1835 N 39th St #1837 · Milwaukee, WI 53208

$119,900

6 bd · 2.0 ba · 2,861 sqft · MultiFamily · 4 Days on market

Built 1910 Fair condition 3,920 sqft lot Est $192k · 37% 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
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• 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

This duplex is ready for its new owner. There are some hardwood floors and natural woodwork. 2 car garage with a parking slab for approximately 3 vehicles. Property sold in as-is condition, NO warranties expressed or implied. Buyer to verify room sizes and information provided. Seller reserves the right to accept an offer at any time. There are 3 additional properties available, seller may consider a package deal or sell individually. The addresses are in the document section labeled additional property information. Property is tenant occupied at $620/unit by family members. Please note: interior pictures were taken prior to tenants move in. Seller will NOT provide Gap Insurance. Please rev

Key facts

• 3,920 sq ft lot
• 2 garage spots
• Built 1910

Property features AI

Finance

• Other: Multi-unit building with 2 units; Sellers' and tenants' personal property excluded from sale

Exterior

• Parking: Detached 2-car garage; 1 additional off-street parking space
• Utilities: Municipal water; Municipal sewer; Separate meters: 2 electric meters, 2 gas meters
• Home design: 1.5-story multi-family property; Zoned RT4; Less than 1/2 acre lot (approximately 0.09 acre)
• Construction: Year built information from assessor/public record
• Exterior features: Aluminum/steel siding; Aluminum trim/details; Wood elements on exterior

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master on upper level; other bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement

🏷️ Possibly a rental listed for sale. The $119,900 price doesn't fit this home's estimated sale value (~$191,687) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $120k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $588/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Cap rate 18.1% 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 (+10.8%/yr); 92 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,537/mo this rent would consume 58% of the median local household income ($53k/yr) (locally 1568% 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 $829 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 + 8.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1910 — 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: 2.12% ✓
• Cap rate: 18.06%
• Cash-on-cash: 42.02%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $191,687
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1845 N 39th St #1847	0.02mi	6/2.0	2,995 (+5%)	6mo	$139,900	$47	86
3903 W Walnut St #3905	0.13mi	6/2.0	2,600 (-9%)	1mo	$84,000	$32	78
2139 N 48th St #2141	0.63mi	6/2.0	2,866 (+0%)	1mo	$219,000	$76	70
4907 W Vine St	0.63mi	6/2.0	2,900 (+1%)	3mo	$465,000	$160	66
2200 N 42nd St #2202	0.39mi	6/2.0	2,565 (-10%)	0mo	$37,000	$14	64
3311 W Mckinley Blvd #3313	0.60mi	6/2.0	2,794 (-2%)	6mo	$180,000	$64	63
3206 W Mckinley Blvd	0.63mi	6/4.0	2,968 (+4%)	3mo	$139,000	$47	54
2328 N 45th St #2330	0.62mi	7/2.0 (+1)	2,622 (-8%)	2mo	$175,000	$67	51
2107 N 48th St #2109	0.61mi	6/2.0	2,552 (-11%)	3mo	$250,000	$98	51
2201 N 33rd St	0.52mi	6/2.0	2,446 (-14%)	3mo	$186,300	$76	49
1429 N 49th St #1431	0.69mi	6/2.0	2,534 (-11%)	1mo	$339,000	$134	48
2422 N 40th St #2424	0.62mi	6/2.0	2,490 (-13%)	5mo	$115,000	$46	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 44.3%
• Equity multiple: 3.05×
• Total profit: $68,893
• Equity at exit: $17,877

10-year hold

• IRR: 52.5%
• Equity multiple: 7.48×
• Total profit: $217,585
• Equity at exit: $10,367

Cash invested: $33,572 (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: 7.9×

Monthly cashflow live

• Estimated rent: $2,537 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $1,176

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,258	-5% $1,217	+0% $1,176	+5% $1,134	+10% $1,093
Rent	-10% $975	-5% $1,075	+0% $1,176	+5% $1,276	+10% $1,376
Rate	-1.0pp $1,236	-0.5pp $1,206	base $1,176	+0.5pp $1,145	+1.0pp $1,113

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,536
Total (2 units)			$2,537

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-26
   listed $119,900 Active

ⓘ 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: $30,444
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$2,436
• − Management: −$2,436
• − Depreciation: −$3,488
• Taxable income: $12,971
• Est. tax owed @ 24.0%: −$3,113
• After-tax cash flow: $10,995/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 · 7 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to improve its condition and appeal to buyers and renters. Key areas for improvement include updating the kitchen and bathrooms, repairing the exterior siding, and replacing the carpeting.

Repairs flagged

• Major kitchen cabinets — poor condition
• Major bathroom fixtures — dated and worn
• Moderate exterior siding — weathered and peeling
• Minor interior walls — some wear

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing kitchen would appeal to buyers and renters
• Both replace bathroom fixtures and fixtures — modernizing bathrooms would appeal to buyers and renters
• Both repair and paint exterior siding — improving curb appeal would attract more buyers and renters
• Both replace carpeting with hardwood or tile — upgrading flooring would improve aesthetics and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · poor condition	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
exterior siding · weathered and peeling	Moderate	$3,000–15,000
interior walls · some wear	Minor	$500–3,000
Total estimated repair cost · 4 items		$33,500–118,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing kitchen would appeal to buyers and renters ↑
• Both replace bathroom fixtures and fixtures — modernizing bathrooms would appeal to buyers and renters ↑
• Both repair and paint exterior siding — improving curb appeal would attract more buyers and renters ↑
• Both replace carpeting with hardwood or tile — upgrading flooring would improve aesthetics and functionality ↑

ⓘ 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

1 event — show timeline

• 2026-05-26 Listed $119,900 METROMLS