Hello fellow BPers and investors familiar with Dayton and the surrounding area.
I'm underwriting a multifamily deal in Xenia, OH and wanted to see if anyone has an opinion on the growth trajectory of the town and whether you like it as a market for investing. We already have a property in Dayton about 20 min away so we can get some management efficiencies between the two.
I'm mostly familiar with the demographics, census information, but am more interested in the anecdotal knowledge and local opinion.
Like why would someone live in Xenia vs elsewhere in the area?
What attracts people and keeps them there?
Or do you hear of people wanting to get out and move elsewhere?
Any insight would be helpful, thanks!
Hey Spencer - I currently live in Xenia, so my opinion is first hand. I think the situation is a little more nuanced. The viability of an investment depends on where it is. There are definitely solid places to rent and I personally know of long-term tenants who are S8 actually. It's a low cost of entry and potentially lower rents (though I don't know where your Dayton property is). If you let me know (either here or in private message) where your other property is (just what area), I can address your questions relative to that one. I want to make sure when I say "cheap" for instance, it means the same thing to you as to me.
Q1: live in Xenia vs. elsewhere?
A1: It's cheaper. I don't know if you rent to S8, but it is the county seat, so that can be a direction to go and get some long term tenants as I mentioned above.
Q2: What attracts people and keeps them there?
A2: Price or family I suppose.
Other Insight: Many of the houses around town have been flipped in the past few years as the market has made that lucrative.
I'd be happy to discuss further if you have any other questions. For what it's worth, I'm not an agent or anything, just an investor that does live in Xenia.
@Perry Nosker thanks for the insight! I will PM you with any more questions.
@Spencer Gray Xenia has a small town feel, but it's big enough to have the needed conveniences (Walmart, Kroger, etc). It's has a variety of local employers, and it's close to other major employment (Wright-Patt AFB, etc). It's easy to get to anything you desire in Dayton.
@Seth Hayes should be able to add more.
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