4637 N 45th St · Milwaukee, WI 53218

$125,000

4 bd · 2.0 ba · 1,564 sqft · MultiFamily · 9 Days on market

Built 1952 6,098 sqft lot Est $127k · at est.

---

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 +8.1/15.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Perfect investment opportunity to earn some sweat equity or earn passive income. Both units are rented out for $975 on MTM leases. Property is priced accordingly.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1952

Property features AI

Finance

• Other: Tenant personal property excluded from sale

Exterior

• Parking: Detached 2-car garage (2.5 garage spaces total)
• Utilities: Municipal water; Municipal sewer; Separate electric and gas meters for units
• Home design: 2-story duplex; Multi-family property; Zoned RT2; Year built reported from assessor/public record
• Construction: Brick and wood construction
• Exterior features: Brick and wood exterior; Brick/Stone accents; Lot size approximately 0.14 acre; Less than 1/2 acre

Interior

• Kitchen: Unit 2 kitchen located on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom 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 4-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Cap rate 18.7% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,736/mo this rent would consume 72% of the median local household income ($46k/yr) (locally 2421% 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 $864 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 + 5.3% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1952 — 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 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: 2.19% ✓
• Cap rate: 18.75%
• Cash-on-cash: 44.49%
• DSCR: 2.98
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $126,684
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4855 N Hopkins St	0.53mi	4/2.0	1,610 (+3%)	8mo	$70,000	$43	64
5105 N 46th St #5107	0.58mi	4/2.0	1,536 (-2%)	14mo	$125,000	$81	58
4715 W Villard Ave	0.71mi	4/2.0	1,529 (-2%)	7mo	$99,000	$65	58
4568 N 38th St	0.49mi	4/2.0	1,796 (+15%)	8mo	$70,000	$39	46
4131 N 41st St	0.69mi	3/2.0 (-1)	1,638 (+5%)	11mo	$180,650	$110	46
4703 N 35th St	0.64mi	4/2.0	1,789 (+14%)	9mo	$147,500	$82	39
5128 W Marion St	0.60mi	4/2.0	1,387 (-11%)	22mo	$125,000	$90	34

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 · 5.29% rent growth · sell at horizon

5-year hold

• IRR: 44.1%
• Equity multiple: 2.97×
• Total profit: $68,878
• Equity at exit: $18,638

10-year hold

• IRR: 51.1%
• Equity multiple: 6.55×
• Total profit: $194,293
• Equity at exit: $10,808

Cash invested: $35,000 (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: 7.6×

Monthly cashflow live

• Estimated rent: $2,736 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $1,298

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,384	-5% $1,341	+0% $1,298	+5% $1,254	+10% $1,211
Rent	-10% $1,081	-5% $1,190	+0% $1,298	+5% $1,406	+10% $1,514
Rate	-1.0pp $1,361	-0.5pp $1,329	base $1,298	+0.5pp $1,265	+1.0pp $1,232

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,736
Total (2 units)			$2,736

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	44d	1	0.12mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	15d	1	0.56mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	24d	1	0.64mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	24d	1	0.64mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	0.72mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	5d	1	0.81mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	0.95mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	13d	1	1.01mi
4079 N 63rd St Milwaukee, WI	3.0	1.0	1600	$1,595	$1.00	20d	1	1.28mi
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	5d	1	1.32mi
5268 N 64th St Milwaukee, WI	5.0	1.0	1672	$1,850	$1.11	11d	1	1.33mi
6813 W Hampton Ave Unit Rear (Unit B) Milwaukee, WI	3.0	2.0	1600	$1,350	$0.84	24d	1	1.40mi

Listing history 7 events

1. 2026-06-21
   days on market $125,000 Active 9 DOM
2. 2026-06-18
   days on market $125,000 Active 6 DOM
3. 2026-06-17
   days on market $125,000 Active 5 DOM
4. 2026-06-16
   days on market $125,000 Active 4 DOM
5. 2026-06-15
   days on market $125,000 Active 3 DOM
6. 2026-06-13
   remarks 162-char remark
7. 2026-06-13
   listed $125,000 Active 1 DOM

ⓘ 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 (shaded) · 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: $32,832
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$2,627
• − Management: −$2,627
• − Depreciation: −$3,636
• Taxable income: $14,441
• Est. tax owed @ 24.0%: −$3,466
• After-tax cash flow: $12,105/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

5 events — show timeline

• 2026-06-12 Listed $125,000 METROMLS
• 2025-01-19 Rental Removed $895 APPFOLIO
• 2025-01-07 Listed for Rent $895 APPFOLIO
• 2024-12-14 Rental Removed $895 APPFOLIO
• 2024-11-30 Listed for Rent $895 APPFOLIO