6118 W Port Ave · Milwaukee, WI 53223

$49,900

2 bd · 2.0 ba · 1,056 sqft · Condo public records · 27 Days on market

Built 1970 $47/sqft · 36% below area Est $78k · 36% under $250/mo HOA · 19% of rent

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * Per the HOA- No New Rentals * * * Discover the potential of this spacious condo featuring 2good sized bedrooms and three bathrooms--including two convenient half baths and a full bath--offering ample living space across a practical layout with a finished lower basement. This property presents an excellent opportunity for buyers looking to add personal touches and renovations, making it an ideal canvas to create your dream home or a smart investment. Priced to reflect its current condition, it invites those with vision and creativity to unlock its full potential and transform it into a comfortable, personalized living space. Room sizes have been estimated.

Key facts

• $250 HOA
• Built 1970
• Listed 27 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $50k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.6% 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: 46 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 3 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 $40k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 2.70% ✓
• Cap rate: 16.61%
• Cash-on-cash: 36.86%
• DSCR: 2.64
• GRM: 3.1

CMA / ARV

• ARV (median comp): $78,427
• List price: $49,900
• Delta: -36.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.9%
• Equity multiple: 2.39×
• Total profit: $19,446
• Equity at exit: $7,440

10-year hold

• IRR: 40.0%
• Equity multiple: 4.79×
• Total profit: $52,935
• Equity at exit: $4,314

Cash invested: $13,972 (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 53223

• Home prices YoY: -27.7%
• Active inventory: 46
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,346 high
• Mortgage (P&I): −$262
• Tax from tax record: −$102 /mo · $1,224/yr
• Insurance: −$21
• HOA: −$250
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $429

Break-even live

Break-even rent $803

Max offer price $49,900

Occupancy floor 63%

Sensitivity live

Price	-10% $457	-5% $443	+0% $429	+5% $415	+10% $401
Rent	-10% $323	-5% $376	+0% $429	+5% $482	+10% $536
Rate	-1.0pp $454	-0.5pp $442	base $429	+0.5pp $416	+1.0pp $403

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6011 W Port Ave Apt 203H Milwaukee, WI	1.0	1.0	725	$995	$1.37	44d	1	0.08mi
6401 W Bradley Rd Milwaukee, WI	1.0–3.0	1.0–2.5	882	$1,475	$1.67	2d	2	0.31mi
5005 W Bradley Rd Milwaukee, WI	2.0	1.0	1064	$1,299	$1.22	15d	2	0.75mi
5005 W Bradley Rd Milwaukee, WI	2.0	1.0	1149	$1,299	$1.13	44d	1	0.75mi
5829 W Helena St Milwaukee, WI	3.0	2.0	1212	$2,200	$1.82	11d	1	0.90mi
5401 W Presidio Ln Milwaukee, WI	2.0	2.0	1200	$1,685	$1.40	2d	13	0.97mi
7290 W Dean Rd Milwaukee, WI	2.0	1.0–1.5	625	$1,545	$2.47	2d	8	1.04mi
7300 W Dean Rd Milwaukee, WI	1.0–2.0	1.0–1.5	850	$1,545	$1.82	3d	8	1.14mi
7601 W Donna Ct #1 Milwaukee, WI	2.0	1.5	872	$1,250	$1.43	24d	1	1.27mi
6951 N 76th St Apt 112 Milwaukee, WI	2.0	1.0	1025	$1,100	$1.07	24d	1	1.36mi
6762 N 52nd St Milwaukee, WI	2.0	2.0	1309	$1,500	$1.15	15d	1	1.37mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-05
   status Pending 674-char remark

   Show marketing remark (674 chars)

   * * * Per the HOA- No New Rentals * * * Discover the potential of this spacious condo featuring 2good sized bedrooms and three bathrooms--including two convenient half baths and a full bath--offering ample living space across a practical layout with a finished lower basement. This property presents an excellent opportunity for buyers looking to add personal touches and renovations, making it an ideal canvas to create your dream home or a smart investment. Priced to reflect its current condition, it invites those with vision and creativity to unlock its full potential and transform it into a comfortable, personalized living space. Room sizes have been estimated.

2. 2026-04-08
   listed $49,900 Active 674-char remark

   Show marketing remark (674 chars)

   * * * Per the HOA- No New Rentals * * * Discover the potential of this spacious condo featuring 2good sized bedrooms and three bathrooms--including two convenient half baths and a full bath--offering ample living space across a practical layout with a finished lower basement. This property presents an excellent opportunity for buyers looking to add personal touches and renovations, making it an ideal canvas to create your dream home or a smart investment. Priced to reflect its current condition, it invites those with vision and creativity to unlock its full potential and transform it into a comfortable, personalized living space. Room sizes have been estimated.

3. 2024-06-01
   historical 505-char remark

   Show marketing remark (505 chars)

   This condo offers a practical layout with ample living space, featuring a finished lower basement, three bathrooms (two half baths and one full bath), and three bedrooms that ensure comfortable living. Overall, this property serves as an ideal canvas for personal touches and renovations, with the pricing reflecting its current condition and the potential for enhancements. It would appeal to those seeking a value purchase with the vision to transform it into a personalized home or investment property.

4. 2024-02-28
   historical Contingent 505-char remark

   Show marketing remark (505 chars)

   This condo offers a practical layout with ample living space, featuring a finished lower basement, three bathrooms (two half baths and one full bath), and three bedrooms that ensure comfortable living. Overall, this property serves as an ideal canvas for personal touches and renovations, with the pricing reflecting its current condition and the potential for enhancements. It would appeal to those seeking a value purchase with the vision to transform it into a personalized home or investment property.

5. 2024-01-19
   price $59,900 505-char remark

   Show marketing remark (505 chars)

   This condo offers a practical layout with ample living space, featuring a finished lower basement, three bathrooms (two half baths and one full bath), and three bedrooms that ensure comfortable living. Overall, this property serves as an ideal canvas for personal touches and renovations, with the pricing reflecting its current condition and the potential for enhancements. It would appeal to those seeking a value purchase with the vision to transform it into a personalized home or investment property.

6. 2024-01-05
   listed $65,000 Active 505-char remark

   Show marketing remark (505 chars)

   This condo offers a practical layout with ample living space, featuring a finished lower basement, three bathrooms (two half baths and one full bath), and three bedrooms that ensure comfortable living. Overall, this property serves as an ideal canvas for personal touches and renovations, with the pricing reflecting its current condition and the potential for enhancements. It would appeal to those seeking a value purchase with the vision to transform it into a personalized home or investment property.

7. 2013-09-27
   listed $9,000
8. 2013-09-27
   historical
9. 1999-12-23
   soldstatus $40,000
10. 1978-12-01
    soldstatus $34,900

ⓘ 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: $1,224 · $102/mo
• Projected year-2 tax: $1,224 · $102/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,157
• − Mortgage interest: −$2,795
• − Property taxes: −$1,224
• − Insurance: −$250
• − Repairs & maintenance: −$1,293
• − Management: −$1,293
• − HOA: −$3,000
• − Depreciation: −$1,452
• Taxable income: $4,851
• Est. tax owed @ 24.0%: −$1,164
• After-tax cash flow: $3,986/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): 28,793
• Household income: $60,839
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 1084.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 57% White 29% Asian 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 3% Portuguese 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Other Asian/Pacific 4% Spanish 2% French/Haitian/Cajun 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: ▼ -108.51%
• Current HPI: 283.4147
• Rent YoY: —
• 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

+43.0% since first listed

10 events — show timeline

• 2026-05-05 Pending — METROMLS
• 2026-04-08 Listed $49,900 METROMLS
• 2024-06-01 Listing Removed — METROMLS
• 2024-02-28 Contingent — METROMLS
• 2024-01-19 Price Changed $59,900 METROMLS
• 2024-01-05 Listed $65,000 METROMLS
• 2013-09-27 Listing Removed — METROMLS
• 2013-09-27 Listed $9,000 METROMLS
• 1999-12-23 Sold (Public Records) $40,000 Public Records
• 1978-12-01 Sold (Public Records) $34,900 Public Records

Property tax history

+3.0%/yr

Latest (2024): $1,224 · +31.6% YoY. Source: county tax records.