I am coming to a point in my decisions for where to begin looking for properties and my home state is not seeming like the most friendly place to start since the market is so hot. My next preferred market is a bit further east in Ohio where I was born. I still have enough family connections in the state and feel comfortable there. I'm looking for some insight into the Akron Canton area. I'm most familiar with the Fairlawn/Bath region so figure I should check my comfort zone first. The goal for the first is buy and hold with a sub 100k home that could get some nice forced appreciation.
What's the overall market like around there for sales and is the rental market worth it?
NEO rental market is strong.
Yes it is strong. I am up in Cleveland, don't know as much about Akron/Canton, but I know a lot of people are buying solid deals in the Cleveland area.
What sort of rent are you getting up in Cleveland for 3/1 SFH's? I know it will be dependent upon the neighborhood, but what range are you looking at now?
All the times I ended up in Cleveland it was in neighborhoods I wasn't too fond of, but that was just because they were down near the canal. Most of the time I was up there was to go boating so my knowledge of the area is limited.
Always dependent on here you are in the city, but in the City of Cleveland an average would probably be 650-850. I have been working with a lot of people buying in the suburbs where the rents are a little higher generally.
If your comfortable going up to 100k. Depending on what returns your looking for, there are some nice options withe rents from 850-1200.
Rents depend on the neighborhoods. For a 3/1 in cities like Garfield and Euclid, you're looking at $800-900/mo. That's the lowest end of my comfort range...there are other areas when you can buy much cheaper and get slightly less rent, but I don't want to buy a gun to collect rent.
My SFRs are in B markets are doing about $1,200/mo +.
@Dan Mackin I am in Bath, you won't find any sub 100k here. Fairlawn is an option though. It isn't enormous, but has a large enough population base and is an economic center for the area.
I have a friend who does very well in north canton, not to be confused with canton proper. Akron is the same as cleveland, those are very broad terms that cannot be distilled down to a good or bad when viewed from 10000 feet. They represent very large and diverse geographic areas and population types.
In order to get data on 3/1s, you should get more specific on areas first. What @Zoran M. Gets in University Heights does not translate to what a 3/1 goes for in Maple Heights, even though they are not that far apart. Even in U hts, are you talking near John Carroll or the far west end?
As far as an out of stater is considered, yes these areas provide good returns and price to rent ratios when compared with Seattle or San Francisco. Once you get into the details, you could be talking about section 8 in east cleveland or high end Fairlawn Heights. Between cleveland and canton you are talking about over a million people and over an hour apart.
As you said initially, I would start with what you know well and then branch out from there in a systematic fashion, especially not being on the ground here. If you ever need anything just contact me.
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