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How do you feel about purchasing a 4 unit building? If you found the right price, the 3 additional rents would be a better buffer against loss of rent in one Mens Nike Huarache Black And White
Milwaukee Buy Hold Analysis
unit due to owner occupancy. I just saw a 4 unit for $199k maybe it's not the best shape, but for that price, you could do some repairs and still be in better financial shape. As someone mentioned above, you might consider checking out Bayview I saw some incredibly affordable duplexes listed in that area.
Robert Taylor, North Shore HomesTelephone: Real Estate Nike Air Huarache Oreo
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What type of returns have you other Milwaukee investors received on small multi family units? I'm factoring 5% vacancy, 5% maintenance, 10% Capex. These all seemed reasonable percentages after doing some research on BP.
I like that 4 plex Katy B brought up in her post. It looks cheap, in good shape, and even the schools are rated high. I'm very frustrated with the Baltimore area. The building in her post, if the price were the Nike Huarache Print Women's same here, would have schools rated 1 or 2 instead of 7 or 8 like zillow shows them to be. It would probably be a drug zone. I own 9 properties in quite nice areas. They cash flow so so. If I go where the cash flow is better then the area scares me away. And there's a lot of that around here.
North Shore HomesHi Ryan I got a negative cash flow when I entered the values for this example using my analysis (a bit worse than you came up with), so I don't think there is anything terribly skewed about how you are approaching the analysis.
If you could enlighten us to the price range you're looking at and what kind of interest rate you're looking at, that would help a lot!
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On a personal note I'm glad to read some more about the Milwaukee market. My husband and I are looking to buy a multi unit building to owner occupy when we relocate from Chicago in the next few months.
I think you're very smart for only looking closer to work/home, the travel time adds up so fast and is a near total waste! As you've figured out and as the ratios will tell you, generally speaking the more expensive rentals to purchase don't return as much cash flow percentage wise as compared to lower priced properties. Now if I go a half mile west into Riverwest, where these days you can often find decent duplexes for around $100k and sometimes less, rentometer says the average 3 bed rent is $918. So, even though the purchase prices are probably 1/2 to 1/3 that of houses east of the river, the rents are nearly 3/4 of the much higher priced homes!
Ryan, to add onto what Dan C said, I have a duplex in Washington heights (just east of tosa) that had a partially finished third floor. I finished that off and now charge $1100 for rent of the second floor 1500sqft 3 bedroom, plus the attic which is finished with a basic room and closets. Current tenants really like the extra storage and a playroom for their little one. The downstairs unit is renting for $975 including a $25 pet charge. Moral of the story: I was able to get a bit more rent by adding in the third floor, which was desirable for a family. Something to think about.
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I've been on the search for a duplex in the Milwaukee area to owner occupy over the past couple months. The problem I'm running into is that no properties I've seen are close to providing cash flow or a good cap rate. Everything I've seen has been in the range of 4 6% Cap Rate and $200 a month using the 50% rule.
Let me say right off the bat that I'm NOT a super experienced, big time landlord or even close to it but I'll throw in how I look at properties to hold for the heck of it! I shy away from using most of the ratios that we see a lot including here on BP. I'm not saying there's anything wrong with using them, they're just not for me for some reason. I really just like to take a house by house approach to buying anything, to flip or to hold. There are just so, so many variables and "wildcards" that can figure into a house purchase, I just have trouble blindly plugging the numbers into some ratios and hoping for an answer. Plus, its a big enough purchase that I think its worth the time to do a detailed analysis of each one. In the end, my go/no go decisions can vary but mainly I'd say the same thing that Dawn Anastasi has in her signature line, that if it makes money, it makes sense!
As far as "variable monthly expenses", I assume you mean repairs, right? If you do, that again is somewhere that I shy away from just using a ratio or percentage and I actually try to estimate my number, based on the age and condition of the place.
basically duplex buildings with a 3rd unit. Not a lot of them, but certainly not unheard of in Milwaukee county. I've only seen them in areas where the housing stock is very old 1920's and earlier. Anyways, that third unit is obviously a huge benefit to the cash flow.
First, what price range are you thinking of here? The areas you mentioned have a fairly wide spread in prices, South Milwaukee and 'Stallis on the lower end and Tosa and nearly anything in Waukesha County on the higher end. Also, what are your financing plans? Not trying to dig into your personal life here, I'm just wondering what kind of interest expense you would be looking at here as well as property taxes, which as you correctly pointed out, are MUCH lower in Waukesha County!
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