2039 N 39th St #2041 · Milwaukee, WI 53208

$84,100

6 bd · 2.0 ba · 2,650 sqft · MultiFamily · 1 Days on market

Built 1911 Poor condition 3,484 sqft lot $32/sqft · 14% below area Est $98k · 14% under

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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
• ARV discount +13.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants ONLY. BIDS DUE May 18th, 2026 AT 10:00am

Key facts

• 3,484 sq ft lot
• Built 1911

Property features AI

Finance

• Other: Lot size approx. 0.08 acre (less than 1/2 acre)

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Duplex, 2-story multi-family property; Zoning: RT4
• Construction: Assessor/public record used for year built
• Exterior features: Aluminum/steel and vinyl exterior

Interior

• Kitchen: Unit 2 kitchen located on lower level (approx. 10 x 10)
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master on lower level, approx. 10 x 10)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $84k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• Cap rate 25.8% 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 (+10.8%/yr); 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,464/mo this rent would consume 56% of the median local household income ($53k/yr) (locally 1568% 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 $581 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,100

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.93% ✓
• Cap rate: 25.77%
• Cash-on-cash: 69.58%
• DSCR: 4.10
• GRM: 2.8

CMA / ARV

• ARV (median comp): $97,882
• List price: $84,100
• Delta: -14.08%
• 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
2200 N 42nd St #2202	0.20mi	6/2.0	2,565 (-3%)	0mo	$37,000	$14	85
3903 W Walnut St #3905	0.36mi	6/2.0	2,600 (-2%)	1mo	$84,000	$32	79
2328 N 45th St #2330	0.45mi	7/2.0 (+1)	2,622 (-1%)	2mo	$175,000	$67	71
2201 N 33rd St	0.40mi	6/2.0	2,446 (-8%)	3mo	$186,300	$76	66
2107 N 48th St #2109	0.57mi	6/2.0	2,552 (-4%)	3mo	$250,000	$98	65
1800 N 36th St	0.35mi	6/2.0	2,320 (-12%)	1mo	$147,700	$64	62
2114 N 28th St #2116	0.72mi	6/2.0	2,682 (+1%)	3mo	$180,500	$67	62
2403 N 49th St #2405	0.74mi	6/2.0	2,642 (-0%)	4mo	$162,888	$62	61
2139 N 48th St #2141	0.57mi	6/2.0	2,866 (+8%)	1mo	$219,000	$76	59
2338 N 45th St #2340	0.47mi	6/2.0	2,304 (-13%)	2mo	$170,000	$74	55
3127 W Garfield Ave #3129	0.48mi	5/2.0 (-1)	2,332 (-12%)	0mo	$130,000	$56	52
4907 W Vine St	0.65mi	6/2.0	2,900 (+9%)	3mo	$465,000	$160	52

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: 74.7%
• Equity multiple: 4.67×
• Total profit: $86,392
• Equity at exit: $12,540

10-year hold

• IRR: 79.8%
• Equity multiple: 11.47×
• Total profit: $246,622
• Equity at exit: $7,271

Cash invested: $23,548 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 92
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,464 high
• Mortgage (P&I): −$441
• Tax est. 1.5%: −$105 /mo · $1,262/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $1,365

Break-even live

Break-even rent $736

Max offer price $84,100

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,464
Total (2 units)			$2,464

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: $21,025
• Closing costs: $2,523
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.85mi

Listing history 2 events

1. 2026-06-17
   statusdays on marketlisting id $84,100 Active 1 DOM
2. 2026-04-13
   listed $84,100 Active 220-char remark

   Show marketing remark (220 chars)

   This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants ONLY. BIDS DUE May 18th, 2026 AT 10:00am

ⓘ 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: $29,568
• − Mortgage interest: −$4,711
• − Property taxes: −$1,262
• − Insurance: −$420
• − Repairs & maintenance: −$2,365
• − Management: −$2,365
• − Depreciation: −$2,447
• Taxable income: $15,998
• Est. tax owed @ 24.0%: −$3,839
• After-tax cash flow: $12,545/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 · 1 photo

Poor 20/100 Extensive rehab

This foreclosed property requires extensive repairs and updates to bring it up to a livable condition. Significant investment is needed to address the deteriorated exterior, roof, flooring, HVAC, and landscaping to increase its resale and rental value.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major roof — Missing shingles
• Major flooring — Worn-out carpet
• Major HVAC/mechanicals — No visible systems, likely outdated
• Major landscaping — Overgrown lawn and unkempt appearance

Value-add opportunities

• Both new siding — Enhances curb appeal and durability
• Both new roof — Improves structural integrity and appearance
• Both new flooring — Updates interior and enhances comfort
• Both HVAC system — Improves comfort and energy efficiency
• Both landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and peeling	Major	$15,000–50,000
roof · Missing shingles	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
HVAC/mechanicals · No visible systems, likely outdated	Major	$15,000–50,000
landscaping · Overgrown lawn and unkempt appearance	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both new siding — Enhances curb appeal and durability ↑
• Both new roof — Improves structural integrity and appearance ↑
• Both new flooring — Updates interior and enhances comfort ↑
• Both HVAC system — Improves comfort and energy efficiency ↑
• Both landscaping — Enhances curb appeal and property 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): 27,201
• Household income: $52,690
• Rent vs Own: 60.8% rent · 39.2% own
• Severe rent burden: 1568.0

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 0.69)
• Race & ethnicity: Black 41% White 36% Hispanic / Latino 10% Asian 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 6% Spanish 6% 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: ▼ -123.92%
• Current HPI: 333.7268
• Rent YoY: ▲ 10.78%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-17 Listed $84,100 METROMLS
• 2026-05-20 Listing Removed — METROMLS
• 2026-04-13 Listed $84,100 METROMLS