2677 N 39th St #2679 · Milwaukee, WI 53210

$145,000

4 bd · 2.0 ba · 2,459 sqft · MultiFamily · 10 Days on market

Built 1921 4,356 sqft lot Est $120k · 20% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Don't miss this fantastic opportunity to own a large, two-family property perfect for owner-occupancy or as a cash-flowing investment. This classic 1921 duplex is loaded with character, featuring beautiful natural woodwork and a stucco exteriorLower Unit: This 3-bed, 1-bath unit features a spacious living room and a formal dining room. Hardwood floors, a kitchen with a built-in hutch, and a full bath with built-in storage. Upper Unit: A 2-bed, 1-bath unit with a living room, formal dining room, and a private side balcony. Includes a full basement and a detached 2-car garage with alley entrance. Tenants pay their own gas and electricity with separate meters. A great opportunity!

Key facts

• Natural woodwork
• Formal dining room
• Stucco exterior

Tags

• NATURAL WOODWORK
• STUCCO EXTERIOR
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• BUILT-IN HUTCH
• BUILT-IN STORAGE

Property features AI

Finance

• HOA & community: Annual HOA fee listed as $5 (frequency unknown)

Exterior

• Parking: Detached 2-car garage; Total of 2 garage parking spaces
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoned RT2
• Construction: Information source for year built: Assessor/Public Record
• Exterior features: Stucco/slate exterior; Lot less than 1/2 acre

Interior

• Kitchen: Unit 2 kitchen located on lower level (approx. 12 x 9)
• Bedrooms: Unit 1 has 3 bedrooms; Unit 2 has 2 bedrooms (master on lower level, approx. 12 x 12)
• Bathrooms: Each unit has 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $738 ($9k/yr) — positive. Per door: $369/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 12.4% 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 (+3.8%/yr); 142 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,202/mo this rent would consume 55% of the median local household income ($48k/yr) (locally 1730% 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 $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.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 17y 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 $145k implies a 222% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.52% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.80%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $120,491
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2661 N 39th St #2663	0.02mi	4/2.0	2,469 (+0%)	2mo	$145,000	$59	97
2607 N 40th St #2609	0.12mi	4/2.0	2,430 (-1%)	6mo	$98,500	$41	88
2631 N 33rd St #2633	0.36mi	4/2.0	2,470 (+0%)	1mo	$72,500	$29	82
2706 N 37th St #2708	0.15mi	4/2.0	2,216 (-10%)	4mo	$85,000	$38	73
2838 N 40th St #2840	0.20mi	4/2.0	2,202 (-10%)	2mo	$65,000	$30	71
2342 N 45th St #2344	0.56mi	4/2.0	2,577 (+5%)	3mo	$125,000	$49	63
2229 N 41st St #2231	0.56mi	4/2.0	2,346 (-5%)	5mo	$139,500	$59	63
2924 N 48th St	0.63mi	4/2.0	2,518 (+2%)	5mo	$250,000	$99	62
2118 N 38th St #2120	0.68mi	4/2.0	2,341 (-5%)	0mo	$62,500	$27	60
2848 N 50th St	0.72mi	4/2.0	2,222 (-10%)	5mo	$122,000	$55	46
4228 W Auer Ave #4230	0.68mi	4/2.0	2,148 (-13%)	5mo	$106,000	$49	43
2813 N 49th St #2815	0.67mi	4/2.0	2,800 (+14%)	5mo	$135,000	$48	41

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.62×
• Total profit: $25,341
• Equity at exit: $21,620

10-year hold

• IRR: 24.7%
• Equity multiple: 3.22×
• Total profit: $90,329
• Equity at exit: $12,537

Cash invested: $40,600 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,202 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $738

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,202
Total (2 units)			$2,202

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.73mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	43d	1	0.76mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	14d	1	0.88mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	1.07mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.40mi

Listing history 8 events

1. 2026-06-18
   days on market $145,000 Active 10 DOM
2. 2026-06-17
   days on market $145,000 Active 9 DOM
3. 2026-06-16
   days on market $145,000 Active 8 DOM
4. 2026-06-15
   days on market $145,000 Active 7 DOM
5. 2026-06-13
   days on market $145,000 Active 5 DOM
6. 2026-06-13
   days on market $145,000 Active 4 DOM
7. 2026-06-08
   remarks 687-char remark
8. 2026-06-08
   listed $145,000 Active 1 DOM

ⓘ 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: $26,424
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$2,114
• − Management: −$2,114
• − Depreciation: −$4,218
• Taxable income: $6,956
• Est. tax owed @ 24.0%: −$1,669
• After-tax cash flow: $7,181/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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% 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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

+314.3% since first listed

13 events — show timeline

• 2026-06-01 Listed $145,000 METROMLS
• 2026-01-26 Listing Removed — METROMLS
• 2025-10-27 Listed $164,900 METROMLS
• 2021-10-08 Sold (MLS) $45,000 METROMLS
• 2021-09-13 Pending — METROMLS
• 2021-09-08 Price Changed $49,900 METROMLS
• 2021-09-01 Price Changed $59,900 METROMLS
• 2021-08-24 Listed $69,900 METROMLS
• 2010-12-21 Listed $25,000 METROMLS
• 2010-12-21 Listing Removed — METROMLS
• 2009-12-07 Sold (MLS) $12,000 METROMLS
• 2009-10-01 Listing Removed — METROMLS
• 2009-10-01 Listed $35,000 METROMLS