Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
How is your MF market price appreciation?
I hear a lot of folks claiming their market is on "fire", but nobody ever supports that with data...our local MF market in Columbus, Ohio has appreciated at a year-over average of 21% in the 20 most productive zip codes for the last 5-years...the highest appreciating zip code grew at a rate of 64%...
How is your MF market price appreciation in other major metro areas?...Raleigh? Nashville? Indianapolis?....others?
Investor · Marin County California · Member since 2018 · 1k+ posts · 2k+ votes
5y
"Another thought, buying for cashflow here is tricky since our D areas probably will stay D. New investment will improve the housing stock, but like any city we have our slums and major social problems, and those people are not going to get any richer."
@Account Closed
Back in the late 1990's I drove from downtown on 40 west through the city to catch the freeway to Detroit. Man, that area looked tough. How is it now?
"Another thought, buying for cashflow here is tricky since our D areas probably will stay D. New investment will improve the housing stock, but like any city we have our slums and major social problems, and those people are not going to get any richer."
@Account Closed
Back in the late 1990's I drove from downtown on 40 west through the city to catch the freeway to Detroit. Man, that area looked tough. How is it now?
US-40 (aka W Broad St) west of downtown had a big transition in the area immediately after downtown, past the river (east franklinton) it used to be just this spooky empty section of empty car dealer lots and rundown commercial, but it turns out those big patches of empty land right next to the city core could be really valuable once they fix the flooding problems from the river. Before COVID I was going down there for barhopping and food and other nightlife. The local "hackerspace" (like learning how to weld and do carpentry and stuff) moved there and a lot of art studios and other hip things were all developing down there. They are building lots of condos or apartments south of there if I remember right... I can't wait to go explore it again.
Then the next section between US315 and I-70 (franklinton) was sort of coming around due to the growth just to the east and overall boom in real estate. Parts of it seem to be coming back, and other still pretty grimy. I don't know as much about that immediate area as I do the north side, I think Remington Lyman had some rentals down there? I once got lost down there and there were big groups of homeless dudes standing around burning barrels like something out of a movie.
Then just west of I-70 it gets back into pretty bad, its an area of major problems with heroin and other hard drugs, the city attorney is boarding up another drug den down there about once a month. Whitethorne Ave and the like.
Beyond that it gets a little more civil, more C class with a pocket of B+ (Westgate) .. Mark Whalberg (yes, Marky Mark, the guy in Boogie Nights etc) actually owns a chevy dealer there and has a bunch of other locations around town. There's a casino and a giant abandoned mall right at US-40 & the 270 beltway just waiting to be developed into something new.. It's sort of far from everything though, and the area doesn't feel like its improving as the same rates as other parts of town that were once grimy.
I really prefer the north side though, I get a lot of tenants that mention how much they prefer the north side vs the east or west sides.
