2838 N 49th St #2840 · Milwaukee, WI 53210

$174,000

4 bd · 2.0 ba · 2,206 sqft · MultiFamily · 13 Days on market

Built 1924 Fair condition 5,227 sqft lot $79/sqft · 11% above area Est $157k · 11% 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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• ARV discount +2.5/15.0
• Condition / age +2.2/5.0
• 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

Well-maintained duplex opportunity featuring 2-bedroom units in both upper and lower levels. Both tenants are currently month-to-month, offering flexibility for owner-occupants or investors. Property includes a 2-car garage and solid rental potential. Great chance to add value or generate steady income! Seller has multiple duplex for sale MLS # 1959609, 1959611, 1959602, 1958374, 1958409. Will consider a package deal.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1924

Property features AI

Finance

• Other: Two units (both approximately 1,103 sq. ft.)

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; Zoning: RT2; Lot under 1/2 acre
• Construction: Assessor/public record for year built
• Exterior features: Wood exterior

Interior

• Kitchen: Unit 2 kitchen on upper level (12 x 10); Includes 2 refrigerators and 2 stoves
• Bedrooms: Each unit has 2 bedrooms; Unit 2 master bedroom on upper level (13 x 11); Unit 2 second bedroom on upper level (11 x 11)
• Bathrooms: Each unit has 1 full bathroom
• Interior features: Full block basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $174k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive. Per door: $298/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Cap rate 10.4% 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); 144 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,276/mo this rent would consume 57% 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 $5k 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 $49k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.31% ✓
• Cap rate: 10.40%
• Cash-on-cash: 14.67%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (median comp): $156,723
• List price: $174,000
• Delta: 14.21%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2866 N 52nd St #2868	0.19mi	4/2.0	2,215 (+0%)	1mo	$257,000	$116	90
2808 N 52nd St #2810	0.20mi	4/2.0	2,292 (+4%)	1mo	$153,000	$67	83
2576 N 51st St #2578	0.35mi	4/2.0	2,178 (-1%)	1mo	$149,900	$69	81
2642 N 51st St #2644	0.28mi	4/2.0	2,294 (+4%)	1mo	$122,500	$53	80
2834 N 54th St Unit 2834A	0.31mi	4/2.0	2,080 (-6%)	0mo	$175,000	$84	76
3044 N 54th St #3046	0.40mi	4/2.0	2,279 (+3%)	1mo	$200,000	$88	75
3128 N 52nd St #3130	0.41mi	4/2.0	2,400 (+9%)	0mo	$283,000	$118	66
2403 N 56th St	0.71mi	4/2.0	2,200 (-0%)	1mo	$339,500	$154	66
3024 N 44th St	0.39mi	4/2.0	1,998 (-9%)	1mo	$120,775	$60	65
5601 W Brooklyn Pl	0.71mi	3/2.0 (-1)	2,186 (-1%)	1mo	$310,000	$142	59
2977 N 60th St #2979	0.69mi	5/2.0 (+1)	2,273 (+3%)	0mo	$179,900	$79	57
3031 N 60th St	0.71mi	4/2.0	1,990 (-10%)	1mo	$215,000	$108	50

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: 6.1%
• Equity multiple: 1.24×
• Total profit: $11,664
• Equity at exit: $25,944

10-year hold

• IRR: 16.2%
• Equity multiple: 2.38×
• Total profit: $67,038
• Equity at exit: $15,044

Cash invested: $48,720 (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: 144
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,276 high
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $596

Break-even live

Break-even rent $1,522

Max offer price $174,000

Occupancy floor 69%

Sensitivity live

Price	-10% $716	-5% $656	+0% $596	+5% $535	+10% $475
Rent	-10% $416	-5% $506	+0% $596	+5% $685	+10% $775
Rate	-1.0pp $683	-0.5pp $640	base $596	+0.5pp $550	+1.0pp $505

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,276
Total (2 units)			$2,276

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	18d	1	0.16mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.35mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.56mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	0.91mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	18d	1	1.36mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	1.45mi

Listing history 16 events

1. 2026-06-21
   days on market $174,000 Active 13 DOM
2. 2026-06-18
   days on market $174,000 Active 10 DOM
3. 2026-06-17
   days on market $174,000 Active 9 DOM
4. 2026-06-16
   days on market $174,000 Active 8 DOM
5. 2026-06-15
   days on market $174,000 Active 7 DOM
6. 2026-06-13
   days on market $174,000 Active 5 DOM
7. 2026-06-13
   days on market $174,000 Active 4 DOM
8. 2026-06-08
   pricedays on marketlisting id $174,000 Active 1 DOM
9. 2026-06-03
   days on market $179,000 Active 36 DOM
10. 2026-06-02
    days on market $179,000 Active 35 DOM
11. 2026-06-01
    days on market $179,000 Active 34 DOM
12. 2026-05-31
    days on market $179,000 Active 33 DOM
13. 2026-05-13
    price $179,000 421-char remark

    Show marketing remark (421 chars)

    Well-maintained duplex opportunity featuring 2-bedroom units in both upper and lower levels. Both tenants are currently month-to-month, offering flexibility for owner-occupants or investors. Property includes a 2-car garage and solid rental potential. Great chance to add value or generate steady income! Seller has multiple duplex for sale MLS # 1959609, 1959611, 1959602, 1958374, 1958409. Will consider a package deal.

14. 2026-04-28
    listed $184,000 Active 421-char remark

    Show marketing remark (421 chars)

    Well-maintained duplex opportunity featuring 2-bedroom units in both upper and lower levels. Both tenants are currently month-to-month, offering flexibility for owner-occupants or investors. Property includes a 2-car garage and solid rental potential. Great chance to add value or generate steady income! Seller has multiple duplex for sale MLS # 1959609, 1959611, 1959602, 1958374, 1958409. Will consider a package deal.

15. 2024-10-05
    historical 255-char remark

    Show marketing remark (255 chars)

    This 2-bedroom, 2-bathroom duplex is ready for updates and offers great potential. Both units are vacant and in need of some TLC, making it a solid choice for investors or buyers looking to earn sweat equity. The property includes a detached 2-car garage.

16. 2024-09-11
    listed $134,900 Active 255-char remark

    Show marketing remark (255 chars)

    This 2-bedroom, 2-bathroom duplex is ready for updates and offers great potential. Both units are vacant and in need of some TLC, making it a solid choice for investors or buyers looking to earn sweat equity. The property includes a detached 2-car garage.

ⓘ 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: $27,312
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$870
• − Repairs & maintenance: −$2,185
• − Management: −$2,185
• − Depreciation: −$5,062
• Taxable income: $4,654
• Est. tax owed @ 24.0%: −$1,117
• After-tax cash flow: $6,030/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 · 12 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 2-bathroom duplex requires moderate renovations to improve its condition and value. Updates to the kitchen and bathrooms, along with painting, will significantly enhance its appeal.

Repairs flagged

• Moderate kitchen cabinets — Cabinets appear worn and need updating
• Moderate bathroom fixtures — Fixtures appear dated and need replacement
• Minor hardwood floors — Worn but could be refinished

Value-add opportunities

• Both kitchen renovation — Updating the kitchen will improve both resale and rental value
• Both bathroom updates — Updating bathrooms will improve both resale and rental value
• Both painting — Painting will improve the home's curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Cabinets appear worn and need updating	Moderate	$3,000–15,000
bathroom fixtures · Fixtures appear dated and need replacement	Moderate	$3,000–15,000
hardwood floors · Worn but could be refinished	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both kitchen renovation — Updating the kitchen will improve both resale and rental value ↑
• Both bathroom updates — Updating bathrooms will improve both resale and rental value ↑
• Both painting — Painting will improve the home's curb appeal and interior aesthetics ↑

ⓘ 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): 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

+29.0% since first listed

6 events — show timeline

• 2026-06-08 Listed $174,000 METROMLS
• 2026-06-04 Listing Removed — METROMLS
• 2026-05-13 Price Changed $179,000 METROMLS
• 2026-04-28 Listed $184,000 METROMLS
• 2024-10-05 Listing Removed — METROMLS
• 2024-09-11 Listed $134,900 METROMLS