Akron, Oh Neighborhoods
Member since 2021 · 9 posts · 22 votes
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!
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!
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!
Nicolas,
Thank you for that insightful information! As this would be my first deal and being out of state, I was hoping to look at A/B neighborhoods, so this helps narrow it down! I like what you said about the brrrr method. It’s ok for money to be left in the deal and it still be a success. I have to remind myself of that when I’m running numbers. I will be looking for people in the area if I do choose to invest here. Are you a realtor in the area?
Hi @Josie Stephens - I have been listening to the Rent to Retirement podcast recently and they have a big presence in the Akron market and I even saw some of the renovations on those properties and they are turnkey ready. I have read some really good things about @Zach Lemaster and Rent to Retirement. I would definitely recommend having a conversation with them to atleast see their inventory. I also own properties in Cleveland so if you just want to chat about the market there, feel free to reach out.
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!
Shouldn't be too hard to find what you're looking for in Akron. Lot's of solid C type neighborhoods with duplexes in the $100k range renting in the $1,500 range over there. Just be careful, if you see the same $1,500 rent range being offered on a $50k duplex you're probably in a D or F neighborhood. There are certainly no shortages of those in Akron.
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!
Great insight.