43,000 Active

    Show marketing remark (75 chars)

    ATTENTION ALL BUYERS CASH OFFER ONLY. AS IS. .. OWNER IS A MOTIVATED SELLER

16. 2019-07-03
    status Pending
17. 2019-07-02
    historical
18. 2019-06-10
    listed $38,000 Active
19. 2012-06-29
    listed $7,750
20. 2012-06-29
    historical
21. 2012-06-29
    historical
22. 2012-06-29
    listed $6,500
23. 2012-06-29
    listed $7,000
24. 2012-06-29
    historical
25. 2012-06-29
    historical
26. 2012-06-29
    listed $7,250
27. 2012-06-29
    historical
28. 2012-06-29
    listed $7,750
29. 2012-06-29
    historical
30. 2012-06-29
    listed $7,750
31. 2008-07-10
    soldstatus $110,000
32. 2007-04-27
    soldstatus $100,000

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,952
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$2,156
• − Management: −$2,156
• − Depreciation: −$2,470
• Taxable income: $13,716
• Est. tax owed @ 24.0%: −$3,292
• After-tax cash flow: $10,960/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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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 (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

-15.1% since first listed

30 events — show timeline

• 2026-06-03 Listing Removed — METROMLS
• 2026-05-16 Price Changed $84,900 METROMLS
• 2026-05-01 Listed $99,900 METROMLS
• 2023-09-08 Sold (Public Records) $65,000 Public Records
• 2023-08-31 Sold (MLS) $65,000 METROMLS
• 2023-07-22 Contingent — METROMLS
• 2023-07-05 Relisted — METROMLS
• 2023-07-03 Listing Removed — METROMLS
• 2023-06-28 Listed $70,000 METROMLS
• 2020-10-16 Sold (Public Records) $35,000 Public Records
• 2020-10-14 Sold (MLS) $35,000 METROMLS
• 2020-09-26 Contingent — METROMLS
• 2020-08-08 Listed $43,000 METROMLS
• 2019-07-03 Pending — METROMLS
• 2019-07-02 Listing Removed — METROMLS
• 2019-06-10 Listed $38,000 METROMLS
• 2012-06-29 Listing Removed — METROMLS
• 2012-06-29 Listed $7,750 METROMLS
• 2012-06-29 Listed $6,500 METROMLS
• 2012-06-29 Listing Removed — METROMLS
• 2012-06-29 Listed $7,000 METROMLS
• 2012-06-29 Listing Removed — METROMLS
• 2012-06-29 Listing Removed — METROMLS
• 2012-06-29 Listed $7,250 METROMLS
• 2012-06-29 Listed $7,750 METROMLS
• 2012-06-29 Listing Removed — METROMLS
• 2012-06-29 Listing Removed — METROMLS
• 2012-06-29 Listed $7,750 METROMLS
• 2008-07-10 Sold (Public Records) $110,000 Public Records
• 2007-04-27 Sold (Public Records) $100,000 Public Records

Property tax history

-0.9%/yr

Latest (2024): $5,068 · +301.6% YoY. Source: county tax records.