1813 W Burnham St · Milwaukee, WI 53204

$198,900

5 bd · 1.0 ba · 1,765 sqft · SingleFamily · 78 Days on market

Built 1900 2,613 sqft lot Est $226k · 12% under ↓ 5% since listing

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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 +17.8/30.0
• ARV discount +12.9/15.0
• Appreciation +10.0/10.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks

Welcome to 1813 W Burnham Street -- a beautifully updated former duplex now converted into a spacious single-family home. This 5-bedroom, 1-bath property features brand-new luxury plank flooring and fresh carpet throughout. Enjoy peace of mind with new siding, a newer roof, and a brand-new furnace -- all the major updates are already done for you. The home offers plenty of space for family, work, or entertaining, and is completely move-in ready. Conveniently located near parks, schools, and local amenities. Highlights: 5 bedrooms, 1 bathroom Former duplex converted into a single-family home Brand-new furnace New siding and newer roof (approximately 2 years old) All-new plank flooring and c

Key facts

• Move-in ready
• New siding
• Newer roof

Tags

• BRAND-NEW FURNACE
• NEW SIDING
• NEWER ROOF
• ALL-NEW PLANK FLOORING
• FRESH CARPET
• MOVE-IN READY

Property features AI

Finance

• Other: Fridge and stove included in the sale

Exterior

• Utilities: Municipal water; Natural gas
• Home design: Two-story single-family home; Residential zoning
• Construction: Assessor/public record for year built
• Exterior features: Vinyl exterior; Lot less than 1/2 acre

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Bedroom 2 — 12 x 12 (Main level); Bedroom 3 — 12 x 15 (Main level); Bedroom 4 — 12 x 15 (Lower level); Bedroom 5 — 12 x 16 (Lower level)
• Bathrooms: Full bathroom with ceramic tile and shower over tub
• Heating & cooling: Radiant / hot water heating (natural gas)
• Interior features: Living room (25 x 14); No basement (slab foundation)

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $162 ($2k/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 $195k (2.2% below list).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (+2.0%/yr); 55 active listings in the ZIP; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $1,945/mo this rent would consume 51% of the median local household income ($46k/yr) (locally 2357% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 2.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,966 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 7.27%
• Cash-on-cash: 3.49%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $225,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2045 S 15th Pl	0.26mi	4/2.0 (-1)	1,835 (+4%)	3mo	$200,000	$109	70
2402 S 20th St	0.63mi	5/2.0	1,764 (-0%)	1mo	$225,000	$128	66
1579 S 21st St	0.36mi	4/3.0 (-1)	1,792 (+2%)	6mo	$250,000	$140	63
1302 S 21st St	0.58mi	4/1.0 (-1)	1,638 (-7%)	0mo	$111,000	$68	56
2026 S 14th St	0.37mi	4/2.0 (-1)	1,870 (+6%)	11mo	$235,000	$126	54
1963 S 20th St	0.15mi	4/2.0 (-1)	2,000 (+13%)	11mo	$270,000	$135	53
1642 S Layton Blvd	0.63mi	4/1.0 (-1)	1,657 (-6%)	3mo	$135,000	$81	53
2604 W Lincoln Ave	0.72mi	5/2.0	1,893 (+7%)	7mo	$250,000	$132	44
2054 S 29th St	0.75mi	4/2.0 (-1)	1,900 (+8%)	3mo	$245,000	$129	41
1139 S 23rd St	0.72mi	4/1.5 (-1)	1,866 (+6%)	11mo	$160,000	$86	41
2122 S 24th St	0.47mi	5/3.0	1,500 (-15%)	12mo	$240,000	$160	35
2143 S Layton Blvd	0.69mi	4/3.0 (-1)	1,994 (+13%)	1mo	$200,000	$100	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 2.0% rent growth · sell at horizon

5-year hold

• IRR: 26.4%
• Equity multiple: 3.10×
• Total profit: $116,739
• Equity at exit: $179,185

10-year hold

• IRR: 22.9%
• Equity multiple: 6.96×
• Total profit: $331,945
• Equity at exit: $386,419

Cash invested: $55,692 (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 53204

• Home prices YoY: 19.0%
• Rents YoY: 2.0%
• Active inventory: 55
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,945 medium
• Mortgage (P&I): −$1,043
• Tax est. 1.5%: −$249 /mo · $2,984/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $162

Break-even live

Break-even rent $1,740

Max offer price $198,900

Occupancy floor 87%

Sensitivity live

Price	-10% $300	-5% $231	+0% $162	+5% $93	+10% $25
Rent	-10% $8	-5% $85	+0% $162	+5% $239	+10% $316
Rate	-1.0pp $262	-0.5pp $213	base $162	+0.5pp $111	+1.0pp $58

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: $49,725
• Closing costs: $5,967
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-29
   status Pending
2. 2026-04-16
   price $198,900
3. 2026-03-31
   price $199,900
4. 2026-02-10
   listed $209,990 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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,341
• − Mortgage interest: −$11,141
• − Property taxes: −$2,984
• − Insurance: −$994
• − Repairs & maintenance: −$1,867
• − Management: −$1,867
• − Depreciation: −$5,786
• Taxable loss: −$1,299
• Est. tax savings @ 24.0%: +$312
• After-tax cash flow: $2,256/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): 39,996
• Household income: $45,934
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 2357.0

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 Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 35% White 15% Black 11% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 51% Puerto Rican 13%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 35% English-only · Spanish 61% Other Asian/Pacific 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: ▲ 64.27%
• Current HPI: 403.236
• Rent YoY: ▲ 2.00%
• 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

-5.3% since first listed

4 events — show timeline

• 2026-04-29 Pending — METROMLS
• 2026-04-16 Price Changed $198,900 METROMLS
• 2026-03-31 Price Changed $199,900 METROMLS
• 2026-02-10 Listed $209,990 METROMLS