Good afternoon/morning to you all BP members!
I am a newbie and after long period of learning and analyzing, I am finally ready to get my first rental property.
I have chosen Wichita, KS for reasons that I have listed in my previous postings. So my question here is to know from RE investors in the Wichita, KS area what realistic ROI I can expect to get currently in that market?
I have been working with a realtor and he's been really helpful, however from listings I have seen so far either from him or my own researches, it seems like to get even 8% CoC ROI after all expenses is quite a task. So I was wondering maybe it is just the current market and I should be patient with it. My initial goal was to shoot for 15% ROI at least, however I have started lowering my expectations.
I wanted to hear from investors in that market, is it realistic to get such ROI in Wichita, KS currently. We have been looking for almost turn-key properties with little repair required since I live out of state and I wanted to stay way from big projects for my first property. I'm visiting Wichita in 2 weeks for a week and I'll spend time trying to visit some properties and get a sense of the market myself.
My last deal was north of 20% CoC. I did some work though. I also know where to go to find wholesale deals in Wichita from people ready to unload properties. So does @Jared Viernes . Perhaps you should look at a couple SFR instead of multi. You got to go with what the market is giving you. I think you can get some of the best returns in the country as an investor here. Best of luck my friend.
Updated over 3 years ago
I can see you are trying, serious, and obviously care about this. When you get in town feel free to give me a shout and I'm willing to show you around a little bit (even if you don't take my realtor advice). The first beer is on you of course. It's up to you. My time is important to me too.
I absolutely agree with @Jonathan R. , the multi family properties on the market right now are not worth the asking price as an investor. You can find better deals in the SFR market. Your best bet for quality will be in the nearby suburbs as Jon stated.