3124 N 46th St #3126 · Milwaukee, WI 53216

$250,000

6 bd · 2.0 ba · 2,500 sqft · MultiFamily · 8 Days on market

Built 1974 Fair condition 4,791 sqft lot Est $232k · 8% over

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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 +18.6/30.0
• DSCR +5.8/10.0
• Appreciation +5.7/10.0
• 1% rule +5.0/10.0
• Rent growth +4.3/5.0
• ARV discount +4.1/15.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This charming duplex in Milwaukee offers an exceptional opportunity 3/3 duplex offering strong potential for both investors and owner occupants. Each unit features 3 bedrooms and 1 full bath, providing functional layouts with strong rental appeal. The lower unit is occupied while the upper unit is vacant and ready for immediate occupancy or rent placement. With reliable cash flow from long-term renter, this property provides a steady income stream, making it an excellent choice for those looking to expand their real estate portfolio or secure a new home with the added benefit of rental income. Offering easy access to major amenities, public transportation, and its prime location ensures bot

Key facts

• Easy access
• Prime location
• Functional layouts

Tags

• FUNCTIONAL LAYOUTS
• EASY ACCESS
• PRIME LOCATION

Property features AI

Finance

• Other: Includes 2 stoves, 2 refrigerators, washer and dryer; Excludes owners' personal property

Exterior

• Parking: 1 parking space
• Utilities: Municipal water and sewer; Separate electric and gas meters (2 electric meters, 2 gas meters)
• Home design: 2-story duplex; Multi-family property
• Construction: Brick/stone and vinyl construction; Year built: public record (assessor)
• Exterior features: Brick and vinyl exterior; Lot is approximately 0.11 acre; Zoned RT2; Less than 1/2 acre

Interior

• Kitchen: Unit 2 kitchen on upper level; Includes 2 stoves and 2 refrigerators
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master and other bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $250k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive. Per door: $120/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (0.3% below list).
• Recommended offer: $249k (0.3% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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 (+7.0%/yr); 130 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 $2,492/mo this rent would consume 64% of the median local household income ($47k/yr) (locally 2202% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.3% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.3% appreciation + 7.0% rent growth), your $70k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $249,200 (0.3% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1974 — 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: 1.00% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.13%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $232,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3154 N 54th St #3156	0.50mi	5/2.0 (-1)	2,523 (+1%)	6mo	$168,010	$67	65
2771 N 40th St #2773	0.57mi	6/2.0	2,614 (+5%)	2mo	$135,000	$52	64
2854 N 47th St #2856	0.34mi	6/2.0	2,693 (+8%)	8mo	$161,000	$60	64
3176 N 54th St #3178	0.50mi	5/2.0 (-1)	2,523 (+1%)	8mo	$240,000	$95	64
2823 N 49th St #2825	0.44mi	6/2.0	2,670 (+7%)	7mo	$154,500	$58	62
2642 N 50th St #2644	0.66mi	6/2.0	2,612 (+4%)	1mo	$264,000	$101	61
2848 N 50th St #2850	0.43mi	6/2.0	2,222 (-11%)	2mo	$239,900	$108	60
2928 N 55th St #2930	0.61mi	6/2.0	2,702 (+8%)	6mo	$250,000	$93	54
3013 N 57th St #3015	0.71mi	6/2.5	2,682 (+7%)	1mo	$329,000	$123	52
3012 N 57th St	0.68mi	6/2.0	2,261 (-10%)	3mo	$180,000	$80	50
2646 N 50th St #2648	0.65mi	6/2.0	2,826 (+13%)	1mo	$155,000	$55	47
3733 N 50th St #3735	0.70mi	6/4.0	2,800 (+12%)	6mo	$377,000	$135	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.33% appreciation · 7.01% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.49×
• Total profit: $34,561
• Equity at exit: $89,644

10-year hold

• IRR: 15.3%
• Equity multiple: 3.12×
• Total profit: $148,627
• Equity at exit: $122,527

Cash invested: $70,000 (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 53216

• Home prices YoY: 0.3%
• Rents YoY: 7.0%
• Active inventory: 130
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $2,492 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $241

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 85%

Sensitivity live

Price	-10% $414	-5% $327	+0% $241	+5% $155	+10% $68
Rent	-10% $44	-5% $143	+0% $241	+5% $339	+10% $438
Rate	-1.0pp $367	-0.5pp $305	base $241	+0.5pp $176	+1.0pp $110

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,492
Total (2 units)			$2,492

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	25d	1	1.21mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	45d	1	1.44mi

Listing history 6 events

1. 2026-06-21
   days on market $250,000 Active 8 DOM
2. 2026-06-18
   days on market $250,000 Active 5 DOM
3. 2026-06-17
   days on market $250,000 Active 4 DOM
4. 2026-06-16
   days on market $250,000 Active 3 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   listed $250,000 Active 2 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 (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: $29,904
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,392
• − Management: −$2,392
• − Depreciation: −$7,273
• Taxable loss: −$1,157
• Est. tax savings @ 24.0%: +$278
• After-tax cash flow: $3,170/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 3/3 duplex in Milwaukee requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathrooms, and flooring.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen countertops — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Minor bathroom fixtures — basic and in need of updating

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace carpet with hardwood or tile — improves comfort and value
• Both update kitchen cabinets, countertops, and appliances — modernizes the space and increases value
• Both update bathroom fixtures — enhances functionality and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen countertops · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of updating	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace carpet with hardwood or tile — improves comfort and value ↑
• Both update kitchen cabinets, countertops, and appliances — modernizes the space and increases value ↑
• Both update bathroom fixtures — enhances functionality and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 30,345
• Household income: $46,752
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 2202.0

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 (81%)
• Race & ethnicity: Black 81% White 9% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 1%
• Foreign-born: 3% · Canada, Philippines, China
• Languages at home: 93% English-only · Spanish 4% 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: ▲ 1.33%
• Current HPI: 381.0954
• Rent YoY: ▲ 7.01%
• 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

• 2026-06-01 Listed $250,000 METROMLS