I'm interested in hearing what the current housing environment looks like in Cincy. What are average rents? What type of returns are people seeing? Where are the emerging areas? Do you think it's a good MSA to invest in and why? Do you know of any top notch property management companies located there that you can connect me with?
Thank you in advance!
All of your questions are moot until you know where in Cincinnati you are investing. What's the point of knowing the average rent of an entire city unless you are owning/plan to own real estate in the entire city? And your question on returns.... you will find people that say 10%, 7%, 35%, 27%... not sure how an answer to that question helps you- some people are better at investing than others, some people buy cash, some leverage--it will be all over the board.
You're not investing in an MSA... you're investing in a neighborhood, in a township, you're investing in a school district, you're investing in locales.... and that's incredibly difficult to do if you've never been here.
Now I think the answers as to why someone in NJ should invest in Cincinnati would go something like this:
-people live there
-big companies live there
-urban neighborhoods are gentrifying
-diversity of neighborhoods--some good for flips, some good for consistent appreciation, and there are still plenty of C-D areas that show good returns on paper that people from NY and CA love to gobble up
-major research university
-we have Skyline Chili
-Pete Rose is from here
-Our Roebling Bridge is your Brooklyn Bridge's father
The seminar companies are pounding it as a hot area to invest right now. We're getting "investors" coming out of the woodwork from all across the country.
I have actively invested and wholesaled in Cincinnati for years, and sellers tell me they have a stack of mailers on their desks from prospective buyers when they call and ask me to "throw in my bid."
I don't know if that helps you or not, but it tells you a little bit about what is going on at the street level.
Cincinnati is a strong Midwest market, but as investor interest has increased, so have seller expectations. As far as sub-markets that depends on your criteria, but generally speaking the easy side is more desirable than the west side. PMs depend on the size and location of the property.
You neglected to mention that the TV show WKRP, was portrayed here/there.