I am a new investor looking to make my first deal, since I live in a small market (Tucson, AZ) I am now looking to invest out of state. I am looking to buy and hold tri/fourplexes. I came across Milwaukee Michigan and noticed the ridiculous low prices for the properties. Then I noticed on Zillow how many properties are up for rent, so I then check the historic population. The population is slowly deceasing.
Is it still a good time to buy in Milwaukee or should I look else where for my first buy? Last thing I want is to buy a property that has a hard time renting because housing is in overabundance or rents lower below my conservative estimates.
Is there a reason why people are leaving that might be alleviated in a few years?
^^^ correct Milwaukee is NOT in Michigan, but it might as well be detroit in regards to the crime. Google what is going on via crime statistics in Milwaukee. Numerous carjackings in nice areas, black panther groups are shaking down business owners for protection. I still follow podcasts that are coming from milwaukee area.
I think george strait said best, I have some ocean front property for you in arizona.....
I have never heard of Milwaukee Michigan. We do have Zilwaukee Michigan A very small town in Saginaw County. It is the home of the Zilwaukee Bridge on I-75 going over the Saginaw River.
Milwaukee is, like many cities, a real puzzle. I would say it totally depends where you buy. Some areas are falling apart, others improving. Because of crime and a very poor public school systems (there are a few exceptions), some folks tend to move out of the city towards once they're having kids and all that. I wouldn't be surprised to see the downward population trend, but I don't think the Milwaukee economy is comparable at all to Detroit and the decline of that city - that's a special case.
And I wonder where, specifically, you're seeing all these vacant units? The city cries out for affordable quality housing, and, again, depending on your submarket, you can have lots and lots of inquiries for a single rental.
It's a difficult stat to come up with, but I'd bet the population of Milwaukee and it's surrounding areas hasn't declined. Like Joshua said, there has been somewhat of an exodus into the suburbs, so the city is spreading outward. With consistent infrastructure development and a downtown in the middle of a transformation, saying the city is dead or dying like Detroit is misleading.
I can only echo what Joshua outlined - there are specific areas of Milwaukee that are not doing well and have not been doing well for a long time. I see a strong trend towards the suburbs and the surrounding counties - lower property taxes, better schools, much safer, extremley low unemplyment rates. New construction building permits and remodelling permits refect that very well.