4108 N 45th St · Milwaukee, WI 53216

$139,900

3 bd · 1.0 ba · 1,399 sqft · SingleFamily public records · 66 Days on market

Built 1949 4,791 sqft lot $100/sqft · 22% below area Est $180k · 22% under

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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 +16.3/30.0
• ARV discount +15.0/15.0
• Appreciation +5.7/10.0
• DSCR +5.1/10.0
• 1% rule +4.8/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

Great opportunity to get a start on owing real estate with this 3 BR brick cape. It has ample parking in back, a full basement, and some new windows and interior upgrades. Priced right.

Key facts

• Interior upgrades
• Ample parking
• Full basement

Tags

• AMPLE PARKING
• FULL BASEMENT
• NEW WINDOWS
• INTERIOR UPGRADES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $78 ($935/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (2.2% below list).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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 24d 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 35% 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 $3k of equity ($967 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 $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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.
• Current owner paid $34k; list at $140k implies a 306% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.98% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 8.5

CMA / ARV

• ARV (median comp): $179,950
• List price: $139,900
• Delta: -22.26%
• 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
4150 N 46th St	0.09mi	3/2.0	1,275 (-9%)	0mo	$170,000	$133	77
4143 N 40th St	0.32mi	3/1.0	1,309 (-6%)	1mo	$130,000	$99	74
4240 W Fiebrantz Ave	0.15mi	3/1.0	1,590 (+14%)	2mo	$148,000	$93	68
4509 N 48th St	0.54mi	3/2.0	1,372 (-2%)	2mo	$200,000	$146	66
4219 N 51 Blvd	0.42mi	3/2.0	1,488 (+6%)	1mo	$110,000	$74	65
3876 N 52nd St	0.51mi	3/1.0	1,312 (-6%)	2mo	$133,000	$101	64
4032 N 42nd St	0.24mi	4/1.5 (+1)	1,554 (+11%)	2mo	$225,000	$145	61
3724 N 37th St	0.71mi	3/2.0	1,440 (+3%)	0mo	$175,000	$122	58
3901 N 37th St	0.57mi	3/2.0	1,500 (+7%)	0mo	$162,500	$108	57
4380 N 51st Blvd	0.50mi	3/1.0	1,217 (-13%)	2mo	$125,000	$103	53
4109 N 40th St	0.32mi	4/3.0 (+1)	1,597 (+14%)	1mo	$245,000	$153	47
3628 N 38th St	0.72mi	3/1.0	1,584 (+13%)	0mo	$175,000	$110	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: 7.5%
• Equity multiple: 1.40×
• Total profit: $15,630
• Equity at exit: $50,165

10-year hold

• IRR: 13.8%
• Equity multiple: 2.91×
• Total profit: $74,881
• Equity at exit: $68,566

Cash invested: $39,172 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,369 high
• Mortgage (P&I): −$734
• Tax from tax record: −$211 /mo · $2,538/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $78

Break-even live

Break-even rent $1,270

Max offer price $139,900

Occupancy floor 89%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	43d	1	0.31mi
3925 N 42nd St Milwaukee, WI	2.0	1.0	985	$1,400	$1.42	23d	1	0.32mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	0.32mi
3890 N Sherman Blvd Milwaukee, WI	2.0	1.0	950	$1,100	$1.16	12d	1	0.33mi
4479A N 44th St Milwaukee, WI	2.0	1.0	1000	$895	$0.90	43d	1	0.48mi
3871-3873 N 36th St Unit 3871 Milwaukee, WI	2.0	1.0	987	$950	$0.96	23d	1	0.65mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	43d	1	0.67mi
3629 N 53rd St Unit (Downstairs) Milwaukee, WI	2.0	1.0	1600	$1,275	$0.80	43d	1	0.74mi
4703 N 45th St Milwaukee, WI	3.0	1.0	1031	$1,695	$1.64	23d	1	0.74mi
3630 W Nash St Milwaukee, WI	2.0	1.0	1000	$1,200	$1.20	23d	1	0.74mi
4640 N 51st Blvd Milwaukee, WI	2.0	1.0	1075	$1,275	$1.19	43d	1	0.75mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	43d	1	0.75mi
4727 N 46th St Milwaukee, WI	3.0	1.0	936	$1,700	$1.82	43d	1	0.78mi
5137 W Keefe Ave Unit 5137 Milwaukee, WI	2.0	1.0	1000	$1,550	$1.55	2d	1	0.80mi
3340 N 44th St Milwaukee, WI	2.0	1.0	900	$1,295	$1.44	12d	1	0.83mi
4661 N 38th St Unit 4661 Milwaukee, WI	2.0	1.0	1000	$845	$0.84	14d	1	0.84mi
3214 N 41st St Milwaukee, WI	2.0	1.0	900	$1,250	$1.39	43d	1	1.05mi
4079 N 63rd St Milwaukee, WI	3.0	1.0	1600	$1,595	$1.00	19d	1	1.07mi
4355 N 28th St Milwaukee, WI	2.0	1.0	1118	$975	$0.87	21d	1	1.13mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.14mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.14mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	43d	1	1.16mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	43d	1	1.16mi
3148 N 39th St Unit 1 Milwaukee, WI	2.0	1.0	1000	$1,100	$1.10	14d	1	1.16mi
3072 N 49th St Milwaukee, WI	2.0	1.0	1000	$950	$0.95	16d	1	1.19mi
3072 N 49th St Unit 3072- 3 Milwaukee, WI	2.0	1.0	1000	$950	$0.95	43d	1	1.19mi
3066 N 49th St Unit 3066-5 Milwaukee, WI	2.0	1.0	1100	$950	$0.86	43d	1	1.20mi
5050 N 47th St Milwaukee, WI	2.0	1.0	1092	$1,700	$1.56	43d	1	1.21mi
4227 N 26th St Milwaukee, WI	2.0	1.0	950	$1,000	$1.05	16d	1	1.22mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	14d	1	1.24mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	4d	1	1.26mi
3347 N 29th St Unit 3347A Milwaukee, WI	2.0	1.0	950	$845	$0.89	14d	1	1.30mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	16d	1	1.31mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	23d	1	1.32mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	23d	1	1.32mi
5165-5167 N 45th St Unit 5165 Milwaukee, WI	3.0	1.0	1020	$1,200	$1.18	16d	1	1.33mi
3124 N 33rd St Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	43d	1	1.36mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	1d	1	1.38mi
4153 N 68th St Milwaukee, WI	3.0	1.0	1025	$1,700	$1.66	43d	1	1.39mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	1.39mi

Listing history 19 events

1. 2026-06-17
   status $139,900 Pending 66 DOM
2. 2026-06-17
   days on market $139,900 Active 66 DOM
3. 2026-06-16
   days on market $139,900 Active 65 DOM
4. 2026-06-15
   days on market $139,900 Active 64 DOM
5. 2026-06-13
   days on market $139,900 Active 62 DOM
6. 2026-06-13
   days on market $139,900 Active 61 DOM
7. 2026-06-09
   days on market $139,900 Active 58 DOM
8. 2026-06-08
   days on market $139,900 Active 57 DOM
9. 2026-06-07
   days on market $139,900 Active 56 DOM
10. 2026-06-05
    days on market $139,900 Active 53 DOM
11. 2026-06-03
    days on market $139,900 Active 52 DOM
12. 2026-06-02
    days on market $139,900 Active 51 DOM
13. 2026-06-01
    days on market $139,900 Active 50 DOM
14. 2026-05-31
    days on market $139,900 Active 49 DOM
15. 2026-04-12
    listed $139,900 Active 185-char remark

    Show marketing remark (185 chars)

    Great opportunity to get a start on owing real estate with this 3 BR brick cape. It has ample parking in back, a full basement, and some new windows and interior upgrades. Priced right.

16. 2013-01-28
    listed $34,500 211-char remark

    Show marketing remark (211 chars)

    Brick Cape Cod boasting NFP in living room, plust large eat-in kitchen. Two BRs on main level, 3rd BR up. Parking off alley. DIHLR done. Short sale, being sold 'as-is'. Long term tenant is MTM. No sign in yard.

17. 2013-01-28
    historical 211-char remark

    Show marketing remark (211 chars)

    Brick Cape Cod boasting NFP in living room, plust large eat-in kitchen. Two BRs on main level, 3rd BR up. Parking off alley. DIHLR done. Short sale, being sold 'as-is'. Long term tenant is MTM. No sign in yard.

18. 2011-10-27
    soldstatus $34,500 211-char remark

    Show marketing remark (211 chars)

    Brick Cape Cod boasting NFP in living room, plust large eat-in kitchen. Two BRs on main level, 3rd BR up. Parking off alley. DIHLR done. Short sale, being sold 'as-is'. Long term tenant is MTM. No sign in yard.

19. 1987-11-01
    soldstatus $33,900

ⓘ 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: $2,538 · $211/mo
• Projected year-2 tax: $2,563 · $214/mo
• Expected delta: +$25/yr (+$2/mo · 1.0%)

ⓘ 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: $16,426
• − Mortgage interest: −$7,837
• − Property taxes: −$2,538
• − Insurance: −$700
• − Repairs & maintenance: −$1,314
• − Management: −$1,314
• − Depreciation: −$4,070
• Taxable loss: −$1,346
• Est. tax savings @ 24.0%: +$323
• After-tax cash flow: $1,258/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

+312.7% since first listed

5 events — show timeline

• 2026-04-12 Listed $139,900 METROMLS
• 2013-01-28 Listing Removed — METROMLS
• 2013-01-28 Listed $34,500 METROMLS
• 2011-10-27 Sold (MLS) $34,500 METROMLS
• 1987-11-01 Sold (Public Records) $33,900 Public Records

Property tax history

+2.5%/yr

Latest (2024): $2,538 · +10.9% YoY. Source: county tax records.