Hello Cincy Investors,
I wanted to see if anyone from the Cincinnati area has any recommendations on good areas to own a SFR. I have my financing squared away and am starting to scope the areas. I've lived in Cincinnati for the majority of my life but always a little North of the city. I'd like to get some opinions which areas to target for SFR. I'm looking for properties between 30-60K that won't require a lot of money to fix up and get ready for tenants. The properties don't have to be turn key but would be ideal if they mainly just require cosmetic work.
Any advice from anyone on this?
@Jason Lusher , thanks for the post. Cincinnati has a lot of areas that would be great for SFH, but a little hard to pinpoint specific areas because it really depends on what you are looking for. You need to know what your criteria is, what is the expected PP, rehab, rent, etc. Also, how do you plan to acquire properties? Cash, financing, etc?
Thanks Bryan. I'm looking for a SFH no higher than $60,000. It doesn't necessarily have to be a turnkey property, but something that doesn't need a lot of work. I would say under $5,000 for any fixes to get the property rental ready. My goal is to try and purchase at least one to two properties per year over the next ten years. I'd like to supplement my income with monthly cash flow from the properties at the same time building equity in all of the homes that I own.
In regards to acquiring properties, I'll be financing the first property through a conventional 30 year fixed loan with a 4% interest rate. I've shopped around for different lenders in the area and this one had the lowest interest rate and closing costs. They do however, require 25% for the down payment, but I shouldn't have a problem with that on a property lower than $60,000.
Hopefully the criteria above will help identify specific areas in the greater Cincinnati area where rentals are prevalent and where there's a good market for rental homes.
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