Sparta Wisconsin investors?

Question

Sparta, Wisconsin... anyone investing there? Anyone grow up there? We're looking at investing there, and would love to find someone with some experience!

Meredith Mihm · Answer

That helps so much, thanks. I would have overestimated. Sounds like you are doing well there. Is there a bad part of town? Anything else to watch out for?

Michael Langrehr · Answer

I have an older triplex close to downtown with units at $1050 (3 bedroom), $565 (1 bed), and $535 (1 bed upper) but I am paying all utilities in that building so rents may be just a bit high on that compared to others that pay their own utilities. My duplex (20-years old) is on the west side of town pulling in $725 for both units (3 beds) that is below market rent. Tenants pay all utilities and snow shoveling. I provide mowing. I'm working on getting up to $800/month but previous owner did not increase rents for over 7 years so I'm moving up about $25 per year on current tenants. If they move out, I'll immediately increase to market rate. I've looked at other older 2 bedroom duplexes with tenant paid utilities at $535/month.

Meredith Mihm · Answer

Cool-- we're doing a BRRRR in Fountain City right now.  I see you're in La Crosse-- we're in Winona, but I teach at Viterbo, so I'm down here a lot.  What are market rents in Sparta?  I've only found a few things online, so I'm having a hard time analyzing deals!

Michael Langrehr · Answer

Hi Meredith. I purchased two multi-family properties in Sparta last year and am actively looking for more as I complete a BRRR in Bangor.