5037 N 48th St · Milwaukee, WI 53218

$104,900

2 bd · 1.0 ba · 698 sqft · SingleFamily public records · 47 Days on market

Built 1953 5,662 sqft lot $150/sqft · 6% below area Est $111k · 6% under

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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 +20.3/30.0
• ARV discount +10.1/15.0
• DSCR +6.5/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great 2BR stainless ranch house, with side drive and large mature yard. This house has updated flooring and newer roof. This is, and has been, a great rental home.

Key facts

• Newer roof
• Large mature yard
• Updated flooring

Tags

• STAINLESS RANCH HOUSE
• SIDE DRIVE
• LARGE MATURE YARD
• UPDATED FLOORING
• NEWER ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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); 153 active listings in the ZIP; 6 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 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.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,753 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.03% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.52%
• DSCR: 1.25
• GRM: 8.1

CMA / ARV

• ARV (median comp): $111,220
• List price: $104,900
• Delta: -5.68%
• 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
4663 N 48th St	0.48mi	2/1.0	672 (-4%)	2mo	$77,000	$115	70
4765 N 48th St	0.36mi	2/1.0	720 (+3%)	10mo	$63,675	$88	70
5120 N 56th St	0.47mi	3/1.0 (+1)	713 (+2%)	2mo	$103,000	$144	68
4633 N Sherman Blvd	0.60mi	2/1.0	741 (+6%)	1mo	$88,500	$119	60
4224 W Peck Pl	0.62mi	2/1.0	744 (+7%)	2mo	$64,820	$87	59
5059 N 54th St	0.37mi	2/1.0	768 (+10%)	10mo	$68,000	$89	58
5417 N 54th St	0.60mi	2/1.0	728 (+4%)	9mo	$90,000	$124	57
5147 N 38th St	0.64mi	2/1.0	667 (-4%)	9mo	$110,000	$165	55
4671 N 50th St	0.50mi	2/1.0	624 (-11%)	10mo	$59,724	$96	51
5035 N 42nd St	0.39mi	3/1.0 (+1)	796 (+14%)	9mo	$165,000	$207	46
5014 N 61st St	0.72mi	2/1.0	624 (-11%)	6mo	$129,900	$208	44
5051 N 58th St	0.62mi	2/1.0	796 (+14%)	7mo	$65,500	$82	42

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: -5.2%
• Equity multiple: 0.80×
• Total profit: $-5,848
• Equity at exit: $15,641

10-year hold

• IRR: 7.0%
• Equity multiple: 1.58×
• Total profit: $16,951
• Equity at exit: $9,070

Cash invested: $29,372 (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: 153
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,078 high
• Mortgage (P&I): −$550
• Tax from tax record: −$123 /mo · $1,474/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $135

Break-even live

Break-even rent $907

Max offer price $104,900

Occupancy floor 82%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4572 N 38th St Unit 2 Milwaukee, WI	2.0	1.0	600	$950	$1.58	43d	1	0.87mi
4651 N 36th St #4 Milwaukee, WI	2.0	1.0	747	$945	$1.27	23d	1	0.90mi
6026 W Carmen Ave Milwaukee, WI	2.0	1.0	672	$1,195	$1.78	23d	1	1.19mi
4603 N 29th St Unit 3 Milwaukee, WI	1.0	1.0	510	$750	$1.47	23d	1	1.31mi
5820 N 65th St #5822 Milwaukee, WI	2.0	1.0	700	$1,245	$1.78	43d	1	1.40mi
3925 N 41st St Unit 2 Milwaukee, WI	1.0	1.0	700	$845	$1.21	23d	1	1.47mi

Listing history 9 events

1. 2026-04-24
   price $104,900 163-char remark

   Show marketing remark (163 chars)

   Great 2BR stainless ranch house, with side drive and large mature yard. This house has updated flooring and newer roof. This is, and has been, a great rental home.

2. 2026-04-09
   listed $109,900 Active 163-char remark

   Show marketing remark (163 chars)

   Great 2BR stainless ranch house, with side drive and large mature yard. This house has updated flooring and newer roof. This is, and has been, a great rental home.

3. 2013-02-09
   listed $34,000 284-char remark

   Show marketing remark (284 chars)

   Nice 2 bedroom stairless ranch with side driveway to a detached garage. Currently tenant occupied at $700 month-to-month. Vinyl siding. Bank owned. Sold in As-Is condition with no warranties or representations. 'Special financing possible to approved credit. Room sizes are estimated.

4. 2013-02-09
   historical 284-char remark

   Show marketing remark (284 chars)

   Nice 2 bedroom stairless ranch with side driveway to a detached garage. Currently tenant occupied at $700 month-to-month. Vinyl siding. Bank owned. Sold in As-Is condition with no warranties or representations. 'Special financing possible to approved credit. Room sizes are estimated.

5. 2013-02-02
   listed $54,900
6. 2013-02-02
   historical
7. 2009-04-22
   soldstatus $210,000
8. 1991-06-01
   soldstatus $28,000
9. 1987-06-01
   soldstatus $24,900

ⓘ 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: $1,474 · $123/mo
• Projected year-2 tax: $1,707 · $142/mo
• Expected delta: +$233/yr (+$19/mo · 15.8%)

ⓘ 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: $12,937
• − Mortgage interest: −$5,876
• − Property taxes: −$1,474
• − Insurance: −$524
• − Repairs & maintenance: −$1,035
• − Management: −$1,035
• − Depreciation: −$3,052
• Taxable loss: −$60
• Est. tax savings @ 24.0%: +$14
• After-tax cash flow: $1,634/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

+321.3% since first listed

9 events — show timeline

• 2026-04-24 Price Changed $104,900 METROMLS
• 2026-04-09 Listed $109,900 METROMLS
• 2013-02-09 Listing Removed — METROMLS
• 2013-02-09 Listed $34,000 METROMLS
• 2013-02-02 Listing Removed — METROMLS
• 2013-02-02 Listed $54,900 METROMLS
• 2009-04-22 Sold (Public Records) $210,000 Public Records
• 1991-06-01 Sold (Public Records) $28,000 Public Records
• 1987-06-01 Sold (Public Records) $24,900 Public Records

Property tax history

+4.5%/yr

Latest (2024): $1,474 · +20.0% YoY. Source: county tax records.