Akron, Oh Neighborhoods

[Josie Stephens]

I am starting my research on investing out of state in Akron, Oh. I'm looking for SFH and small multifamily as ltr. I would appreciate any help pointing me in the direction of A and B class neighborhoods in the area. I'm looking at both turnkey as well as brrrr. Thanks for any input/advice!

[Nicolas Looman]

There is plenty of opportunity in Akron. Brrrr works very well here but the expectation whether it be akron, cleveland or anywhere is that Brrrr is not necessarily a fix all in retrieving all of your money back. This expectation should more so be in minimizing capital use while maximizing rents where other people would not be able to. 

If we are looking at turnkey a realtor with half business savvy will run the numbers between market rents, current state of the property and what a minimal cashflow would look like on todays rates on a traditional vanilla 20% deal. Finding cashflow will be in improving those market rents through cycling tenants and improving the inward and outward aesthetics as well!

Let's talk about location:

Highland Square and Goodyear heights areas are extremely competitive in regard to Akron as a whole. I would consider these B areas while moving more to A neighborhoods while shifting west on market street towards the Merriman Valley to the north and Fairlawn to the west. 

Looking at areas near the university of Akron is a great route as well with cheaper real estate available for renovation and student housing is always in a perpetual shortage, this would be C to D neighborhoods though proper tenant vetting and knowing there are students can be a lucrative and stable market. The average student rental is about $450 per bedroom per month and can go up from there dependent on amenities. 

The east side is a great option as well near good year. It's an older community where brrrr can perform pretty well with. The east side just had renovations to their goodyear theater as well as a major hotel put in about 7 years ago. This area is on the up an up but it is a slow burn. I would rate this area as C to D as you move street to street.

Kenmore is located in the southwest corner is is undergoing a ton of beautification projects from the city! This area is hot for investors that are looking for brrrr or closer to turn key where renovations might be more obtainable. I would consider this a C to D neighborhood as you move street to street.

I would always encourage the use of spotcrime dot com in searching for sample properties that are currently listed to make sure that your future investment is not only comfortable for you but your tenant too!

Hope this helps!