4722 N 49th St #4724 · Milwaukee, WI 53218

$199,000

6 bd · 3.0 ba · 2,245 sqft · MultiFamily · 10 Days on market

Built 1956 5,227 sqft lot Est $173k · 15% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.7/15.0
• 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

This fully occupied, turn-key duplex grosses $2,295 per month in rent, making it the perfect property to add to your portfolio. Each unit offers 3 bed and 1.5 baths with a desirable floor plan. You won't want to miss this one!

Key facts

• 5,227 sq ft lot
• Parking
• Built 1956

Property features AI

Finance

• Other: Lot less than 1/2 acre (approximately 0.12 acre)
• Financial info: Property is a 2-unit building

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer
• Home design: Two-story duplex; Multi-family property; Zoning: RS6
• Construction: Year built: Other - see remarks
• Exterior features: Aluminum/steel siding and aluminum trim; Brick/stone accents and brick

Interior

• Kitchen: Unit 2 kitchen (upper level); Includes 2 ovens/ranges and 2 refrigerators (listed as included)
• Bedrooms: Unit 1 has 3 bedrooms; Unit 2 has 3 bedrooms (master and other bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bath and 1 half bath; Unit 2: 1 full bath and 1 half bath
• Interior features: Full block basement
• Laundry & utility: Two electric meters; Two gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $907 ($11k/yr) — positive. Per door: $454/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Cap rate 11.8% 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 $2,889/mo this rent would consume 76% 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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 $140k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,000

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. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.45% ✓
• Cap rate: 11.76%
• Cash-on-cash: 19.53%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $172,865
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4959 N 51st Blvd #4961	0.35mi	6/2.0	2,213 (-1%)	7mo	$180,000	$81	72
5011 N 47th St Unit 5011A	0.39mi	5/2.0 (-1)	2,212 (-2%)	5mo	$132,500	$60	66
4960 N 48th St #4962	0.33mi	5/2.0 (-1)	2,201 (-2%)	9mo	$195,000	$89	65
5044 N 47th St #5046	0.45mi	6/2.0	2,276 (+1%)	15mo	$275,000	$121	61
4882 N 50th St #4884	0.23mi	6/2.0	1,950 (-13%)	7mo	$225,000	$115	57
4972 N 55th St #4974	0.49mi	6/3.0	2,394 (+7%)	14mo	$185,000	$77	54
4967 N 51st Blvd #4969	0.36mi	6/2.0	1,955 (-13%)	7mo	$180,000	$92	52
4557 N 46th St #4559	0.26mi	6/2.0	2,480 (+10%)	22mo	$100,000	$40	48
4971 N 46th St #4973	0.38mi	6/2.0	2,028 (-10%)	22mo	$120,000	$59	44
4908 N 60th St Unit 4908A	0.66mi	5/2.0 (-1)	2,112 (-6%)	10mo	$60,000	$28	42
4727 N Hopkins St	0.73mi	7/2.0 (+1)	2,082 (-7%)	8mo	$125,000	$60	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 · 5.29% rent growth · sell at horizon

5-year hold

• IRR: 14.1%
• Equity multiple: 1.58×
• Total profit: $32,377
• Equity at exit: $29,672

10-year hold

• IRR: 24.6%
• Equity multiple: 3.37×
• Total profit: $132,041
• Equity at exit: $17,206

Cash invested: $55,720 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,889 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $907

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,045	-5% $976	+0% $907	+5% $838	+10% $770
Rent	-10% $679	-5% $793	+0% $907	+5% $1,021	+10% $1,135
Rate	-1.0pp $1,007	-0.5pp $958	base $907	+0.5pp $855	+1.0pp $803

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$2,890
Total (2 units)			$2,889

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: $49,750
• Closing costs: $5,970
• 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	1.13mi

Listing history 8 events

1. 2026-06-21
   days on market $199,000 Active 10 DOM
2. 2026-06-18
   days on market $199,000 Active 7 DOM
3. 2026-06-17
   days on market $199,000 Active 6 DOM
4. 2026-06-16
   days on market $199,000 Active 5 DOM
5. 2026-06-15
   days on market $199,000 Active 4 DOM
6. 2026-06-13
   days on market $199,000 Active 2 DOM
7. 2026-06-13
   remarks 647-char remark
8. 2026-06-13
   listed $199,000 Active 1 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: $34,668
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,773
• − Management: −$2,773
• − Depreciation: −$5,789
• Taxable income: $8,205
• Est. tax owed @ 24.0%: −$1,969
• After-tax cash flow: $8,916/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

+32.8% since first listed

9 events — show timeline

• 2026-06-11 Listed $199,000 METROMLS
• 2024-12-05 Listing Removed — METROMLS
• 2024-10-15 Price Changed $199,900 METROMLS
• 2024-09-27 Listed $209,000 METROMLS
• 2024-09-25 Coming Soon $209,000 METROMLS
• 2022-10-28 Sold (MLS) $140,000 METROMLS
• 2022-09-14 Contingent — METROMLS
• 2022-09-09 Price Changed $144,900 METROMLS
• 2022-09-01 Listed $149,900 METROMLS