2457 W Congress St #2459 · Milwaukee, WI 53209

$27,500

3 bd · 2.0 ba · 1,726 sqft · MultiFamily · 68 Days on market

Built 1923 5,227 sqft lot $16/sqft · 82% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• 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. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized.

Key facts

• 5,227 sq ft lot
• Garage
• Built 1923

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $28k.

Deal economics

• At list price, monthly cash flow is $977 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $26k (6.0% below list) — sets the bar for market timing.
• Cap rate 48.9% 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 (+8.6%/yr); 168 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 37% of the median local income ($48k/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 $190 of loan paydown is wiped out by about $825 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,850 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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 1923 — 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. 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?
8. 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.
9. 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.
10. 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: 5.37% ✓
• Cap rate: 48.92%
• Cash-on-cash: 152.22%
• DSCR: 7.77
• GRM: 1.6

CMA / ARV

• ARV (median comp): $149,477
• List price: $27,500
• Delta: -81.60%
• 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
4648 N 28th St	0.40mi	3/2.0	1,713 (-1%)	13mo	$70,500	$41	69
4729 N 19th Pl Unit 4729A	0.58mi	3/2.0	1,761 (+2%)	9mo	$195,000	$111	62
4368 N 19th Pl	0.42mi	4/2.0 (+1)	1,666 (-4%)	12mo	$135,000	$81	60
4047 N 19th St #4049	0.62mi	4/2.0 (+1)	1,815 (+5%)	2mo	$134,900	$74	55
2320 W Hope Ave Unit 2320A	0.30mi	4/2.0 (+1)	1,964 (+14%)	10mo	$143,600	$73	50
4045 N 26th St Unit 4045A	0.44mi	4/2.0 (+1)	1,963 (+14%)	2mo	$66,100	$34	50
4364 N 18th St	0.54mi	3/2.0	1,553 (-10%)	10mo	$85,000	$55	50
3946 N 25th St	0.55mi	3/2.0	1,929 (+12%)	6mo	$163,000	$84	50
3955 N 30th St #3957	0.68mi	4/2.0 (+1)	1,568 (-9%)	1mo	$190,000	$121	47
1526 W Congress St	0.68mi	4/2.0 (+1)	1,848 (+7%)	7mo	$142,500	$77	46
3907 N 24th St	0.61mi	4/2.0 (+1)	1,845 (+7%)	15mo	$50,000	$27	43
3860 N 24th Pl	0.66mi	4/2.0 (+1)	1,891 (+10%)	11mo	$65,000	$34	39

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: —
• Equity multiple: 9.52×
• Total profit: $65,582
• Equity at exit: $4,100

10-year hold

• IRR: —
• Equity multiple: 23.45×
• Total profit: $172,830
• Equity at exit: $2,378

Cash invested: $7,700 (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 53209

• Rents YoY: 8.6%
• Active inventory: 168
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,477 high
• Mortgage (P&I): −$144
• Tax est. 1.5%: −$34 /mo · $412/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $977

Break-even live

Break-even rent $241

Max offer price $27,500

Occupancy floor 29%

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: $6,875
• Closing costs: $825
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4355 N 28th St Milwaukee, WI	2.0	1.0	1118	$975	$0.87	21d	1	0.28mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	0.42mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	12d	1	0.96mi
3747 N 16th St Milwaukee, WI	2.0	1.0	1200	$875	$0.73	43d	1	0.98mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	16d	1	1.02mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	1.12mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	43d	1	1.26mi
4048 N 7th St Milwaukee, WI	2.0	1.0	1100	$1,150	$1.05	23d	1	1.28mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	1.28mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	1d	1	1.28mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	43d	1	1.31mi
3908 N 6th St Milwaukee, WI	2.0	1.0	1100	$1,150	$1.05	23d	1	1.39mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	43d	1	1.42mi

Listing history 22 events

1. 2026-06-17
   status $27,500 Pending 68 DOM
2. 2026-06-17
   days on market $27,500 Active 68 DOM
3. 2026-06-16
   days on market $27,500 Active 67 DOM
4. 2026-06-15
   days on market $27,500 Active 66 DOM
5. 2026-06-13
   days on market $27,500 Active 64 DOM
6. 2026-06-13
   days on market $27,500 Active 63 DOM
7. 2026-06-09
   days on market $27,500 Active 60 DOM
8. 2026-06-08
   days on market $27,500 Active 59 DOM
9. 2026-06-07
   days on market $27,500 Active 58 DOM
10. 2026-06-05
    days on market $27,500 Active 55 DOM
11. 2026-06-03
    days on market $27,500 Active 54 DOM
12. 2026-06-02
    days on market $27,500 Active 53 DOM
13. 2026-06-01
    days on market $27,500 Active 52 DOM
14. 2026-05-31
    days on market $27,500 Active 51 DOM
15. 2026-04-10
    listed $27,500 Active 121-char remark

    Show marketing remark (121 chars)

    This is a tax foreclosed property. Offers reviewed upon receipt - no waiting period. Owner-Occupants will be prioritized.

16. 2026-03-02
    historical 408-char remark

    Show marketing remark (408 chars)

    This is a City Of Milwaukee Tax Foreclosure. Discover an incredible opportunity to own this 3-bedroom, 2-bath duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs: $46,740 (Total Scope Of Work: $66,240). Hard Money Investor financing available. Reach out to the listing broker for details.

17. 2026-02-06
    price $55,000 408-char remark

    Show marketing remark (408 chars)

    This is a City Of Milwaukee Tax Foreclosure. Discover an incredible opportunity to own this 3-bedroom, 2-bath duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs: $46,740 (Total Scope Of Work: $66,240). Hard Money Investor financing available. Reach out to the listing broker for details.

18. 2025-10-06
    listed $76,615 Active 408-char remark

    Show marketing remark (408 chars)

    This is a City Of Milwaukee Tax Foreclosure. Discover an incredible opportunity to own this 3-bedroom, 2-bath duplex. With a little TLC, this house can be made a home! Buyers must show proof of funds or financing to cover purchase price & essential repairs. Essential Repairs: $46,740 (Total Scope Of Work: $66,240). Hard Money Investor financing available. Reach out to the listing broker for details.

19. 2025-09-30
    historical
20. 2025-08-29
    listed $76,615 Active
21. 2012-03-27
    listed $85,000
22. 2012-03-27
    historical

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,724
• − Mortgage interest: −$1,540
• − Property taxes: −$412
• − Insurance: −$138
• − Repairs & maintenance: −$1,418
• − Management: −$1,418
• − Depreciation: −$800
• Taxable income: $11,997
• Est. tax owed @ 24.0%: −$2,879
• After-tax cash flow: $8,842/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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

-67.6% since first listed

8 events — show timeline

• 2026-04-10 Listed $27,500 METROMLS
• 2026-03-02 Listing Removed — METROMLS
• 2026-02-06 Price Changed $55,000 METROMLS
• 2025-10-06 Listed $76,615 METROMLS
• 2025-09-30 Listing Removed — METROMLS
• 2025-08-29 Listed $76,615 METROMLS
• 2012-03-27 Listing Removed — METROMLS
• 2012-03-27 Listed $85,000 METROMLS