4507 N 47th St #4509 · Milwaukee, WI 53218

$249,900

6 bd · 3.0 ba · 2,352 sqft · MultiFamily · 137 Days on market

Built 1973 Average condition 8,712 sqft lot $106/sqft · 37% above area Est $182k · 37% over ↓ 4% since listing

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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 +24.2/30.0
• DSCR +7.8/10.0
• 1% rule +6.3/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.8/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• 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

3/3/ townhouse style duplex on no through street. Features; side drive to ample parking, Long term tenants at near market rents. Building has been updated in the last 11 years including foundation repairs.

Key facts

• No through street
• Ample parking
• Foundation repairs

Tags

• TOWNHOUSE STYLE DUPLEX
• NO THROUGH STREET
• SIDE DRIVE
• AMPLE PARKING
• UPDATED BUILDING
• FOUNDATION REPAIRS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $250k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $498 ($6k/yr) — positive. Per door: $249/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 (+5.3%/yr); 153 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,817/mo this rent would consume 74% of the median local household income ($46k/yr) (locally 2421% 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 $2k of loan paydown is wiped out by about $7k 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 + 5.3% rent growth), your $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($220k) 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.

Recommended offer $219,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% 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 1973 — 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. 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.
10. 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.
11. 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: 1.13% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.55%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (median comp): $182,107
• List price: $249,900
• Delta: 37.23%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4557 N 46th St #4559	0.10mi	6/2.0	2,480 (+5%)	22mo	$100,000	$40	64
4959 N 51st Blvd #4961	0.64mi	6/2.0	2,213 (-6%)	7mo	$180,000	$81	51
5011 N 47th St Unit 5011A	0.65mi	5/2.0 (-1)	2,212 (-6%)	5mo	$132,500	$60	46
5044 N 47th St #5046	0.70mi	6/2.0	2,276 (-3%)	15mo	$275,000	$121	46
4960 N 48th St #4962	0.60mi	5/2.0 (-1)	2,201 (-6%)	9mo	$195,000	$89	45
4727 N Hopkins St	0.69mi	7/2.0 (+1)	2,082 (-12%)	8mo	$125,000	$60	32
4971 N 46th St #4973	0.62mi	6/2.0	2,028 (-14%)	22mo	$120,000	$59	26

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 · 5.29% rent growth · sell at horizon

5-year hold

• IRR: -0.8%
• Equity multiple: 0.97×
• Total profit: $-2,068
• Equity at exit: $37,261

10-year hold

• IRR: 11.2%
• Equity multiple: 1.97×
• Total profit: $67,799
• Equity at exit: $21,607

Cash invested: $69,972 (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 53218

• Home prices YoY: -19.0%
• Rents YoY: 5.3%
• Active inventory: 153
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $2,817 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $498

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 77%

Sensitivity live

Price	-10% $671	-5% $585	+0% $498	+5% $412	+10% $326
Rent	-10% $276	-5% $387	+0% $498	+5% $610	+10% $721
Rate	-1.0pp $624	-0.5pp $562	base $498	+0.5pp $434	+1.0pp $368

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,818
Total (2 units)			$2,817

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5268 N 64th St Milwaukee, WI	5.0	1.0	1672	$1,850	$1.11	11d	1	1.39mi

Listing history 19 events

1. 2026-06-18
   days on market $249,900 Active 137 DOM
2. 2026-06-17
   days on market $249,900 Active 136 DOM
3. 2026-06-16
   days on market $249,900 Active 135 DOM
4. 2026-06-15
   days on market $249,900 Active 134 DOM
5. 2026-06-13
   days on market $249,900 Active 132 DOM
6. 2026-06-13
   days on market $249,900 Active 131 DOM
7. 2026-06-09
   days on market $249,900 Active 128 DOM
8. 2026-06-08
   days on market $249,900 Active 127 DOM
9. 2026-06-07
   statusdays on market $249,900 Active 126 DOM
10. 2026-06-05
    days on market $249,900 Contingent 123 DOM
11. 2026-06-03
    days on market $249,900 Contingent 122 DOM
12. 2026-06-02
    days on market $249,900 Contingent 121 DOM
13. 2026-06-01
    days on market $249,900 Contingent 120 DOM
14. 2026-05-31
    days on market $249,900 Contingent 119 DOM
15. 2026-04-24
    price $249,900 205-char remark

    Show marketing remark (205 chars)

    3/3/ townhouse style duplex on no through street. Features; side drive to ample parking, Long term tenants at near market rents. Building has been updated in the last 11 years including foundation repairs.

16. 2026-03-23
    price $254,900 205-char remark

    Show marketing remark (205 chars)

    3/3/ townhouse style duplex on no through street. Features; side drive to ample parking, Long term tenants at near market rents. Building has been updated in the last 11 years including foundation repairs.

17. 2026-03-03
    status Active 205-char remark

    Show marketing remark (205 chars)

    3/3/ townhouse style duplex on no through street. Features; side drive to ample parking, Long term tenants at near market rents. Building has been updated in the last 11 years including foundation repairs.

18. 2026-02-20
    historical Contingent 205-char remark

    Show marketing remark (205 chars)

    3/3/ townhouse style duplex on no through street. Features; side drive to ample parking, Long term tenants at near market rents. Building has been updated in the last 11 years including foundation repairs.

19. 2026-02-01
    listed $259,900 Active 205-char remark

    Show marketing remark (205 chars)

    3/3/ townhouse style duplex on no through street. Features; side drive to ample parking, Long term tenants at near market rents. Building has been updated in the last 11 years including foundation repairs.

ⓘ 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 4/10 Moderate FEMA zone X (shaded) · 22% 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: $33,804
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,704
• − Management: −$2,704
• − Depreciation: −$7,270
• Taxable income: $2,129
• Est. tax owed @ 24.0%: −$511
• After-tax cash flow: $5,470/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 · 5 photos

Average 55/100 Moderate rehab

A moderate rehab project is needed to improve the exterior appearance and increase the property's value.

Repairs flagged

• Minor Paint — Light green siding with some discoloration
• Minor Landscaping — Bushes and a small tree

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Light green siding with some discoloration	Minor	$500–3,000
Landscaping · Bushes and a small tree	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑

ⓘ 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): 41,196
• Household income: $45,642
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 2421.0

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 (72%)
• Race & ethnicity: Black 72% Asian 10% White 10% Hispanic / Latino 5% Two or more races 3%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 6% · Philippines, Canada
• Languages at home: 89% English-only · Other Asian/Pacific 7% Spanish 3%

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: ▼ -76.44%
• Current HPI: 325.1975
• Rent YoY: ▲ 5.29%
• 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

-3.8% since first listed

5 events — show timeline

• 2026-04-24 Price Changed $249,900 METROMLS
• 2026-03-23 Price Changed $254,900 METROMLS
• 2026-03-03 Relisted — METROMLS
• 2026-02-20 Contingent — METROMLS
• 2026-02-01 Listed $259,900 METROMLS