Expected Cash-on-Cash Return in Columbus
Hi everyone,
Another new Cbus investor here. My wife and I just moved to Delaware, OH from the DC area where we own a rental condo and we're looking to put our money to use here in central Ohio. I've appreciated the information and analysis provided in this forum, so I wanted to turn to you all and ask what I might expect in terms of cash-on-cash return on investment for multi-family rentals? The market is clearly very competitive, and it seems like rents have not caught up to the price of rehabbed properties. Right now, we are looking at multi-family units to buy and hold. Open to short-term rentals, but appreciate the security of long-term rentals given what is going on with Airbnb and NYC. Turnkey is preferred -- because we are new to the area (though, my wife grew up here) I'm not really comfortable doing any major rehab until we've broadened our network and understanding of the market a little more.
Because we're looking long term, I don't necessarily mind paying a small premium now for solid returns over the length of ownership. Is 10% COC ROI out of the question at this point?
Thanks for your insight!