I'm looking at a few SFH's around Kops Park, on the far northwest side of Milwaukee. It seems to be a stable area that's outside of the war zone, but I can't be certain of that. Does anyone have any experience with that neighborhood?
I live on the border of Kops Park and Golden Valley. It’s a nice, stable neighborhood full of many single family homes with people who take care and pride in their properties. I have noticed that there have been a considerable amount of properties selling in the $100-$130K range in the last six months. It’s definitely out of the ‘war zone’ though I would like your definition of ‘war zone’ as there are many great places on the north side of Milwaukee to invest.
I recently looked at a house in the 3100 block of N. 34th. I consider that neighborhood to have potential, but it certainly was what I consider "war zone". The house was a mess and I didn't pursue it.
It is a decent neighborhood. I was looking at some properties there as well.
I’ve been looking at this area as well. From most of what I’ve seen listed, the houses seem well maintained. Of course, I’m fairly new to Milwaukee and haven’t spent much time in that area. I’m learning that a lot can change block by block in Milwaukee. @Mike Lowery I’d like to hear more about your opinion on this area since you live there. If anyone has any realtors in this area that they would recommend, I’d appreciate it.
@John Reynolds shoot me a DM with any questions you may have. I’d be more than happy to answer.
@John Franczyk 3100 on 34th is not an area I’d invest in. I would stay away from 27th-43rd west and from 1200 (walnut) to 4000 N (Capitol). Yes there are even pockets in here, but they are few and far between. The areas Teutonia and locust to 35th and locust to 27th and Capitol are your ‘war zone’ neighborhoods. With that said, I own on 60th and Hampton and 55th and Capitol and have not had any issues. Kops Park is a far cry from these neighborhoods.
@John Franczyk for your information. IMO the following map has the 'war zone' highlighted. Anything outside of this will be based on each individual block or two within the neighborhood. Notice Sunset Heights, Grasslyn Manor, etc. are right on the border of this area, but are nice places to own if you get in the right pocket. I have also indicated the location of my two rental properties
Mike, I like Kops Park & Golden Valley too. They are both decent neighborhoods and I would definitely not consider those war zones.
Word of caution
I agree with Rebecca and Mike both, however screening your tenants would be of great importance if you choose to invest in a "borderline" neighborhood. It is true, that there are pockets and certain streets that you should stay away from. We all strive to cashflow the higher the better. In my opinion the cap rate speaks for itself - lower cap rate stable income less headaches, and vice a versa. One could make a decent cashflow from some of those duplexes but in reality would be challenging to find quality tenants. The working blue collar people are closer to Midtown on 55 and Capitol drive. The Milwaukee streets sort of run across the whole city if you look on the map. Capital drive for example runs parallel with Locust str. and North ave. these are 3 great streets to buy on. Closer to the lake more expensive, good tenants, very little cash flow. At around 1st street up to 40th very uncertain; 50th and up gets warmer again. Next if you think you really want to get your hands on "that" house go drive up to it and stay in that area see who is walking it, what is in proximity of it and you will figure out who is going to be your potential tenants.
Screening your tenants is a must regardless of where your property is. I don’t mean just a background check and CCAP too. I call the previous landlords, contact their employer, etc. to make sure their story matches up. Will you still have some bad apples, sure, but it will help prevent them. For the majority of the north side of Milwaukee, you will be dealing with African-American blue collar people who either want to live in the same neighborhood they grew up in, or don’t want to be far from family who live in the same neighborhood or a nearby neighborhood. That google map that I shared is pretty much the only area where I wouldn’t really even bother investing tho.
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