Honest Experienced Opinions - Cincinatti Ohio
Hello All,
I need honest experienced opinions.
I located a property in Cincinnati Ohio, placed it under contract last week. I am not located in Cincinnati Ohio; This will be my first out of state investment property. I did an analysis using the BP software and the initial analysis looks good with a cap rate of 9.45% and Cash On Cash ROI at 16.38%. After paying all expenses the property will have a net cash flow of 369.81.
I'm looking for advice from experienced investors who either have invested out of state or have actually invested in their back yard of Cincinnati Ohio. The property is located near the Roselawn District. I am having second thoughts on bringing this deal into fruition mainly because
1) The area (crime)
Through my own sources I was able to get Police history about the street I am investing on. From the police report, it seems as if the police are getting called there 2-3 times of day from crimes ranging from Criminal Trespass to shots fired, to even Domestic Disputes in the 4 plex I want to invest in. ( The four-plex already has tenants in place). Even with a good property manager, I don't want my blood pressure going up every day/night because fear that someone will break in, steal copper, or break windows 5-6 times a year. I would be placing my entire faith in a property manager. Property managers do great jobs, but I know they will not go to the end of the earth and care for your property the way you would for a mere 10% cut of the total rents
2) Dowry State
I just found out that Ohio is a Dowry state. My wife will have to sign at closing even though she is not financially responsible for the mortgage etc. I am married and yes I love my wife, I just don't want her financially or legally tied to the deal as I want to be the one soley taking the risk
I don't wish to discourage out of town investors, I am looking for sound guidance from some of you who have done this and any advice you would give to a newbie such as me.
Thanks