Introduction

Investing in rental properties can be a lucrative venture, but success hinges on making informed choices. A good rental property balances affordability, high demand, and potential for appreciation. Location plays a critical role in this equation, influencing rental rates, occupancy, and long-term value. Wisconsin, with its diverse cities and thriving communities, offers numerous opportunities for astute investors. This guide explores some of the best neighborhoods across the state, highlighting their unique features and investment potential.

Top Neighborhoods for Rental Property Investment in Wisconsin

1. Milwaukee: Bay View

Grades:

• Convenience: A
• Tourist Attractions: B+
• Things to Do: A
• Avg Home Prices: B-
• Return on Investment: A-
• Proximity to Work-Related Travel: A
• X-Factor: A

Bay View, located just south of downtown Milwaukee, is a vibrant neighborhood known for its eclectic mix of residents and thriving local businesses.

Convenience

Bay View boasts excellent public transportation options and easy access to major highways, making it convenient for both residents and visitors. Numerous grocery stores, cafes, and shops are within walking distance.

Tourist Attractions

While not a major tourist hub, Bay View's proximity to Milwaukee's downtown attractions, such as the Milwaukee Art Museum and the Harley-Davidson Museum, enhances its appeal.

Things to Do

Bay View offers a lively arts and music scene, with numerous bars, restaurants, and cultural events. The South Shore Park and its lakefront trail are popular spots for outdoor activities.

Avg Home Prices

The average home price in Bay View is around $275,000. While higher than some areas, the demand and rental rates justify the investment.

Return on Investment

With a strong rental market and property values steadily increasing, Bay View promises a solid return on investment for rental property owners.

Proximity to Work-Related Travel

Bay View is close to key employment centers in downtown Milwaukee and the General Mitchell International Airport, making it ideal for professionals.

X-Factor

Bay View's unique blend of historic charm and modern amenities, combined with its community-focused vibe, sets it apart from other neighborhoods.

2. Madison: Near East Side

Grades:

• Convenience: A
• Tourist Attractions: B+
• Things to Do: A-
• Avg Home Prices: B
• Return on Investment: A
• Proximity to Work-Related Travel: A-
• X-Factor: A

Madison's Near East Side is known for its historic homes, scenic views, and a strong sense of community.

Convenience

The Near East Side is well-served by public transit and bike paths, providing easy access to downtown Madison and the University of Wisconsin-Madison campus.

Tourist Attractions

Nearby attractions include the Olbrich Botanical Gardens and the Wisconsin State Capitol, adding to the neighborhood's appeal for short-term renters.

Things to Do

The area is rich in cultural and recreational activities, from farmers' markets to festivals. Lake Monona offers boating and fishing opportunities.

Avg Home Prices

Homes on the Near East Side average around $350,000, reflecting the neighborhood's desirability and investment potential.

Return on Investment

Strong demand for both long-term rentals and Airbnb properties ensures a high ROI. The area's property values have shown consistent appreciation.

Proximity to Work-Related Travel

The Near East Side's proximity to downtown Madison, major hospitals, and the university makes it attractive for professionals.

X-Factor

The neighborhood's historic architecture, combined with its lively arts scene and community spirit, gives it a unique charm.

3. Green Bay: Astor Park

Grades:

• Convenience: B+
• Tourist Attractions: B+
• Things to Do: B+
• Avg Home Prices: A-
• Return on Investment: B+
• Proximity to Work-Related Travel: B+
• X-Factor: A-

Astor Park, located near downtown Green Bay, is a historic neighborhood with a strong community feel.

Convenience

Astor Park offers good public transportation and easy access to downtown Green Bay and major highways.

Tourist Attractions

Nearby attractions include the Green Bay Packers' Lambeau Field and the Neville Public Museum, making it appealing for sports fans and tourists.

Things to Do

The neighborhood features parks, walking trails, and a variety of dining options. The Fox River Trail is popular for biking and running.

Avg Home Prices

The average home price in Astor Park is around $200,000, making it one of the more affordable yet desirable areas in Green Bay.

Return on Investment

While not as high as in larger cities, Astor Park offers stable rental income and potential for property appreciation.

Proximity to Work-Related Travel

The neighborhood's proximity to downtown Green Bay, hospitals, and major employers makes it convenient for professionals.

X-Factor

Astor Park's historic homes, tree-lined streets, and close-knit community create a distinctive and attractive living environment.

4. Appleton: Downtown

Grades:

• Convenience: A-
• Tourist Attractions: B
• Things to Do: B+
• Avg Home Prices: B+
• Return on Investment: B+
• Proximity to Work-Related Travel: B
• X-Factor: B+

Downtown Appleton offers a mix of urban amenities and small-town charm, making it an appealing area for renters.

Convenience

Downtown Appleton is walkable, with a variety of shops, restaurants, and services easily accessible. Public transportation is also available.

Tourist Attractions

Attractions such as the Fox Cities Performing Arts Center and the History Museum at the Castle draw visitors to the area.

Things to Do

The downtown area hosts numerous events, including farmers' markets, concerts, and festivals, providing plenty of entertainment options.

Avg Home Prices

Homes in downtown Appleton average around $220,000, offering good value for investors.

Return on Investment

Steady demand for rental properties in this area ensures a reliable ROI, with potential for property value growth.

Proximity to Work-Related Travel

Downtown Appleton's central location makes it convenient for professionals working in the city and nearby areas.

X-Factor

The blend of historic buildings and modern developments, along with a vibrant community atmosphere, makes downtown Appleton unique.

5. Kenosha: Harbor Park

Grades:

• Convenience: B+
• Tourist Attractions: B+
• Things to Do: B+
• Avg Home Prices: B
• Return on Investment: B+
• Proximity to Work-Related Travel: B+
• X-Factor: B+

Harbor Park in Kenosha is a waterfront neighborhood offering scenic views and modern amenities.

Convenience

The neighborhood is well-connected by public transportation and offers easy access to major highways.

Tourist Attractions

Harbor Park's attractions include the Kenosha Public Museum and the Civil War Museum, drawing both locals and tourists.

Things to Do

The area features beautiful waterfront parks, walking trails, and a variety of dining and shopping options.

Avg Home Prices

Average home prices in Harbor Park are around $250,000, reflecting its desirability and waterfront location.

Return on Investment

The neighborhood offers strong rental demand, particularly for short-term rentals, ensuring a good ROI.

Proximity to Work-Related Travel

Harbor Park's proximity to downtown Kenosha and major employers makes it convenient for professionals.

X-Factor

The stunning lake views, combined with the neighborhood's modern amenities and cultural attractions, create a unique and appealing living environment.

Conclusion

Wisconsin offers a wealth of opportunities for rental property investors, with diverse neighborhoods catering to various needs and preferences. From the vibrant arts scene in Milwaukee's Bay View to the historic charm of Green Bay's Astor Park, each area presents unique advantages. By carefully considering factors like convenience, attractions, home prices, and ROI, investors can unlock the full potential of their rental properties in Wisconsin.