3628 N 38th St · Milwaukee, WI 53216

$149,900

3 bd · 1.0 ba · 1,584 sqft · SingleFamily public records · 7 Days on market

Built 1929 5,227 sqft lot $95/sqft · 7% below area Est $161k · 7% 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 +14.7/30.0
• ARV discount +10.7/15.0
• Appreciation +5.7/10.0
• DSCR +4.5/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

Large BRICK 3 bedroom single family bungalow with a 2 car detached garage. Features newer roof, artificial fireplace, , formal dining room, fenced yard, and a newer gas forced-air furnace. Formerly tenant occupied at $1050.00. Room Sizes are estimated.

Key facts

• Formal dining room
• Fenced yard
• Newer roof

Tags

• NEWER ROOF
• NEWER GAS FORCED-AIR FURNACE
• FORMAL DINING ROOM
• ARTIFICIAL FIREPLACE
• FENCED YARD

Property features AI

Finance

• Other: Owners' personal property excluded

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: Single-family, multi-level home; Less than 1/2 acre lot; Zoned RT2 Residential
• Construction: Information source: Assessor/Public Record
• Exterior features: Brick and brick/stone exterior; Other exterior materials

Interior

• Bedrooms: Main-level master bedroom (10 x 12); Main-level second bedroom (11 x 11); Upper-level third bedroom (16 x 15)
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating/cooling: Other (see remarks)
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $39 ($466/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (12.5% below list).
• Recommended offer: $131k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 5.1% in Milwaukee — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 126 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 34% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k 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 $42k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,139 (12.5% below list)

Questions for the listing agent

1. Built in 1929 — 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: 0.87% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.11%
• DSCR: 1.05
• GRM: 9.5

CMA / ARV

• ARV (median comp): $161,449
• List price: $149,900
• Delta: -7.15%
• 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
3628 N 38th St	0.00mi	3/1.0	1,584 (0%)	0mo	$175,000	$110	100
3724 N 37th St	0.10mi	3/2.0	1,440 (-9%)	0mo	$175,000	$122	76
3901 N 37th St	0.28mi	3/2.0	1,500 (-5%)	0mo	$162,500	$108	74
4240 W Fiebrantz Ave	0.63mi	3/1.0	1,590 (+0%)	2mo	$148,000	$93	68
4032 N 42nd St	0.52mi	4/1.5 (+1)	1,554 (-2%)	2mo	$225,000	$145	64
3893 N 40th St	0.32mi	4/2.0 (+1)	1,483 (-6%)	4mo	$240,000	$162	63
3155 N 38th St	0.52mi	4/2.0 (+1)	1,630 (+3%)	2mo	$202,000	$124	60
3936 N 28th St	0.71mi	4/1.0 (+1)	1,584 (0%)	3mo	$146,600	$93	60
4109 N 40th St	0.57mi	4/3.0 (+1)	1,597 (+1%)	1mo	$245,000	$153	58
4050 N 41st St	0.52mi	2/1.0 (-1)	1,456 (-8%)	4mo	$115,000	$79	54
3421 N 47th St	0.64mi	3/1.5	1,798 (+14%)	3mo	$240,000	$133	43
3812 N 27th St	0.72mi	3/1.0	1,372 (-13%)	3mo	$79,900	$58	42

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: 5.9%
• Equity multiple: 1.31×
• Total profit: $13,198
• Equity at exit: $53,751

10-year hold

• IRR: 12.2%
• Equity multiple: 2.68×
• Total profit: $70,368
• Equity at exit: $73,467

Cash invested: $41,972 (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: 126
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,311 high
• Mortgage (P&I): −$786
• Tax from tax record: −$149 /mo · $1,784/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $39

Break-even live

Break-even rent $1,262

Max offer price $149,900

Occupancy floor 92%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	44d	1	0.16mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	0.40mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	44d	1	0.53mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	0.61mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.62mi
3124 N 33rd St Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	44d	1	0.65mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.69mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.74mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	24d	1	0.91mi
3066 N 49th St Unit 3066-5 Milwaukee, WI	2.0	1.0	1100	$950	$0.86	44d	1	0.93mi
3629 N 53rd St Unit (Downstairs) Milwaukee, WI	2.0	1.0	1600	$1,275	$0.80	44d	1	0.96mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	0.97mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.01mi
3957-3959 N 53rd St Unit 3957 Milwaukee, WI	2.0	1.0	1910	$1,050	$0.55	24d	1	1.02mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	1.04mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	1.05mi
4355 N 28th St Milwaukee, WI	2.0	1.0	1118	$975	$0.87	21d	1	1.07mi
2842 N 47th St Milwaukee, WI	2.0	1.0	1500	$1,100	$0.73	44d	1	1.08mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.13mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	1.16mi
2841 N 49th St Milwaukee, WI	2.0	1.0	1237	$1,098	$0.89	44d	1	1.16mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	2d	1	1.17mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.25mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	1.25mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	4d	1	1.25mi
2947 N 54th St #2945 Milwaukee, WI	2.0	1.0	1244	$1,050	$0.84	14d	1	1.29mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	44d	1	1.34mi
3012 N 57th St Unit Lower Milwaukee, WI	3.0	1.0	1130	$1,398	$1.24	4d	1	1.35mi
2613 N 48th St Unit 2 Milwaukee, WI	2.0	1.0	1150	$1,250	$1.09	24d	1	1.38mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	44d	1	1.39mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.39mi
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	16d	1	1.42mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	1.42mi
4640 N 51st Blvd Milwaukee, WI	2.0	1.0	1075	$1,275	$1.19	44d	1	1.45mi
2403-2405 N 39th St Unit 2403 Lower Milwaukee, WI	3.0	1.0	1200	$995	$0.83	10d	1	1.48mi
2403-2405 N 39th St Unit 2405 Upper Milwaukee, WI	3.0	1.0	1141	$995	$0.87	10d	1	1.48mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	44d	1	1.49mi

Listing history 18 events

1. 2026-05-08
   status Pending 542-char remark
2. 2026-05-01
   listed $149,900 Active 542-char remark
3. 2020-08-04
   soldstatus $63,000
4. 2020-07-30
   soldstatus $63,000 Sold 253-char remark

   Show marketing remark (253 chars)

   Large BRICK 3 bedroom single family bungalow with a 2 car detached garage. Features newer roof, artificial fireplace, , formal dining room, fenced yard, and a newer gas forced-air furnace. Formerly tenant occupied at $1050.00. Room Sizes are estimated.

5. 2020-07-11
   historical Contingent 253-char remark

   Show marketing remark (253 chars)

   Large BRICK 3 bedroom single family bungalow with a 2 car detached garage. Features newer roof, artificial fireplace, , formal dining room, fenced yard, and a newer gas forced-air furnace. Formerly tenant occupied at $1050.00. Room Sizes are estimated.

6. 2020-06-29
   status Active 253-char remark

   Show marketing remark (253 chars)

   Large BRICK 3 bedroom single family bungalow with a 2 car detached garage. Features newer roof, artificial fireplace, , formal dining room, fenced yard, and a newer gas forced-air furnace. Formerly tenant occupied at $1050.00. Room Sizes are estimated.

7. 2020-06-13
   historical Contingent 253-char remark

   Show marketing remark (253 chars)

   Large BRICK 3 bedroom single family bungalow with a 2 car detached garage. Features newer roof, artificial fireplace, , formal dining room, fenced yard, and a newer gas forced-air furnace. Formerly tenant occupied at $1050.00. Room Sizes are estimated.

8. 2020-06-05
   listed $70,000 Active 253-char remark

   Show marketing remark (253 chars)

   Large BRICK 3 bedroom single family bungalow with a 2 car detached garage. Features newer roof, artificial fireplace, , formal dining room, fenced yard, and a newer gas forced-air furnace. Formerly tenant occupied at $1050.00. Room Sizes are estimated.

9. 2013-02-02
   historical

   Show marketing remark (284 chars)

   Cute as a button Brick Bungalow, completely remodeled. This home has all the old world charm of leaded glass windows, BICC with all the updates; New Granite Counter Tops, Ceramic Kitchen Floor, New Carpets, New Bathroom. up stairs, 2 new bedrooms. Plenty of room for the whole family!

10. 2013-02-02
    listed $129,900

    Show marketing remark (284 chars)

    Cute as a button Brick Bungalow, completely remodeled. This home has all the old world charm of leaded glass windows, BICC with all the updates; New Granite Counter Tops, Ceramic Kitchen Floor, New Carpets, New Bathroom. up stairs, 2 new bedrooms. Plenty of room for the whole family!

11. 2013-01-28
    historical
12. 2013-01-28
    listed $26,730
13. 2012-10-10
    soldstatus $60,000
14. 2012-04-27
    soldstatus $34,050
15. 2006-05-16
    soldstatus $137,500
16. 2006-05-09
    soldstatus $137,500
17. 2005-05-16
    soldstatus $70,000
18. 1974-11-01
    soldstatus $21,000

ⓘ 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: $1,784 · $149/mo
• Projected year-2 tax: $2,278 · $190/mo
• Expected delta: +$495/yr (+$41/mo · 27.7%)

ⓘ 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: $15,737
• − Mortgage interest: −$8,397
• − Property taxes: −$1,784
• − Insurance: −$750
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$4,361
• Taxable loss: −$2,072
• Est. tax savings @ 24.0%: +$497
• After-tax cash flow: $963/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): 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

+733.3% since first listed

19 events — show timeline

• 2026-06-17 Sold (MLS) $175,000 METROMLS
• 2026-05-08 Pending — METROMLS
• 2026-05-01 Listed $149,900 METROMLS
• 2020-08-04 Sold (Public Records) $63,000 Public Records
• 2020-07-30 Sold (MLS) $63,000 METROMLS
• 2020-07-11 Contingent — METROMLS
• 2020-06-29 Relisted — METROMLS
• 2020-06-13 Contingent — METROMLS
• 2020-06-05 Listed $70,000 METROMLS
• 2013-02-02 Listed $129,900 METROMLS
• 2013-02-02 Listing Removed — METROMLS
• 2013-01-28 Listed $26,730 METROMLS
• 2013-01-28 Listing Removed — METROMLS
• 2012-10-10 Sold (Public Records) $60,000 Public Records
• 2012-04-27 Sold (MLS) $34,050 METROMLS
• 2006-05-16 Sold (Public Records) $137,500 Public Records
• 2006-05-09 Sold (MLS) $137,500 METROMLS
• 2005-05-16 Sold (Public Records) $70,000 Public Records
• 1974-11-01 Sold (Public Records) $21,000 Public Records

Property tax history

-2.5%/yr

Latest (2024): $1,784 · -0.7% YoY. Source: county tax records.