2462 N 38th St #2464 · Milwaukee, WI 53210

$75,000

4 bd · 2.0 ba · 2,228 sqft · MultiFamily · 160 Days on market

Built 1912 871 sqft lot $34/sqft · 6% below area Est $80k · 6% under

---

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 +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Motivated Seller. In need of a little TLC, will be an excellent opportunity for experienced investor/landlord to cash flow. Market rents range between $2-$2,400/mo. Currently rented to seller's family members well below market rents. Both units occupied $500/mo with verbal month to month leases. No access allowed. Cash/Hard money only. Property is being sold ''as is'' ''sight unseen. ''

Key facts

• Parking
• Built 1912
• Listed 160 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.6% 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 (+3.8%/yr); 142 active listings in the ZIP; 10 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 39% 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 $519 of loan paydown is wiped out by about $2k 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 + 3.8% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $9k; list at $75k implies a 733% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — 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 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: 2.07% ✓
• Cap rate: 17.62%
• Cash-on-cash: 40.46%
• DSCR: 2.80
• GRM: 4.0

CMA / ARV

• ARV (median comp): $80,107
• List price: $75,000
• Delta: -6.37%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2838 N 40th St #2840	0.48mi	4/2.0	2,202 (-1%)	2mo	$65,000	$30	74
2014 N 35th St #2016	0.51mi	4/2.0	2,208 (-1%)	2mo	$72,000	$33	73
2118 N 38th St #2120	0.41mi	4/2.0	2,341 (+5%)	0mo	$62,500	$27	72
2661 N 39th St #2663	0.26mi	4/2.0	2,469 (+11%)	2mo	$145,000	$59	68
2400 N 35th St #2402	0.19mi	5/2.0 (+1)	1,994 (-10%)	1mo	$65,000	$33	68
2631 N 33rd St #2633	0.34mi	4/2.0	2,470 (+11%)	1mo	$72,500	$29	65
3127 W Garfield Ave #3129	0.49mi	5/2.0 (+1)	2,332 (+5%)	0mo	$130,000	$56	64
3733 W Sarnow St #3735	0.68mi	4/2.0	2,288 (+3%)	2mo	$157,000	$69	62
2149 N 41st St	0.42mi	4/2.0	1,931 (-13%)	1mo	$33,000	$17	58
3513 W Lloyd St #3515	0.47mi	4/2.0	2,470 (+11%)	3mo	$220,000	$89	57
2760 N 35th St Unit 2760A	0.41mi	5/2.0 (+1)	1,897 (-15%)	2mo	$107,500	$57	49
2137 N 31st St	0.53mi	5/2.0 (+1)	1,919 (-14%)	1mo	$138,500	$72	46

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 37.8%
• Equity multiple: 2.63×
• Total profit: $34,257
• Equity at exit: $11,183

10-year hold

• IRR: 44.8%
• Equity multiple: 5.45×
• Total profit: $93,380
• Equity at exit: $6,485

Cash invested: $21,000 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,552 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $708

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 49%

Sensitivity live

Price	-10% $760	-5% $734	+0% $708	+5% $682	+10% $656
Rent	-10% $585	-5% $647	+0% $708	+5% $769	+10% $831
Rate	-1.0pp $746	-0.5pp $727	base $708	+0.5pp $689	+1.0pp $669

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.51mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.62mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	0.64mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	0.72mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.85mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	0.85mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.94mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	0.99mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.21mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.26mi

Listing history 22 events

1. 2026-06-18
   days on market $75,000 Active 160 DOM
2. 2026-06-17
   days on market $75,000 Active 159 DOM
3. 2026-06-16
   days on market $75,000 Active 158 DOM
4. 2026-06-15
   days on market $75,000 Active 157 DOM
5. 2026-06-13
   days on market $75,000 Active 155 DOM
6. 2026-06-13
   days on market $75,000 Active 154 DOM
7. 2026-06-09
   days on market $75,000 Active 151 DOM
8. 2026-06-08
   days on market $75,000 Active 150 DOM
9. 2026-06-07
   days on market $75,000 Active 149 DOM
10. 2026-06-05
    days on market $75,000 Active 146 DOM
11. 2026-06-03
    days on market $75,000 Active 145 DOM
12. 2026-06-02
    days on market $75,000 Active 144 DOM
13. 2026-06-01
    days on market $75,000 Active 143 DOM
14. 2026-05-31
    days on market $75,000 Active 142 DOM
15. 2026-04-21
    price $75,000 389-char remark

    Show marketing remark (389 chars)

    Motivated Seller. In need of a little TLC, will be an excellent opportunity for experienced investor/landlord to cash flow. Market rents range between $2-$2,400/mo. Currently rented to seller's family members well below market rents. Both units occupied $500/mo with verbal month to month leases. No access allowed. Cash/Hard money only. Property is being sold ''as is'' ''sight unseen. ''

16. 2026-03-25
    status Active 389-char remark

    Show marketing remark (389 chars)

    Motivated Seller. In need of a little TLC, will be an excellent opportunity for experienced investor/landlord to cash flow. Market rents range between $2-$2,400/mo. Currently rented to seller's family members well below market rents. Both units occupied $500/mo with verbal month to month leases. No access allowed. Cash/Hard money only. Property is being sold ''as is'' ''sight unseen. ''

17. 2026-03-09
    historical Contingent 389-char remark

    Show marketing remark (389 chars)

    Motivated Seller. In need of a little TLC, will be an excellent opportunity for experienced investor/landlord to cash flow. Market rents range between $2-$2,400/mo. Currently rented to seller's family members well below market rents. Both units occupied $500/mo with verbal month to month leases. No access allowed. Cash/Hard money only. Property is being sold ''as is'' ''sight unseen. ''

18. 2026-03-03
    price $77,900 389-char remark

    Show marketing remark (389 chars)

    Motivated Seller. In need of a little TLC, will be an excellent opportunity for experienced investor/landlord to cash flow. Market rents range between $2-$2,400/mo. Currently rented to seller's family members well below market rents. Both units occupied $500/mo with verbal month to month leases. No access allowed. Cash/Hard money only. Property is being sold ''as is'' ''sight unseen. ''

19. 2026-01-08
    listed $79,900 Active 389-char remark

    Show marketing remark (389 chars)

    Motivated Seller. In need of a little TLC, will be an excellent opportunity for experienced investor/landlord to cash flow. Market rents range between $2-$2,400/mo. Currently rented to seller's family members well below market rents. Both units occupied $500/mo with verbal month to month leases. No access allowed. Cash/Hard money only. Property is being sold ''as is'' ''sight unseen. ''

20. 2012-10-09
    listed $10,000 144-char remark

    Show marketing remark (144 chars)

    Large 2/2 duplex in AS IS condition. Property needs some work. Lots of potential, and priced for quick as is sale. No condition report provided.

21. 2012-10-09
    historical 144-char remark

    Show marketing remark (144 chars)

    Large 2/2 duplex in AS IS condition. Property needs some work. Lots of potential, and priced for quick as is sale. No condition report provided.

22. 2009-01-21
    soldstatus $9,000 144-char remark

    Show marketing remark (144 chars)

    Large 2/2 duplex in AS IS condition. Property needs some work. Lots of potential, and priced for quick as is sale. No condition report provided.

ⓘ 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: $18,628
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,490
• − Management: −$1,490
• − Depreciation: −$2,182
• Taxable income: $7,765
• Est. tax owed @ 24.0%: −$1,864
• After-tax cash flow: $6,633/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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 2%

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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

+733.3% since first listed

8 events — show timeline

• 2026-04-21 Price Changed $75,000 METROMLS
• 2026-03-25 Relisted — METROMLS
• 2026-03-09 Contingent — METROMLS
• 2026-03-03 Price Changed $77,900 METROMLS
• 2026-01-08 Listed $79,900 METROMLS
• 2012-10-09 Listing Removed — METROMLS
• 2012-10-09 Listed $10,000 METROMLS
• 2009-01-21 Sold (MLS) $9,000 METROMLS