4727 W Custer Ave · Milwaukee, WI 53218

$35,900

3 bd · 1.5 ba · 1,562 sqft · SingleFamily public records · 55 Days on market

Built 1923 4,791 sqft lot $23/sqft · 79% below area ↓ 17% since listing

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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 +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $52,750 and the total scope of work totaling $65,130. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

Key facts

• 4,791 sq ft lot
• Garage
• Built 1923

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $36k.

Deal economics

• At list price, monthly cash flow is $983 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $36k).
• Recommended offer: $35k (3.0% below list) — sets the bar for market timing.
• Cap rate 39.2% 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; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 41% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $248 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 + 5.3% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($35k) 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 $12k; list at $36k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,823 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 4.34% ✓
• Cap rate: 39.16%
• Cash-on-cash: 117.38%
• DSCR: 6.22
• GRM: 1.9

CMA / ARV

• ARV (median comp): $169,754
• List price: $35,900
• Delta: -78.85%
• 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
5474 N 56th St	0.52mi	3/1.5	1,547 (-1%)	2mo	$217,000	$140	73
5312 N 54th St	0.39mi	4/2.0 (+1)	1,623 (+4%)	1mo	$225,000	$139	68
5402 N 41st St	0.45mi	4/1.5 (+1)	1,522 (-3%)	4mo	$145,000	$95	66
4937 N 51st Blvd	0.60mi	3/2.0	1,595 (+2%)	3mo	$206,000	$129	64
4220 W Reichert Pl	0.49mi	3/1.0	1,693 (+8%)	2mo	$212,865	$126	59
5403 N 37th St	0.66mi	4/1.5 (+1)	1,498 (-4%)	4mo	$129,000	$86	54
4826 N 51st Blvd	0.71mi	4/2.0 (+1)	1,494 (-4%)	0mo	$219,900	$147	52
5045 N 50th St	0.44mi	4/2.0 (+1)	1,400 (-10%)	4mo	$205,000	$146	52
5460 N 37th St	0.70mi	3/1.0	1,436 (-8%)	2mo	$125,000	$87	50
5113 N 55th St	0.58mi	3/2.0	1,336 (-14%)	0mo	$135,000	$101	47
5320 N 60th St	0.69mi	3/1.0	1,392 (-11%)	3mo	$209,000	$150	45
4025 W Fairmount Ave	0.66mi	4/2.0 (+1)	1,350 (-14%)	4mo	$151,000	$112	36

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: —
• Equity multiple: 7.02×
• Total profit: $60,504
• Equity at exit: $5,353

10-year hold

• IRR: —
• Equity multiple: 15.84×
• Total profit: $149,218
• Equity at exit: $3,104

Cash invested: $10,052 (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: 1.9×

Monthly cashflow live

• Estimated rent: $1,559 high
• Mortgage (P&I): −$188
• Tax est. 1.5%: −$45 /mo · $538/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $983

Break-even live

Break-even rent $314

Max offer price $35,900

Occupancy floor 32%

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: $8,975
• Closing costs: $1,077
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	23d	1	0.34mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	23d	1	0.35mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	14d	1	0.36mi
5050 N 47th St Milwaukee, WI	2.0	1.0	1092	$1,700	$1.56	43d	1	0.38mi
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	4d	1	0.81mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	4d	1	0.87mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	43d	1	0.88mi
4640 N 51st Blvd Milwaukee, WI	2.0	1.0	1075	$1,275	$1.19	43d	1	0.95mi
5884 N 35th St Milwaukee, WI	2.0	1.0	1200	$1,500	$1.25	43d	1	1.06mi
5659 N 64th St Unit 5659A Milwaukee, WI	2.0	1.0	1091	$1,300	$1.19	43d	1	1.06mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	12d	1	1.07mi
3931 W Kaul Ave Milwaukee, WI	3.0	1.0	1400	$1,695	$1.21	43d	1	1.08mi
6046 N 61st St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,345	$1.12	23d	1	1.16mi
6046 N 61st St Unit 2 Milwaukee, WI	3.0	1.0	1250	$1,395	$1.12	43d	1	1.16mi
6518 W Hampton Ave Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,200	$1.09	43d	1	1.27mi
6921 W Herbert Ave Milwaukee, WI	3.0	2.0	1414	$1,620	$1.15	4d	1	1.31mi
6813 W Hampton Ave Unit Rear (Unit B) Milwaukee, WI	3.0	2.0	1600	$1,350	$0.84	23d	1	1.47mi
5950 N 69th St Unit 1 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	43d	1	1.47mi

Listing history 16 events

1. 2026-06-09
   days on market $35,900 Active 55 DOM
2. 2026-06-08
   days on market $35,900 Active 54 DOM
3. 2026-06-07
   days on market $35,900 Active 53 DOM
4. 2026-06-05
   days on market $35,900 Active 50 DOM
5. 2026-06-03
   days on market $35,900 Active 49 DOM
6. 2026-06-02
   days on market $35,900 Active 48 DOM
7. 2026-06-01
   days on market $35,900 Active 47 DOM
8. 2026-05-31
   days on market $35,900 Active 46 DOM
9. 2026-04-13
   listed $35,900 Active 499-char remark

   Show marketing remark (499 chars)

   This property is being offered as a tax foreclosure by the City of Milwaukee. Please see attached scope of work with the essential renovation costs of $52,750 and the total scope of work totaling $65,130. Room and lot sizes are estimates & all information should be verified. Property being sold in 'as-is' condition. Property is subject to a performance deposit. Earnest money to be paid to Knight Barry Title and can be mailed or dropped off. Please indicate Knight Barry will be holding EM.

10. 2026-04-06
    historical 237-char remark

    Show marketing remark (237 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 at 10:00 am.

11. 2026-02-23
    listed $104,000 Active 237-char remark

    Show marketing remark (237 chars)

    This is a tax foreclosed property. For the first 30-days of the listing period, no offers below the listing price will be considered per Wisconsin Foreclosure Law. Owner Occupants will be prioritized. BIDS DUE March 30, 2026 at 10:00 am.

12. 2013-01-26
    listed $12,500
13. 2013-01-26
    historical
14. 2011-04-21
    soldstatus $12,500
15. 1994-04-01
    soldstatus $43,500
16. 1991-08-01
    soldstatus $43,500

ⓘ 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: $18,704
• − Mortgage interest: −$2,011
• − Property taxes: −$538
• − Insurance: −$180
• − Repairs & maintenance: −$1,496
• − Management: −$1,496
• − Depreciation: −$1,044
• Taxable income: $11,938
• Est. tax owed @ 24.0%: −$2,865
• After-tax cash flow: $8,934/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): 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

-17.5% since first listed

8 events — show timeline

• 2026-04-13 Listed $35,900 METROMLS
• 2026-04-06 Listing Removed — METROMLS
• 2026-02-23 Listed $104,000 METROMLS
• 2013-01-26 Listing Removed — METROMLS
• 2013-01-26 Listed $12,500 METROMLS
• 2011-04-21 Sold (MLS) $12,500 METROMLS
• 1994-04-01 Sold (Public Records) $43,500 Public Records
• 1991-08-01 Sold (Public Records) $43,500 Public Records

Property tax history

-4.3%/yr

Latest (2024): $2,089 · +29.1% YoY. Source: county tax records.