I am considering purchasing a property near the Air Force base in the Beaver Creek/Dayton/Xenia Ohio area. This purchase will be to help a family member that doesn't have the credit to buy a home at the moment. My intention is to purchase something around $100-150k that would cash flow as a rental if something unexpected happened with the family member. This is a new development and I know very little about the market at the moment. If all works out well I will lease purchase the home to the family member until they can get secondary financing within 5 years and take me out of the deal.
Any knowledge of the area would be appreciated. I need to balance finding the right home for the family members while finding a great deal.
What is a reasonable return to expect in this area? How much does a $150k 3bed/2bath home lease for?
Any market specific issues I need to look out for?
Any recommended neighborhoods based upon what I've mentioned?
Any areas to stay away from?
I know this is a broad request but I'm just starting to research this market tonight and thought I'd bring it to BP.