4938 N 51st Blvd · Milwaukee, WI 53218

$239,900

6 bd · 2.0 ba · 1,986 sqft · MultiFamily public records · 37 Days on market

Built 1971 5,662 sqft lot $121/sqft · 30% above area Est $184k · 30% over

---

Why this score? — see what drove the C- 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 +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +6.7/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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 MLS

Opportunity awaits for the owner occupant to call this their own or for the savvy investor awaiting the next profitable find. This three over three duplex home offers an abundance of space for versatile use. Well maintained with newer mechanicals, make your move soon!

Key facts

• 5,662 sq ft lot
• 2 garage spots
• Built 1971

Property features AI

Finance

• Other: Information source for year built: Assessor/Public Record

Exterior

• Parking: Detached 2-car garage (2 garage parking spaces)
• Utilities: Municipal water; Municipal sewer; Separate electric and gas meters (2 each)
• Home design: 2-story duplex; Multi-family property; Zoning: RT2
• Construction: Brick/stone and vinyl construction; Basement: full, block
• Exterior features: Brick and vinyl exterior; Lot size approximately 0.13 acres; Less than 1/2 acre

Interior

• Kitchen: Each unit has a kitchen (Unit 2 kitchen approx. 11 x 9); 2 ranges/ovens included; 2 refrigerators included
• Bedrooms: Each unit has 3 bedrooms; Unit 2 bedrooms located on the upper level (master approx. 11 x 10; bedroom 2 approx. 10 x 10; bedroom 3 upper level)
• Bathrooms: Each unit has 1 full bathroom
• Interior features: Full basement with block construction
• 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 $240k.

Deal economics

• At list price, monthly cash flow is $626 ($8k/yr) — positive. Per door: $313/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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); 152 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,806/mo this rent would consume 74% 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 $2k of loan paydown is wiped out by about $7k 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 $67k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y 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.
• Current owner paid $118k; list at $240k implies a 103% gain — meaningful room to come down on a strong offer.

Recommended offer $232,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1971 — 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: 1.17% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• GRM: 7.1

CMA / ARV

• ARV (median comp): $184,361
• List price: $239,900
• Delta: 30.12%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4967 N 51st Blvd #4969	0.05mi	6/2.0	1,955 (-2%)	7mo	$180,000	$92	89
4882 N 50th St #4884	0.09mi	6/2.0	1,950 (-2%)	7mo	$225,000	$115	87
4959 N 51st Blvd #4961	0.05mi	6/2.0	2,213 (+11%)	7mo	$180,000	$81	73
5324 N 48th St	0.52mi	5/2.0 (-1)	1,986 (0%)	2mo	$240,000	$121	69
4971 N 46th St #4973	0.28mi	6/2.0	2,028 (+2%)	22mo	$120,000	$59	65
5011 N 47th St Unit 5011A	0.23mi	5/2.0 (-1)	2,212 (+11%)	5mo	$132,500	$60	61
4960 N 48th St #4962	0.19mi	5/2.0 (-1)	2,201 (+11%)	9mo	$195,000	$89	61
5233 N Sherman Blvd	0.60mi	6/2.0	2,000 (+1%)	20mo	$205,000	$103	54
4908 N 60th St Unit 4908A	0.50mi	5/2.0 (-1)	2,112 (+6%)	10mo	$60,000	$28	52
5044 N 47th St #5046	0.29mi	6/2.0	2,276 (+15%)	15mo	$275,000	$121	50
5400 N 53rd St #5402	0.59mi	6/2.0	1,935 (-3%)	22mo	$211,000	$109	50

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: 2.9%
• Equity multiple: 1.11×
• Total profit: $7,636
• Equity at exit: $35,770

10-year hold

• IRR: 14.5%
• Equity multiple: 2.29×
• Total profit: $86,464
• Equity at exit: $20,742

Cash invested: $67,172 (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: 152
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $2,806 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$232 /mo · $2,788/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$589
• Net cashflow: $626

Break-even live

Break-even rent $2,013

Max offer price $239,900

Occupancy floor 73%

Sensitivity live

Price	-10% $762	-5% $694	+0% $626	+5% $559	+10% $491
Rent	-10% $405	-5% $516	+0% $626	+5% $737	+10% $848
Rate	-1.0pp $747	-0.5pp $687	base $626	+0.5pp $564	+1.0pp $501

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,806
Total (2 units)			$2,806

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5268 N 64th St Milwaukee, WI	5.0	1.0	1672	$1,850	$1.11	12d	1	0.88mi

Listing history 35 events

1. 2026-06-21
   days on market $239,900 Active 37 DOM
2. 2026-06-18
   days on market $239,900 Active 34 DOM
3. 2026-06-17
   days on market $239,900 Active 33 DOM
4. 2026-06-16
   days on market $239,900 Active 32 DOM
5. 2026-06-15
   days on market $239,900 Active 31 DOM
6. 2026-06-13
   days on market $239,900 Active 29 DOM
7. 2026-06-13
   days on market $239,900 Active 28 DOM
8. 2026-06-09
   days on market $239,900 Active 25 DOM
9. 2026-06-08
   days on market $239,900 Active 24 DOM
10. 2026-06-07
    days on market $239,900 Active 23 DOM
11. 2026-06-05
    days on market $239,900 Active 20 DOM
12. 2026-06-03
    days on market $239,900 Active 19 DOM
13. 2026-06-02
    days on market $239,900 Active 18 DOM
14. 2026-06-01
    days on market $239,900 Active 17 DOM
15. 2026-05-31
    days on market $239,900 Active 16 DOM
16. 2026-05-15
    listed $249,900 Active 203-char remark
17. 2024-12-07
    historical $1,100
18. 2024-11-20
    price $1,100
19. 2024-09-07
    price $1,200
20. 2024-08-21
    listed $1,250
21. 2019-07-25
    soldstatus $118,000
22. 2017-10-20
    soldstatus $57,000
23. 2017-10-20
    soldstatus $110,200
24. 2017-10-10
    soldstatus $57,000 Sold 268-char remark

    Show marketing remark (268 chars)

    Opportunity awaits for the owner occupant to call this their own or for the savvy investor awaiting the next profitable find. This three over three duplex home offers an abundance of space for versatile use. Well maintained with newer mechanicals, make your move soon!

25. 2017-08-31
    historical Contingent 268-char remark

    Show marketing remark (268 chars)

    Opportunity awaits for the owner occupant to call this their own or for the savvy investor awaiting the next profitable find. This three over three duplex home offers an abundance of space for versatile use. Well maintained with newer mechanicals, make your move soon!

26. 2017-08-28
    listed $62,000 Active 268-char remark

    Show marketing remark (268 chars)

    Opportunity awaits for the owner occupant to call this their own or for the savvy investor awaiting the next profitable find. This three over three duplex home offers an abundance of space for versatile use. Well maintained with newer mechanicals, make your move soon!

27. 2016-12-07
    historical

    Show marketing remark (336 chars)

    Extremely well maintained two-family home great for either owner occupants or Investors. Current owner lives in both units with family. Updated Kitchens and Bathrooms plus 2 year old water heaters and well maintained furnaces. This is not a foreclosure or short sale but sold ''As-Is'' Come see this great opportunity before its gone!!

28. 2016-12-02
    listed $54,900 Active

    Show marketing remark (336 chars)

    Extremely well maintained two-family home great for either owner occupants or Investors. Current owner lives in both units with family. Updated Kitchens and Bathrooms plus 2 year old water heaters and well maintained furnaces. This is not a foreclosure or short sale but sold ''As-Is'' Come see this great opportunity before its gone!!

29. 2014-10-10
    soldstatus $52,500 Sold
30. 2014-09-25
    status Pending
31. 2014-09-11
    listed $49,900 Active
32. 2014-01-17
    listed $55,000
33. 2014-01-17
    historical
34. 1997-04-30
    soldstatus $64,800
35. 1997-04-01
    soldstatus $64,800

ⓘ 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: $2,788 · $232/mo
• Projected year-2 tax: $3,613 · $301/mo
• Expected delta: +$825/yr (+$69/mo · 29.6%)

ⓘ 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 ≥100°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: $33,672
• − Mortgage interest: −$13,438
• − Property taxes: −$2,788
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,694
• − Management: −$2,694
• − Depreciation: −$6,979
• Taxable income: $3,880
• Est. tax owed @ 24.0%: −$931
• After-tax cash flow: $6,586/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

+270.2% since first listed

21 events — show timeline

• 2026-05-29 Price Changed $239,900 METROMLS
• 2026-05-15 Listed $249,900 METROMLS
• 2024-12-07 Rental Removed $1,100 SHOWMOJO
• 2024-11-20 Price Changed $1,100 SHOWMOJO
• 2024-09-07 Price Changed $1,200 SHOWMOJO
• 2024-08-21 Listed for Rent $1,250 SHOWMOJO
• 2019-07-25 Sold (Public Records) $118,000 Public Records
• 2017-10-20 Sold (Public Records) $110,200 Public Records
• 2017-10-20 Sold (Public Records) $57,000 Public Records
• 2017-10-10 Sold (MLS) $57,000 METROMLS
• 2017-08-31 Contingent — METROMLS
• 2017-08-28 Listed $62,000 METROMLS
• 2016-12-07 Listing Removed — METROMLS
• 2016-12-02 Listed $54,900 METROMLS
• 2014-10-10 Sold (MLS) $52,500 METROMLS
• 2014-09-25 Pending — METROMLS
• 2014-09-11 Listed $49,900 METROMLS
• 2014-01-17 Listing Removed — METROMLS
• 2014-01-17 Listed $55,000 METROMLS
• 1997-04-30 Sold (Public Records) $64,800 Public Records
• 1997-04-01 Sold (Public Records) $64,800 Public Records

Property tax history

+3.7%/yr

Latest (2024): $2,788 · +18.8% YoY. Source: county tax records.