Analysis of inventory
While I've been buying in Milwaukee, I really haven't been monitoring too much what is available on the MLS.
Here has been my process so far:
- I know that I'm in the market to buy.
- I go online and look at the MLS to see what's out there.
- I see some properties that look like they would meet my criteria.
- I go out and view the properties.
- I make offers.
- I buy a property.
- I renovate it to make it rent-ready.
- I find tenants.
- I start collecting money.
Especially as it gets into winter (nights are already dipping below 40 degrees here), I'm thinking about monitoring what's available out there to see if the trend will go down in winter (which is the assumption) or up.
Right now in my target zip code under $50,000:
- - 2 properties with 5 bedrooms.
- - 15 properties with 4 bedrooms.
- - 40 properties with 3 bedrooms.
- - 15 with 2 bedrooms.
There is definitely a bell curve in that 3 bedrooms are the most popular with home buyers and also with renters. Having 5 bedrooms is rare around my target area, however they are much more common in the not-so-nice areas of town.
So if you did the math, you'd find 72 potential properties ranging anywhere from $49,900 down to literally $4,500. (I'm almost curious to visit that house just to see what a $4,500 house looks like.)
Comments (6)
So have you liked any of the ones you have seen? Making any moves on any of them? Did you ever check out the $4,500 one? I'd be interested in hearing what that one looked like! :)
Shaun Reilly, over 10 years ago
Stats for 11/27/13: - 1 property with 5 bedrooms. (same one as last update) - 15 properties with 4 bedrooms. (at least 10 of which I've seen before) - 37 properties with 3 bedrooms. - 14 properties with 2 bedrooms.
Dawn Anastasi, over 10 years ago
Stats for 11/06/13: - 1 property with 5 bedrooms. - 12 properties with 4 bedrooms. - 40 properties with 3 bedrooms. - 17 properties with 2 bedrooms. So over 3 weeks there has been very little movement. I'm sure there have been some sold properties and some new ones, but the number of properties in this zip code that are available are steady. Of the 5 bedroom homes, I know that 1 of the 2 that were previously out there is still out there because I've been to it in person. And of the 12 properties with 4 bedrooms, I've been inside 6-7 of them.
Dawn Anastasi, over 10 years ago
Stats for 10/16/13: - 2 properties with 5 bedrooms. - 14 properties with 4 bedrooms. - 40 properties with 3 bedrooms. - 16 with 2 bedrooms. One property with 4 bedrooms has been taken off and one with 2 bedrooms has been added on.
Dawn Anastasi, over 10 years ago
Dawn, I love to read posts that show the basics of research. Gives myself and others a peek into your thought process. Thanks!
Jerry K., over 10 years ago
Dawn, I'm a new member at BP, but have been following BP for about 6 months. I've got 3 rental properties and would love to add more. I'm in the Madison suburbs. I'm astonished at the prices on the MLS you've found just an hour from me. In my area, you have to nearly hit $150,000 to find a 3 bedroom and then it will need quite a bit of work (unless you really want to be in a not-so-good area that is tough to rent). Please keep updating and sharing information, I love it! Your posts are very helpful to me.
Jennifer A., over 10 years ago