4501 W Good Hope Rd · Milwaukee, WI 53223

$149,900

3 bd · 1.5 ba · 910 sqft · SingleFamily public records · 27 Days on market

Built 1979 9,583 sqft lot $165/sqft · 27% below area Est $205k · 27% 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 +18.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice cozy ranch home in handy area with large lot, side drive and many updates over the years. This property has been a long time rental and still is.

Key facts

• Many updates
• Large lot
• Side drive

Tags

• LARGE LOT
• SIDE DRIVE
• MANY UPDATES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: 46 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 30% of the median local income ($61k/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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($148k) 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.
• Current owner paid $28k; list at $150k implies a 445% gain — meaningful room to come down on a strong offer.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — 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: 1.03% ✓
• Cap rate: 7.45%
• Cash-on-cash: 4.14%
• DSCR: 1.18
• GRM: 8.1

CMA / ARV

• ARV (median comp): $204,794
• List price: $149,900
• Delta: -26.80%
• 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
4627 W Kiley Ave	0.20mi	3/1.5	991 (+9%)	0mo	$270,000	$272	76
7083 N 43rd St	0.17mi	2/1.0 (-1)	966 (+6%)	2mo	$155,000	$160	73
7112 N 42nd St	0.25mi	2/1.0 (-1)	936 (+3%)	10mo	$168,000	$179	68
7068 N 38th Ct	0.55mi	3/1.5	988 (+9%)	6mo	$140,000	$142	55
4123 W Good Hope Rd	0.26mi	2/1.0 (-1)	1,037 (+14%)	4mo	$104,000	$100	55
7119 N 39th St	0.44mi	2/2.0 (-1)	988 (+9%)	7mo	$222,000	$225	53
3909 W Tupelo St	0.45mi	3/1.0	1,007 (+11%)	11mo	$240,000	$238	50
5222 W Hemlock Rd	0.54mi	3/1.5	1,031 (+13%)	5mo	$262,000	$254	48
7106 N 37th St	0.59mi	3/1.5	1,035 (+14%)	2mo	$220,000	$213	48
4107 W Calumet Rd	0.58mi	3/1.0	837 (-8%)	14mo	$210,000	$251	46
6622 N 43rd St	0.72mi	3/1.5	1,011 (+11%)	14mo	$200,000	$198	37
7728 N Sherman Blvd	0.73mi	2/1.0 (-1)	780 (-14%)	14mo	$177,000	$227	23

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-15,010
• Equity at exit: $22,351

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-991
• Equity at exit: $12,961

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 53223

• Home prices YoY: -27.7%
• Active inventory: 46
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,543 high
• Mortgage (P&I): −$786
• Tax from tax record: −$225 /mo · $2,705/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $145

Break-even live

Break-even rent $1,359

Max offer price $149,900

Occupancy floor 86%

Sensitivity live

Price	-10% $230	-5% $187	+0% $145	+5% $103	+10% $60
Rent	-10% $23	-5% $84	+0% $145	+5% $206	+10% $267
Rate	-1.0pp $220	-0.5pp $183	base $145	+0.5pp $106	+1.0pp $67

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 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4127 W Kiley Ave Unit A Milwaukee, WI	3.0	1.0	1025	$1,250	$1.22	44d	1	0.34mi
7233 N 38th St Unit 7 Milwaukee, WI	2.0	1.0	675	$1,075	$1.59	44d	1	0.48mi
5401 W Presidio Ln Milwaukee, WI	2.0	2.0	1200	$1,685	$1.40	2d	13	0.53mi
5005 W Bradley Rd Milwaukee, WI	2.0	1.0	1064	$1,299	$1.22	15d	2	1.03mi
6535 N 58th St Milwaukee, WI	2.0	1.0	962	$1,195	$1.24	18d	1	1.12mi
6600 N Sidney Pl Glendale, WI	1.0–2.0	1.0	800	$1,587	$1.98	4d	13	1.29mi
6148 N 39th St Milwaukee, WI	2.0	1.0	792	$1,175	$1.48	44d	1	1.31mi
6110 N 39th St Milwaukee, WI	2.0	1.0	703	$1,395	$1.98	5d	1	1.36mi
6401 W Bradley Rd Milwaukee, WI	1.0–3.0	1.0–2.5	882	$1,750	$1.98	2d	2	1.48mi

Listing history 15 events

1. 2026-05-07
   status Pending 150-char remark

   Show marketing remark (150 chars)

   Nice cozy ranch home in handy area with large lot, side drive and many updates over the years. This property has been a long time rental and still is.

2. 2026-04-28
   status Active 150-char remark

   Show marketing remark (150 chars)

   Nice cozy ranch home in handy area with large lot, side drive and many updates over the years. This property has been a long time rental and still is.

3. 2026-04-22
   historical Contingent 150-char remark

   Show marketing remark (150 chars)

   Nice cozy ranch home in handy area with large lot, side drive and many updates over the years. This property has been a long time rental and still is.

4. 2026-04-10
   listed $149,900 Active 150-char remark

   Show marketing remark (150 chars)

   Nice cozy ranch home in handy area with large lot, side drive and many updates over the years. This property has been a long time rental and still is.

5. 2023-06-25
   historical
6. 2013-05-11
   historical 341-char remark

   Show marketing remark (341 chars)

   HUD Case # 581-289674. Property is HUD owned and offered ''As-Is'' without repairs or warranties. Offered to Owner-Occupant buyers first. There is a consumer website for more information but the MLS will not let me disclose the website in this section. Good location with nice views across street. Some work needed but is priced accordingly.

7. 2013-05-11
   listed $42,415 341-char remark

   Show marketing remark (341 chars)

   HUD Case # 581-289674. Property is HUD owned and offered ''As-Is'' without repairs or warranties. Offered to Owner-Occupant buyers first. There is a consumer website for more information but the MLS will not let me disclose the website in this section. Good location with nice views across street. Some work needed but is priced accordingly.

8. 2013-05-11
   listed $50,850

   Show marketing remark (341 chars)

   HUD Case # 581-289674. Property is HUD owned and offered ''As-Is'' without repairs or warranties. Offered to Owner-Occupant buyers first. There is a consumer website for more information but the MLS will not let me disclose the website in this section. Good location with nice views across street. Some work needed but is priced accordingly.

9. 2013-05-11
   historical

   Show marketing remark (341 chars)

   HUD Case # 581-289674. Property is HUD owned and offered ''As-Is'' without repairs or warranties. Offered to Owner-Occupant buyers first. There is a consumer website for more information but the MLS will not let me disclose the website in this section. Good location with nice views across street. Some work needed but is priced accordingly.

10. 2013-05-11
    historical

    Show marketing remark (341 chars)

    HUD Case # 581-289674. Property is HUD owned and offered ''As-Is'' without repairs or warranties. Offered to Owner-Occupant buyers first. There is a consumer website for more information but the MLS will not let me disclose the website in this section. Good location with nice views across street. Some work needed but is priced accordingly.

11. 2013-05-11
    listed $50,850

    Show marketing remark (341 chars)

    HUD Case # 581-289674. Property is HUD owned and offered ''As-Is'' without repairs or warranties. Offered to Owner-Occupant buyers first. There is a consumer website for more information but the MLS will not let me disclose the website in this section. Good location with nice views across street. Some work needed but is priced accordingly.

12. 2011-07-11
    soldstatus $27,500 341-char remark

    Show marketing remark (341 chars)

    HUD Case # 581-289674. Property is HUD owned and offered ''As-Is'' without repairs or warranties. Offered to Owner-Occupant buyers first. There is a consumer website for more information but the MLS will not let me disclose the website in this section. Good location with nice views across street. Some work needed but is priced accordingly.

13. 2002-08-29
    soldstatus $95,200
14. 1998-04-15
    soldstatus $59,900
15. 1998-03-01
    soldstatus $59,900

ⓘ 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: $2,705 · $225/mo
• Projected year-2 tax: $2,739 · $228/mo
• Expected delta: +$34/yr (+$3/mo · 1.3%)

ⓘ 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: $18,516
• − Mortgage interest: −$8,397
• − Property taxes: −$2,705
• − Insurance: −$750
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − Depreciation: −$4,361
• Taxable loss: −$659
• Est. tax savings @ 24.0%: +$158
• After-tax cash flow: $1,898/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): 28,793
• Household income: $60,839
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 1084.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 57% White 29% Asian 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Other Asian/Pacific 4% Spanish 2% French/Haitian/Cajun 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: ▼ -108.51%
• Current HPI: 283.4147
• Rent YoY: —
• 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

+150.3% since first listed

15 events — show timeline

• 2026-05-07 Pending — METROMLS
• 2026-04-28 Relisted — METROMLS
• 2026-04-22 Contingent — METROMLS
• 2026-04-10 Listed $149,900 METROMLS
• 2023-06-25 Rental Removed — APPFOLIO
• 2013-05-11 Listed $42,415 METROMLS
• 2013-05-11 Listing Removed — METROMLS
• 2013-05-11 Listing Removed — METROMLS
• 2013-05-11 Listed $50,850 METROMLS
• 2013-05-11 Listed $50,850 METROMLS
• 2013-05-11 Listing Removed — METROMLS
• 2011-07-11 Sold (MLS) $27,500 METROMLS
• 2002-08-29 Sold (Public Records) $95,200 Public Records
• 1998-04-15 Sold (Public Records) $59,900 Public Records
• 1998-03-01 Sold (Public Records) $59,900 Public Records

Property tax history

+1.6%/yr

Latest (2024): $2,705 · +14.5% YoY. Source: county tax records.