5009 N 38th St Unit 5009A · Milwaukee, WI 53209

$250,000

4 bd · 3.0 ba · 1,908 sqft · MultiFamily · 3 Days on market

Built 1903 Good condition 7,840 sqft lot

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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 +20.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 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: 2 units. confirmed

Listing remarks

Turnkey investment opportunity! This fully renovated 3/2 duplex or 2/2 with additional in-law suite offers the perfect combination of modern updates, strong rental income, and long-term value. Situated on a spacious double lot, the property features open concept, updated kitchens with granite countertops, vinyl plank flooring, generously sized walk-in closets, and beautifully rebuilt front porches. Enjoy ample off-street parking with a 2-car garage plus two additional parking spaces. Fully rented this is an excellent opportunity for investors seeking immediate cash flow or owner-occupants looking to offset their mortgage with rental income. Whether you're expanding your portfolio or purchas

Key facts

• 7,840 sq ft lot
• 2 garage spots
• Built 1903

Property features AI

Exterior

• Parking: Detached 2-car garage with opener; Additional 1 parking space
• Security: Camera system with 4 cameras included (per listing inclusions)
• Utilities: Municipal water; Municipal sewer; 2 gas meters
• Home design: 2-story duplex with in-law/guest quarter configuration; Multi-family property
• Construction: Built (year source: assessor/public record)
• Exterior features: Vinyl exterior; Lot under 1/2 acre (approx. 0.18 acre); Zoned RT3

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 6 x 10); Two stoves included (per listing inclusions)
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms (master on upper level, approx. 14 x 11; second bedroom approx. 11 x 11)
• Bathrooms: Unit 1: 2 full bathrooms; Unit 2: 1 full bathroom; Full bath on lower level
• Interior features: Walk-out full basement with block construction
• Laundry & utility: One dryer included (per listing inclusions); Washer excluded (tenant's personal property); 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive. Per door: $164/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 7.9% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,601/mo this rent would consume 64% of the median local household income ($48k/yr) (locally 3390% 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 $2k of loan paydown is wiped out by about $8k 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 $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $250,000

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 1903 — 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: 1.04% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.61%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $156,456
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5352 N 39th St Unit 5352A	0.44mi	4/2.0	1,889 (-1%)	2mo	$295,900	$157	72
4572 N 38th St Unit 4572A	0.55mi	4/2.0	1,873 (-2%)	4mo	$110,000	$59	63
4703 N 35th St	0.44mi	4/2.0	1,789 (-6%)	9mo	$147,500	$82	57
3905 W Sheridan Ave Ave #3907	0.61mi	4/2.0	1,960 (+3%)	8mo	$155,000	$79	57
5269 N Sherman Blvd	0.47mi	4/2.0	2,102 (+10%)	4mo	$192,000	$91	54
4568 N 38th St	0.56mi	4/2.0	1,796 (-6%)	8mo	$70,000	$39	54
4783 N 30th St #4785	0.57mi	5/2.5 (+1)	2,050 (+7%)	3mo	$85,000	$41	52
4673 N 36th St	0.45mi	4/2.0	2,120 (+11%)	9mo	$200,000	$94	49
5277 N 38th St	0.35mi	4/2.0	2,182 (+14%)	8mo	$115,000	$53	49
5324 N 48th St	0.72mi	5/2.0 (+1)	1,986 (+4%)	2mo	$240,000	$121	48
5241 N 31st St	0.53mi	4/2.0	1,657 (-13%)	2mo	$104,000	$63	48
5021 N 27th St	0.69mi	5/2.0 (+1)	1,630 (-15%)	5mo	$135,000	$83	30

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: -2.1%
• Equity multiple: 0.92×
• Total profit: $-5,893
• Equity at exit: $37,276

10-year hold

• IRR: 12.4%
• Equity multiple: 2.21×
• Total profit: $84,416
• Equity at exit: $21,615

Cash invested: $70,000 (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: 16.0×

Monthly cashflow live

• Estimated rent: $2,601 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $327

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,602
Total (2 units)			$2,601

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	4d	1	1.27mi
3931 W Kaul Ave Milwaukee, WI	3.0	1.0	1400	$1,695	$1.21	43d	1	1.37mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	43d	1	1.40mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	1.43mi

Listing history 4 events

1. 2026-06-18
   days on market $250,000 Active 3 DOM
2. 2026-06-17
   days on market $250,000 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $250,000 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: $31,212
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,497
• − Management: −$2,497
• − Depreciation: −$7,273
• Taxable loss: −$59
• Est. tax savings @ 24.0%: +$14
• After-tax cash flow: $3,939/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 · 9 photos

Good 75/100 Cosmetic rehab

This fully renovated 3/2 duplex or 2/2 with an additional in-law suite offers modern updates and strong rental income potential.

Value-add opportunities

• Both landscaping — improves curb appeal and rental value
• Both painting — refreshes interior and exterior
• Both landscaping — enhances curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — improves curb appeal and rental value ↑
• Both painting — refreshes interior and exterior ↑
• Both landscaping — enhances curb appeal and rental 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): 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

1 event — show timeline

• 2026-06-13 Listed $250,000 METROMLS