Is buying a multi-family in Springfield OH a good idea?

Question

Was looking at a multi family in Springfield OH and on paper it looks good and cash flows. The neighborhood has less crime compared to other parts. My worry about Springfield is that it seems like a run down town and stagnant. I want my property to appreciate so I can take the equity in a few years and use it to buy another house. I don’t want to be stuck with a property in a town with no growth. I’ve thought about Dayton or other towns near Columbus.

Does anybody have any thoughts on Springfield or any good markets for someone who is looking at the $150k range?

Patrick Drury · Answer

@Michael AndersonIf you are looking for long-term growth, you aren't going to find it in Springfield, OH. I would look at Columbus if you want long-term growth in Ohio.

Marshall Leipprandt · Answer

@Michael Anderson Are you out of state or do you live in the area? I think finding appreciation in Springfield will be tough unless it's forced through value-adds. I like Dayton or Columbus more because they have more going for them across the board, but doubt you can find a quality multi up to your standards at $150K in those areas. I would look to house-hack if you are local -or- use this time to build up your financial readiness and see how the next 3-6 months shake out in some of those Midwest markets. No shame in being patient.

Remington Lyman · Answer

I think Springfield will grow as Columbus continues to take off.

Carlos Quiros · Answer

Did you ever pull the trigger on this Michael? I recently stumbled upon Springfield and asking myself the same questions

Is buying a multi-family in Springfield OH a good idea?

Is buying a multi-family in Springfield OH a good idea?

Most Popular Reply

4 Replies