4609 N 37th St · Milwaukee, WI 53209

$99,900

4 bd · 2.0 ba · 2,078 sqft · SingleFamily public records · 1 Days on market

Built 1924 5,227 sqft lot

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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

Rare investment opportunity featuring two homes on one lot plus a 1.5-car garage, offering strong income potential and flexible living arrangements. Ideal for investors seeking multiple income streams or those needing separate living quarters. Properties with two residences on one parcel are hard to find don't miss this unique opportunity.

Key facts

• Unique opportunity
• 5,227 sq ft lot
• Garage

Tags

• INVESTMENT OPPORTUNITY
• STRONG INCOME POTENTIAL
• FLEXIBLE LIVING ARRANGEMENTS
• MULTIPLE INCOME STREAMS
• SEPARATE LIVING QUARTERS
• UNIQUE OPPORTUNITY

Property features AI

Finance

• Other: Two dwelling units on the same parcel

Exterior

• Parking: Detached 1-car garage (listed as 1.5 garage parking spaces total)
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: Multi-family property with 2 houses on one lot; Zoned RT3; Year built listed as 'Other - See Remarks'
• Construction: Combination of aluminum/steel and brick/stone construction
• Exterior features: Aluminum and aluminum/steel exterior; Brick and brick/stone accents; Lot is approximately 0.12 acres; Less than 1/2 acre lot

Interior

• Kitchen: Unit 2 kitchen on upper level (approximately 11 x 12)
• Bedrooms: Unit 1 has 3 bedrooms; Unit 2 has 2 bedrooms (master on upper level, second bedroom on upper level)
• Bathrooms: Unit 1 has 1 full bathroom; Unit 2 has 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $635 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 13.9% 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 (+8.6%/yr); 168 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $1,938/mo this rent would consume 48% of the median local household income ($48k/yr) (locally 3390% 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 $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 1.94% ✓
• Cap rate: 13.92%
• Cash-on-cash: 27.23%
• DSCR: 2.21
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $245,204
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4576 N 38th St	0.04mi	4/2.0	1,992 (-4%)	0mo	$79,900	$40	91
4513 N 37th St	0.12mi	3/2.5 (-1)	2,020 (-3%)	3mo	$235,000	$116	80
4676 N 38th St	0.10mi	3/3.0 (-1)	2,045 (-2%)	12mo	$238,000	$116	74
4835 N 40th St	0.35mi	4/2.5	2,171 (+4%)	9mo	$256,000	$118	67
4570 N 44th St	0.43mi	4/2.0	1,892 (-9%)	3mo	$260,000	$137	63
4611 N 46th St	0.58mi	4/2.0	1,900 (-9%)	0mo	$250,000	$132	58
4439 N 27th St	0.65mi	4/2.0	1,950 (-6%)	3mo	$190,000	$97	57
4400 N 36th St	0.27mi	5/2.0 (+1)	1,828 (-12%)	10mo	$199,900	$109	54
4515 N 28th St	0.58mi	4/2.5	1,971 (-5%)	11mo	$227,000	$115	53
4575 N 44th St	0.46mi	4/2.0	1,820 (-12%)	7mo	$245,000	$135	52
4265 N 29th St	0.68mi	4/2.0	1,894 (-9%)	3mo	$239,999	$127	51
4668 N 28th St	0.61mi	5/2.0 (+1)	1,780 (-14%)	6mo	$210,000	$118	38

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: 27.7%
• Equity multiple: 2.24×
• Total profit: $34,631
• Equity at exit: $14,895

10-year hold

• IRR: 38.4%
• Equity multiple: 5.63×
• Total profit: $129,461
• Equity at exit: $8,638

Cash invested: $27,972 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,938 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$331 /mo · $3,975/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $635

Break-even live

Break-even rent $1,135

Max offer price $99,900

Occupancy floor 62%

Sensitivity live

Price	-10% $691	-5% $663	+0% $635	+5% $606	+10% $578
Rent	-10% $481	-5% $558	+0% $635	+5% $711	+10% $788
Rate	-1.0pp $685	-0.5pp $660	base $635	+0.5pp $609	+1.0pp $582

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.21mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	5d	1	1.36mi

Listing history 2 events

1. 2026-06-17
   remarks 341-char remark
2. 2026-06-17
   listed $99,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $3,975 · $331/mo
• Projected year-2 tax: $3,975 · $331/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $23,261
• − Mortgage interest: −$5,596
• − Property taxes: −$3,975
• − Insurance: −$500
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − Depreciation: −$2,906
• Taxable income: $6,563
• Est. tax owed @ 24.0%: −$1,575
• After-tax cash flow: $6,040/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

1 event — show timeline

• 2026-06-17 Listed $99,900 METROMLS

Property tax history

+19.2%/yr

Latest (2024): $3,975 · -4.9% YoY. Source: county tax records.