Best Place To Buy a Duplex – Appleton WI
Hey you guys, Carter here with Crowley Real Estate and Century 21 Affiliated, and today we’re going to be discussing the best place to buy a duplex in the Appleton, Wisconsin area, or any of the surrounding cities. Meaning Neenah, Menasha, Oshkosh, Kimberly, Combined Locks, any of those cities, the best place to buy a duplex.
What Style Duplex Fits Your Needs?
You need to make the decision if you want to own an upper-lower duplex, meaning there’s one unit on the main floor and there’s one unit in the upstairs, or if you want to own a side-by-side duplex. Meaning, it’s possibly a ranch or two-story property, and there’s one unit on the left side, and one unit on the right side, and a wall going down the middle. So what type of duplex do you want to own?
In most situations, the side-by-side duplexes are more expensive and they’re more popular, but you do get a better quality tenant, meaning you’re not going to have as many issues, struggles, worries with a side-by-side duplex tenant as you may with an upper-lower. (All Depends on Screening Criteria) And the main reason for this is because of the price points that they’re at.
A normal two bedroom, one bath side-by-side duplex in the Appleton area will rent out for about $750 to $900 per month at two bedroom, one bath, with a garage. An upper-lower duplex typically rents out from $650 to $750 per month. So, almost 150 to 200 dollars more, depending upon the quality of the space, if it’s remodeled or not remodeled.
So that is the first thing that you needed to decide, an upper-lower duplex or a side by side duplex in Appleton.
Zoning Laws Dictate The Neighborhood
Now, once you’ve decided that, there’s only certain and specific neighborhoods or areas that allow duplexes within them. Meaning that the Appleton zoning code and zoning laws have prohibited duplexes from being in some neighborhoods & in most situations they are grouped together with other duplex or condos.
College Campus or Normal Neighborhood?
Then, one thing I would say to watch out for, things that you need to be aware of prior to buying a duplex, and finding one in the best place in Appleton. Do you want to be close to campus? So, there’s Lawrence University in Appleton, there’s UW Oshkosh in Oshkosh. And you need to be aware of the different campuses, the different college areas, and if you would like to own a duplex in that specific area, or if you’re looking for a more family-oriented place, or a normal style duplex, where an just to average renter is going to come in and rent it, instead of college students.
Typically with college rentals you have more damage, more maintenance, more upkeep but you are getting a higher rental rate to account for this. And, college students are typically turning over every year causing you to find new tenants & vacancy. With other rentals, the tenants stay longer. You don’t have to worry about turnover as much, and it can be a little bit more beneficial. So that’s just something to be aware of. College rentals, non-college rentals, that’s up for you to decide. And then again, going into it, what is your budget? That’s really going to dictate how nice of an area that you can be in, because obviously the nicer the area, the higher the cost, unless you get a smoking hot deal.
What Style Duplex is More Expensive?
Like I had mentioned previously, the side-by-side duplexes are more expensive than an upper lower, and that’s just because convenience and efficiency of the units. In most cases with an upper lower-duplex, the landlord, or you, the new property owner, is going to be responsible for some of the tenant’s utilities. This is because there may only be one water heater services the entire property or one furnace/boiler servicing the property.Typically with side-by-side duplexes, the tenant’s utility costs is split between the two units, and the tenants are responsible for their own.
Do You Want to Drive Past the Duplex Everyday?
So another thing to take into consideration is where you want to be in relation to where you work or go to school, or where your family lives, and how nice of a neighborhood you want to be in, and what your budget dictates.
What is the Better Investment Vehicle?
Can you afford a super, super nice, three bed, two bath finished basement duplex, a side by side that was built within the last 10 to 15 years? In that case, then you’re going to be in a very nice neighborhood. Or, if you can afford a two bed, one bath side-by-side duplex in a nice neighborhood, you’re going to be far less cost, and it actually makes more financial sense.
Because think of this, you have two side-by-side duplexes, and you’re comparing one another. One’s a three bed, two bath on each side, it costs $300,000. The other’s a two bed, one bath on each side, and that costs 150,000. So if you buy two of the two bed, one bath properties, you’re going to be all in for the cost of one very expensive side-by-side duplex. And realistically, you’re going to get more rent for your money on those two bed one bath duplexes.
So that’s what I would recommend. It’s an awesome way to go. We own several of them. If you would consider, or if you need help looking for your next duplex, or you want assistance, feel free to reach out. You can call me on my cell or text me, (920) 252-2864, or just fill out the form on this website, or on this page. I would be more than happy to assist you. I hope you guys have a great day, and I appreciate you watching.