Fellow Investors, I haven’t lived in Wichita for 6-7 years but a friend of mine mentioned that Wichita rental market is great for cash flow. I live out of state and own lot of properties here but I did graduate from WSU years ago and I’d love to invest in Wichita. I came across some duplexes (portfolio deal of 6 duplex) on Central and West street area. So I’d very much appreciate if active investors in Wichita can share their opinion/thoughts about investing in Wichita post Covid 19 era. If it is still a good cash flow market (appreciation is low in ICT) ? Is the city landlord friendly? Is there job growth along with population growth?
I live in Wichita. The rental market is still doing well. The houses are still reasonably priced. Houses spiked initially in appreciation and then dropped a little. I think they have leveled out. There are several good deals here.
I’m also in property management on the apartment side- we have found most judges have turned to being very tenant friendly. We have lost about 1/2 of our court evictions that should have been slam dunks. One involved drugs/criminal activity and our lease clearly states that is a lease violation. We lost the eviction. Gov. Kelly has put extra protections in place over any federal guidelines.
Of course an individual owner has different requirements than an apartment complex- and I don’t know if the outcomes would be different in our court system.
@Anne Shoemaker Thank you so much for the info. I think market will stay strong for rentals in Wichita due to low inventory. But yes due to the reasons stated above will be screening tenants credit & background checks strictly going forward. If you know much about Central & West street neighborhoods please let me know. Those duplexes are on Newell street according to my agent. Thanks a lot for sharing your experience.
Wichita has a great market for cash flow. As far as for appreciation, I can certainly feel the appreciation in the market over the last few years. Much of the appreciation is taking place in the suburbs with great schools, but I’m feeling it on the low end of the market in the city also. As for the future, don’t know. I’m not sure Wichita has diversified enough from aircraft, and aircraft is taking a beating for sure. But, cashflow is certainly strong. Properties are cheap, though not as cheap as they were three years ago. Central and West street is a good blue collar area. If the numbers make sense I’d say go for it.
@Jonathan R. thank you sir for the info. Very much appreciated. I found out sellers agent wasn’t able to sell it in almost a year hence I’ll negotiate and buy it. Numbers are looking solid from their documents.
Do you have a great bank/lender you work with? I’ve found it to be better to work with local banks in the area to get the best terms. I’ll be out of state investor for now till I move there so I’m not sure if there are banks that’ll work out. If you guys have any contacts please do share. Thank you!
Hey Guys! some off market deals came to me, my only hesitation is I haven't lives in Wichita for 7 years however I do visit ICT 5 times a year (family & friends). Is the economy holding strong & steady for now to be involved in ICT rentals? Some of the investors on this thread mentioned cashflow is strong in ICT. Thanks in advance.