3645 N 37th St Unit 3705 W Nash · Milwaukee, WI 53216

$169,900

4 bd · 2.0 ba · 1,968 sqft · Condo · 69 Days on market

Built 1945 Fair condition $86/sqft · 30% above area Est $130k · 30% over

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Why this score? — see what drove the D 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 +17.1/30.0
• Appreciation +5.7/10.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Rare 2/2 brick side by side duplex. 2 car garage has been sided and has a newer roof. House roof is newer as well. Long term tenants have been there for 20 plus years.

Key facts

• Newer roof
• 2 car garage
• 5,227 sq ft lot

Tags

• BRICK SIDE BY SIDE DUPLEX
• 2 CAR GARAGE
• NEWER ROOF

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $170k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $119 ($1k/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 $164k (3.7% below list).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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 (+7.0%/yr); 130 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 42% 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 $48k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.96% ✗
• Cap rate: 7.13%
• Cash-on-cash: 3.00%
• DSCR: 1.13
• GRM: 8.6

CMA / ARV

• ARV (median comp): $130,489
• List price: $169,900
• Delta: 30.20%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3119 N 34th St Unit A	0.61mi	4/2.0	1,936 (-2%)	20mo	$95,294	$49	52

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: 8.1%
• Equity multiple: 1.43×
• Total profit: $20,402
• Equity at exit: $60,922

10-year hold

• IRR: 14.2%
• Equity multiple: 2.97×
• Total profit: $93,589
• Equity at exit: $83,269

Cash invested: $47,572 (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: 130
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,637 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $119

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 88%

Sensitivity live

Price	-10% $236	-5% $178	+0% $119	+5% $60	+10% $2
Rent	-10% $-10	-5% $54	+0% $119	+5% $184	+10% $248
Rate	-1.0pp $205	-0.5pp $162	base $119	+0.5pp $75	+1.0pp $30

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 13 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	45d	1	0.43mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	6d	1	0.63mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	25d	1	0.64mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	25d	1	0.71mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	45d	1	1.01mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	45d	1	1.03mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	18d	1	1.04mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	18d	1	1.08mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	45d	1	1.08mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	45d	1	1.18mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	3d	1	1.20mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	1.37mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	4d	1	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-02
   status $169,900 Pending 69 DOM
2. 2026-06-01
   days on market $169,900 Active 69 DOM
3. 2026-05-31
   days on market $169,900 Active 68 DOM
4. 2026-03-24
   listed $169,900 Active 167-char remark

   Show marketing remark (167 chars)

   Rare 2/2 brick side by side duplex. 2 car garage has been sided and has a newer roof. House roof is newer as well. Long term tenants have been there for 20 plus years.

ⓘ 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) · 67% 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: $19,644
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$4,943
• Taxable loss: −$1,357
• Est. tax savings @ 24.0%: +$326
• After-tax cash flow: $1,754/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 · 3 photos

Fair 45/100 Moderate rehab

A moderate rehab project is needed to address a cracked driveway and improve curb appeal, both of which can significantly increase the property's value.

Repairs flagged

• Major Driveway — Significant cracking and exposed rebar
• Minor Landscaping — Some dead grass and bare trees

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Landscaping — Improves curb appeal and rental appeal
• Both Replace driveway — Fixes major structural issue and improves safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
Driveway · Significant cracking and exposed rebar	Major	$15,000–50,000
Landscaping · Some dead grass and bare trees	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and rental appeal ↑
• Both Replace driveway — Fixes major structural issue and improves safety ↑

ⓘ 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): 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

1 event — show timeline

• 2026-03-24 Listed $169,900 METROMLS