6181 N 38th St #6183 · Milwaukee, WI 53209

$174,000

4 bd · 2.0 ba · 1,510 sqft · MultiFamily · 13 Days on market

Built 1953 Fair condition 4,791 sqft lot $115/sqft · 26% above area Est $138k · 26% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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

Welcome to this charming and cozy duplex that offers the perfect blend of comfort, opportunity, and value! Each unit features 2 comfortable bedrooms, making it an ideal setup for homeowners looking to live in one unit while renting the other, or for investors looking to expand their rental portfolio with a solid income-producing property. Upper unit vacant but in the process of getting a rent assistance tenant in place. Seller is open to continue the process or cancel depending on the buyers decision. Also, listed MLS # 1958409, 1959602, 1959609, 1959856, 1959611 will consider a package deal

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1953

Property features AI

Exterior

• Parking: Detached 2-car garage (2.5 garage parking spaces total)
• Utilities: Municipal water; Municipal sewer
• Home design: 2-story duplex; Multi-family property; Zoned RS6; Lot size approximately 0.11 acre (less than 1/2 acre)
• Construction: Assessor/public records provide year built
• Exterior features: Vinyl exterior

Interior

• Kitchen: Two kitchens (one per unit); Two stoves included; Two refrigerators included
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full block basement
• Laundry & utility: Separate electric and gas meters for each unit (2 electric meters, 2 gas meters)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $174k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $894 ($11k/yr) — positive. Per door: $447/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $174k).
• Cap rate 12.5% 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 (+8.6%/yr); 171 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,654/mo this rent would consume 66% of the median local household income ($48k/yr) (locally 3390% 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 + 8.0% rent growth), your $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 3y 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 $147k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $174,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1953 — 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: 1.53% ✓
• Cap rate: 12.46%
• Cash-on-cash: 22.02%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

• ARV (median comp): $138,012
• List price: $174,000
• Delta: 29.70%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6181 N 38th St #6183	0.00mi	4/2.0	1,475 (-2%)	23mo	$147,000	$100	77
5932 N 37th St #5934	0.37mi	4/3.0	1,683 (+12%)	5mo	$215,000	$128	56
5911 N 35th St Unit 5911A	0.43mi	3/2.0 (-1)	1,618 (+7%)	23mo	$172,000	$106	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 20.3%
• Equity multiple: 1.88×
• Total profit: $42,821
• Equity at exit: $25,944

10-year hold

• IRR: 31.7%
• Equity multiple: 4.58×
• Total profit: $174,622
• Equity at exit: $15,044

Cash invested: $48,720 (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 53209

• Rents YoY: 8.6%
• Active inventory: 171
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,654 high
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $894

Break-even live

Break-even rent $1,522

Max offer price $174,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,014	-5% $954	+0% $894	+5% $834	+10% $774
Rent	-10% $685	-5% $789	+0% $894	+5% $999	+10% $1,104
Rate	-1.0pp $982	-0.5pp $938	base $894	+0.5pp $849	+1.0pp $803

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,654
Total (2 units)			$2,654

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3931 W Kaul Ave Milwaukee, WI	3.0	1.0	1400	$1,695	$1.21	45d	1	0.18mi
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	5d	1	0.89mi
2225 W Mill Rd Glendale, WI	4.0	2.0	1945	$2,495	$1.28	25d	1	1.06mi
6046 N 61st St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,345	$1.12	25d	1	1.37mi
6046 N 61st St Unit 2 Milwaukee, WI	3.0	1.0	1250	$1,395	$1.12	45d	1	1.38mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	25d	1	1.43mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	25d	1	1.43mi
1616 W Bender Rd #213 Glendale, WI	3.0	2.0	1500	$2,795	$1.86	3d	1	1.49mi

Listing history 27 events

1. 2026-06-21
   days on market $174,000 Active 13 DOM
2. 2026-06-18
   days on market $174,000 Active 10 DOM
3. 2026-06-17
   days on market $174,000 Active 9 DOM
4. 2026-06-16
   days on market $174,000 Active 8 DOM
5. 2026-06-15
   days on market $174,000 Active 7 DOM
6. 2026-06-13
   days on market $174,000 Active 5 DOM
7. 2026-06-13
   days on market $174,000 Active 4 DOM
8. 2026-06-08
   pricedays on marketlisting id $174,000 Active 1 DOM
9. 2026-06-03
   days on market $179,000 Active 47 DOM
10. 2026-06-02
    days on market $179,000 Active 46 DOM
11. 2026-06-01
    days on market $179,000 Active 45 DOM
12. 2026-05-31
    days on market $179,000 Active 44 DOM
13. 2026-05-05
    price $184,000 598-char remark

    Show marketing remark (598 chars)

    Welcome to this charming and cozy duplex that offers the perfect blend of comfort, opportunity, and value! Each unit features 2 comfortable bedrooms, making it an ideal setup for homeowners looking to live in one unit while renting the other, or for investors looking to expand their rental portfolio with a solid income-producing property. Upper unit vacant but in the process of getting a rent assistance tenant in place. Seller is open to continue the process or cancel depending on the buyers decision. Also, listed MLS # 1958409, 1959602, 1959609, 1959856, 1959611 will consider a package deal

14. 2026-04-17
    listed $189,900 Active 598-char remark

    Show marketing remark (598 chars)

    Welcome to this charming and cozy duplex that offers the perfect blend of comfort, opportunity, and value! Each unit features 2 comfortable bedrooms, making it an ideal setup for homeowners looking to live in one unit while renting the other, or for investors looking to expand their rental portfolio with a solid income-producing property. Upper unit vacant but in the process of getting a rent assistance tenant in place. Seller is open to continue the process or cancel depending on the buyers decision. Also, listed MLS # 1958409, 1959602, 1959609, 1959856, 1959611 will consider a package deal

15. 2024-07-31
    soldstatus $147,000 Sold 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

16. 2024-07-17
    historical 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

17. 2024-06-22
    historical Contingent 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

18. 2024-06-03
    price $149,900 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

19. 2024-06-03
    status Active 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

20. 2024-05-21
    historical 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

21. 2024-05-06
    price $157,500 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

22. 2024-04-25
    status Active 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

23. 2024-04-20
    historical Contingent 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

24. 2024-04-16
    listed $161,000 Active 374-char remark

    Show marketing remark (374 chars)

    Ready to cash flow ? This fully occupied duplex is currently rented out long term for $1920 a month ! Tons of updates to this cash flowing duplex. Property is professionally managed and has professionally placed tenants. Newer roof and low maintenance exterior. New LVP flooring in upper unit and many other updates throughout. This could be a great addition to a portfolio!

25. 2023-03-23
    soldstatus $140,000 Sold
26. 2023-02-27
    historical Contingent
27. 2023-02-23
    listed $139,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 21% 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: $31,848
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$870
• − Repairs & maintenance: −$2,548
• − Management: −$2,548
• − Depreciation: −$5,062
• Taxable income: $8,464
• Est. tax owed @ 24.0%: −$2,031
• After-tax cash flow: $8,699/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 two-unit property requires moderate renovations to improve its condition and appeal to buyers and renters. Key areas for improvement include updating the kitchen and bathroom, and painting the interior walls.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and small
• Minor exterior siding — some discoloration

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing kitchen would appeal to both buyers and renters
• Both paint interior walls — fresh paint would improve curb appeal and interior aesthetics
• Both replace bathroom fixtures — newer fixtures would enhance both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and small	Moderate	$3,000–15,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing kitchen would appeal to both buyers and renters ↑
• Both paint interior walls — fresh paint would improve curb appeal and interior aesthetics ↑
• Both replace bathroom fixtures — newer fixtures would enhance both resale and rental 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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

+25.2% since first listed

18 events — show timeline

• 2026-06-08 Listed $174,000 METROMLS
• 2026-06-04 Listing Removed — METROMLS
• 2026-05-20 Price Changed $179,000 METROMLS
• 2026-05-05 Price Changed $184,000 METROMLS
• 2026-04-17 Listed $189,900 METROMLS
• 2024-07-31 Sold (MLS) $147,000 METROMLS
• 2024-07-17 Listing Removed — METROMLS
• 2024-06-22 Contingent — METROMLS
• 2024-06-03 Price Changed $149,900 METROMLS
• 2024-06-03 Relisted — METROMLS
• 2024-05-21 Listing Removed — METROMLS
• 2024-05-06 Price Changed $157,500 METROMLS
• 2024-04-25 Relisted — METROMLS
• 2024-04-20 Contingent — METROMLS
• 2024-04-16 Listed $161,000 METROMLS
• 2023-03-23 Sold (MLS) $140,000 METROMLS
• 2023-02-27 Contingent — METROMLS
• 2023-02-23 Listed $139,000 METROMLS