Buying multi-family properties in Cincinnati, Ohio

Investor · Southern California · Member since 2024 · 62 posts · 15 votes

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.

Best regards

Ansh

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James Wise

Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes

Quote from @Jimmy Lieu:

Quote from @Anshuman Thakur:

Best regards

Ansh

Hi Ansh! Columbus is also a great market to buy multifamily properties. The rental demand is pretty strong because of the growing population and job market. And we have seen so much growth because of companies choosing to move and develop here like Intel, Amazon, Meta, etc. Happy to send over some resources on why Columbus is a great real estate market to invest in!

C'mon dawg....... @Remington Lyman is this dood one of your dood's?

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Jaycee GreenePro Member
Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
1y
Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.
Best regards
Ansh

Hey @Anshuman Thakur. In my experience, just about any market (especially in the Midwest) can be a good market for MF properties...the trick is finding the "right" property.
Do you have an area of Cincy you like? A certain number of units or a certain price range?

[email protected]
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Jason WrayPro Member
Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
1y
Its not a bad choice but you have Cities like Columbus, Mansfield, Youngstown that seem to sit at the top with very good purchase to cash flow ratios. Also based on property appreciation percentage and affordability they sit a little higher on the bracket. Although numbers change every day and does not account for finding a dimaond in the rough or every day off market good deal.
In my experience in the last 3-4 years Ohio and Indiana have been on my investors hot sheets. Its crazy to most people especially for those living in the NE or out in Cali that you can buy a duplex for under $200K. Not only that but the taxes are in line with the usual 1% to 1.5% of sale price and insurance is affordable.
Best advice is to form a team a seasoned real estate agent and as well as a seasoned Banker or loan officer that knows how to run all of the numbers in advance. Know you market rents, your market analysis for sold comps, history and ARV potential. When you run the numbers up front and do a little digging it can save you a lot of time and money. You also avoid sitting on a property with little chance of appreciation if its tunr key and no room for renovations.
If you ever have any questions feel free to reach out I enjoy helping and talking REI!
Consider lot sizes as well as a big win so that if you decide to add an ADU or mother in law suit to earn extra cash it will fit!
[email protected]727-637-4289
1 Reply
Jonathan Pechmajou
Investor · West Palm Beach, FL · Member since 2020 · 25 posts · 7 votes
1y
My business partner and I are actually working the Cincinnati market for 5-39 units properties. We haven't gotten one yet so we're still proving our assumptions
The reason we chose this market is:
- My business partner lives there and has over 30 rentals.
- It has diversified economy with employer like P&G, Kroger, Fifth third bank. Diverse jot sectors like healthcare, logistics and education.
- Landlord friendly laws
- High Cap Rate 6-10% for Class C, which is what we're seeking
- Low Vacancy 4-6%
- Affordable Prices
- Population steadily growing
We shall see if we're right or wrong :)
1 Reply
Sam McCormackBusiness Member
Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
1y
Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.
Best regards
Ansh

Shooting you a message now Ansh!
[email protected]859-443-4952
Sam McCormack Realtor
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1 Reply
Gregory Wilson
Member since 2024 · 238 posts · 132 votes
1y
Real estate taxes are a problem here in Hamilton County. Not so much in the out of county metropolitan area: Butler, Warren, Clermont, Dearborn In., Kenton, KY.
A 6 family selling for $1,000,000 will incur $26-30k of annual real estate tax. That $5,000 per unit. You see the problem.
1 Reply
Brandon GoldsmithBusiness Member
Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
1y
What would be your criteria and buy box for buying there? It is a good market in general but all depends on your strategy and expectations. @Anshuman Thakur
[email protected]614-963-3340
1 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
1y
Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.
Best regards
Ansh

Yes, it is! I visit Cincinnati about once a month. It has a lot of properties that make for good rentals. Lots of brick multifamily.
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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1 Reply
Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
1y
@Anshuman Thakur how'd you pick Cincinnati?
[email protected]248-209-6824
Logical Property Management4.9460 Reviews
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Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Drew Sygit:

@Anshuman Thakur how'd you pick Cincinnati?

Hello Drew. I have been scouting properties on loopnet in Ohio area and bumped into a property in Cincinnati. I have been in touch with the seller for past month. So far he has been maintaining, but if i proceed forward, i will need one to manage for me. Also, i am on a longer term journey on REI, and will most likely buy additional properties over the next few years. So, wanted to learn about the Cincy area, and hence the reach out to this group.
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Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
thank you so much for taking the time to respond to me. Much appreciated.

te from @Remington Lyman:

Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.
Best regards
Ansh

Yes, it is! I visit Cincinnati about once a month. It has a lot of properties that make for good rentals. Lots of brick multifamily.

0 Reply
Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Jonathan Pechmajou:

My business partner and I are actually working the Cincinnati market for 5-39 units properties. We haven't gotten one yet so we're still proving our assumptions
The reason we chose this market is:
- My business partner lives there and has over 30 rentals.
- It has diversified economy with employer like P&G, Kroger, Fifth third bank. Diverse jot sectors like healthcare, logistics and education.
- Landlord friendly laws
- High Cap Rate 6-10% for Class C, which is what we're seeking
- Low Vacancy 4-6%
- Affordable Prices
- Population steadily growing
We shall see if we're right or wrong :)

Thank you Jonathan. Appreciate the input here. I am just getting started in the REI world. My life so far has been a business consulting partner at a Big 4 company. Strategy, finance, construction are all not new for me, but REI is at this moment. So, these inputs are very helpful
0 Reply
Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Jaycee Greene:

Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.
Best regards
Ansh

Hey @Anshuman Thakur. In my experience, just about any market (especially in the Midwest) can be a good market for MF properties...the trick is finding the "right" property.
Do you have an area of Cincy you like? A certain number of units or a certain price range?

You are right about the market and property.

Coming to Cincy, i dont have a particular area in mind as i am not that familiar just yet. Coming to price range, i am looking at max $850K or so at this moment.
0 Reply
Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Brandon Goldsmith:

What would be your criteria and buy box for buying there? It is a good market in general but all depends on your strategy and expectations. @Anshuman Thakur

Max $850K
5+ units
Cap rate 5 to 6+
Shouldnt be an alligator property
Dont want a ton of repair; turnkey works
Potential for rental appreciation
Key goal is appreciation at atleast 4% or more
0 Reply
Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Jason Wray:

Its not a bad choice but you have Cities like Columbus, Mansfield, Youngstown that seem to sit at the top with very good purchase to cash flow ratios. Also based on property appreciation percentage and affordability they sit a little higher on the bracket. Although numbers change every day and does not account for finding a dimaond in the rough or every day off market good deal.
In my experience in the last 3-4 years Ohio and Indiana have been on my investors hot sheets. Its crazy to most people especially for those living in the NE or out in Cali that you can buy a duplex for under $200K. Not only that but the taxes are in line with the usual 1% to 1.5% of sale price and insurance is affordable.
Best advice is to form a team a seasoned real estate agent and as well as a seasoned Banker or loan officer that knows how to run all of the numbers in advance. Know you market rents, your market analysis for sold comps, history and ARV potential. When you run the numbers up front and do a little digging it can save you a lot of time and money. You also avoid sitting on a property with little chance of appreciation if its tunr key and no room for renovations.
If you ever have any questions feel free to reach out I enjoy helping and talking REI!
Consider lot sizes as well as a big win so that if you decide to add an ADU or mother in law suit to earn extra cash it will fit!

thank you so much Jason. Appreciate the thoughts here.
1 Reply
Jaycee GreenePro Member
Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
1y
Quote from @Anshuman Thakur:

Quote from @Brandon Goldsmith:

What would be your criteria and buy box for buying there? It is a good market in general but all depends on your strategy and expectations. @Anshuman Thakur

Max $850K
5+ units
Cap rate 5 to 6+
Shouldnt be an alligator property
Dont want a ton of repair; turnkey works
Potential for rental appreciation
Key goal is appreciation at atleast 4% or more

@Anshuman Thakur Is an "alligator" property the opposite of a "unicorn" one?
[email protected]
0 Reply
Jaycee GreenePro Member
Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
1y
@Anshuman Thakur I'm not sure if this would be "turn key", but is this something of interest to you? Or here's a "turn-key" triplex: https://www.realtor.com/realestateandhomes-detail/213-Findla....
[email protected]
0 Reply
Jimmy LieuBusiness Member
Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
1y
Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.

Best regards

Ansh

Hi Ansh! Columbus is also a great market to buy multifamily properties. The rental demand is pretty strong because of the growing population and job market. And we have seen so much growth because of companies choosing to move and develop here like Intel, Amazon, Meta, etc. Happy to send over some resources on why Columbus is a great real estate market to invest in!
[email protected]614-300-7535
Jimmy Lieu, Red 1 Realty4.9120 Reviews
Website View Page
0 Reply
Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Gregory Wilson:

Real estate taxes are a problem here in Hamilton County. Not so much in the out of county metropolitan area: Butler, Warren, Clermont, Dearborn In., Kenton, KY.
A 6 family selling for $1,000,000 will incur $26-30k of annual real estate tax. That $5,000 per unit. You see the problem.

You are absolutely right. Once I analyzed deal with updated tax numbers, it basically took out all benefits. Thank you so much for guidance.
0 Reply
Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Jaycee Greene:

@Anshuman Thakur I'm not sure if this would be "turn key", but is this something of interest to you? Or here's a "turn-key" triplex: https://www.realtor.com/realestateandhomes-detail/213-Findla....
Thank you for sending this my way. Can we connect live at 5124234777
0 Reply
Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Jimmy Lieu:

Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.

Best regards

Ansh

Hi Ansh! Columbus is also a great market to buy multifamily properties. The rental demand is pretty strong because of the growing population and job market. And we have seen so much growth because of companies choosing to move and develop here like Intel, Amazon, Meta, etc. Happy to send over some resources on why Columbus is a great real estate market to invest in!

Thank you Jimmy. I am open to Columbus, Dayton and Cincy. For me It’s all abt property and numbers:). If they work, I am all for it. Thank you so much for reaching out. You can send on/off market deals via [email protected].
1 Reply
Nick Shri
Rental Property Investor · VA · Member since 2020 · 218 posts · 133 votes
1y
@Anshuman Thakur If you are not local I wouldn't go for such a large investment as your entry point. You mentioned in one of your posts that you work for Big 4 consulting firm, great! Will you have the time to review every line item sent to you by the management company? It will be a long list of issues. You should consider syndication as an entry point with lot less oversight and time commitment on your part. Weigh your options in terms of how much time, energy and effort you wish to put once you become the owner. Passive investing really isn't passive. You will always be engaged to ensure your investment does not run dry.
I want to encourage you to step in the REI game, just do your homework well, weigh your level of comfort and then take the next step. Best to you. Cheers.

0 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
1y
Quote from @Jimmy Lieu:

Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.

Best regards

Ansh

Hi Ansh! Columbus is also a great market to buy multifamily properties. The rental demand is pretty strong because of the growing population and job market. And we have seen so much growth because of companies choosing to move and develop here like Intel, Amazon, Meta, etc. Happy to send over some resources on why Columbus is a great real estate market to invest in!

C'mon dawg....... @Remington Lyman is this dood one of your dood's?

2 Reply
Anshuman ThakurPro Member
OP
Investor · Southern California · Member since 2024 · 62 posts · 15 votes
1y
Quote from @Nick Shri:

@Anshuman Thakur If you are not local I wouldn't go for such a large investment as your entry point. You mentioned in one of your posts that you work for Big 4 consulting firm, great! Will you have the time to review every line item sent to you by the management company? It will be a long list of issues. You should consider syndication as an entry point with lot less oversight and time commitment on your part. Weigh your options in terms of how much time, energy and effort you wish to put once you become the owner. Passive investing really isn't passive. You will always be engaged to ensure your investment does not run dry.
I want to encourage you to step in the REI game, just do your homework well, weigh your level of comfort and then take the next step. Best to you. Cheers.

Thank you so much Nick. Appreciate the caution and advise.
0 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
1y
Quote from @James Wise:

Quote from @Jimmy Lieu:

Quote from @Anshuman Thakur:

Hello. Is Cincinnati a good place to buy multifamily properties? I am looking for agent and property managers in Cincinnatti area. Please feel free to reach out to me. Looking forward to hearing from you all in this community.

Best regards

Ansh

Hi Ansh! Columbus is also a great market to buy multifamily properties. The rental demand is pretty strong because of the growing population and job market. And we have seen so much growth because of companies choosing to move and develop here like Intel, Amazon, Meta, etc. Happy to send over some resources on why Columbus is a great real estate market to invest in!

C'mon dawg....... @Remington Lyman is this dood one of your dood's?

Sorry. I have been on vacation for a while, but I am back now. No, he is at a different brokerage
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
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