2475 W Keefe Ave Unit 2475A · Milwaukee, WI 53206

$24,900

4 bd · 2.0 ba · 1,320 sqft · MultiFamily · 228 Days on market

Built 1895 3,049 sqft lot $19/sqft · 66% below area ↓ 40% 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

Key facts

• Near schools
• Lucrative duplex
• Two inviting units

Tags

• LUCRATIVE DUPLEX
• TWO INVITING UNITS
• STRONG RENTAL APPEAL
• NEAR PUBLIC TRANSPORTATION
• NEAR SCHOOLS
• NEAR SHOPPING CENTERS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 61.4% 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 (+8.3%/yr); 150 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $1,666/mo this rent would consume 68% of the median local household income ($29k/yr) (locally 2061% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $3k of equity ($172 loan paydown + $2k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 228 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 228 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 6.69% ✓
• Cap rate: 61.43%
• Cash-on-cash: 196.91%
• DSCR: 9.76
• GRM: 1.2

CMA / ARV

• ARV (median comp): $73,636
• List price: $24,900
• Delta: -66.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3636 N 23rd St Unit 3636A	0.24mi	3/2.0 (-1)	1,360 (+3%)	14mo	$140,000	$103	67
3349 N 16th St #3351	0.68mi	4/2.0	1,288 (-2%)	2mo	$195,000	$151	62
3737 N 27th St Unit 3737A	0.27mi	4/2.0	1,510 (+14%)	14mo	$40,000	$26	52
3411 N 36th St #3413	0.72mi	4/2.0	1,189 (-10%)	19mo	$145,000	$122	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 14.66×
• Total profit: $95,257
• Equity at exit: $22,432

10-year hold

• IRR: —
• Equity multiple: 36.15×
• Total profit: $245,076
• Equity at exit: $48,375

Cash invested: $6,972 (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 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,666 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $374/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $1,144

Break-even live

Break-even rent $218

Max offer price $24,900

Occupancy floor 26%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,666
Total (2 units)			$1,666

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	4d	1	0.12mi
2704 W Concordia Ave Unit Na Milwaukee, WI	5.0	2.0	1856	$2,500	$1.35	23d	1	0.22mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	1d	1	0.30mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	0.32mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	43d	1	0.67mi
2945 N 23rd St Milwaukee, WI	3.0	1.0	1014	$1,195	$1.18	43d	1	0.68mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	1d	1	0.75mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	43d	1	0.77mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	4d	1	0.88mi
2741 N 23rd St Unit 2 Milwaukee, WI	3.0	1.0	1000	$1,100	$1.10	17d	1	0.93mi
2741 N 23rd St Milwaukee, WI	3.0	1.0	900	$1,050	$1.17	14d	1	0.93mi
3298 N 13th St Milwaukee, WI	3.0	1.0	885	$895	$1.01	43d	1	0.93mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	1d	1	1.05mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	23d	1	1.10mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	1.11mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	4d	1	1.13mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.14mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	43d	1	1.14mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	23d	1	1.14mi

Listing history 20 events

1. 2026-06-18
   days on market $24,900 Active 228 DOM
2. 2026-06-17
   days on market $24,900 Active 227 DOM
3. 2026-06-16
   days on market $24,900 Active 226 DOM
4. 2026-06-15
   days on market $24,900 Active 225 DOM
5. 2026-06-13
   days on market $24,900 Active 223 DOM
6. 2026-06-13
   days on market $24,900 Active 222 DOM
7. 2026-06-09
   days on market $24,900 Active 219 DOM
8. 2026-06-08
   days on market $24,900 Active 218 DOM
9. 2026-06-07
   days on market $24,900 Active 217 DOM
10. 2026-06-05
    pricedays on market $24,900 Active 214 DOM
11. 2026-05-31
    days on market $29,900 Active 213 DOM
12. 2026-04-08
    price $29,900 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

13. 2026-04-06
    status Active 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

14. 2026-04-01
    historical 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

15. 2026-03-05
    price $34,900 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

16. 2026-02-05
    price $39,900 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

17. 2026-01-06
    price $44,900 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

18. 2025-12-30
    status Active 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

19. 2025-12-08
    status Pending 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

20. 2025-10-03
    listed $49,900 Active 651-char remark

    Show marketing remark (651 chars)

    Attention investors! This versatile property, previously used as a single-family home, can be effortlessly converted back into a lucrative duplex. Featuring two inviting units, each with 2 cozy bedrooms and 1 bathroom, it offers comfortable living spaces designed to attract quality tenants. Ideally located near public transportation, schools, and shopping centers, this investment opportunity promises strong rental appeal and excellent potential for cash flow and value appreciation. Don't miss your chance to transform this property into a profitable venture--schedule your showing today and explore the possibilities! (Room sizes are estimated. )

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,992
• − Mortgage interest: −$1,395
• − Property taxes: −$374
• − Insurance: −$124
• − Repairs & maintenance: −$1,599
• − Management: −$1,599
• − Depreciation: −$724
• Taxable income: $14,176
• Est. tax owed @ 24.0%: −$3,402
• After-tax cash flow: $10,326/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): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

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 (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• 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

-40.1% since first listed

9 events — show timeline

• 2026-04-08 Price Changed $29,900 METROMLS
• 2026-04-06 Relisted — METROMLS
• 2026-04-01 Listing Removed — METROMLS
• 2026-03-05 Price Changed $34,900 METROMLS
• 2026-02-05 Price Changed $39,900 METROMLS
• 2026-01-06 Price Changed $44,900 METROMLS
• 2025-12-30 Relisted — METROMLS
• 2025-12-08 Pending — METROMLS
• 2025-10-03 Listed $49,900 METROMLS