3223 N 40th St · Milwaukee, WI 53216

$110,200

3 bd · 1.0 ba · 1,240 sqft · SingleFamily public records · 10 Days on market

Built 1922 3,484 sqft lot Est $105k · at est.

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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 +24.2/30.0
• DSCR +7.8/10.0
• 1% rule +6.4/10.0
• Appreciation +5.7/10.0
• ARV discount +5.5/15.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks

This is a tax foreclosed property. For the first 30-days of the listing period, no offers below listing price will be considered per Wisconsin foreclosure law. Offers from Owner Occupants will be considered preferred bidders. Bids due by July 14, 2026 at 10:00 am

Key facts

• 3,484 sq ft lot
• Built 1922
• Listed 10 days

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Single-family home; One-story
• Construction: Built (year per assessor/public record)
• Exterior features: Aluminum and vinyl exterior siding

Interior

• Kitchen: Kitchen approximately 10 x 10
• Bedrooms: Master bedroom on main level, about 10 x 10
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Full basement; Living room on main level; Kitchen on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 8.7% 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 (+7.0%/yr); 126 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• This rent runs 32% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $2k of equity ($762 loan paydown + $1k appreciation (1.3% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.3% appreciation + 7.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $80k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,200

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.51%
• DSCR: 1.38
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $105,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4018 W Burliegh St	0.15mi	3/1.0	1,258 (+2%)	4mo	$55,000	$44	88
3052 N 40th St	0.21mi	3/1.0	1,240 (0%)	4mo	$75,000	$60	87
3221 N 38th St	0.12mi	3/1.0	1,174 (-5%)	3mo	$75,000	$64	83
3035 N 47th St	0.52mi	3/1.0	1,266 (+2%)	2mo	$100,000	$79	71
2865 N 36th St	0.50mi	3/2.0	1,292 (+4%)	2mo	$132,000	$102	64
3144 N 38th St	0.17mi	2/1.0 (-1)	1,090 (-12%)	4mo	$120,000	$110	63
4226 W Sieben Pl	0.17mi	3/1.0	1,060 (-14%)	8mo	$90,000	$85	62
3300 N 44th St	0.27mi	3/1.0	1,080 (-13%)	8mo	$73,000	$68	59
2807 N 36th St	0.57mi	3/1.0	1,297 (+5%)	8mo	$70,000	$54	59
3429 N 41st St	0.30mi	2/1.0 (-1)	1,087 (-12%)	4mo	$151,000	$139	58
3448 N 41st St	0.33mi	3/2.0	1,104 (-11%)	6mo	$233,000	$211	57
4620 W Keefe Ave	0.55mi	4/2.0 (+1)	1,331 (+7%)	7mo	$127,300	$96	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.33% appreciation · 7.01% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.75×
• Total profit: $23,075
• Equity at exit: $39,515

10-year hold

• IRR: 19.7%
• Equity multiple: 3.74×
• Total profit: $84,528
• Equity at exit: $54,010

Cash invested: $30,856 (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 53216

• Home prices YoY: 0.3%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,254 high
• Mortgage (P&I): −$578
• Tax from tax record: −$148 /mo · $1,774/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $219

Break-even live

Break-even rent $977

Max offer price $110,200

Occupancy floor 78%

Sensitivity live

Price	-10% $281	-5% $250	+0% $219	+5% $188	+10% $157
Rent	-10% $120	-5% $169	+0% $219	+5% $268	+10% $318
Rate	-1.0pp $274	-0.5pp $247	base $219	+0.5pp $190	+1.0pp $161

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: $27,550
• Closing costs: $3,306
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3214 N 41st St Milwaukee, WI	2.0	1.0	900	$1,250	$1.39	44d	1	0.07mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	44d	1	0.13mi
3148 N 39th St Unit 1 Milwaukee, WI	2.0	1.0	1000	$1,100	$1.10	15d	1	0.13mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	0.19mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.21mi
3340 N 44th St Milwaukee, WI	2.0	1.0	900	$1,295	$1.44	13d	1	0.30mi
4409 W Burleigh St Apt 1 Milwaukee, WI	2.0	1.0	800	$795	$0.99	5d	1	0.37mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	44d	1	0.38mi
3124 N 33rd St Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	44d	1	0.44mi
3630 W Nash St Milwaukee, WI	2.0	1.0	1000	$1,200	$1.20	24d	1	0.49mi
3072 N 49th St Unit 3072- 3 Milwaukee, WI	2.0	1.0	1000	$950	$0.95	44d	1	0.62mi
3072 N 49th St Milwaukee, WI	2.0	1.0	1000	$950	$0.95	17d	1	0.62mi
3066 N 49th St Unit 3066-5 Milwaukee, WI	2.0	1.0	1100	$950	$0.86	44d	1	0.62mi
3347 N 29th St Unit 3347A Milwaukee, WI	2.0	1.0	950	$845	$0.89	15d	1	0.68mi
2706 N 39th St Unit 2706 Milwaukee, WI	2.0	1.0	866	$845	$0.98	44d	1	0.68mi
2842 N 47th St Milwaukee, WI	2.0	1.0	1500	$1,100	$0.73	44d	1	0.68mi
3871-3873 N 36th St Unit 3871 Milwaukee, WI	2.0	1.0	987	$950	$0.96	24d	1	0.69mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	24d	1	0.70mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.70mi
3890 N Sherman Blvd Milwaukee, WI	2.0	1.0	950	$1,100	$1.16	13d	1	0.71mi
2712 N 44th St Unit 2712A Milwaukee, WI	2.0	1.0	911	$995	$1.09	24d	1	0.73mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.74mi
3925 N 42nd St Milwaukee, WI	2.0	1.0	985	$1,400	$1.42	24d	1	0.75mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	0.75mi
2663 N 44th St Unit 1 Milwaukee, WI	2.0	1.0	900	$995	$1.11	44d	1	0.78mi
2841 N 49th St Milwaukee, WI	2.0	1.0	1237	$1,098	$0.89	44d	1	0.80mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	0.81mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	0.83mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	5d	1	0.84mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	2d	1	0.84mi
5137 W Keefe Ave Unit 5137 Milwaukee, WI	2.0	1.0	1000	$1,550	$1.55	3d	1	0.85mi
2550 N 36th St Unit 2550A Upper Milwaukee, WI	2.0	1.0	711	$845	$1.19	24d	1	0.90mi
2530 N 37th St Milwaukee, WI	2.0	1.0	1037	$1,000	$0.96	15d	1	0.91mi
2512 N 41st St #2514 Milwaukee, WI	2.0	1.0	1007	$1,200	$1.19	44d	1	0.93mi
2613 N 48th St Unit 2 Milwaukee, WI	2.0	1.0	1150	$1,250	$1.09	24d	1	0.97mi
2947 N 54th St #2945 Milwaukee, WI	2.0	1.0	1244	$1,050	$0.84	15d	1	0.99mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	44d	1	0.99mi
3039 N 24th Pl Unit 3039 Milwaukee, WI	2.0	1.0	800	$995	$1.24	17d	1	1.00mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	5d	1	1.03mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	5d	1	1.03mi

Listing history 8 events

1. 2026-06-18
   days on market $110,200 Active 10 DOM
2. 2026-06-17
   days on market $110,200 Active 9 DOM
3. 2026-06-16
   days on market $110,200 Active 8 DOM
4. 2026-06-15
   days on market $110,200 Active 7 DOM
5. 2026-06-13
   days on market $110,200 Active 5 DOM
6. 2026-06-13
   days on market $110,200 Active 4 DOM
7. 2026-06-08
   remarks 263-char remark
8. 2026-06-08
   listed $110,200 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $1,774 · $148/mo
• Projected year-2 tax: $1,906 · $159/mo
• Expected delta: +$132/yr (+$11/mo · 7.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $15,047
• − Mortgage interest: −$6,173
• − Property taxes: −$1,774
• − Insurance: −$551
• − Repairs & maintenance: −$1,204
• − Management: −$1,204
• − Depreciation: −$3,206
• Taxable income: $936
• Est. tax owed @ 24.0%: −$225
• After-tax cash flow: $2,403/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): 30,345
• Household income: $46,752
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 2202.0

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 (81%)
• Race & ethnicity: Black 81% White 9% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 1%
• Foreign-born: 3% · Canada, Philippines, China
• Languages at home: 93% English-only · Spanish 4% 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: ▲ 1.33%
• Current HPI: 381.0954
• Rent YoY: ▲ 7.01%
• 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

+588.8% since first listed

3 events — show timeline

• 2026-06-08 Listed $110,200 METROMLS
• 2005-03-07 Sold (Public Records) $80,000 Public Records
• 1977-02-01 Sold (Public Records) $16,000 Public Records

Property tax history

-7.2%/yr

Latest (2024): $1,774 · -38.5% YoY. Source: county tax records.