3507 N 40th St #3509 · Milwaukee, WI 53216

$164,900

4 bd · 2.0 ba · 2,288 sqft · MultiFamily · 15 Days on market

Built 1930 Good condition 4,791 sqft lot Est $181k · 9% under ↓ 8% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +11.4/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Appreciation +5.7/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Don't miss this opportunity to own a spacious 2/2 turnkey duplex in a highly desirable rental neighborhood. Each unit features a comfortable living and dining area and beautiful natural woodwork. Recent updates include durable LVP flooring and modern finishes throughout. Secure guaranteed rent with Section 8 tenants in both units and start generating cash flow immediately. Perfect for investors seeking reliable income in a thriving area.

Key facts

• Turnkey duplex
• Modern finishes
• Durable lvp flooring

Tags

• TURNKEY DUPLEX
• DURABLE LVP FLOORING
• BEAUTIFUL NATURAL WOODWORK
• MODERN FINISHES

Property features AI

Finance

• Other: Property contains 2 units; Exclusions: Tenants' personal property

Exterior

• Parking: Detached 2-car garage (2 garage spaces)
• Utilities: Municipal water; Municipal sewer
• Home design: 2-story duplex; Multi-family property; Zoned RT2
• Construction: Information source for year built: Assessor/Public Record
• Exterior features: Vinyl exterior; Lot less than 1/2 acre

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $638 ($8k/yr) — positive. Per door: $319/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $162k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.9% 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 (+7.0%/yr); 126 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,250/mo this rent would consume 58% of the median local household income ($47k/yr) (locally 2202% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k 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 $46k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 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 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,426 (1.5% below list)

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 1930 — 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: 1.36% ✓
• Cap rate: 10.94%
• Cash-on-cash: 16.58%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $180,752
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4228 W Auer Ave #4230	0.42mi	4/2.0	2,148 (-6%)	5mo	$106,000	$49	66
3925 N 40th St #3927	0.40mi	4/2.0	2,443 (+7%)	7mo	$229,000	$94	64
3166 N 39th St #3168	0.43mi	4/2.0	2,064 (-10%)	2mo	$145,000	$70	62
3148 N 39th St #3150	0.45mi	4/2.0	2,044 (-11%)	2mo	$128,888	$63	59
4049 N Elmhurst Rd #4051	0.58mi	4/2.0	2,122 (-7%)	2mo	$170,000	$80	59
3625 W Capitol Dr	0.52mi	4/2.0	2,100 (-8%)	5mo	$165,000	$79	58
3125 N 48th St #3127	0.72mi	4/2.0	2,213 (-3%)	4mo	$310,000	$140	58
3812 N 38th St #3814	0.29mi	5/2.0 (+1)	2,616 (+14%)	4mo	$159,000	$61	54
4063 N Elmhurst Rd #4065	0.59mi	4/2.0	2,564 (+12%)	3mo	$308,000	$120	50
3068 N 34th St Unit 3068A	0.67mi	5/2.0 (+1)	2,087 (-9%)	0mo	$110,000	$53	49
3024 N 44th St	0.66mi	4/2.0	1,998 (-13%)	1mo	$120,775	$60	47
4089 N Montreal St	0.63mi	4/2.5	2,594 (+13%)	2mo	$239,000	$92	44

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: 22.5%
• Equity multiple: 2.21×
• Total profit: $55,856
• Equity at exit: $59,129

10-year hold

• IRR: 27.4%
• Equity multiple: 4.84×
• Total profit: $177,482
• Equity at exit: $80,819

Cash invested: $46,172 (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 53216

• Home prices YoY: 0.3%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,250 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $638

Break-even live

Break-even rent $1,443

Max offer price $164,900

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,250
Total (2 units)			$2,250

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	17d	1	0.86mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.87mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	1.42mi
4079 N 63rd St Milwaukee, WI	3.0	1.0	1600	$1,595	$1.00	20d	1	1.50mi

Listing history 11 events

1. 2026-06-18
   days on market $164,900 Active 15 DOM
2. 2026-06-17
   days on market $164,900 Active 14 DOM
3. 2026-06-16
   days on market $164,900 Active 13 DOM
4. 2026-06-15
   days on market $164,900 Active 12 DOM
5. 2026-06-13
   days on market $164,900 Active 10 DOM
6. 2026-06-13
   days on market $164,900 Active 9 DOM
7. 2026-06-09
   days on market $164,900 Active 6 DOM
8. 2026-06-08
   days on market $164,900 Active 5 DOM
9. 2026-06-07
   days on market $164,900 Active 4 DOM
10. 2026-06-03
    remarks 408-char remark
11. 2026-06-03
    listed $164,900 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: $27,000
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$824
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$4,797
• Taxable income: $5,348
• Est. tax owed @ 24.0%: −$1,284
• After-tax cash flow: $6,371/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

Good 75/100 Cosmetic rehab

This 2/2 turnkey duplex is in good condition with recent updates and is ready for immediate rental or resale. Consider updating the interior walls, light fixtures, and flooring to further enhance its value.

Value-add opportunities

• Both Paint interior walls — Fresh paint can make a significant difference in the home's appearance and value
• Both Replace light fixtures — Modern light fixtures can enhance the home's curb appeal and functionality
• Both Install new flooring in bathrooms — New flooring can improve the home's appearance and functionality
• Both Install new countertops in kitchen — New countertops can improve the home's functionality and appearance
• Both Install new cabinets in kitchen — New cabinets can improve the home's functionality and appearance
• Both Install new flooring in living room — New flooring can improve the home's appearance and functionality
• Both Install new lighting in living room — New lighting can improve the home's functionality and appearance
• Both Install new flooring in bedrooms — New flooring can improve the home's appearance and functionality
• Both Install new lighting in bedrooms — New lighting can improve the home's functionality and appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can make a significant difference in the home's appearance and value ↑
• Both Replace light fixtures — Modern light fixtures can enhance the home's curb appeal and functionality ↑
• Both Install new flooring in bathrooms — New flooring can improve the home's appearance and functionality ↑
• Both Install new countertops in kitchen — New countertops can improve the home's functionality and appearance ↑
• Both Install new cabinets in kitchen — New cabinets can improve the home's functionality and appearance ↑
• Both Install new flooring in living room — New flooring can improve the home's appearance and functionality ↑
• Both Install new lighting in living room — New lighting can improve the home's functionality and appearance ↑
• Both Install new flooring in bedrooms — New flooring can improve the home's appearance and functionality ↑
• Both Install new lighting in bedrooms — New lighting can improve the home's functionality and appearance ↑

ⓘ 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): 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

-8.3% since first listed

5 events — show timeline

• 2026-06-03 Listed $164,900 METROMLS
• 2026-03-17 Listing Removed — METROMLS
• 2026-01-21 Price Changed $159,900 METROMLS
• 2025-08-22 Price Changed $169,900 METROMLS
• 2025-07-29 Listed $179,900 METROMLS