2211 N 51st St Unit 11A · Milwaukee, WI 53208

$135,000

3 bd · 2.5 ba · 1,793 sqft · Condo · 61 Days on market

Built 1916 Poor condition $75/sqft · 34% below area Est $205k · 34% under

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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 +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2/1 Duplex City owned. Located in district 15. Only available to Owner Occupant offer for the 1st 60 days on market per Alderman. (until 5/3/26). $22,760 in essential repairs. (until 4/3/26) Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. This property is open to owner occupant and investor offers. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1916

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $135k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $185 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 (+10.8%/yr); 92 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• This rent runs 32% of the median local income ($53k/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 $933 of loan paydown is wiped out by about $4k 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 $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. 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?
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: 1.05% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.88%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $205,082
• List price: $135,000
• Delta: -34.17%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.7%
• Equity multiple: 0.93×
• Total profit: $-2,575
• Equity at exit: $20,129

10-year hold

• IRR: 12.7%
• Equity multiple: 2.25×
• Total profit: $47,084
• Equity at exit: $11,672

Cash invested: $37,800 (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 53208

• Home prices YoY: -27.1%
• Rents YoY: 10.8%
• Active inventory: 92
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,415 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $185

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 82%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	44d	1	0.23mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	24d	1	0.24mi
1750 N 53rd St Unit 1750 Milwaukee, WI	2.0	1.0	1500	$1,500	$1.00	17d	1	0.41mi
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	0.47mi
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	16d	1	0.52mi
1609 N 52nd St Unit Upper Milwaukee, WI	2.0	1.0	1518	$1,648	$1.09	3d	1	0.56mi
1607 N 52nd St Unit Lower Milwaukee, WI	2.0	1.0	1518	$1,648	$1.09	3d	1	0.57mi
1609 N 57th St Milwaukee, WI	2.0	1.0	1400	$1,650	$1.18	17d	1	0.65mi
1551 N 57th St Milwaukee, WI	2.0	1.0	1400	$1,795	$1.28	44d	1	0.68mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.73mi
2841 N 49th St Milwaukee, WI	2.0	1.0	1237	$1,098	$0.89	44d	1	0.76mi
2842 N 47th St Milwaukee, WI	2.0	1.0	1500	$1,100	$0.73	44d	1	0.80mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	0.87mi
2947 N 54th St #2945 Milwaukee, WI	2.0	1.0	1244	$1,050	$0.84	15d	1	0.89mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.93mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	1.14mi
6100 W State St Wauwatosa, WI	1.0–3.0	1.0–2.0	1160	$3,017	$2.60	2d	20	1.20mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	1.25mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.25mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.27mi
4802 W Wells St Unit 4802-1 Milwaukee, WI	3.0	2.0	1700	$1,799	$1.06	44d	1	1.39mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-19
   status $135,000 Active 61 DOM
2. 2026-05-05
   status Pending 587-char remark

   Show marketing remark (587 chars)

   2/1 Duplex City owned. Located in district 15. Only available to Owner Occupant offer for the 1st 60 days on market per Alderman. (until 5/3/26). $22,760 in essential repairs. (until 4/3/26) Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. This property is open to owner occupant and investor offers. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition

3. 2026-03-04
   listed $135,000 Active 587-char remark

   Show marketing remark (587 chars)

   2/1 Duplex City owned. Located in district 15. Only available to Owner Occupant offer for the 1st 60 days on market per Alderman. (until 5/3/26). $22,760 in essential repairs. (until 4/3/26) Performance deposit required - buyer must complete essential repairs within 180 days and have City provide proof of completion for performance deposit return. This property is open to owner occupant and investor offers. Bring flashlights & use caution when entering. Note: City of Milwaukee Tax Foreclosure Property. Listing info not verified. This property is being sold in AS-IS condition

ⓘ 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 ≥99°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: $16,986
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,359
• − Management: −$1,359
• − Depreciation: −$3,927
• Taxable income: $78
• Est. tax owed @ 24.0%: −$19
• After-tax cash flow: $2,204/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 · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to a livable condition. Significant investment is needed to address the exterior, interior, and systems, which will substantially increase its value.

Repairs flagged

• Major exterior siding — Significant weathering and damage
• Major roof — No visible damage, but not inspected
• Major interior walls/paint — No visible interior, but not inspected
• Major bathrooms — No visible bathrooms, but not inspected
• Major kitchen — No visible kitchen, but not inspected
• Major systems — No visible systems, but not inspected

Value-add opportunities

• Both exterior siding repair — Improves curb appeal and value
• Both roof repair — Essential for structural integrity and value
• Both interior painting — Enhances interior aesthetics and value
• Both bathroom updates — Modernizes spaces and increases value
• Both kitchen updates — Modernizes spaces and increases value
• Both system upgrades — Improves functionality and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant weathering and damage	Major	$15,000–50,000
roof · No visible damage, but not inspected	Major	$15,000–50,000
interior walls/paint · No visible interior, but not inspected	Major	$15,000–50,000
bathrooms · No visible bathrooms, but not inspected	Major	$15,000–50,000
kitchen · No visible kitchen, but not inspected	Major	$15,000–50,000
systems · No visible systems, but not inspected	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior siding repair — Improves curb appeal and value ↑
• Both roof repair — Essential for structural integrity and value ↑
• Both interior painting — Enhances interior aesthetics and value ↑
• Both bathroom updates — Modernizes spaces and increases value ↑
• Both kitchen updates — Modernizes spaces and increases value ↑
• Both system upgrades — Improves functionality 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): 27,201
• Household income: $52,690
• Rent vs Own: 60.8% rent · 39.2% own
• Severe rent burden: 1568.0

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 0.69)
• Race & ethnicity: Black 41% White 36% Hispanic / Latino 10% Asian 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 6% Spanish 6% 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: ▼ -123.92%
• Current HPI: 333.7268
• Rent YoY: ▲ 10.78%
• 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 events — show timeline

• 2026-05-05 Pending — METROMLS
• 2026-03-04 Listed $135,000 METROMLS