2554 N 51st St · Milwaukee, WI 53210

$140,000

4 bd · 2.0 ba · 1,812 sqft · MultiFamily · 56 Days on market

Built 1923 Average condition 5,227 sqft lot $77/sqft · 6% below area Est $150k · 6% under ↓ 15% since listing

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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 +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.8/5.0
• 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

Savvy investors and homeowners, take note. This large duplex offers 2 bedrooms and 1 bath in each unit. Walk into this opportunity generating immediate cash flow as there is a long term tenant who would like to remain. The roof, siding, and front porch were replaced a few years ago.

Key facts

• Siding replaced
• Front porch replaced
• Large duplex

Tags

• LARGE DUPLEX
• ROOF REPLACED
• SIDING REPLACED
• FRONT PORCH REPLACED

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $688 ($8k/yr) — positive. Per door: $344/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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 (+3.8%/yr); 142 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,096/mo this rent would consume 52% of the median local household income ($48k/yr) (locally 1730% 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 $968 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 + 3.8% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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. Built in 1923 — 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: 1.50% ✓
• Cap rate: 12.19%
• Cash-on-cash: 21.07%
• DSCR: 1.94
• GRM: 5.6

CMA / ARV

• ARV (median comp): $149,569
• List price: $140,000
• Delta: -6.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2639 N 55th St	0.29mi	4/2.0	1,877 (+4%)	2mo	$120,000	$64	79
2818 N 55th St Unit 2818A	0.40mi	4/2.0	1,825 (+1%)	4mo	$208,000	$114	77
2726 N 56th St Unit 2726A	0.37mi	4/2.0	1,934 (+7%)	3mo	$155,000	$80	69
2844 N 57th St Unit 2844A	0.50mi	4/2.0	1,867 (+3%)	7mo	$150,000	$80	66
4324 W Lisbon Ave	0.66mi	3/2.0 (-1)	1,777 (-2%)	1mo	$36,000	$20	60
2969 N 56th St Unit 2969A	0.61mi	4/2.0	1,742 (-4%)	7mo	$137,500	$79	59
2834 N 54th St Unit 2834A	0.39mi	4/2.0	2,080 (+15%)	0mo	$175,000	$84	57
2973 N 58th St #2975	0.68mi	4/2.0	1,878 (+4%)	7mo	$160,000	$85	56
1900 N 55th St Unit 1900A	0.74mi	3/2.0 (-1)	1,802 (-1%)	7mo	$225,000	$125	54
2851 N 55th St Unit 2851A	0.46mi	4/2.0	2,067 (+14%)	3mo	$165,000	$80	53
3024 N 44th St	0.73mi	4/2.0	1,998 (+10%)	1mo	$120,775	$60	48
3019 N 52nd St #3021	0.59mi	4/2.0	2,078 (+15%)	6mo	$155,000	$75	44

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 1.58×
• Total profit: $22,929
• Equity at exit: $20,874

10-year hold

• IRR: 23.8%
• Equity multiple: 3.14×
• Total profit: $83,820
• Equity at exit: $12,105

Cash invested: $39,200 (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 53210

• Home prices YoY: -21.5%
• Rents YoY: 3.8%
• Active inventory: 142
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,096 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $688

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,096
Total (2 units)			$2,096

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2629 N 50th St Unit Upper Milwaukee, WI	3.0	1.0	1258	$1,375	$1.09	3d	1	0.06mi
2438 N 51st St Unit 2 Milwaukee, WI	3.0	1.0	1300	$1,650	$1.27	24d	1	0.18mi
2409 N 49th St Milwaukee, WI	3.0	1.0	1335	$1,248	$0.93	44d	1	0.24mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	0.43mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	0.52mi
2137 N 47th St Milwaukee, WI	5.0	2.0	1723	$1,850	$1.07	15d	1	0.60mi
3155 N 52nd St Milwaukee, WI	3.0	2.0	1300	$1,400	$1.08	44d	1	0.73mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	0.88mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	4d	1	0.90mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	1.02mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	1.41mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.43mi
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	1.44mi
2432 N 28th St Milwaukee, WI	5.0	1.5	1876	$1,600	$0.85	44d	1	1.46mi

Listing history 11 events

1. 2026-06-07
   statusdays on market $140,000 Pending 56 DOM
2. 2026-06-05
   pricedays on market $140,000 Active 54 DOM
3. 2026-06-03
   days on market $145,000 Active 53 DOM
4. 2026-06-02
   days on market $145,000 Active 52 DOM
5. 2026-06-01
   days on market $145,000 Active 51 DOM
6. 2026-05-31
   days on market $145,000 Active 50 DOM
7. 2026-05-18
   price $145,000 283-char remark

   Show marketing remark (283 chars)

   Savvy investors and homeowners, take note. This large duplex offers 2 bedrooms and 1 bath in each unit. Walk into this opportunity generating immediate cash flow as there is a long term tenant who would like to remain. The roof, siding, and front porch were replaced a few years ago.

8. 2026-04-11
   listed $155,000 Active 283-char remark

   Show marketing remark (283 chars)

   Savvy investors and homeowners, take note. This large duplex offers 2 bedrooms and 1 bath in each unit. Walk into this opportunity generating immediate cash flow as there is a long term tenant who would like to remain. The roof, siding, and front porch were replaced a few years ago.

9. 2026-02-11
   historical 283-char remark

   Show marketing remark (283 chars)

   Savvy investors and homeowners, take note. This large duplex offers 2 bedrooms and 1 bath in each unit. Walk into this opportunity generating immediate cash flow as there is a long term tenant who would like to remain. The roof, siding, and front porch were replaced a few years ago.

10. 2025-10-22
    price $164,900 283-char remark

    Show marketing remark (283 chars)

    Savvy investors and homeowners, take note. This large duplex offers 2 bedrooms and 1 bath in each unit. Walk into this opportunity generating immediate cash flow as there is a long term tenant who would like to remain. The roof, siding, and front porch were replaced a few years ago.

11. 2025-09-25
    listed $169,900 Active 283-char remark

    Show marketing remark (283 chars)

    Savvy investors and homeowners, take note. This large duplex offers 2 bedrooms and 1 bath in each unit. Walk into this opportunity generating immediate cash flow as there is a long term tenant who would like to remain. The roof, siding, and front porch were replaced a few years ago.

ⓘ 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: $25,152
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$2,012
• − Management: −$2,012
• − Depreciation: −$4,073
• Taxable income: $6,413
• Est. tax owed @ 24.0%: −$1,539
• After-tax cash flow: $6,721/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

Average 55/100 Moderate rehab

This 2-unit duplex requires moderate renovations to update the kitchen and bathrooms, which would significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — poor condition
• Major kitchen countertops — poor condition
• Major kitchen appliances — poor condition
• Major bathroom fixtures — poor condition
• Major bathroom tile — poor condition

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace kitchen cabinets, countertops, and appliances — modernizes kitchen and increases appeal
• Both replace bathroom fixtures and tile — modernizes bathroom and increases appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · poor condition	Major	$15,000–50,000
kitchen countertops · poor condition	Major	$15,000–50,000
kitchen appliances · poor condition	Major	$15,000–50,000
bathroom fixtures · poor condition	Major	$15,000–50,000
bathroom tile · poor condition	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace kitchen cabinets, countertops, and appliances — modernizes kitchen and increases appeal ↑
• Both replace bathroom fixtures and tile — modernizes bathroom and increases appeal ↑

ⓘ 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): 23,922
• Household income: $48,217
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 1730.0

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 (71%)
• Race & ethnicity: Black 71% White 17% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 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: ▼ -76.77%
• Current HPI: 280.0133
• Rent YoY: ▲ 3.82%
• 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

-14.7% since first listed

5 events — show timeline

• 2026-05-18 Price Changed $145,000 METROMLS
• 2026-04-11 Listed $155,000 METROMLS
• 2026-02-11 Listing Removed — METROMLS
• 2025-10-22 Price Changed $164,900 METROMLS
• 2025-09-25 Listed $169,900 METROMLS