2618 N 46th St · Milwaukee, WI 53210

$154,900

5 bd · 1.0 ba · 1,592 sqft · SingleFamily public records · 19 Days on market

Built 1919 5,227 sqft lot $97/sqft · 22% below area Est $198k · 22% under

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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 +25.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +7.0/10.0
• 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

Listing remarks MLS

Recently renovated 5 bedroom on a quiet block. New roof, water heater, furnace and central air ready! Bathroom plumbing hookups in basement (Toilet and sink). Please include addendum e with offer.

Key facts

• Rehabbed kitchen
• Water heater
• New appliances

Tags

• REHABBED KITCHEN
• NEW APPLIANCES
• NEW ROOF
• WATER HEATER
• FURNACE
• CENTRAL AIR

Property features AI

Finance

• HOA & community: No yearly HOA fee listed

Exterior

• Parking: Detached 2-car garage
• Utilities: Water/waste: See remarks
• Home design: 2-story single-family home; Lot less than 1/2 acre
• Construction: Built (public record)
• Exterior features: Vinyl and wood exterior; Sidewalks

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Master bedroom on main level (14 x 10); Second bedroom on main level (11 x 9); Third bedroom on upper level (12 x 13); Fourth bedroom on upper level (11 x 11); Fifth bedroom on upper level (8 x 13)
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating/cooling: See remarks
• Interior features: Full, partially finished basement

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% 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+, 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.
• Zoned schools: Sherman Elementary (math 5% / reading 2%, grade F, #1,021 of 1,041 statewide, top 98%, 281 students, 95% FRL); Whs Information Technology (math 5% / reading 5%, grade F, #467 of 483 statewide, top 100%, 417 students, 85% FRL).
• Market conditions: Rents rising (+3.8%/yr); 142 active listings in the ZIP; 5 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).
• At $1,860/mo this rent would consume 46% of the median local household income ($48k/yr) (locally 1730% 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 $5k 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 $43k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 5 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 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $152,576 (1.5% below list)

Questions for the listing agent

1. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.20% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.17%
• DSCR: 1.45
• GRM: 6.9

CMA / ARV

• ARV (median comp): $197,841
• List price: $154,900
• Delta: -21.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2631 N 40th St	0.37mi	4/1.0 (-1)	1,532 (-4%)	0mo	$156,000	$102	71
2824 N 39th Street St N	0.53mi	5/1.5	1,621 (+2%)	3mo	$111,920	$69	68
2530 N 52nd St	0.40mi	4/1.0 (-1)	1,681 (+6%)	5mo	$135,000	$80	63
2702 N 38th St	0.53mi	4/2.0 (-1)	1,536 (-4%)	0mo	$162,000	$105	60
2335 N 44th St	0.36mi	5/2.0	1,811 (+14%)	2mo	$210,000	$116	54
2424 N 44th St	0.27mi	4/2.0 (-1)	1,813 (+14%)	3mo	$40,000	$22	53
2180 N 51st St	0.62mi	4/2.0 (-1)	1,469 (-8%)	2mo	$280,000	$191	47
3615 W Center St	0.60mi	4/2.0 (-1)	1,450 (-9%)	3mo	$81,000	$56	46
2804 N 38th St	0.57mi	5/2.0	1,800 (+13%)	4mo	$196,000	$109	44
2915 N 38th St	0.61mi	4/2.0 (-1)	1,767 (+11%)	2mo	$160,000	$91	42
3061 N 52nd St	0.70mi	4/2.0 (-1)	1,712 (+8%)	4mo	$96,000	$56	42
2956 N 39th St	0.63mi	5/2.0	1,812 (+14%)	2mo	$206,000	$114	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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-92
• Equity at exit: $23,096

10-year hold

• IRR: 10.5%
• Equity multiple: 1.85×
• Total profit: $36,717
• Equity at exit: $13,393

Cash invested: $43,372 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,860 high
• Mortgage (P&I): −$812
• Tax from tax record: −$225 /mo · $2,698/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $368

Break-even live

Break-even rent $1,395

Max offer price $154,900

Occupancy floor 75%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	0.63mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	0.66mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	1.17mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.46mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	1.49mi

Listing history 17 events

1. 2026-05-01
   listed $154,900 Active 557-char remark
2. 2023-12-12
   soldstatus $1,609,000
3. 2023-12-12
   soldstatus $1,609,000
4. 2020-11-25
   soldstatus $85,500
5. 2020-11-23
   soldstatus $85,500 Sold 197-char remark

   Show marketing remark (197 chars)

   Recently renovated 5 bedroom on a quiet block. New roof, water heater, furnace and central air ready! Bathroom plumbing hookups in basement (Toilet and sink). Please include addendum e with offer.

6. 2020-10-14
   status Pending 197-char remark

   Show marketing remark (197 chars)

   Recently renovated 5 bedroom on a quiet block. New roof, water heater, furnace and central air ready! Bathroom plumbing hookups in basement (Toilet and sink). Please include addendum e with offer.

7. 2020-10-08
   status Active 197-char remark

   Show marketing remark (197 chars)

   Recently renovated 5 bedroom on a quiet block. New roof, water heater, furnace and central air ready! Bathroom plumbing hookups in basement (Toilet and sink). Please include addendum e with offer.

8. 2020-09-21
   historical Contingent 197-char remark

   Show marketing remark (197 chars)

   Recently renovated 5 bedroom on a quiet block. New roof, water heater, furnace and central air ready! Bathroom plumbing hookups in basement (Toilet and sink). Please include addendum e with offer.

9. 2020-09-18
   listed $89,400 Active 197-char remark

   Show marketing remark (197 chars)

   Recently renovated 5 bedroom on a quiet block. New roof, water heater, furnace and central air ready! Bathroom plumbing hookups in basement (Toilet and sink). Please include addendum e with offer.

10. 2018-02-28
    soldstatus $6,000 Sold

    Show marketing remark (167 chars)

    This is a tax foreclosed property. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

11. 2018-01-31
    historical Contingent

    Show marketing remark (167 chars)

    This is a tax foreclosed property. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

12. 2017-12-19
    listed $26,500 Active

    Show marketing remark (167 chars)

    This is a tax foreclosed property. This property is open to investors as well as owner/occupants. Additional information can be found on the City of Milwaukee website.

13. 2013-01-12
    listed $35,000
14. 2013-01-12
    historical
15. 2008-11-14
    soldstatus $18,000
16. 1989-04-01
    soldstatus $38,600
17. 1986-01-01
    soldstatus $30,000

ⓘ 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: $2,698 · $225/mo
• Projected year-2 tax: $2,782 · $232/mo
• Expected delta: +$84/yr (+$7/mo · 3.1%)

ⓘ 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: $22,319
• − Mortgage interest: −$8,677
• − Property taxes: −$2,698
• − Insurance: −$774
• − Repairs & maintenance: −$1,785
• − Management: −$1,785
• − Depreciation: −$4,506
• Taxable income: $2,092
• Est. tax owed @ 24.0%: −$502
• After-tax cash flow: $3,909/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

+416.3% since first listed

18 events — show timeline

• 2026-05-20 Pending — METROMLS
• 2026-05-01 Listed $154,900 METROMLS
• 2023-12-12 Sold (Public Records) $1,609,000 Public Records
• 2023-12-12 Sold (Public Records) $1,609,000 Public Records
• 2020-11-25 Sold (Public Records) $85,500 Public Records
• 2020-11-23 Sold (MLS) $85,500 METROMLS
• 2020-10-14 Pending — METROMLS
• 2020-10-08 Relisted — METROMLS
• 2020-09-21 Contingent — METROMLS
• 2020-09-18 Listed $89,400 METROMLS
• 2018-02-28 Sold (MLS) $6,000 METROMLS
• 2018-01-31 Contingent — METROMLS
• 2017-12-19 Listed $26,500 METROMLS
• 2013-01-12 Listing Removed — METROMLS
• 2013-01-12 Listed $35,000 METROMLS
• 2008-11-14 Sold (MLS) $18,000 METROMLS
• 1989-04-01 Sold (Public Records) $38,600 Public Records
• 1986-01-01 Sold (Public Records) $30,000 Public Records

Property tax history

-1.7%/yr

Latest (2024): $2,698 · +9.6% YoY. Source: county tax records.