Median property prices are about a third below the national median, rents are high - the Milwaukee rental market is the most competitive in the US, second only to Miami, FL (according to Q1 2024 report from rentcafe).

The reasons are 1- less competition in commercial2- greater property types lead to more opportunities for “value added”3- commercial net income projections include expense for property management, 1-4 unit residential usually do not4- greater “universe” of properties to buy allow higher minimum return standards Of course residential is MUCH easier to successfully deal in, and with reasonable leverage has small downside risk, so I 100% agree that most investors should stick with residential.  

Its since sold and whomever is rehabbing it is making it look really nice, but I seriously wonder WTF was going on in that one "dark red" bedroom, like there was a cigarette smoking competition going on for the last 10 years. 

@Adam Marx Unfortunatley, most wholesalers won't allow any inspection period or contingency, that's kind of the risk of buying from them, but the benefit of getting a property under market value and without much competition. 

Unless I’m wrong.I thought maybe to buy apartment in 400K range in Miami in some tower and make airbnb from this, I know there is huge competition but a lot of people always coming there for vacation what is your thoughts ? 

Right now competition is lower because buyers are scared off due to what they perceive as higher rates.

Prime + 1.25 for a HELOC on an investment property seems incredibly competitive to me.  

@Natalie MedvedIn the competitive world of STRs now, you have to differentiate yourself.

Small multi family inventory is low, so it does make that asset class more expensive and competitive, but there's always deals to be found.

I feel you because I'm actively looking for my first house hack in a competitive market.