What is the market like for small multifamily homes in Dayton Ohio?
With its proximity to Columbus, do investors see Dayton as a great spot to get into renting out multifamily homes?
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We love Dayton and are active there. It's not so much about its proximity to Columbus. Dayton in and of itself has a lot of opportunity between Wright-Patt AFB, the universities and surrounding communities like Huber Heights that are growing quickly and a good draw for young families.
Like @Bonnie Low said dayton is awesome. It’s big enough to sustain its own market. People like me would rather live here than Cincinnati or Columbus bc it’s got more than enough economy to do whatever I want in business and in life without having to deal with the big city problems. I have a few small multis myself and they do VERY well. The cash flow is better here than the other markets and contrary to what many believe we do get a good amount of appreciation in dayton
Quote from @Nicholas Sorace:
With its proximity to Columbus, do investors see Dayton as a great spot to get into renting out multifamily homes?
Hi Nicholas! The Dayton housing market has been experiencing a steady increase in property values over the past several years, making an impact on rental prices. The value of a middle-price-tier home in Dayton has increased by 23.4% (Zillow through February 2022). Rent prices in the metropolitan area are also on the rise. According to Zumper, median rents for 3-bedroom properties have increased by 8% year over year. I see properties meeting the 1% rule time and again too. Hope this helps and if you're interested in exploring this market further, let's connect and discuss how I can assist you!
Quote from @Nicholas Sorace:
With its proximity to Columbus, do investors see Dayton as a great spot to get into renting out multifamily homes?
Hi Nicholas. Market is hot in Dayton OH. Rents are going up steadily along with property values. Also Dayton is in Top 5 market for affordability.
In recent years, it has been really important in Dayton to have reliable contractors who can take on new work. My own construction fix, turn, and flip is a small family outfit and we are perpetually swamped. There are just so many distressed properties and the demand is quite high for completely rehabbed rentals. Further demand comes from move in buyers who are swarming to the better parts of Dayton. Our B/C, C, and D classes are where you will find the cash flow on super solid buildings and deals. My advise is buy fully finished properties for now and wait out this contractor shortage. Take a look at the listing for 260 Westwood Ave. There is an example of a beautiful completed place where you could just be patient and find the ideal tenant.
Quote from @Gordon Starr:I can see alot of potential with that place! The rehab seems light-moderate. How is that neighborhood?
In recent years, it has been really important in Dayton to have reliable contractors who can take on new work. My own construction fix, turn, and flip is a small family outfit and we are perpetually swamped. There are just so many distressed properties and the demand is quite high for completely rehabbed rentals. Further demand comes from move in buyers who are swarming to the better parts of Dayton. Our B/C, C, and D classes are where you will find the cash flow on super solid buildings and deals. My advise is buy fully finished properties for now and wait out this contractor shortage. Take a look at the listing for 260 Westwood Ave. There is an example of a beautiful completed place where you could just be patient and find the ideal tenant.