4146 N Bartlett Ave #4148 · Shorewood, WI 53211

$439,900

4 bd · 2.0 ba · 2,400 sqft · MultiFamily · 1 Days on market

Built 1950 Good condition 5,662 sqft lot $183/sqft · 35% below area Est $680k · 35% under · waterfront ↓ 1% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +9.2/30.0
• Schools +5.1/10.0
• Livability +4.7/5.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• 1% rule +2.8/10.0
• DSCR +2.6/10.0
• 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

Fantastic Shorewood duplex in a prime location just off Oakland and Capitol. Each unit offers 2 bedrooms and 1 full bath with bright, inviting spaces filled with natural light. The layout is comfortable and functional, with plenty of potential for both owner-occupants and investors. A 2 car garage provides convenient off-street parking, and the location can't be beat -- just steps from restaurants, coffee shops, and local favorites along Oakland Avenue, with easy access to the lakefront and downtown. A wonderful opportunity to own in one of Shorewood's most desirable neighborhoods.

Key facts

• 5,662 sq ft lot
• 2 garage spots
• Built 1950

Property features AI

Finance

• Financial info: Property is a 2-unit investment (duplex)

Exterior

• Parking: Detached 2-car garage with opener; Additional 1 off-street parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoned residential
• Construction: Exterior finished in aluminum/steel and brick; Basement is block construction; Property reported from assessor/public records
• Exterior features: Aluminum/steel and brick exterior

Interior

• Kitchen: Each unit includes a stove and refrigerator; Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement with block construction
• Laundry & utility: Stackable washer/dryer included

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $440k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-330 ($-4k/yr) — negative. Per door: $-165/mo.
• To cash-flow at today's rent, offer at most $392k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (22.0% below list).
• Recommended offer: $343k (22.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 2.0% in Shorewood — 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 93/100 on livability (#2 in WI, #13 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living D+.
• Shorewood School District (suburban): math 56% / reading 60% proficiency, ranked #23 of 342 in WI (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Lake Bluff Elementary (math 69% / reading 64%, grade B+, #48 of 1,041 statewide, top 5%, 508 students, 22% FRL); Shorewood Intermediate (math 45% / reading 56%, grade C, #53 of 383 statewide, top 14%, 287 students, 21% FRL); Shorewood High (math 47% / reading 62%, grade C-, #21 of 483 statewide, top 5%, 636 students, 22% FRL).
• Market conditions: Rents rising (+2.5%/yr); 70 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $3,430/mo this rent would consume 55% of the median local household income ($75k/yr) (locally 2472% 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 $3k of loan paydown is wiped out by about $13k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $343,000 (22.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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 1950 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 0.78% ✗
• Cap rate: 5.39%
• Cash-on-cash: -3.22%
• DSCR: 0.86
• GRM: 10.7

CMA / ARV

• ARV (median comp): $680,105
• List price: $439,900
• Delta: -35.32%
• 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
4146 N Bartlett Ave #4148	0.00mi	4/2.0	2,400 (0%)	0mo	$434,000	$181	100
4018 N Newhall St #4020	0.18mi	4/2.0	2,160 (-10%)	2mo	$425,000	$197	74
4480 N Bartlett Ave #4482	0.40mi	4/2.0	2,541 (+6%)	1mo	$438,000	$172	70
3865 N Morris Blvd #3867	0.39mi	4/2.0	2,226 (-7%)	1mo	$525,000	$236	69
1213 E Kensington Blvd #1215	0.53mi	4/2.0	2,299 (-4%)	2mo	$520,000	$226	67
3731 N Morris Blvd #3733	0.48mi	5/2.0 (+1)	2,367 (-1%)	5mo	$390,000	$165	66
1227 E Kensington Blvd Unit 4495 N Ardmore Av	0.52mi	4/2.5	2,574 (+7%)	1mo	$520,500	$202	61
3563 N Maryland Ave #3565	0.65mi	4/2.0	2,484 (+4%)	4mo	$440,000	$177	60
1633 E Newton Ave #1635	0.52mi	4/2.0	2,190 (-9%)	4mo	$456,000	$208	58
1554 E Glendale Ave #1556	0.54mi	4/2.0	2,681 (+12%)	2mo	$500,000	$186	54
3561 N Murray Ave #3563	0.61mi	4/3.0	2,161 (-10%)	3mo	$480,000	$222	48
3619 N Morris Blvd #3621	0.55mi	4/3.0	2,073 (-14%)	2mo	$540,000	$260	46

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 · 2.55% rent growth · sell at horizon

5-year hold

• IRR: -22.2%
• Equity multiple: 0.24×
• Total profit: $-93,817
• Equity at exit: $65,591

10-year hold

• IRR: -17.3%
• Equity multiple: 0.07×
• Total profit: $-114,864
• Equity at exit: $38,035

Cash invested: $123,172 (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 53211

• Rents YoY: 2.5%
• Active inventory: 70
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $3,430 high
• Mortgage (P&I): −$2,307
• Tax est. 1.5%: −$550 /mo · $6,598/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$720
• Net cashflow: $-330

Break-even live

Break-even rent $3,848

Max offer price $392,098

Occupancy floor —

Sensitivity live

Price	-10% $-26	-5% $-178	+0% $-330	+5% $-482	+10% $-634
Rent	-10% $-601	-5% $-466	+0% $-330	+5% $-195	+10% $-59
Rate	-1.0pp $-109	-0.5pp $-218	base $-330	+0.5pp $-444	+1.0pp $-560

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,430
Total (2 units)			$3,430

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: $109,975
• Closing costs: $13,197
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4175 N Oakland Ave Unit 603 Shorewood, WI	3.0	2.0	2040	$3,690	$1.81	3d	1	0.07mi
3131 N Bartlett Ave Unit 1 Milwaukee, WI	4.0	1.0	1600	$1,750	$1.09	45d	1	1.15mi
1902 E Linnwood Ave Unit 1902 04 Milwaukee, WI	4.0	1.5	1599	$2,400	$1.50	18d	1	1.31mi
1902 E Linnwood Ave Unit 1902 05 Milwaukee, WI	4.0	1.5	1599	$2,400	$1.50	6d	1	1.31mi
1814 E Linnwood Ave Milwaukee, WI	4.0	2.0	1800	$3,100	$1.72	45d	1	1.31mi
2974 N Frederick Ave Milwaukee, WI	4.0	2.0	1626	$2,600	$1.60	45d	1	1.35mi
2937 N Frederick Ave Milwaukee, WI	4.0	1.0	1700	$1,925	$1.13	6d	1	1.40mi

Listing history 5 events

1. 2026-05-10
   status Pending 588-char remark
2. 2026-05-08
   listed $439,900 Active 588-char remark
3. 2026-05-01
   historical $439,900 588-char remark
4. 2025-11-18
   historical 588-char remark

   Show marketing remark (588 chars)

   Fantastic Shorewood duplex in a prime location just off Oakland and Capitol. Each unit offers 2 bedrooms and 1 full bath with bright, inviting spaces filled with natural light. The layout is comfortable and functional, with plenty of potential for both owner-occupants and investors. A 2 car garage provides convenient off-street parking, and the location can't be beat -- just steps from restaurants, coffee shops, and local favorites along Oakland Avenue, with easy access to the lakefront and downtown. A wonderful opportunity to own in one of Shorewood's most desirable neighborhoods.

5. 2025-10-16
   listed $439,900 Active 588-char remark

   Show marketing remark (588 chars)

   Fantastic Shorewood duplex in a prime location just off Oakland and Capitol. Each unit offers 2 bedrooms and 1 full bath with bright, inviting spaces filled with natural light. The layout is comfortable and functional, with plenty of potential for both owner-occupants and investors. A 2 car garage provides convenient off-street parking, and the location can't be beat -- just steps from restaurants, coffee shops, and local favorites along Oakland Avenue, with easy access to the lakefront and downtown. A wonderful opportunity to own in one of Shorewood's most desirable neighborhoods.

ⓘ 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 ≥97°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: $41,160
• − Mortgage interest: −$24,641
• − Property taxes: −$6,598
• − Insurance: −$2,200
• − Repairs & maintenance: −$3,293
• − Management: −$3,293
• − Depreciation: −$12,797
• Taxable loss: −$11,662
• Est. tax savings @ 24.0%: +$2,799
• After-tax cash flow: $-1,165/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 · 1 photo

Good 75/100 Cosmetic rehab

A well-maintained Shorewood duplex with good curb appeal and potential for updates to enhance its resale and rental value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace windows — Improves energy efficiency and aesthetics
• Both Update kitchen appliances — Modernizes the space and attracts more buyers
• Both Update bathrooms — Modernizes the space and attracts more buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace windows — Improves energy efficiency and aesthetics ↑
• Both Update kitchen appliances — Modernizes the space and attracts more buyers ↑
• Both Update bathrooms — Modernizes the space and attracts more buyers ↑

ⓘ 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: Shorewood School District
• NCES district ID: 5513800
• Math proficiency: 56% ▼ -1.00%
• Reading proficiency: 60% ▲ 4.00%
• Median HH income: $63,272
• Composite: 50.68/100
• National rank: #1823
• State rank: #23 of 342 in WI

Livability — Shorewood

• Score: 93/100
• State rank: #2
• US rank: #13

Category grades

Amenities A+ Commute A+ Cost of living D+ Crime A+ Employment A+ Housing A Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shorewood, WI
• County: Milwaukee County · 926,379 people
• City population: 34,234
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 34,234
• Household income: $75,256
• Rent vs Own: 59.9% rent · 40.1% own
• Severe rent burden: 2472.0

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 White (81%)
• Race & ethnicity: White 81% Two or more races 7% Asian 5% Hispanic / Latino 5% Black 4%
• Common ancestry: Romanian 9% Portuguese 4% Lithuanian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 88% English-only · Spanish 3% Other Indo-European 3% 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: ▼ -333.49%
• Current HPI: 234.8421
• Rent YoY: ▲ 2.55%
• 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

-1.3% since first listed

6 events — show timeline

• 2026-06-16 Sold (MLS) $434,000 METROMLS
• 2026-05-10 Pending — METROMLS
• 2026-05-08 Listed $439,900 METROMLS
• 2026-05-01 Coming Soon $439,900 METROMLS
• 2025-11-18 Listing Removed — METROMLS
• 2025-10-16 Listed $439,900 METROMLS