3050 N 45th St · Milwaukee, WI 53210

$33,000

4 bd · 2.0 ba · 1,918 sqft · MultiFamily · 64 Days on market

Built 1953 6,098 sqft lot $17/sqft · 77% below area

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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
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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 duplex offers a renovation opportunity. City of Milwaukee Tax Foreclosure Property. Scope of work is $128,000. Essential scope of work is $79,850. Pre-approval or proof of funds REQUIRED with all offers & must cover purchase price plus Essential Repairs (see scope). Buyer must complete Essential Repairs within 180 days & have City provide proof of completion for performance deposit return. Property is being sold in AS-IS Condition.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1953

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $33k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $706/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $33k).
• Recommended offer: $31k (6.0% below list) — sets the bar for market timing.
• Cap rate 57.6% 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); 142 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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).
• At $2,076/mo this rent would consume 52% 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 $228 of loan paydown is wiped out by about $990 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 $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $31,020 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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 1953 — 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: 6.29% ✓
• Cap rate: 57.64%
• Cash-on-cash: 183.37%
• DSCR: 9.16
• GRM: 1.3

CMA / ARV

• ARV (median comp): $142,322
• List price: $33,000
• Delta: -76.81%
• 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
3024 N 44th St	0.08mi	4/2.0	1,998 (+4%)	1mo	$120,775	$60	88
3148 N 39th St #3150	0.41mi	4/2.0	2,044 (+7%)	2mo	$128,888	$63	68
3166 N 39th St #3168	0.42mi	4/2.0	2,064 (+8%)	2mo	$145,000	$70	66
2873 N 34th St #2875	0.70mi	4/2.0	1,888 (-2%)	1mo	$108,500	$57	64
2616 N 38th St	0.72mi	4/2.0	1,887 (-2%)	2mo	$117,500	$62	62
3287 N 49th St #3289	0.40mi	4/2.0	1,710 (-11%)	3mo	$181,000	$106	61
2760 N 35th St Unit 2760A	0.73mi	5/2.0 (+1)	1,897 (-1%)	2mo	$107,500	$57	57
2834 N 54th St Unit 2834A	0.63mi	4/2.0	2,080 (+8%)	0mo	$175,000	$84	56
2838 N 40th St #2840	0.44mi	4/2.0	2,202 (+15%)	2mo	$65,000	$30	53
3260 N 34th St Unit 3260A	0.74mi	4/2.0	1,776 (-7%)	2mo	$86,000	$48	51
3068 N 34th St Unit 3068A	0.69mi	5/2.0 (+1)	2,087 (+9%)	0mo	$110,000	$53	48
2576 N 51st St #2578	0.71mi	4/2.0	2,178 (+14%)	1mo	$149,900	$69	43

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: —
• Equity multiple: 10.34×
• Total profit: $86,341
• Equity at exit: $4,920

10-year hold

• IRR: —
• Equity multiple: 22.46×
• Total profit: $198,315
• Equity at exit: $2,853

Cash invested: $9,240 (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: 142
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,076 high
• Mortgage (P&I): −$173
• Tax est. 1.5%: −$41 /mo · $495/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $1,412

Break-even live

Break-even rent $289

Max offer price $33,000

Occupancy floor 27%

Sensitivity live

Price	-10% $1,435	-5% $1,423	+0% $1,412	+5% $1,401	+10% $1,389
Rent	-10% $1,248	-5% $1,330	+0% $1,412	+5% $1,494	+10% $1,576
Rate	-1.0pp $1,429	-0.5pp $1,420	base $1,412	+0.5pp $1,403	+1.0pp $1,395

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,076
Total (2 units)			$2,076

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: $8,250
• Closing costs: $990
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.21mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	0.24mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.26mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	0.46mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.47mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	0.66mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	24d	1	0.88mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	44d	1	0.89mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	0.97mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	1.07mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.18mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	1.18mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.23mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	1.25mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	1.34mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	1.36mi

Listing history 16 events

1. 2026-06-18
   days on market $33,000 Active 64 DOM
2. 2026-06-17
   days on market $33,000 Active 63 DOM
3. 2026-06-16
   days on market $33,000 Active 62 DOM
4. 2026-06-15
   days on market $33,000 Active 61 DOM
5. 2026-06-13
   days on market $33,000 Active 59 DOM
6. 2026-06-13
   days on market $33,000 Active 58 DOM
7. 2026-06-09
   days on market $33,000 Active 55 DOM
8. 2026-06-08
   days on market $33,000 Active 54 DOM
9. 2026-06-07
   days on market $33,000 Active 53 DOM
10. 2026-06-05
    days on market $33,000 Active 50 DOM
11. 2026-06-03
    days on market $33,000 Active 49 DOM
12. 2026-06-02
    days on market $33,000 Active 48 DOM
13. 2026-06-01
    days on market $33,000 Active 47 DOM
14. 2026-05-31
    days on market $33,000 Active 46 DOM
15. 2026-04-14
    listed $33,000 Active 451-char remark

    Show marketing remark (451 chars)

    2/2 duplex offers a renovation opportunity. City of Milwaukee Tax Foreclosure Property. Scope of work is $128,000. Essential scope of work is $79,850. Pre-approval or proof of funds REQUIRED with all offers & must cover purchase price plus Essential Repairs (see scope). Buyer must complete Essential Repairs within 180 days & have City provide proof of completion for performance deposit return. Property is being sold in AS-IS Condition.

16. 2007-08-31
    soldstatus $138,000 341-char remark

    Show marketing remark (341 chars)

    Seller may assist in financing and closing costs. New carpet throughout house. New flooring in both kitchens. Bedrooms are large and spacious. Fenced in backyard. Large open feel to both units. Beautiful neighborhood! Just around the corner from Sherman Park. Near Sherman Elementary School and others, as well as various community centers.

ⓘ 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: $24,912
• − Mortgage interest: −$1,849
• − Property taxes: −$495
• − Insurance: −$165
• − Repairs & maintenance: −$1,993
• − Management: −$1,993
• − Depreciation: −$960
• Taxable income: $17,458
• Est. tax owed @ 24.0%: −$4,190
• After-tax cash flow: $12,754/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): 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

-76.1% since first listed

2 events — show timeline

• 2026-04-14 Listed $33,000 METROMLS
• 2007-08-31 Sold (MLS) $138,000 METROMLS