Anyone own a Wauwatosa Duplex?

[William S.]

I'm wanting to house hack a duplex in Tosa. I have noticed that rents for duplexes in this area are all over the place... 2 bed/1 bath for $800, $700, $1,000. There is no consistency and it seems like really low rents for such a desirable area. I am assuming these are owned by people who don't investigate real estate heavily and just rent it to someone they know or something... Very casual. At the same time there are several apartment complexes that have been built/being built that are charging $1,600/m minimum for 2 bed/1 bath units. People seem to be paying for them too. Would I base my projected rents off of the apartment buildings versus casual landlords who happen to own a duplex?

[Dennis Elverman]

It all depends on the quality of the space, and these 90 year old duplexes vary wildly in quality. I have a 2 bed 1 bath, 91 year old duplex on 57th and Washington Blvd right outside of Tosa, and I get $950. I got to this number through a few years of slowly upping rents, fixing things and putting up new paint, and seeing what people were willing to pay for the space. This is not an updated unit, but it is very well cared for, has nice landscaping, the original character of the house shines through with things like a huge wall hung sink, built ins, stained glass, and I include all appliances. It just shows better than the old duplexes that aren't as well maintained, that make tenants buy washers/fridges, and that are owned by people that are lazy with their marketing.

Long story short, look closely at the ads and see what amenities are included and try to extrapolate a price from there. Also, see how people frame their ads. A basic ad with dark pictures won't get much interest, but a thorough ad with good pictures that frames the location well (east Tosa, near Froedtert/downtown) will get better prospects. I care that my tenants are happy, and my ads reflect that, so I then get better tenants to choose from.

Shooting from the hip on price, I'd say a $900-1,200 range sounds right unless it has been thoroughly and modernly updated. Hope that helps!