Cincinnati Multi-Family Rentals

22 Replies

Hi,

I'm researching multifamily properties (under 4 units) in Cincinnati in the $60k-$150k range. I'd love to connect with other people investing in Cincinnati multi-families to hear local opinions on the markets in various neighborhoods, average operating & property management expenses, and advice for an out of towner.

Thanks, 

Noah

Hi Noah - Houston Native here (we have a ranch near you in Austin) living in Cincinnati getting into the Real Estate Market while we are here in Cincinnati. Happy to chat more over the phone on deals you are looking at and if you need any additional capital happy to join in on a deal. Lots of details on neighborhoods (many nuances) shoot me a direct message and we can chat more or find me on LinkedIn - leadersoutfront.com 

Chat soon,

Patrick 

@Noah Hart the Midwest is a great place to invest for cash flow.  i hear great things about the Cincinnati market however I'm in the Milwaukee market.  There are tons of investors on BP who invest in Cincy.  You should be hearing from some investors soon.  Best of luck to you.  Always remember to persist and you will WIN!!!

I own a building in the North Avondale area and am very familiar with both Cinci and NKY areas in terms of multi families. Would be happy to share my knowledge with anyone needing help. 

Noah I also invest in that area. What questions do u have?

I have some good contacts in Cincinnati.  If you need some - PM me.

Noah,

Cincinnati is a great market for investing but agree with Patrick, there is a lot of nuance to each neighborhood. We invest in multi-families of all sizes, so if you would like to connect and discuss reach out any time. 

Noah I invest in Cincinnati in properties that you are describing.  Let me know if you have any questions about Cincinnati or need contacts?  If I can help I certainly will.  

Hey @Noah Hart I'm an out of state investor about to close on our first property in Cincinnati, I'll share any info I can to help

You can get a beginning overview on Cincinnati neighborhoods by googling to find the ACLU's "Cincinnati by Neighborhoods" map PDF that shows income levels throughout the city.

I'm looking for another triplex or fourplex there right now, so if you have an abundance of deals, feel free to share the news! :)

Noah, I'd be happy to chat sometime about neighborhoods and the market. I just bought my first duplex and would like to connect to other investment-minded folks in the area! 

hello I would be happy to help anyway I can as well I wholesale and invest and have a lawn care company in the cincinnati area 

I currently have deals duplex and single families depending on what your looking for 

Hi all, i am interested in Noah’s exact post as well.

Looking at 2-4 units
Most likely FHA house hack live in for a year rent the other units to pay the mortgage

Also may do a 80 10 10 conventional loan

Im looking between norwood and mason essentially eastern Cincinnati along the 71 corridor

Working with a Berkshire relator right now looking to pull the trigger by late June on my 1st investment

What do we think of Norwood, Hyde Park Oakley, golf manor, kennedy heights silverton evanston? Pleasant ridge

Keep in mimd I’m looking to keep this property forever for cash flow

Not sure what type of tenant i’d like to target whether i stay near Xavier or target more of a long term/ older tenant in a nicer area/building

Thoughts?

@Brian Mahon

It would be nearly impossible to buy anything in Hyde Park or Oakley that cash flows today, unless you find something highly distressed off market, which are nearly impossible to find also. Also if you go FHA it needs to be livable or they will not approve a loan, so unless you can buy cash or non owner occupied conventional, highly distressed will not be doable.

Norwood is a C- area with some nice pockets, some rough pockets, but overall a good rental area. Golf Manor has some rough streets as well, but I know other investors who like it. Kennedy Heights and Silverton are decent C areas, Cincinnati Schools are poorly rated, but if you are buying 1 bedroom buildings the schools may not be important to your tenants. Evanston is pretty rough, unless you are renting close to Xavier and plan on doing student rentals. Pleasant Ridge has a ton of momentum right now, lots of buying and selling going on. Prices and rents are increasing, its a C area in general. 

As for an 80/10/10, I do not know any bank that will do this type of loan anymore. The best terms I have found are 3% down for an owner occupied conventional, or 3.5% down FHA. When you go up past 2 units, most banks want more down like 10-15% for conventional.

I have helped a ton of house hacking clients, if you can break even while you live there, then cash flow your rent amount or more after you have moved on, you have found a pretty good deal in most east side neighborhoods. I would be happy to help if you have anymore questions, best of luck with your first deal!

@Brian Mahon  you may want to reach out to NRL mortgage, if your credit score and income requirements suffice, the Cincinnati Port Authority has a grant that will pay your entire down payment(must be in city of cincinnati- so not NORWOOD).... but I was able to buy my first duplex this way for $0 out of pocket. Justin Allen at NRL mortgage is worth a phone call for sure. 

Believe credit score above 720 and income must be below $100,000(w-2). 

Give me a shout if you have further questions.  

Hey @Brian Mahon . Love the House-hack strategy to get started. As far as neighborhoods, if you're going to live in it, make sure you're comfortable living in the neighborhood and having those tenants as your neighbors, not just your residents. Based on what you've shared thus far, consider Silverton, Madisonville and Pleasant Ridge. Not sure you will see the cash flow you seek in Oakley or Hyde Park, but those are definitely great areas as well. 

Also, make sure your agent has experience and knowledge working with investors on small multifamily properties. It will make things easier for you.

Originally posted by @Jake Walroth :

@Brian Mahon  you may want to reach out to NRL mortgage, if your credit score and income requirements suffice, the Cincinnati Port Authority has a grant that will pay your entire down payment(must be in city of cincinnati- so not NORWOOD).... but I was able to buy my first duplex this way for $0 out of pocket. Justin Allen at NRL mortgage is worth a phone call for sure. 

Believe credit score above 720 and income must be below $100,000(w-2). 

Give me a shout if you have further questions.  

I am jumping on this bandwagon as well! I own a single-family in Oakley that is rented, and now am looking to house-hack and find a 2-4 unit on the east side. Hyde Park/Oakley/Mt Lookout are ideal, Pleasant Ridge could also be great. Wondering if anyone has a good agent to work with? The agent I used for the single-family was wonderful, but I didn't get the vibe she does much multi-family work.

Also open to other east side neighborhoods, including Norwood (the nicer areas, or around Xavier), or possibly shifting all the way into Clifton.

Just joined BP, and excited to find so many knowledgable, like-minded people to bounce ideas off of! Thanks in advance for your help.

Hi gang. Love this post. Im closing on a 4plex in Cincinatti south of Arlington heights, North of Roselawn area soon.  Any insight or recommendations for inspections, property managers will be greatly appreciated thank you.

Looks like this post is getting a bit revitalized... Hows everyone feel about the current state of the MLS around Cincy? Seems like everything that looks like I'd want to make an offer on is pending or gone within one week!

Same here. My only concern is the areas the units are located in

I'm just getting active on BP. I've been busy rehabbing two buildings in OTR. around June I'll be looking for a new single family or perhaps 3-4 family. Anywhere within the I-275 loop.

Two projects I know right now but can't afford and don't have time for

3 family in 600 center st, Bellevue Ky

Single family in 43 Sanders, Florence Ky.

Both need work but not huge amounts. The three family is a great life hacking project. Live I. One unit free and rent out the other two to pay the mortgage

Same owner for both. Older general man who does not have the time or cash to maintain his properties. Sanders is listed with Tom Reese. A local real estate agent.

this post has tons of information. trying to see if any updates had been made.

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