4576 N 38th St · Milwaukee, WI 53209

$79,900

3 bd · 2.0 ba · 1,992 sqft · SingleFamily public records · 5 Days on market

Built 1929 3,484 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large Bungalow on corner lot ready for renovation! This home has 1,992 sq ft with 4 bedrooms plus upper bonus room, 2 bathrooms, and a 1 car detached garage. Some work started including a new roof, electrical, and plumbing. Drain tile exposed both outside and inside basement. No mechanicals present. Property is being sold as-is.

Key facts

• Formal dining room
• Newer roof
• Large bungalow

Tags

• LARGE BUNGALOW
• FORMAL DINING ROOM
• ORIGINAL WOODWORK
• NEW ELECTRICAL PANEL
• WORKING MECHANICALS
• NEWER ROOF

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story single-family home; Less than 1/2 acre lot; Zoned RT3
• Construction: Aluminum/steel exterior construction; Information source lists year built as assessor/public record
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Master bedroom on the upper level; Additional bedrooms on main and upper levels
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Full block basement
• Laundry & utility: Basement utility space

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $806 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Cap rate 18.4% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 43% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $45k; list at $80k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,900

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: 2.15% ✓
• Cap rate: 18.40%
• Cash-on-cash: 43.25%
• DSCR: 2.92
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $231,072
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4576 N 38th St	0.00mi	4/2.0 (+1)	1,992 (0%)	0mo	$79,900	$40	95
4513 N 37th St	0.10mi	3/2.5	2,020 (+1%)	3mo	$235,000	$116	88
4676 N 38th St	0.12mi	3/3.0	2,045 (+3%)	12mo	$238,000	$116	76
4570 N 44th St	0.39mi	4/2.0 (+1)	1,892 (-5%)	3mo	$260,000	$137	66
4611 N 46th St	0.55mi	4/2.0 (+1)	1,900 (-5%)	0mo	$250,000	$132	62
4439 N 27th St	0.68mi	4/2.0 (+1)	1,950 (-2%)	3mo	$190,000	$97	58
4607 N 42nd St	0.27mi	4/2.0 (+1)	1,700 (-15%)	1mo	$195,000	$115	57
4575 N 44th St	0.42mi	4/2.0 (+1)	1,820 (-9%)	7mo	$245,000	$135	55
4515 N 28th St	0.60mi	4/2.5 (+1)	1,971 (-1%)	11mo	$227,000	$115	54
4835 N 40th St	0.36mi	4/2.5 (+1)	2,171 (+9%)	9mo	$256,000	$118	54
4265 N 29th St	0.69mi	4/2.0 (+1)	1,894 (-5%)	3mo	$239,999	$127	52
4827 N 36th St	0.34mi	4/1.0 (+1)	2,240 (+12%)	13mo	$190,000	$85	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: 45.7%
• Equity multiple: 3.12×
• Total profit: $47,528
• Equity at exit: $11,913

10-year hold

• IRR: 53.7%
• Equity multiple: 7.66×
• Total profit: $148,993
• Equity at exit: $6,908

Cash invested: $22,372 (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 53209

• Rents YoY: 8.6%
• Active inventory: 171
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,720 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $806

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 48%

Sensitivity live

Price	-10% $862	-5% $834	+0% $806	+5% $779	+10% $751
Rent	-10% $671	-5% $738	+0% $806	+5% $874	+10% $942
Rate	-1.0pp $847	-0.5pp $827	base $806	+0.5pp $786	+1.0pp $765

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	0.90mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	1.00mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.25mi
3957-3959 N 53rd St Unit 3957 Milwaukee, WI	2.0	1.0	1910	$1,050	$0.55	24d	1	1.29mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	5d	1	1.31mi

Listing history 13 events

1. 2026-04-29
   status Pending
2. 2026-04-24
   listed $79,900 Active
3. 2025-05-20
   historical $700
4. 2025-04-15
   listed $700
5. 2022-12-02
   soldstatus $45,000 Sold 330-char remark

   Show marketing remark (330 chars)

   Large Bungalow on corner lot ready for renovation! This home has 1,992 sq ft with 4 bedrooms plus upper bonus room, 2 bathrooms, and a 1 car detached garage. Some work started including a new roof, electrical, and plumbing. Drain tile exposed both outside and inside basement. No mechanicals present. Property is being sold as-is.

6. 2022-11-21
   status Pending 330-char remark

   Show marketing remark (330 chars)

   Large Bungalow on corner lot ready for renovation! This home has 1,992 sq ft with 4 bedrooms plus upper bonus room, 2 bathrooms, and a 1 car detached garage. Some work started including a new roof, electrical, and plumbing. Drain tile exposed both outside and inside basement. No mechanicals present. Property is being sold as-is.

7. 2022-11-01
   price $44,900 330-char remark

   Show marketing remark (330 chars)

   Large Bungalow on corner lot ready for renovation! This home has 1,992 sq ft with 4 bedrooms plus upper bonus room, 2 bathrooms, and a 1 car detached garage. Some work started including a new roof, electrical, and plumbing. Drain tile exposed both outside and inside basement. No mechanicals present. Property is being sold as-is.

8. 2022-10-18
   price $48,900 330-char remark

   Show marketing remark (330 chars)

   Large Bungalow on corner lot ready for renovation! This home has 1,992 sq ft with 4 bedrooms plus upper bonus room, 2 bathrooms, and a 1 car detached garage. Some work started including a new roof, electrical, and plumbing. Drain tile exposed both outside and inside basement. No mechanicals present. Property is being sold as-is.

9. 2022-09-14
   listed $49,900 Active 330-char remark

   Show marketing remark (330 chars)

   Large Bungalow on corner lot ready for renovation! This home has 1,992 sq ft with 4 bedrooms plus upper bonus room, 2 bathrooms, and a 1 car detached garage. Some work started including a new roof, electrical, and plumbing. Drain tile exposed both outside and inside basement. No mechanicals present. Property is being sold as-is.

10. 2022-09-08
    historical 440-char remark

    Show marketing remark (440 chars)

    Investors or Remodelers! This home is perfect for someone that just like to finish off what the seller didn't. The 5 bedroom bungalow offers. New roof, electrical, plumbing, all new duct work, new drywall, just needs to be taped and mudded. new doors, Outside and inside Foundation is open to drain tiles. Living rm and dining rm has hardwood floors, . The property will be Beautiful when is completed. Seller is looking for a cash offer!

11. 2022-03-25
    listed $80,000 Active 440-char remark

    Show marketing remark (440 chars)

    Investors or Remodelers! This home is perfect for someone that just like to finish off what the seller didn't. The 5 bedroom bungalow offers. New roof, electrical, plumbing, all new duct work, new drywall, just needs to be taped and mudded. new doors, Outside and inside Foundation is open to drain tiles. Living rm and dining rm has hardwood floors, . The property will be Beautiful when is completed. Seller is looking for a cash offer!

12. 1993-04-01
    soldstatus $36,500
13. 1986-09-01
    soldstatus $37,000

ⓘ 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: $20,637
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$2,324
• Taxable income: $8,937
• Est. tax owed @ 24.0%: −$2,145
• After-tax cash flow: $7,532/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): 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

+115.9% since first listed

13 events — show timeline

• 2026-04-29 Pending — METROMLS
• 2026-04-24 Listed $79,900 METROMLS
• 2025-05-20 Rental Removed $700 RENTSPREE
• 2025-04-15 Listed for Rent $700 RENTSPREE
• 2022-12-02 Sold (MLS) $45,000 METROMLS
• 2022-11-21 Pending — METROMLS
• 2022-11-01 Price Changed $44,900 METROMLS
• 2022-10-18 Price Changed $48,900 METROMLS
• 2022-09-14 Listed $49,900 METROMLS
• 2022-09-08 Listing Removed — METROMLS
• 2022-03-25 Listed $80,000 METROMLS
• 1993-04-01 Sold (Public Records) $36,500 Public Records
• 1986-09-01 Sold (Public Records) $37,000 Public Records

Property tax history

+11.6%/yr

Latest (2024): $7,298 · +39.2% YoY. Source: county tax records.