10 Townhomes in Cincinnati
I have an opportunity to purchase 10 townhomes (6 - 2 bed/1bath & 4 - 3bed/1bath) in Cincinnati OH, Green Hills specifically.They're asking 475K. The rent roll show an income of about 7350/month for the past 6 months and is fully occupied. Also tenants pay their own electric and water. 2015 & 2016 Schedule Es show only about 6400/month. I'm told they just remodeled each unit over the past 2 years which could explain the low income due to vacancy. The complex was built in 1938, but with the remodel everything looks very modern. New kitchens, new bathrooms, fresh paint, hardwood floors. $730/month for a 2-3bed/1 bath seems kind of high for Cincinnati, but I'm not really familiar with the different areas. I own a 4plex in Roselawn and 2bed/1baths go for $600/month. This is in very northern Cincinnati, and I don't know what rents are there. A few comp sites show units renting in that area for $750/month, but there aren't enough for me to feel comfortable. Does anyone have any insight here? Any advice is appreciated.