Franklinton, 43222 zip code

10 Replies

Hi BP Community,

I am looking to flip properties in Columbus, Ohio.

What are your thoughts on Franklinton (Zip code 43222)  as a flip market?

Thanks

Amit

I’m not familiar with that area of Columbus, but I’d say anything near Columbus is great for flips at the moment. That’s the hottest market in Ohio.

I work with an investor out of Israel, he has several properties in the Cleveland, Dayton, and Akron area as well.

Originally posted by @Amit Friedlander :

Hi BP Community,

I am looking to flip properties in Columbus, Ohio.

What are your thoughts on Franklinton (Zip code 43222)  as a flip market?

Thanks

Amit

 Hi Amit, 

In the areas that are experiencing rapid growth such as Franklinton in some parts, it really is a case by case basis.  It's a higher risk, higher reward investment so , as I've said before, its got a lot to do with an individual's risk tolerance level....

Hi Amit,

I think for this zip code you need to as close as you can to Mount Carmel West.   I am surprised to see sales over $200,000 there.

Ryan Ingram, yes thats the reason me and my partners have looked to flip houses in columbus. From our reserch this area of town is experiencing  rejuvenation like other places in the city.

Robert Ellis, thanks for the inputs. 

The question is: How far is it from being a desirable area for home owners ? From what we see it is still mainly a renters area...

What kind of risk are you talking about? Is it still mainly a low income area or are there parts that have already been rejuvenated more than others?

Also,  my investor group and I 
are looking for recomendation on agents that have had experience in flips in Franklinton, Columbus.

Criteria:

1.Worked with investors.

2. Know how to assess  rehab number , once walking into a property.

3. Done projects were they  did both the buying of the property and the sale of it, at the back end.

Thanks

Amit

Mt Carmel West hospital (in that zip code) is closing soon, if that makes any difference. Also,  all of Columbus is being "floated" (from the phrase "when the tide comes in, all boats float"), so consider that when evaluating neighborhoods. That area of town is considered a bit rougher than others, but not the roughest.  The housing stock is older than average, and has more deferred maintenance, and I dont think it has the same "once prosperous" features in the neighborhood like other areas that have been rejuvinated (eg, old town east) .. Would homeowners want to live there? I think so, but they'd be budget-concious homeowners, at least until the area continues to improve.  The margins might be tight for flipping, but if you can do it while the tide is still in, should be OK  ... 

Also, it is NOT the same part of Franklinton that is basically being completely redeveloped. That is an area between highway 315 and the Scioto river, and that is absolutely on an upward trajectory. Being as close as possible to that area would help. 

Franklinton is transforming before our eyes. Everyday there is a new project breaking ground. 

Casto has signed its first tenant – a longtime Short North arts gallery – at its River and Rich development.

The developer announced that the Roy G Biv Gallery for Emerging Artists has signed a lease for about 2,000 square feet of space in the $40 million East Franklinton development now underway.

@Amit Friedlander   Franklinton has a lot of potential.  But be cautious and get some local knowledge.  There are certain areas that are very hot, but just a few blocks away you could find yourself in a very rough area.  Don't just assume anything with a 43222 zip code is going to be a great deal, because it could be far from it.

Agreed with many of the posts already.  We buy/hold several properties, mostly on the West side of Franklinton, and there's a lot of difference between East and West.  I'd actually say there are three Franklintons: (1) East of 315, where only big companies or very lucky small/individual property owners play; (2) West of 315 to Glenwood / the RR tracks, where flipping is more doable despite the pending departure of most of the hospital; (3) West of Yale / the RR tracks to I-70, where rentals are the norm.  We own / are in contract on five doors in area 3, and circumstances vary greatly from street-to-street.  We also just picked up a home at Sheriff's auction on Rodgers in are 2, which should be a great buy/hold for us once fixed up.  Our business model is to provide reasonably safe and affordable housing to low-income families, which isn't for everyone.

I'd also note that 43222 doesn't cover all of Franklinton.  There's also 43223.

Let me know if you want to discuss further--I wouldn't mind sharing contacts / ideas.  There are plenty of houses in area 3 to go around, and there's a desperate need for good homeowners / landlords.

Hi, Amit. 

You may find my vantage point to be valuable as I am a self proclaimed 'live in case study' in this area. I moved to Columbus last summer to start dental school at OSU. I didn't want a mortgage payment so I bought in a neighborhood (Franklinton) that would be affordable and allow me a short commute to school. 

I live on Chicago Ave, which is considered West/North Franklinton. I own two properties on the street, one which I live in and the other is a duplex that is scheduled for rehab this summer. As a young professional I stick out like a sore thumb on this street; however, it doesn't bother me because I'm here for a reason. 

After a year here, I have found that there has been positive signs of growth in the area and I haven't had any crime issues so far (knock on wood). I have a great security system and keep a lookout for people that shouldn't be around the area. Encouragingly, the police have been a visible presence. 

In a nutshell: like someone said in another post, Franklinton is desireable on a street by street basis. I believe that if you build it "they" will come; "they" being the types of people like myself who want to be close to downtown and work/school and have a tough skin not to be intimidated by crime stats, or the occasional cop chase. 

The more people that have a vision and tough skin to see it happen will reap the rewards that I believe this area will and can provide an investor. 

Regards, 

Danny Wood 

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