Jumping into the Small Multifamily market in Cincinnati

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Hey all,

I'm a wholesaler and house hacker from Atlanta. I am partnering up with my sister to buy a small multifamily (2-4 units) property in greater Cincinnati before the end of Spring 2020. We both live in expensive markets (she's in DC) that have few if any, affordable multifamily inventory, which is our target to get some cash flow going with our first rentals. Searching for properties in need of some light rehabbing in 45204, 45206, 45211, 45219, 45220, 45223 and 45239 zip codes and want to stay below 150K. 

We aren't complete strangers to the market: I did an internship around Cincinnati and northern KY (Fort Thomas mainly) for a summer a few years ago and she lived in East Walnut Hills for 6 yrs until moving to DC 2 yrs ago so she knows the area pretty well. We will visit for sure before making a purchase.

Just curious, what are some typical GRMs you guys are seeing for small multifamilies in these areas? Also, how do you best estimate water usage in a property you're analyzing? I noticed most sellers omit this in the listing and I didn't see a good way to estimate this on Hamilton County's water dept's website. Lastly, what are your thoughts on off-market vs on-market deals? The numbers seem to work on some of the ones on the market I have looked at, but I just want to get thoughts from anyone who has been investing in the area for a while.

Thanks for all the help!

DC is expensive but find the right broker.  Our strategy is syndication.  My partner and I found a great broker at Marcus & Millichap that's sending us deals to analyze.  

I have a single family within Cincinnati (and currently live in Fort Thomas - so great to meet you virtually!). My duplex was $60ish a month (all females) but got new tenants in August (all males) and it is now over $100 a month.  I think it depends but call the water works and also the electric company for previous bills.