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Updated over 1 year ago,
Cash flowing Milwaukee Multi-family B/C class neighborhoods
Hi all,
Im from NY and looking to invest out of state for obvious reasons. I've been in the "analysis paralysis" state for a few years now and i think im finally ready to take the jump into real estate investing. I'm looking at the Milwaukee market for buy & hold duplexes in B/C class neighborhoods. I'm looking for cash flow and not appreciation (even though this would be great). Ideally id like a turn-key duplex and looking to use a Debt Service Coverage Ratio (DSCR) loan to purchase the rental. I was looking at duplexes in Riverwest, Harambee, Old North Milwaukee, North Division, Arlington Heights, and Wauwatosa. Trulia crime map and other real estate apps no longer have the crime maps.
1. If not turnkey- then I've also considered duplexes that need light cosmetic work ($5-7k), but what can i expect from subcontractors in Milwaukee as far as completing a job/prices?
2. For those that have invested in these areas, what can i expect to see as far as maintenance expenses, capex, turnover/vacancy rate, property management fees, utilities, types of tenants ?? Any specific points i should consider about these neighborhoods?
3. Is ~$125k turnkey for a duplex reasonable?
Thank you in advance! =)