Hello all, I am researching a property in Dayton zip code 45410. Can anyone give me any details about this neighborhood, zip codes to stay away from, rents, etc...?
thanks for the mention @Chris Tabanico and I think your assessment is pretty spot on. The rents you stated are pretty common for a 3BR in that area and if you go sec 8 you can get as much as $900/m. Your advise of networking with local boots on the ground is key. Dayton is a very unique place and there are area's in pretty much each local zip code that I would buy personally and areas that I would not. There is no way for an OOS investor to know which is which unless they have TRUSTED eyes on.
Like @Darrin Carey said, we need more information before we can speak intelligently to your question. Start with things like an address, what's the purchase price, how much rehab do you think it needs, and what is the purpose of the investment?
There are plenty of good investors in the area that will likely chime in and give you insight, and there are probably an equal number of bad investors that will try and pawn crap deals off on you. Your job is to give the details and then decide which advise is accurate.
If you want my $.02 feel free to send me a PM and we can chat
Being an out of state investor, when doing my initial research, I was looking at zip codes. As @Darrin Carey and @Ozzy Smith mentioned, it can vary block by block. I have a few rentals in that area and there are certain pockets that are performing well. Anywhere from 650-725 for rents. There are a few additional projects I have going on now that will garner 750-800 based on my preferences for “nice” rentals. What really helped me was networking with folks and taking trips to scout areas that I wanted to target. Good luck!
@Kevin Charles what @Chris Tabanico says about scouting the area is key if you're out of state. I previously made the mistake you're currently doing buy looking at Zip Codes online. When I travelled to the area, I would see a nice house on a terrible block or neighborhood. One property was in a "nice" area but if I drove three blocks in any direction I was in the hood with Corner boys hanging out putting in work.
Now I connect with Realtors on the ground that know the neighborhood well, I also always ask about their network of Property Managers, number of General Contractors in their network (so I'm not waiting for a GC to finish one job before they get to my property), if they regularly deal with Out Of State Investors, etc...
thanks for the mention @Chris Tabanico and I think your assessment is pretty spot on. The rents you stated are pretty common for a 3BR in that area and if you go sec 8 you can get as much as $900/m. Your advise of networking with local boots on the ground is key. Dayton is a very unique place and there are area's in pretty much each local zip code that I would buy personally and areas that I would not. There is no way for an OOS investor to know which is which unless they have TRUSTED eyes on.
I would not pass that by just because it is C class if it is a good deal on a solidly built rental. The area has proximity to many big employers and downtown. Rents and property values are increasing.