6530 W Carmen Ave #6532 · Milwaukee, WI 53218

$193,000

6 bd · 2.0 ba · 2,207 sqft · MultiFamily · 9 Days on market

Built 1955 Fair condition 5,227 sqft lot $87/sqft · 10% above area Est $175k · 10% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• ARV discount +2.8/15.0
• 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

Great investment opportunity in a prime location! This duplex features 3 bedrooms in each unit, offering spacious layouts ideal for tenants or owner-occupants. Conveniently located near MPS and local amenities, this property ensures strong rental appeal. Both units are fully rented, providing immediate cash flow. While the property could use some TLC, it offers significant upside potential with room to increase rents to market value. Whether you're looking to expand your portfolio or secure a value-add property, this duplex is packed with potential and positioned for long-term growth. Don't miss out on this opportunity!

Key facts

• Spacious layouts
• Immediate cash flow
• Prime location

Tags

• INVESTMENT OPPORTUNITY
• PRIME LOCATION
• SPACIOUS LAYOUTS
• STRONG RENTAL APPEAL
• IMMEDIATE CASH FLOW
• SIGNIFICANT UPSIDE POTENTIAL

Property features AI

Finance

• Financial info: Property is a multi-family duplex with 2 units (potential rental income property)

Exterior

• Parking: Detached 2-car garage for the property; Additional 1 off-street parking space
• Utilities: Municipal water and municipal sewer
• Home design: 2-story duplex (multi-family); Estimated building size range 1,001–1,250 sq. ft. per unit
• Construction: Exterior materials include aluminum/steel and vinyl; Basement constructed with block
• Exterior features: Aluminum/steel and vinyl siding; Lot size approximately 0.12 acre; Zoned RT2

Interior

• Kitchen: Each unit has an upper-level kitchen (Unit 2 kitchen dimensions 12 x 11); Includes 1 stove and 2 refrigerators
• Bedrooms: Each unit has 3 bedrooms (Unit 2 bedrooms located on the upper level; primary bedroom on upper level)
• Bathrooms: Each unit has 1 full bathroom
• Interior features: Full basement with block construction
• Laundry & utility: Two electric meters and two gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $193k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $836 ($10k/yr) — positive. Per door: $418/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $193k).
• 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 (+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 $2,747/mo this rent would consume 72% 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 $1k of loan paydown is wiped out by about $6k 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 $54k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.42% ✓
• Cap rate: 11.49%
• Cash-on-cash: 18.57%
• DSCR: 1.83
• GRM: 5.9

CMA / ARV

• ARV (median comp): $174,856
• List price: $193,000
• Delta: 10.95%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6530 W Carmen Ave #6532	0.00mi	6/2.0	2,207 (0%)	20mo	$170,000	$77	84
5659 N 64th St	0.20mi	5/2.5 (-1)	2,160 (-2%)	8mo	$255,000	$118	74
5707 N 68th St #5709	0.20mi	5/2.0 (-1)	2,158 (-2%)	15mo	$230,000	$107	69
5342 N 62nd St #5344	0.64mi	6/2.0	2,149 (-3%)	2mo	$245,750	$114	64
5854 N 64th St #5856	0.15mi	6/2.0	1,940 (-12%)	15mo	$145,000	$75	60
5952 N 61st St	0.37mi	6/2.0	1,884 (-15%)	1mo	$79,900	$42	58
5815 N 76th St #5817	0.66mi	6/3.0	2,314 (+5%)	6mo	$222,500	$96	52
6052 N 61st St #6056	0.45mi	6/2.0	2,088 (-5%)	22mo	$175,000	$84	52

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: 12.9%
• Equity multiple: 1.53×
• Total profit: $28,509
• Equity at exit: $28,777

10-year hold

• IRR: 23.5%
• Equity multiple: 3.25×
• Total profit: $121,425
• Equity at exit: $16,687

Cash invested: $54,040 (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: 11.7×

Monthly cashflow live

• Estimated rent: $2,747 high
• Mortgage (P&I): −$1,012
• Tax est. 1.5%: −$241 /mo · $2,895/yr
• Insurance: −$80
• HOA: −$0
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $836

Break-even live

Break-even rent $1,688

Max offer price $193,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,748
Total (2 units)			$2,747

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: $48,250
• Closing costs: $5,790
• 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	10d	1	0.65mi

Listing history 16 events

1. 2026-06-18
   days on market $193,000 Active 9 DOM
2. 2026-06-17
   days on market $193,000 Active 8 DOM
3. 2026-06-16
   days on market $193,000 Active 7 DOM
4. 2026-06-15
   days on market $193,000 Active 6 DOM
5. 2026-06-13
   days on market $193,000 Active 4 DOM
6. 2026-06-13
   days on market $193,000 Active 3 DOM
7. 2026-06-10
   pricedays on marketlisting id $193,000 Active 1 DOM
8. 2026-06-05
   days on market $194,000 Active 31 DOM

   Show marketing remark (627 chars)

   Great investment opportunity in a prime location! This duplex features 3 bedrooms in each unit, offering spacious layouts ideal for tenants or owner-occupants. Conveniently located near MPS and local amenities, this property ensures strong rental appeal. Both units are fully rented, providing immediate cash flow. While the property could use some TLC, it offers significant upside potential with room to increase rents to market value. Whether you're looking to expand your portfolio or secure a value-add property, this duplex is packed with potential and positioned for long-term growth. Don't miss out on this opportunity!

9. 2026-06-03
   days on market $194,000 Active 30 DOM
10. 2026-06-02
    days on market $194,000 Active 29 DOM
11. 2026-06-01
    days on market $194,000 Active 28 DOM
12. 2026-05-31
    days on market $194,000 Active 27 DOM
13. 2026-05-04
    listed $199,000 Active 627-char remark

    Show marketing remark (627 chars)

    Great investment opportunity in a prime location! This duplex features 3 bedrooms in each unit, offering spacious layouts ideal for tenants or owner-occupants. Conveniently located near MPS and local amenities, this property ensures strong rental appeal. Both units are fully rented, providing immediate cash flow. While the property could use some TLC, it offers significant upside potential with room to increase rents to market value. Whether you're looking to expand your portfolio or secure a value-add property, this duplex is packed with potential and positioned for long-term growth. Don't miss out on this opportunity!

14. 2024-10-30
    soldstatus $170,000 Sold 191-char remark

    Show marketing remark (191 chars)

    Well maintained Duplex that is great for investment or owner occupant. Property in a quiet area & close to public transit & shopping. Off-street parking. Excellent rental history.

15. 2024-09-22
    historical Contingent 191-char remark

    Show marketing remark (191 chars)

    Well maintained Duplex that is great for investment or owner occupant. Property in a quiet area & close to public transit & shopping. Off-street parking. Excellent rental history.

16. 2024-09-18
    listed $189,000 Active 191-char remark

    Show marketing remark (191 chars)

    Well maintained Duplex that is great for investment or owner occupant. Property in a quiet area & close to public transit & shopping. Off-street parking. Excellent rental history.

ⓘ 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 ≥100°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: $32,964
• − Mortgage interest: −$10,811
• − Property taxes: −$2,895
• − Insurance: −$965
• − Repairs & maintenance: −$2,637
• − Management: −$2,637
• − Depreciation: −$5,615
• Taxable income: $7,404
• Est. tax owed @ 24.0%: −$1,777
• After-tax cash flow: $8,259/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 · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. The exterior siding and interior walls need attention, while the kitchen and bathrooms are cluttered and dusty. A fresh coat of paint and some landscaping would significantly enhance the property's curb appeal and value.

Repairs flagged

• Minor kitchen cabinets — dust and minor wear
• Minor bathroom fixtures — dust and minor wear
• Major exterior siding — worn and peeling
• Minor interior walls — chipped and faded paint

Value-add opportunities

• Both exterior painting — enhances curb appeal and property value
• Both kitchen and bathroom cleaning — improves cleanliness and functionality
• Both landscaping — enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dust and minor wear	Minor	$500–3,000
bathroom fixtures · dust and minor wear	Minor	$500–3,000
exterior siding · worn and peeling	Major	$15,000–50,000
interior walls · chipped and faded paint	Minor	$500–3,000
Total estimated repair cost · 4 items		$16,500–59,000

Value-add ROI direction

• Both exterior painting — enhances curb appeal and property value ↑
• Both kitchen and bathroom cleaning — improves cleanliness and functionality ↑
• Both landscaping — enhances curb appeal and property 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

+2.1% since first listed

7 events — show timeline

• 2026-06-09 Listed $193,000 METROMLS
• 2026-06-05 Listing Removed — METROMLS
• 2026-05-20 Price Changed $194,000 METROMLS
• 2026-05-04 Listed $199,000 METROMLS
• 2024-10-30 Sold (MLS) $170,000 METROMLS
• 2024-09-22 Contingent — METROMLS
• 2024-09-18 Listed $189,000 METROMLS