Cash flow is getting harder to find. High interest rates, inflated single-family prices, and zoning headaches have made traditional real estate feel like a losing game. But multi-unit properties are still producing solid returns—if you know where to look.
In 2025, it’s less about chasing hot markets and more about finding areas with stable rents, landlord-friendly laws, and room for appreciation. These cities check all the boxes for investors who want steady income without overpaying on day one.
Cleveland, Ohio
Cleveland continues to fly under the radar. Duplexes and triplexes are still affordable, often under $200,000, and the rent-to-price ratios are some of the best in the country. It’s also one of the few metros where 7%+ cap rates are still possible without buying in war zones.
Property taxes are reasonable, and the city is actively investing in infrastructure. For investors focused on monthly cash flow over flash, Cleveland still makes the shortlist.
Indianapolis, Indiana
Indy has always been investor-friendly. It offers solid population growth, low property taxes, and a legal environment that doesn’t punish landlords. Multi-unit properties in stable B-class neighborhoods are still priced under $300K, with strong tenant demand and reliable rental comps.
With remote work now permanent for a big slice of the population, Indianapolis’s lower cost of living is attracting renters—and investors are cashing in.
Birmingham, Alabama
Birmingham doesn’t make flashy headlines, but its rent-to-price ratios are hard to ignore. You can still pick up a well-maintained duplex for $150K–$200K and bring in over $2,000/month in rent. That math still works in a 2025 economy.
It’s also a landlord-friendly state, with relatively fast eviction timelines and no rent control. Investors who want a hands-off, numbers-driven market should take a closer look.
Milwaukee, Wisconsin
Milwaukee is a sleeper hit for multi-family. The housing stock includes tons of older duplexes and quads, and many of them qualify for renovation incentives or FHA house hacking. For buyers who want to live in one unit and rent the rest, it’s ideal.
Rents are stable, demand is steady, and prices haven’t spiked the way they have in nearby Chicago or Minneapolis. If you’re looking for a low-entry-point cash-flow play, Milwaukee still delivers.
Pittsburgh, Pennsylvania
Pittsburgh continues to offer a mix of affordability and long-term upside. The job market is driven by healthcare and tech, and multi-unit buildings in working-class neighborhoods can be found for under $250K—with rents that cover the note and then some.
The city is also zoning-friendly for investors who want to convert or expand units. With a steady stream of college students, med workers, and young professionals, vacancy isn’t much of a problem.
Buffalo, New York
New York State isn’t usually known for being investor-friendly, but Buffalo is the exception. Property values are low compared to rent, and multi-units are baked into the fabric of the city. Duplexes and triplexes under $200K are still common—and many neighborhoods are walking distance from universities and hospitals.
It’s not a flip market, but if you’re playing for long-term cash flow and slow equity growth, Buffalo is a strong pick.
Des Moines, Iowa
Des Moines doesn’t get much attention, but it should. It has a steady economy, growing population, and multi-unit homes that are still affordable with solid rental demand. Investors report smooth permitting, low vacancy, and tenants that stick around.
For out-of-state buyers looking for turnkey duplexes or triplexes with minimal drama, Des Moines is quietly becoming a go-to choice.
Alexander Clark is a financial writer with a knack for breaking down complex market trends and economic shifts. As a contributor to The Daily Overview, he offers readers clear, insightful analysis on everything from market movements to personal finance strategies. With a keen eye for detail and a passion for keeping up with the fast-paced world of finance, Alexander strives to make financial news accessible and engaging for everyone.
