5015 N 38th St · Milwaukee, WI 53209

$179,900

4 bd · 2.0 ba · 1,558 sqft · MultiFamily · 59 Days on market

Built 1940 Fair condition 3,920 sqft lot $115/sqft · 66% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• 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

This turnkey 2/2 duplex is the perfect home or investment property. Currently rented for $1,550 per month, this property leaves room for an increase in cashflow. Schedule a showing today!

Key facts

• Practical layouts
• Near lincoln park
• Near oak leaf trail

Tags

• INVESTMENT OPPORTUNITY
• PRACTICAL LAYOUTS
• NEAR LINCOLN PARK
• NEAR HAVENWOODS STATE FOREST
• NEAR OAK LEAF TRAIL
• EASY ACCESS TO LOCAL SHOPS

Property features AI

Finance

• Other: Lot size approximately 0.09 acres (less than 1/2 acre)

Exterior

• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Zoning: RT3
• Construction: Assessor/Public Record used for year built information
• Exterior features: Vinyl exterior; Other exterior materials

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $783 ($9k/yr) — positive. Per door: $392/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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 (+8.6%/yr); 171 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• At $2,565/mo this rent would consume 63% of the median local household income ($48k/yr) (locally 3390% 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 $1k of loan paydown is wiped out by about $5k 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 + 8.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.43% ✓
• Cap rate: 11.52%
• Cash-on-cash: 18.66%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (median comp): $108,336
• List price: $179,900
• Delta: 66.06%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4855 N Hopkins St	0.20mi	4/2.0	1,610 (+3%)	8mo	$70,000	$43	79
3130 W Cameron Ave Unit 3130A	0.41mi	5/2.0 (+1)	1,543 (-1%)	0mo	$165,000	$107	74
5337 N 38th St	0.42mi	4/2.0	1,510 (-3%)	7mo	$110,000	$73	70
5241 N 31st St	0.53mi	4/2.0	1,657 (+6%)	2mo	$104,000	$63	63
4715 W Villard Ave	0.61mi	4/2.0	1,529 (-2%)	7mo	$99,000	$65	63
5105 N 46th St #5107	0.51mi	4/2.0	1,536 (-1%)	14mo	$125,000	$81	62
5021 N 27th St	0.70mi	5/2.0 (+1)	1,630 (+5%)	5mo	$135,000	$83	50
5151 N 31st St	0.47mi	4/2.0	1,742 (+12%)	14mo	$168,000	$96	47
4703 N 35th St	0.45mi	4/2.0	1,789 (+15%)	9mo	$147,500	$82	47
5368 N 39th St Unit 5368A	0.46mi	3/2.0 (-1)	1,384 (-11%)	11mo	$90,000	$65	46
5362 N 34th St Unit 5362A	0.53mi	3/2.0 (-1)	1,426 (-8%)	15mo	$99,500	$70	44
5531 N 41st St	0.68mi	4/2.0	1,702 (+9%)	13mo	$180,000	$106	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 1.68×
• Total profit: $34,319
• Equity at exit: $26,824

10-year hold

• IRR: 28.0%
• Equity multiple: 4.10×
• Total profit: $155,961
• Equity at exit: $15,554

Cash invested: $50,372 (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 53209

• Rents YoY: 8.6%
• Active inventory: 171
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,565 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $783

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 64%

Sensitivity live

Price	-10% $907	-5% $845	+0% $783	+5% $721	+10% $659
Rent	-10% $580	-5% $682	+0% $783	+5% $884	+10% $986
Rate	-1.0pp $874	-0.5pp $829	base $783	+0.5pp $736	+1.0pp $689

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,566
Total (2 units)			$2,565

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	25d	1	0.37mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	25d	1	0.37mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	14d	1	0.43mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	45d	1	0.55mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	16d	1	0.61mi
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	5d	1	0.68mi
4900 N 58th St Milwaukee, WI	3.0	1.0	1455	$1,450	$1.00	5d	1	1.21mi
3931 W Kaul Ave Milwaukee, WI	3.0	1.0	1400	$1,695	$1.21	45d	1	1.36mi
4139 N 50th St Milwaukee, WI	3.0	1.0	1275	$1,600	$1.25	45d	1	1.37mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	45d	1	1.42mi

Listing history 21 events

1. 2026-06-21
   days on market $179,900 Active 59 DOM
2. 2026-06-18
   days on market $179,900 Active 56 DOM
3. 2026-06-17
   days on market $179,900 Active 55 DOM
4. 2026-06-16
   days on market $179,900 Active 54 DOM
5. 2026-06-15
   days on market $179,900 Active 53 DOM
6. 2026-06-13
   days on market $179,900 Active 51 DOM
7. 2026-06-13
   days on market $179,900 Active 50 DOM
8. 2026-06-09
   days on market $179,900 Active 47 DOM
9. 2026-06-08
   days on market $179,900 Active 46 DOM
10. 2026-06-07
    days on market $179,900 Active 45 DOM
11. 2026-06-05
    days on market $179,900 Active 42 DOM
12. 2026-06-03
    days on market $179,900 Active 41 DOM
13. 2026-06-02
    days on market $179,900 Active 40 DOM
14. 2026-06-01
    days on market $179,900 Active 39 DOM
15. 2026-05-31
    days on market $179,900 Active 38 DOM
16. 2026-04-23
    listed $179,900 Active 731-char remark
17. 2024-02-14
    historical 187-char remark

    Show marketing remark (187 chars)

    This turnkey 2/2 duplex is the perfect home or investment property. Currently rented for $1,550 per month, this property leaves room for an increase in cashflow. Schedule a showing today!

18. 2023-09-27
    listed $119,900 Active 187-char remark

    Show marketing remark (187 chars)

    This turnkey 2/2 duplex is the perfect home or investment property. Currently rented for $1,550 per month, this property leaves room for an increase in cashflow. Schedule a showing today!

19. 2023-05-23
    historical

    Show marketing remark (205 chars)

    Turnkey duplex rented and ready for you to cashflow. Total rents are 1445/mo with room to increase. Seller also has other properties that could be a package deal. MLS #'s 1823815, 1823814, 1823810, 1823813

20. 2023-02-16
    price $124,900

    Show marketing remark (205 chars)

    Turnkey duplex rented and ready for you to cashflow. Total rents are 1445/mo with room to increase. Seller also has other properties that could be a package deal. MLS #'s 1823815, 1823814, 1823810, 1823813

21. 2023-02-03
    listed $119,900 Active

    Show marketing remark (205 chars)

    Turnkey duplex rented and ready for you to cashflow. Total rents are 1445/mo with room to increase. Seller also has other properties that could be a package deal. MLS #'s 1823815, 1823814, 1823810, 1823813

ⓘ 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: $30,780
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,462
• − Management: −$2,462
• − Depreciation: −$5,233
• Taxable income: $6,947
• Est. tax owed @ 24.0%: −$1,667
• After-tax cash flow: $7,730/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 · 6 photos

Fair 45/100 Moderate rehab

This 2/2 duplex requires moderate renovations to improve its condition and increase its value. Immediate repairs and updates are needed to bring it up to a fair condition.

Repairs flagged

• Major siding — Significant damage
• Major exterior paint — Peeling paint
• Major flooring — Worn-out carpet
• Major interior paint — Peeling paint
• Major bathroom fixtures — Needs updating
• Major kitchen appliances — Needs updating
• Major HVAC system — Needs updating

Value-add opportunities

• Both New siding and paint — Enhances curb appeal and value
• Both New flooring and paint — Improves interior aesthetics and value
• Both New kitchen appliances and fixtures — Modernizes the space and attracts renters
• Both HVAC system replacement — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant damage	Major	$15,000–50,000
exterior paint · Peeling paint	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
interior paint · Peeling paint	Major	$15,000–50,000
bathroom fixtures · Needs updating	Major	$15,000–50,000
kitchen appliances · Needs updating	Major	$15,000–50,000
HVAC system · Needs updating	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both New siding and paint — Enhances curb appeal and value ↑
• Both New flooring and paint — Improves interior aesthetics and value ↑
• Both New kitchen appliances and fixtures — Modernizes the space and attracts renters ↑
• Both HVAC system replacement — Improves comfort and energy efficiency ↑

ⓘ 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): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

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 (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• 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

+50.0% since first listed

6 events — show timeline

• 2026-04-23 Listed $179,900 METROMLS
• 2024-02-14 Listing Removed — METROMLS
• 2023-09-27 Listed $119,900 METROMLS
• 2023-05-23 Listing Removed — METROMLS
• 2023-02-16 Price Changed $124,900 METROMLS
• 2023-02-03 Listed $119,900 METROMLS