I am currently learning about the Cincinnati multi-family market, with the goal of buying my first property this winter. I am primarily focusing on the Oakley, Hyde Park, Mt Lookout areas with the goal of purchasing multi-families with 2 br 1 bath. Is anyone currently investing in multi-families, and willing to share their experiences (properties own, overall market conditions etc.)
Hey @Sean Mills ,
I don't own any investment properties in those areas but I do live in Hyde Park.
Mt. Lookout and Oakley have a ton of rental properties. A lot of college students and people under 30. If your trying to find a house to flip you just need to make sure the street is not full of renters. Also flips will tend to be higher end unless you're planning on flipping for rental properties
Everything in Hyde park is more expensive
Hope that helps
@Sean Mills my boss owns 3 duplexes in Oakley. They cash flow pretty well. He likes a 3bd and 2bd duplex setup. He's not a fan of 1bd because the turnover is too high.
His renters are 20-somethings with degrees that work downtown, making decent 1st job money and looking for place to stay in an area close to all the Cincy nightlife.
Thanks for the perspective. I will be more looking for rentals so streets with lots of renters won't be a huge concern for me. So long as the properties are generally well maintained.
I like your point of Hyde Park being expensive. It could be more difficult to find a good deal that will cash flow.
Great insight with the turnover on the 2 and 3bd vs 1bd. I will definitely be considering that as I a look for properties.
I am planning to target similar individuals, bearing in mind fair housing laws.
Do you by chance know how far off the square his units are, and how important that is in the area? I assume properties should be within walking distance but could be wrong. Also in terms of his properties cash flowing pretty well would you or your boss be willing to talk more specifics?
I don't have a lot more details than what I provided. His properties are in the $200k range and rents for ~$2500/mo.
@Tim G. Sorry for the delay I haven;t been on in a while. Thanks for those details! It's a good starting point.
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