4628 W Leon Ter · Milwaukee, WI 53216

$152,000

4 bd · 1.0 ba · 1,641 sqft · SingleFamily public records · 25 Days on market

Built 1926 5,227 sqft lot Est $210k · 28% under

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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 +22.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• Appreciation +5.7/10.0
• 1% rule +5.6/10.0
• 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

Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1926

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $152k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $152k).
• Recommended offer: $150k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 fast (+7.0%/yr); 126 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); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 41% 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 ($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 $43k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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 $20k; list at $152k implies a 656% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,720 (1.5% below list)

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.50%
• DSCR: 1.33
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $210,048
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3615 N 50th St	0.37mi	3/1.0 (-1)	1,618 (-1%)	0mo	$159,900	$99	75
4032 N 42nd St	0.38mi	4/1.5	1,554 (-5%)	2mo	$225,000	$145	70
4341 N 48th St	0.57mi	4/2.5	1,675 (+2%)	1mo	$255,000	$152	63
4109 N 40th St	0.50mi	4/3.0	1,597 (-3%)	1mo	$245,000	$153	63
5320 W Melvina St	0.43mi	3/2.0 (-1)	1,728 (+5%)	2mo	$222,000	$128	60
3628 N 38th St	0.63mi	3/1.0 (-1)	1,584 (-4%)	0mo	$175,000	$110	60
4219 N 51 Blvd	0.50mi	3/2.0 (-1)	1,488 (-9%)	1mo	$110,000	$74	51
3901 N 37th St	0.60mi	3/2.0 (-1)	1,500 (-9%)	0mo	$162,500	$108	48
3880 N 58th Blvd	0.67mi	4/3.0	1,508 (-8%)	1mo	$299,000	$198	47
3739 N 58th Blvd	0.75mi	3/2.5 (-1)	1,718 (+5%)	2mo	$257,000	$150	45
3724 N 37th St	0.66mi	3/2.0 (-1)	1,440 (-12%)	0mo	$175,000	$122	40
3215 N 47th St	0.73mi	3/1.5 (-1)	1,840 (+12%)	1mo	$200,000	$109	38

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: 12.8%
• Equity multiple: 1.68×
• Total profit: $28,989
• Equity at exit: $54,504

10-year hold

• IRR: 18.4%
• Equity multiple: 3.56×
• Total profit: $108,742
• Equity at exit: $74,496

Cash invested: $42,560 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,608 high
• Mortgage (P&I): −$797
• Tax from tax record: −$144 /mo · $1,726/yr
• Insurance: −$63
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $266

Break-even live

Break-even rent $1,271

Max offer price $152,000

Occupancy floor 78%

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: $38,000
• Closing costs: $4,560
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	0.33mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	44d	1	0.38mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	0.86mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.90mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	0.91mi
4079 N 63rd St Milwaukee, WI	3.0	1.0	1600	$1,595	$1.00	20d	1	1.00mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.02mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	44d	1	1.04mi
3012 N 57th St Unit Lower Milwaukee, WI	3.0	1.0	1130	$1,398	$1.24	4d	1	1.15mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	1.31mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	1.36mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	1.37mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	24d	1	1.38mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	4d	1	1.44mi
2629 N 49th St Milwaukee, WI	3.0	1.0	1200	$1,350	$1.12	44d	1	1.47mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	1.48mi

Listing history 24 events

1. 2026-06-13
   days on market $152,000 Active 25 DOM
2. 2026-06-13
   days on market $152,000 Active 24 DOM
3. 2026-06-09
   days on market $152,000 Active 21 DOM
4. 2026-06-08
   days on market $152,000 Active 20 DOM
5. 2026-06-07
   days on market $152,000 Active 19 DOM
6. 2026-06-05
   days on market $152,000 Active 16 DOM
7. 2026-06-03
   days on market $152,000 Active 15 DOM
8. 2026-06-02
   days on market $152,000 Active 14 DOM
9. 2026-06-01
   days on market $152,000 Active 13 DOM
10. 2026-05-31
    days on market $152,000 Active 12 DOM
11. 2026-04-09
    status Pending
12. 2026-04-01
    listed $152,000 Active
13. 2023-03-01
    historical 282-char remark

    Show marketing remark (282 chars)

    Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

14. 2023-01-03
    price $90,000 282-char remark

    Show marketing remark (282 chars)

    Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

15. 2022-12-15
    status Active 282-char remark

    Show marketing remark (282 chars)

    Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

16. 2022-12-14
    status Pending 282-char remark

    Show marketing remark (282 chars)

    Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

17. 2022-12-02
    price $100,000 282-char remark

    Show marketing remark (282 chars)

    Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

18. 2022-12-02
    status Active 282-char remark

    Show marketing remark (282 chars)

    Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

19. 2022-11-14
    historical Contingent 282-char remark

    Show marketing remark (282 chars)

    Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

20. 2022-10-29
    listed $115,000 Active 282-char remark

    Show marketing remark (282 chars)

    Cozy 4 bedroom, 1 bath home just ready for a first time home owner or an ambitious investor. This home sits on a big lot so bring your ideas. Neighboring shopping, recreation, schools and access to major free-ways makes this home even more attractive. Property is being sold as-is.

21. 2014-08-30
    listed $16,900 420-char remark

    Show marketing remark (420 chars)

    We are at multi-offer procedure; please submit highest and best by 9/19/11 at 5:00 p. m. Multi form can be found in MLS Docs. Milwaukee bungalow with 4 bedrooms. Home has a living room/dining room combo with built-in china cabinet. Property sold AS-IS and is in need of some repairs. The # of rooms and room measurements were provided by a third party and have not been verified. Tax bill states property has 2 bedrooms.

22. 2014-08-30
    historical 420-char remark

    Show marketing remark (420 chars)

    We are at multi-offer procedure; please submit highest and best by 9/19/11 at 5:00 p. m. Multi form can be found in MLS Docs. Milwaukee bungalow with 4 bedrooms. Home has a living room/dining room combo with built-in china cabinet. Property sold AS-IS and is in need of some repairs. The # of rooms and room measurements were provided by a third party and have not been verified. Tax bill states property has 2 bedrooms.

23. 2011-10-25
    soldstatus $20,100 420-char remark

    Show marketing remark (420 chars)

    We are at multi-offer procedure; please submit highest and best by 9/19/11 at 5:00 p. m. Multi form can be found in MLS Docs. Milwaukee bungalow with 4 bedrooms. Home has a living room/dining room combo with built-in china cabinet. Property sold AS-IS and is in need of some repairs. The # of rooms and room measurements were provided by a third party and have not been verified. Tax bill states property has 2 bedrooms.

24. 1988-10-01
    soldstatus $31,000

ⓘ 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: $1,726 · $144/mo
• Projected year-2 tax: $2,269 · $189/mo
• Expected delta: +$543/yr (+$45/mo · 31.4%)

ⓘ 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: $19,296
• − Mortgage interest: −$8,514
• − Property taxes: −$1,726
• − Insurance: −$760
• − Repairs & maintenance: −$1,544
• − Management: −$1,544
• − Depreciation: −$4,422
• Taxable income: $786
• Est. tax owed @ 24.0%: −$189
• After-tax cash flow: $3,004/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

+390.3% since first listed

14 events — show timeline

• 2026-04-09 Pending — METROMLS
• 2026-04-01 Listed $152,000 METROMLS
• 2023-03-01 Listing Removed — METROMLS
• 2023-01-03 Price Changed $90,000 METROMLS
• 2022-12-15 Relisted — METROMLS
• 2022-12-14 Pending — METROMLS
• 2022-12-02 Price Changed $100,000 METROMLS
• 2022-12-02 Relisted — METROMLS
• 2022-11-14 Contingent — METROMLS
• 2022-10-29 Listed $115,000 METROMLS
• 2014-08-30 Listing Removed — METROMLS
• 2014-08-30 Listed $16,900 METROMLS
• 2011-10-25 Sold (MLS) $20,100 METROMLS
• 1988-10-01 Sold (Public Records) $31,000 Public Records

Property tax history

+1.9%/yr

Latest (2024): $1,726 · +6.7% YoY. Source: county tax records.