5670 N 38th St · Milwaukee, WI 53209

$100,450

3 bd · 2.0 ba · 1,725 sqft · MultiFamily public records · 8 Days on market

Built 1917 7,405 sqft lot $58/sqft · 31% below area Est $146k · 31% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

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 ONLY. BIDS DUE MAY 18, 2026 AT 10:00AM

Key facts

• 7,405 sq ft lot
• Garage
• Built 1917

Property features AI

Exterior

• Parking: Detached 1-car garage; Total of 1 garage parking space
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story multi-family building; Two-unit property
• Construction: Assessor/Public Record used for year-built information
• Exterior features: Stucco/slate exterior; Lot size about 0.17 acres (less than 1/2 acre); Zoning: RS6

Interior

• Kitchen: Upper-level kitchen in Unit 2 (approximately 10 x 10)
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms); Unit 2 master bedroom on upper level (approximately 10 x 10)
• Bathrooms: Each unit has one full bathroom
• Interior features: Full basement; Upper-level kitchens in one unit
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $558 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 13.0% 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); 168 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 40% of the median local income ($48k/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 $694 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 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 $68k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,450

Questions for the listing agent

1. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.61% ✓
• Cap rate: 12.96%
• Cash-on-cash: 23.81%
• DSCR: 2.06
• GRM: 5.2

CMA / ARV

• ARV (median comp): $146,349
• List price: $100,450
• Delta: -26.96%
• 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
5531 N 41st St	0.28mi	4/2.0 (+1)	1,702 (-1%)	13mo	$180,000	$106	69
5932 N 37th St #5934	0.33mi	4/3.0 (+1)	1,683 (-2%)	5mo	$215,000	$128	67
5853 N 40th St #5855	0.27mi	4/2.0 (+1)	1,827 (+6%)	10mo	$85,272	$47	64
5352 N 39th St Unit 5352A	0.41mi	4/2.0 (+1)	1,889 (+10%)	2mo	$295,900	$157	58
5951 N 36th St #5953	0.36mi	4/2.0 (+1)	1,872 (+8%)	9mo	$143,000	$76	56
5241 N 31st St	0.68mi	4/2.0 (+1)	1,657 (-4%)	2mo	$104,000	$63	55
5342 N 35th St	0.45mi	4/2.0 (+1)	1,843 (+7%)	10mo	$90,000	$49	54
3905 W Sheridan Ave Ave #3907	0.26mi	4/2.0 (+1)	1,960 (+14%)	8mo	$155,000	$79	54
5363 N 38th St	0.39mi	4/2.0 (+1)	1,839 (+7%)	15mo	$158,500	$86	53
5337 N 38th St	0.42mi	4/2.0 (+1)	1,510 (-12%)	7mo	$110,000	$73	49
5264 N 36th St	0.53mi	4/2.0 (+1)	1,804 (+5%)	19mo	$82,000	$45	47
5320 N 39th St	0.45mi	4/2.0 (+1)	1,873 (+9%)	17mo	$105,000	$56	46

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: 22.6%
• Equity multiple: 1.99×
• Total profit: $27,827
• Equity at exit: $14,977

10-year hold

• IRR: 33.8%
• Equity multiple: 4.87×
• Total profit: $108,938
• Equity at exit: $8,685

Cash invested: $28,126 (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: 168
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,612 high
• Mortgage (P&I): −$527
• Tax from tax record: −$147 /mo · $1,765/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $558

Break-even live

Break-even rent $906

Max offer price $100,450

Occupancy floor 60%

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: $25,112
• Closing costs: $3,014
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5541 N 35th St #5543 Milwaukee, WI	3.0	1.0	1130	$1,195	$1.06	4d	1	0.25mi
5884 N 35th St Milwaukee, WI	2.0	1.0	1200	$1,500	$1.25	43d	1	0.33mi
3931 W Kaul Ave Milwaukee, WI	3.0	1.0	1400	$1,695	$1.21	43d	1	0.54mi
4334 W Eggert Pl Milwaukee, WI	4.0	1.0	1077	$1,695	$1.57	23d	1	0.79mi
4340 W Eggert Pl Milwaukee, WI	4.0	1.0	1066	$1,695	$1.59	23d	1	0.79mi
5032 N 32nd St Milwaukee, WI	3.0	2.0	1089	$1,750	$1.61	12d	1	0.91mi
5050 N 47th St Milwaukee, WI	2.0	1.0	1092	$1,700	$1.56	43d	1	0.97mi
5073 N 48th St Milwaukee, WI	4.0	1.0	1152	$1,595	$1.38	14d	1	1.01mi
4702 N 44th St Milwaukee, WI	3.0	2.0	1050	$1,850	$1.76	43d	1	1.32mi
2225 W Mill Rd Glendale, WI	4.0	2.0	1945	$2,495	$1.28	23d	1	1.35mi
6046 N 61st St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,345	$1.12	23d	1	1.43mi
6046 N 61st St Unit 2 Milwaukee, WI	3.0	1.0	1250	$1,395	$1.12	43d	1	1.44mi

Listing history 27 events

1. 2026-06-18
   days on market $100,450 Active 8 DOM
2. 2026-06-17
   days on market $100,450 Active 7 DOM
3. 2026-06-16
   days on market $100,450 Active 6 DOM
4. 2026-06-15
   days on market $100,450 Active 5 DOM
5. 2026-06-13
   days on market $100,450 Active 3 DOM
6. 2026-06-13
   pricestatusdays on marketlisting id $100,450 Active 2 DOM
7. 2026-04-13
   listed $106,900 Active 218-char remark

   Show marketing remark (218 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 ONLY. BIDS DUE MAY 18, 2026 AT 10:00AM

8. 2023-04-01
   historical 205-char remark

   Show marketing remark (205 chars)

   Opportunity awaits in this renovated 5bd 2ba SF located in the Thurston Woods area of MKE. Ideal for either someone looking for a family home or a savvy investor. It's not too late to be great, don't wait!

9. 2022-09-24
   historical Contingent 205-char remark

   Show marketing remark (205 chars)

   Opportunity awaits in this renovated 5bd 2ba SF located in the Thurston Woods area of MKE. Ideal for either someone looking for a family home or a savvy investor. It's not too late to be great, don't wait!

10. 2022-09-07
    listed $90,000 Active 205-char remark

    Show marketing remark (205 chars)

    Opportunity awaits in this renovated 5bd 2ba SF located in the Thurston Woods area of MKE. Ideal for either someone looking for a family home or a savvy investor. It's not too late to be great, don't wait!

11. 2019-05-03
    soldstatus $67,500 Sold
12. 2019-03-26
    historical Contingent
13. 2019-03-19
    listed $69,900 Active
14. 2015-11-09
    soldstatus $39,200 Sold
15. 2015-09-28
    status Pending
16. 2015-09-25
    status Active
17. 2015-09-23
    status Pending
18. 2015-09-11
    listed $39,000 Active
19. 2013-05-09
    listed $95,000
20. 2013-05-09
    historical
21. 2013-02-01
    listed $115,900
22. 2013-02-01
    historical
23. 2008-12-26
    soldstatus $100,000
24. 2008-11-13
    soldstatus $100,000
25. 2002-04-04
    soldstatus $69,900
26. 1997-10-08
    soldstatus $15,000
27. 1997-09-01
    soldstatus $15,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $1,765 · $147/mo
• Projected year-2 tax: $1,812 · $151/mo
• Expected delta: +$46/yr (+$4/mo · 2.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $19,349
• − Mortgage interest: −$5,627
• − Property taxes: −$1,765
• − Insurance: −$502
• − Repairs & maintenance: −$1,548
• − Management: −$1,548
• − Depreciation: −$2,922
• Taxable income: $5,437
• Est. tax owed @ 24.0%: −$1,305
• After-tax cash flow: $5,392/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): 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

+569.7% since first listed

23 events — show timeline

• 2026-06-10 Listed $100,450 METROMLS
• 2026-05-20 Listing Removed — METROMLS
• 2026-04-13 Listed $106,900 METROMLS
• 2023-04-01 Listing Removed — METROMLS
• 2022-09-24 Contingent — METROMLS
• 2022-09-07 Listed $90,000 METROMLS
• 2019-05-03 Sold (MLS) $67,500 METROMLS
• 2019-03-26 Contingent — METROMLS
• 2019-03-19 Listed $69,900 METROMLS
• 2015-11-09 Sold (MLS) $39,200 METROMLS
• 2015-09-28 Pending — METROMLS
• 2015-09-25 Relisted — METROMLS
• 2015-09-23 Pending — METROMLS
• 2015-09-11 Listed $39,000 METROMLS
• 2013-05-09 Listed $95,000 METROMLS
• 2013-05-09 Listing Removed — METROMLS
• 2013-02-01 Listing Removed — METROMLS
• 2013-02-01 Listed $115,900 METROMLS
• 2008-12-26 Sold (Public Records) $100,000 Public Records
• 2008-11-13 Sold (MLS) $100,000 METROMLS
• 2002-04-04 Sold (Public Records) $69,900 Public Records
• 1997-10-08 Sold (Public Records) $15,000 Public Records
• 1997-09-01 Sold (Public Records) $15,000 Public Records

Property tax history

-4.6%/yr

Latest (2024): $1,765 · -66.8% YoY. Source: county tax records.