Looking to invest in Akron, OH. Advice Needed!
Member since 2022 · 6 posts · 5 votes
Looking to invest in Akron, OH. Advice Needed!
Most Popular Reply
Real Estate Agent · Akron, OH · Member since 2017 · 73 posts · 48 votes
3y1. Akron is not an appreciation play. Probably never will be. Population continues at a slow decline but the renter to homeowner ratios are good. My properties rent quickly.
2. The zip codes all depend on your strategy. Personally I am open to what people may consider more "fringe" or bad areas. Zip codes I invest in 44301, 44302, 44303, 44305, 44306, 44310, 44312, 44313, 44314, 44320. Akron, like most cities, can change from block to block so parts of some zip codes are no goes for me. Depending on your strategy some of these may or may not work for you.
3. Depends where this property is and condition. Typically I try to stick to 2-4 bedroom single families as larger homes do not bring much more in rent but more in repairs.
4 Replies
- Real Estate Agent · Akron, OH · Member since 2017 · 73 posts · 48 votes3y
1. Akron is not an appreciation play. Probably never will be. Population continues at a slow decline but the renter to homeowner ratios are good. My properties rent quickly.
2. The zip codes all depend on your strategy. Personally I am open to what people may consider more "fringe" or bad areas. Zip codes I invest in 44301, 44302, 44303, 44305, 44306, 44310, 44312, 44313, 44314, 44320. Akron, like most cities, can change from block to block so parts of some zip codes are no goes for me. Depending on your strategy some of these may or may not work for you.
3. Depends where this property is and condition. Typically I try to stick to 2-4 bedroom single families as larger homes do not bring much more in rent but more in repairs.
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votesI can tell you a short-term rental that is 5/2 and in the right area, would do amazing there!
Quote from @Rushil Gulati:
Hi all, I am looking to invest in Akron, OH. I am looking in the zipcode 44314 which is Kenmore. I had a few questions and would like to know from people around the area:
1. Akron has a decreasing population. Is this an issue with investing in the area? Are there plans for growth in future and any developments going on? Also, how does the appreciation looks like
2. What thoughts do people have on the zipcode I am looking at?
3. How is the rent for a 5bd 2 ba in the area?
TIA!
- Member since 2024 · 4 posts · 1 vote2yThanks for sharing your experience. I'm also looking at the area like the OP (evaluating a potential buy and rent here), but not familiar with conditions on the ground. What are your thoughts on the northern part of Kenmore, along East Ave. up towards Clearview, close to the juncture of highways 76 and 77? This is in the northern part of zip 44314.
Quote from @Brendan Taylor:
1. Akron is not an appreciation play. Probably never will be. Population continues at a slow decline but the renter to homeowner ratios are good. My properties rent quickly.
2. The zip codes all depend on your strategy. Personally I am open to what people may consider more "fringe" or bad areas. Zip codes I invest in 44301, 44302, 44303, 44305, 44306, 44310, 44312, 44313, 44314, 44320. Akron, like most cities, can change from block to block so parts of some zip codes are no goes for me. Depending on your strategy some of these may or may not work for you.
3. Depends where this property is and condition. Typically I try to stick to 2-4 bedroom single families as larger homes do not bring much more in rent but more in repairs.
Do you happen to have any property manager contacts in the area, especially ones that know how to vet tenants properly and deal with the harsher conditions? Thanks. - 2yMichael SmytheBusiness MemberReal Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.
Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.
Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Logical Property Management4.9446 Reviews
Join the conversationCreate a free account to reply, vote on answers and follow this thread.