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Updated about 2 years ago on . Most recent reply

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David B.
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75
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North Franklinton - Thoughts?

David B.
Posted

Hi all 

I have three duplexes in Columbus Ohio as an out of state investor. Two of them are in North Franklinton off of Hayden Ave. There are a lot of rehabs happening on that block - I just finished one and am about to do a second. 

My plan was to BRRRR Invest these properties, but the interest rates for the refi shot up since my last one (quoted 8.2 percent by CF Bank).

At that price, I will have to leave a bit more money in the deal than I planned (high estimate 25k) and my cash flow will only be about 250 bucks a month. That's without any additional cap ex, which my Columbus properties have so far stung me with a bit. In fact, If i had to bet, I suspect I'd be negative cash flow for a couple years with cap ex issues / turnovers that may arise. (though hopefully my rehabs will help prevent this)

With that said, I'm generally bullish on Columbus. I think it's primed for great growth and appreciation.

I'd really like to hear everyone's thoughts on North Franklinton in general. I know EAST Franklinton has been in high demand over the last few years, and I believe that South Franklinton is sort of a disaster zone. But I don't hear much about North except the comps, rehabs, and rent increases I've seen thus far. It SEEMS to me like it's a hot (ish) area, but that it's sort of is dependent on which block you're on. 

I'm inclined to keep my properties, as I tend to believe there will be growth. But I could also sell these and roll them into a single property (say - a quad) in a A or B class neighborhood potentially. Cash flow would also be low, but potentially a better investment?

I would love some insight from those that live and invest in the area.  Would really help me understand my options better. 

Thanks in advance. 

  • David B.
  • Most Popular Reply

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    Remington Lyman
    #3 Out of State Investing Contributor
    • Real Estate Agent
    • Columbus, OH
    6,618
    Votes |
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    Posts
    Remington Lyman
    #3 Out of State Investing Contributor
    • Real Estate Agent
    • Columbus, OH
    Replied
    Quote from @David B.:

    Hi all 

    I have three duplexes in Columbus Ohio as an out of state investor. Two of them are in North Franklinton off of Hayden Ave. There are a lot of rehabs happening on that block - I just finished one and am about to do a second. 

    My plan was to BRRRR Invest these properties, but the interest rates for the refi shot up since my last one (quoted 8.2 percent by CF Bank).

    At that price, I will have to leave a bit more money in the deal than I planned (high estimate 25k) and my cash flow will only be about 250 bucks a month. That's without any additional cap ex, which my Columbus properties have so far stung me with a bit. In fact, If i had to bet, I suspect I'd be negative cash flow for a couple years with cap ex issues / turnovers that may arise. (though hopefully my rehabs will help prevent this)

    With that said, I'm generally bullish on Columbus. I think it's primed for great growth and appreciation.

    I'd really like to hear everyone's thoughts on North Franklinton in general. I know EAST Franklinton has been in high demand over the last few years, and I believe that South Franklinton is sort of a disaster zone. But I don't hear much about North except the comps, rehabs, and rent increases I've seen thus far. It SEEMS to me like it's a hot (ish) area, but that it's sort of is dependent on which block you're on. 

    I'm inclined to keep my properties, as I tend to believe there will be growth. But I could also sell these and roll them into a single property (say - a quad) in a A or B class neighborhood potentially. Cash flow would also be low, but potentially a better investment?

    I would love some insight from those that live and invest in the area.  Would really help me understand my options better. 

    Thanks in advance. 


     I have purchased a few deals in West Franklinton. I am also bullish on the area.

    I would not be against selling them and 1031ing them into a better area in a few years though. I am always trying to trade into better locations

    • Remington Lyman
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