4826 N 37th St · Milwaukee, WI 53209

$38,000

2 bd · 1.0 ba · 1,132 sqft · SingleFamily public records · 63 Days on market

Built 1952 5,227 sqft lot $34/sqft · 64% 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 +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedroom, 1 bath single family home with low maintenance brick exterior offers a renovation opportunity. City of Milwaukee Tax Foreclosure Property. Scope of work is $57,385. Essential scope of work is $39,470. Pre-approval or proof of funds REQUIRED with all offers & must cover purchase price plus Essential Repairs (see scope). Buyer must complete Essential Repairs within 180 days & have City provide proof of completion for performance deposit return. Property is being sold in AS-IS Condition.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1952

Tags

• LOW MAINTENANCE BRICK EXTERIOR
• RENOVATION OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $755 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $36k (6.0% below list) — sets the bar for market timing.
• Cap rate 30.1% 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 (+8.6%/yr); 168 active listings in the ZIP; 27 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 ($48k/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 $263 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($36k) 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.
• Current owner paid $30k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $35,720 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.39% ✓
• Cap rate: 30.13%
• Cash-on-cash: 85.14%
• DSCR: 4.79
• GRM: 2.5

CMA / ARV

• ARV (median comp): $105,402
• List price: $38,000
• Delta: -63.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4644 N 38th St	0.25mi	3/1.0 (+1)	1,107 (-2%)	2mo	$41,000	$37	78
3733 W Fairmount Ave	0.21mi	2/1.0	1,000 (-12%)	1mo	$100,000	$100	70
4650 N 38th St	0.24mi	3/1.0 (+1)	1,237 (+9%)	0mo	$145,000	$117	68
4460 N 42nd St	0.56mi	3/1.5 (+1)	1,139 (+1%)	2mo	$131,000	$115	64
3908 W Hampton Ave	0.16mi	3/1.0 (+1)	968 (-14%)	1mo	$90,000	$93	62
4315 N 40th St	0.70mi	3/1.0 (+1)	1,117 (-1%)	2mo	$102,500	$92	59
4235 W Fairmount Ave	0.42mi	3/2.0 (+1)	1,044 (-8%)	1mo	$150,000	$144	58
4676 N 46th St	0.61mi	3/1.0 (+1)	1,066 (-6%)	0mo	$172,500	$162	56
2709 W Villard Ave	0.74mi	2/1.0	1,059 (-6%)	0mo	$143,000	$135	54
4941 N Sherman Blvd	0.44mi	3/1.0 (+1)	973 (-14%)	0mo	$110,000	$113	51
5281 N Teutonia Ave	0.71mi	3/1.0 (+1)	1,012 (-11%)	2mo	$60,000	$59	42
4858 N 26th St	0.69mi	3/1.5 (+1)	972 (-14%)	1mo	$120,000	$123	36

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: 91.2%
• Equity multiple: 5.58×
• Total profit: $48,749
• Equity at exit: $5,666

10-year hold

• IRR: 95.2%
• Equity multiple: 13.73×
• Total profit: $135,421
• Equity at exit: $3,286

Cash invested: $10,640 (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 53209

• Rents YoY: 8.6%
• Active inventory: 168
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,288 high
• Mortgage (P&I): −$199
• Tax est. 1.5%: −$48 /mo · $570/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $755

Break-even live

Break-even rent $332

Max offer price $38,000

Occupancy floor 36%

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4661 N 38th St Unit 4661 Milwaukee, WI	2.0	1.0	1000	$845	$0.84	15d	1	0.22mi
4651 N 36th St #4 Milwaukee, WI	2.0	1.0	747	$945	$1.27	24d	1	0.22mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	12d	1	0.43mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	44d	1	0.47mi
4703 N 45th St Milwaukee, WI	3.0	1.0	1031	$1,695	$1.64	24d	1	0.56mi
5237 N 34th St Unit 5237 Lower Milwaukee, WI	2.0	1.0	956	$1,350	$1.41	24d	1	0.56mi
4727 N 46th St Milwaukee, WI	3.0	1.0	936	$1,700	$1.82	44d	1	0.61mi
4479A N 44th St Milwaukee, WI	2.0	1.0	1000	$895	$0.90	44d	1	0.64mi
5165-5167 N 45th St Unit 5165 Milwaukee, WI	3.0	1.0	1020	$1,200	$1.18	17d	1	0.68mi
4852 N 48th St Unit 4852 Milwaukee, WI	2.0	1.0	830	$995	$1.20	2d	1	0.68mi
5050 N 47th St Milwaukee, WI	2.0	1.0	1092	$1,700	$1.56	44d	1	0.69mi
4610 W Eggert Pl #4612 Milwaukee, WI	3.0	1.0	852	$1,095	$1.29	24d	1	0.72mi
4355 N 28th St Milwaukee, WI	2.0	1.0	1118	$975	$0.87	21d	1	0.80mi
5435 N 40th St Milwaukee, WI	2.0	1.0	850	$1,150	$1.35	17d	1	0.81mi
4640 N 51st Blvd Milwaukee, WI	2.0	1.0	1075	$1,275	$1.19	44d	1	0.91mi
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	4d	1	0.93mi
4227 N 26th St Milwaukee, WI	2.0	1.0	950	$1,000	$1.05	17d	1	1.04mi
3925 N 41st St Unit 2 Milwaukee, WI	1.0	1.0	700	$845	$1.21	24d	1	1.16mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	1.18mi
3925 N 42nd St Milwaukee, WI	2.0	1.0	985	$1,400	$1.42	24d	1	1.18mi
3871-3873 N 36th St Unit 3871 Milwaukee, WI	2.0	1.0	987	$950	$0.96	24d	1	1.21mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	1.22mi
3890 N Sherman Blvd Milwaukee, WI	2.0	1.0	950	$1,100	$1.16	12d	1	1.25mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	4d	1	1.31mi
3901 N 27th St Unit 3907 Milwaukee, WI	2.0	1.0	715	$895	$1.25	24d	1	1.33mi
5884 N 35th St Milwaukee, WI	2.0	1.0	1200	$1,500	$1.25	44d	1	1.37mi
3630 W Nash St Milwaukee, WI	2.0	1.0	1000	$1,200	$1.20	24d	1	1.41mi

Listing history 18 events

1. 2026-06-17
   days on market $38,000 Active 63 DOM
2. 2026-06-16
   days on market $38,000 Active 62 DOM
3. 2026-06-15
   days on market $38,000 Active 61 DOM
4. 2026-06-13
   days on market $38,000 Active 59 DOM
5. 2026-06-13
   days on market $38,000 Active 58 DOM
6. 2026-06-09
   days on market $38,000 Active 55 DOM
7. 2026-06-08
   days on market $38,000 Active 54 DOM
8. 2026-06-07
   days on market $38,000 Active 53 DOM
9. 2026-06-05
   days on market $38,000 Active 50 DOM
10. 2026-06-03
    days on market $38,000 Active 49 DOM
11. 2026-06-02
    days on market $38,000 Active 48 DOM
12. 2026-06-01
    days on market $38,000 Active 47 DOM
13. 2026-05-31
    days on market $38,000 Active 46 DOM
14. 2026-04-14
    listed $38,000 Active 512-char remark

    Show marketing remark (512 chars)

    2 bedroom, 1 bath single family home with low maintenance brick exterior offers a renovation opportunity. City of Milwaukee Tax Foreclosure Property. Scope of work is $57,385. Essential scope of work is $39,470. Pre-approval or proof of funds REQUIRED with all offers & must cover purchase price plus Essential Repairs (see scope). Buyer must complete Essential Repairs within 180 days & have City provide proof of completion for performance deposit return. Property is being sold in AS-IS Condition.

15. 2026-04-02
    historical 235-char remark

    Show marketing remark (235 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00am

16. 2026-02-23
    listed $122,800 Active 235-char remark

    Show marketing remark (235 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 AT 10:00am

17. 2015-05-26
    soldstatus $30,000
18. 1977-08-01
    soldstatus $30,500

ⓘ 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: $15,456
• − Mortgage interest: −$2,129
• − Property taxes: −$570
• − Insurance: −$190
• − Repairs & maintenance: −$1,236
• − Management: −$1,236
• − Depreciation: −$1,105
• Taxable income: $8,989
• Est. tax owed @ 24.0%: −$2,157
• After-tax cash flow: $6,902/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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

+24.6% since first listed

5 events — show timeline

• 2026-04-14 Listed $38,000 METROMLS
• 2026-04-02 Listing Removed — METROMLS
• 2026-02-23 Listed $122,800 METROMLS
• 2015-05-26 Sold (Public Records) $30,000 Public Records
• 1977-08-01 Sold (Public Records) $30,500 Public Records

Property tax history

+3.2%/yr

Latest (2024): $3,460 · +2.3% YoY. Source: county tax records.