There are many benefits to buy investment property but it should not be done lightly. Do your due diligence and make sure you carefully think through your investment. That’s why we’ve created this “Investment Property In Milwaukee Buying Checklist” to help you.
Use this checklist as a resource if you’re buying in Milwaukee, anywhere in 53214, or throughout WI.
Investment Property In Milwaukee Buying Checklist
(For all investment properties in the 53214 zipcode area.)
1. Market
What is the market you’re looking at? When you narrow it down to Milwaukee’s 53214 zip code, you’re looking at a mostly residential area with a mix of single-family homes and small multi-family properties. As of Q1 2025, the median home price in 53214 is around $241,800, which is relatively affordable compared to the Milwaukee metro average. According to NeighborhoodScout, roughly 55% of residents in this area are renters, which makes it a potentially attractive spot for rental income investors. You’ll also want to consider economic factors—53214 includes parts of West Allis, a city seeing slow but steady revitalization, with local employers like Aurora West Allis Medical Center contributing to job stability. These details can give you a better idea of rental demand and long-term viability.
2. Property
Next, consider the property itself. Are you looking for a duplex, single-family home, or small multifamily unit? In 53214, you’ll mostly find older craftsman-style homes built before 1950, many of which need updates. Based on my own walkthroughs in the area, common issues include aging roofs, outdated plumbing, and foundation cracks — especially in homes east of S. 84th Street, where the soil can shift more. Before offering, check the property’s flood risk using FEMA’s flood map and research city records for code violations or pending permits. At this stage, just run rough numbers on potential rent vs. your monthly expenses. Once you’re looking at specific properties, you can dive deeper — but having these basics upfront will help you quickly filter out poor candidates.
3. Opportunity/Return
Think about what you hope to get out of the property. Are you targeting steady monthly cash flow or long-term appreciation? For example, some of the best-performing rentals I’ve seen in 53214 are modest 2-3 bedroom homes that cash flow $250–$400/month after expenses. That may not sound like much, but it adds up fast with multiple units. Appreciation has been modest here historically — around 2.5–3.2% annually over the past five years — so if you’re banking on a fast rise in value, this may not be the market. Get clear on your financial goals early so you can prioritize the right kind of deals. A property that cash flows less but sits in a gentrifying pocket might make sense for one investor, while someone else may prefer stable, turnkey income. There’s always some give-and-take — just make sure the math works for your situation.
4. Expenses
Now think about your expenses — and don’t just estimate. In Milwaukee’s 53214 area, property taxes can range from 2.1% to 2.4% of the assessed value, so on a $240,000 property, you’re easily looking at over $5,000 a year. Add in landlord insurance (typically $900–$1,200/year), potential HOA dues (some multi-units in this area have them), and management fees if you’re not self-managing — usually 8–10% of monthly rent. Don’t forget maintenance reserves, either. I recommend budgeting 5–10% of gross rent for ongoing repairs. The key here is accuracy: underestimating your expenses is one of the most common mistakes new investors make, and it can turn a “great deal” into a money pit fast.
5. Contingencies
Every savvy investor plans for contingencies before signing on the dotted line. You should ask yourself: what’s my exit strategy if the market shifts? In the Milwaukee area, I’ve seen investors have to pivot quickly—like when a tenant unexpectedly moved out mid-winter and they had to cover holding costs longer than planned. Always have a backup property manager in mind (especially if you’re not local), and consider what you’ll do if you’re forced to sell in a slow market. A good practice I’ve used is running each deal through a worst-case scenario filter — if rents drop by 10% or your expenses run high for 3 months, will you still break even? Planning for these “what-ifs” can be the difference between long-term success and expensive surprises.
6. Protection
Last, think about how you’ll protect yourself — this part can’t be skipped. At a minimum, you’ll want a certified home inspection to uncover potential issues before closing. In 53214, older homes are common, so pay special attention to foundation cracks, plumbing, and outdated electrical systems. I once walked away from a duplex near Lincoln Ave after the inspection revealed active knob-and-tube wiring that would’ve cost thousands to replace.
You’ll also want to secure property insurance and strongly consider forming an LLC or similar structure to shield your personal assets — but don’t take this step without consulting a real estate attorney familiar with Wisconsin law.
Note: This article is for educational purposes only and should not be considered legal or financial advice. Always speak with a licensed professional before making investment decisions.
Summary
It can feel overwhelming buying an investment property but it doesn’t have to be. Use this helpful checklist to guide you through each of these 6 points and you’ll have a strong command of the situation to help you before, during, and after the acquisition.