4324 W Lisbon Ave · Milwaukee, WI 53208

$40,000

3 bd · 2.0 ba · 1,777 sqft · MultiFamily public records · 143 Days on market

Built 1911 3,920 sqft lot

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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 +5.0/5.0
• 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: 2 units. confirmed

Listing remarks MLS

2/2 bdrm duplex with 2 car garage great cashflow!

Key facts

• 3,920 sq ft lot
• Garage
• Built 1911

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $762/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 52.0% 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; 30 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).
• At $2,278/mo this rent would consume 52% 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 $277 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $30k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 5.70% ✓
• Cap rate: 51.99%
• Cash-on-cash: 163.20%
• DSCR: 8.26
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $127,944
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4324 W Lisbon Ave	0.00mi	3/2.0	1,777 (0%)	0mo	$36,000	$20	100
2149 N 41st St	0.17mi	4/2.0 (+1)	1,931 (+9%)	1mo	$33,000	$17	72
1619 N 49th St	0.55mi	3/2.0	1,810 (+2%)	1mo	$300,000	$166	70
2013 N 41st St #2015	0.21mi	4/2.0 (+1)	1,876 (+6%)	16mo	$40,000	$21	63
1950 N 40th St #1952	0.30mi	4/2.0 (+1)	1,909 (+7%)	10mo	$130,000	$68	60
1900 N 55th St Unit 1900A	0.71mi	3/2.0	1,802 (+1%)	7mo	$225,000	$125	59
2616 N 38th St	0.68mi	4/2.0 (+1)	1,887 (+6%)	2mo	$117,500	$62	51
1817 N 36th St #1819	0.58mi	4/2.0 (+1)	1,884 (+6%)	12mo	$135,000	$72	48
2202 N 55th St	0.68mi	4/2.0 (+1)	1,688 (-5%)	12mo	$230,000	$136	45
1536 N 38th St #1538	0.65mi	4/2.0 (+1)	1,970 (+11%)	6mo	$135,000	$69	41
2241 N 54th St	0.66mi	3/2.0	1,518 (-15%)	9mo	$266,000	$175	38
1346 N 45th Street North St Unit 1346A	0.69mi	4/2.0 (+1)	2,021 (+14%)	14mo	$152,600	$76	28

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: 10.16×
• Total profit: $102,604
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 25.04×
• Total profit: $269,198
• Equity at exit: $3,458

Cash invested: $11,200 (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: 2.9×

Monthly cashflow live

• Estimated rent: $2,278 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $1,523

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 28%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,278
Total (2 units)			$2,278

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	1d	1	0.34mi
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	16d	1	0.45mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	43d	1	0.50mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	23d	1	0.60mi
1750 N 53rd St Unit 1750 Milwaukee, WI	2.0	1.0	1500	$1,500	$1.00	16d	1	0.65mi
1609 N 52nd St Unit Upper Milwaukee, WI	2.0	1.0	1518	$1,648	$1.09	2d	1	0.70mi
1607 N 52nd St Unit Lower Milwaukee, WI	2.0	1.0	1518	$1,648	$1.09	2d	1	0.71mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	43d	1	0.71mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	23d	1	0.74mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	2d	1	0.74mi
2842 N 47th St Milwaukee, WI	2.0	1.0	1500	$1,100	$0.73	43d	1	0.90mi
1609 N 57th St Milwaukee, WI	2.0	1.0	1400	$1,650	$1.18	16d	1	0.94mi
1551 N 57th St Milwaukee, WI	2.0	1.0	1400	$1,795	$1.28	43d	1	0.95mi
2841 N 49th St Milwaukee, WI	2.0	1.0	1237	$1,098	$0.89	43d	1	0.95mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	16d	1	1.10mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	16d	1	1.11mi
2947 N 54th St #2945 Milwaukee, WI	2.0	1.0	1244	$1,050	$0.84	14d	1	1.22mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.23mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.24mi
4802 W Wells St Unit 4802-1 Milwaukee, WI	3.0	2.0	1700	$1,799	$1.06	43d	1	1.28mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	1.31mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	43d	1	1.33mi
1239 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1300	$1,400	$1.08	44d	1	1.33mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	23d	1	1.36mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	43d	1	1.39mi
6100 W State St Wauwatosa, WI	1.0–3.0	1.0–2.0	1160	$3,017	$2.60	1d	20	1.39mi
2478-2480 W Juneau Ave Unit 2478 Milwaukee, WI	4.0	1.0	1375	$1,495	$1.09	23d	1	1.42mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	2d	1	1.44mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	1.45mi
2419 W McKinley Ave Milwaukee, WI	2.0	1.0	1852	$1,200	$0.65	43d	1	1.45mi

Listing history 14 events

1. 2026-02-26
   status Pending
2. 2025-11-12
   price $40,000
3. 2025-10-06
   listed $69,900 Active
4. 2020-12-03
   soldstatus $187,500
5. 2019-05-09
   soldstatus $50,000
6. 2019-04-19
   soldstatus $50,000 Sold 49-char remark

   Show marketing remark (49 chars)

   2/2 bdrm duplex with 2 car garage great cashflow!

7. 2019-02-04
   historical Contingent 49-char remark

   Show marketing remark (49 chars)

   2/2 bdrm duplex with 2 car garage great cashflow!

8. 2018-12-21
   listed $70,000 Active 49-char remark

   Show marketing remark (49 chars)

   2/2 bdrm duplex with 2 car garage great cashflow!

9. 2013-11-13
   historical 351-char remark

   Show marketing remark (351 chars)

   Wow! Redone duplex is so clean and appealing! New walls, knockdown finish, updated lighting, and new carpeting. Spotlessly clean. Great for owner occupant or investor. Call for your personal showing. Duplex situado en el Centro, limpio y listo para un nuevo propietario. Abajo tiene 2 dormitorios y se ha actualizado. Arriba es un dormitorio acogedor.

10. 2013-11-13
    listed $24,999 351-char remark

    Show marketing remark (351 chars)

    Wow! Redone duplex is so clean and appealing! New walls, knockdown finish, updated lighting, and new carpeting. Spotlessly clean. Great for owner occupant or investor. Call for your personal showing. Duplex situado en el Centro, limpio y listo para un nuevo propietario. Abajo tiene 2 dormitorios y se ha actualizado. Arriba es un dormitorio acogedor.

11. 2012-10-27
    listed $24,999
12. 2012-10-27
    historical
13. 1996-02-13
    soldstatus $21,000
14. 1995-12-01
    soldstatus $21,000

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $27,336
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − Depreciation: −$1,164
• Taxable income: $18,758
• Est. tax owed @ 24.0%: −$4,502
• After-tax cash flow: $13,776/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): 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

+90.5% since first listed

14 events — show timeline

• 2026-02-26 Pending — METROMLS
• 2025-11-12 Price Changed $40,000 METROMLS
• 2025-10-06 Listed $69,900 METROMLS
• 2020-12-03 Sold (Public Records) $187,500 Public Records
• 2019-05-09 Sold (Public Records) $50,000 Public Records
• 2019-04-19 Sold (MLS) $50,000 METROMLS
• 2019-02-04 Contingent — METROMLS
• 2018-12-21 Listed $70,000 METROMLS
• 2013-11-13 Listed $24,999 METROMLS
• 2013-11-13 Listing Removed — METROMLS
• 2012-10-27 Listing Removed — METROMLS
• 2012-10-27 Listed $24,999 METROMLS
• 1996-02-13 Sold (Public Records) $21,000 Public Records
• 1995-12-01 Sold (Public Records) $21,000 Public Records

Property tax history

-2.4%/yr

Latest (2024): $2,166 · -27.0% YoY. Source: county tax records.