Ohio rental properties

Member since 2018 · 18 posts · 2 votes

Hey, everyone. New to this community...loving what I’m reading so far. Does anyone here have any experience in buying rental properties in Toledo and Garfield Heights (Cleveland)? Seeing some opportunities and wondering if these are good areas for rentals.

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James Wise

Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes

Originally posted by @Account Closed:

Hey, everyone. New to this community...loving what I’m reading so far.

Does anyone here have any experience in buying rental properties in Toledo and Garfield Heights (Cleveland)? Seeing some opportunities and wondering if these are good areas for rentals.

No experience in Toledo but we have 100's of rentals in Garfield Heights. Solid rental neighborhood. High C-Class tenant base. For more info on Garfield Heights & other neighborhoods in the Cleveland market check out The Ultimate Guide to Grading Cleveland Neighborhoods.

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Dale E. MathenyPro Member
Columbus, OH · Member since 2018 · 25 posts · 10 votes
8y
Hi @Account Closed, I’m also new to all this, looking for rentals in Columbus, OH. We should connect.
2 Reply
Addison Good
Columbus, OH · Member since 2015 · 3 posts · 1 vote
8y
@Dale E. Matheny I'm also from Columbus and would love to meet up sometime. I currently have 1 double and just finished a flip. Looking for the new project and always looking to connect with new people!
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Account Closed
OP
Member since 2018 · 18 posts · 2 votes
8y
@Addison @dale Do you guys have any opinions on the GarfIeld Heights (Cleveland) and Toledo rental markets?
0 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
8y
Originally posted by @Account Closed:
Hey, everyone. New to this community...loving what I’m reading so far.
Does anyone here have any experience in buying rental properties in Toledo and Garfield Heights (Cleveland)? Seeing some opportunities and wondering if these are good areas for rentals.
No experience in Toledo but we have 100's of rentals in Garfield Heights. Solid rental neighborhood. High C-Class tenant base. For more info on Garfield Heights & other neighborhoods in the Cleveland market check out The Ultimate Guide to Grading Cleveland Neighborhoods.
3 Reply
Account Closed
OP
Member since 2018 · 18 posts · 2 votes
8y
@James Wise Thanks, James...very helpful!
0 Reply
Stone Jin
Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
8y
I invest in Toledo, it really depends on your goals and strategy. I'm sure you can find deals in any neighborhood, however whether that lines up with your personal strategy, no one knows but you. Do you have specific questions about Toledo?
1 Reply
Andrew FidlerBusiness Member
Real Estate Broker · Toledo, OH · Member since 2011 · 384 posts · 434 votes
8y
@Account Closed
I can tell you about Toledo, all depends what you're looking for!
It's a great town, I have no lack of opportunity...it's really a matter of the right deal, the right price, and the team to ensure it operates correctly.
Half of my personal 2018 purchases have been from investors who tried to go it along alone, had the nightmare contractor or tenant experience (or both!) and dumped their assets and ran.
The zip codes that have amazing returns aren't for beginners. :)
[email protected]419-410-3836
LaPlante Real Estate
Website View Page
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Account Closed
OP
Member since 2018 · 18 posts · 2 votes
8y
@Stone Jin Basically looking to buy low-cost single family homes for rental income.
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Stone Jin
Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
8y
@Account Closed what's your definition of low cost? I typically wouldn't buy anything that rents for under $1400 partially due to me being out of state. I just don't have the patience to deal with really low end rentals. There are lots of investors who do invest in areas where the average house is $20K, they usually are local and very hands on. Are you local to Northern Ohio?
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Account Closed
OP
Member since 2018 · 18 posts · 2 votes
8y
@Andrew Fidler Definitely not looking to go at it alone or do any managing myself, but definitely looking for those returns you mention!
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Account Closed
OP
Member since 2018 · 18 posts · 2 votes
8y
@Stone Jin I’m in New Jersey and would definitely use a property manager.
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Stone Jin
Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
8y
@Account Closed You can poke around the forums for property managers, but after talking to a few local PM firms and investors, I've decided to use my boots on the ground to try to manage. We will see how that goes. But from what I gather, with the lease fee/renewal fee/this fee/that fee, the average PM firm will charge about 15% of gross rents annually, this does not include maintenance and upkeep. The last thought I have would be that the returns on paper <> returns in reality, just make sure you go into it eyes wide open. Good luck!
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Account Closed
OP
Member since 2018 · 18 posts · 2 votes
8y
@Stone Jin appreciate the info!
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Tom Ott
Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
8y
Originally posted by @Account Closed:
Hey, everyone. New to this community...loving what I’m reading so far.
Does anyone here have any experience in buying rental properties in Toledo and Garfield Heights (Cleveland)? Seeing some opportunities and wondering if these are good areas for rentals.
Garfield Heights is a very specific area of Cleveland to be looking at. Have you considered the other suburbs that are nearby? Like Maple Heights, Euclid, Bedford, Cleveland Heights etc? Maybe if you expand your search you could find a good property.
I do not know much about Toledo. Not too sure what is there.
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Erin Elam
Little Elm, TX · Member since 2014 · 356 posts · 47 votes
8y
Originally posted by @Stone Jin:

@Account Closed what's your definition of low cost? I typically wouldn't buy anything that rents for under $1400 partially due to me being out of state. I just don't have the patience to deal with really low end rentals. There are lots of investors who do invest in areas where the average house is $20K, they usually are local and very hands on. Are you local to Northern Ohio?
Hi Stone,
I'm curious what areas of Ohio are renting for $1400? Have you seen stability in these numbers for some time? Or has it increased?
I look forward to hearing from you.
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Randa Lake
Real Estate Agent · Dublin, OH · Member since 2018 · 23 posts · 9 votes
8y
@Erin Elam There are several areas in Columbus where rents are around 1400.
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Linda LabbePro Member
Investor · North Bay, Ontario · Member since 2015 · 709 posts · 262 votes
8y
Invest in both Toledo and Cleveland recently have added Dayton to my list and am doing well there always willing to chat. Am Canadian to success depends on having the right team on the ground always looking for more contacts.
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Randa Lake
Real Estate Agent · Dublin, OH · Member since 2018 · 23 posts · 9 votes
8y
@Account Closed I agree with what's been said about the Toledo market. It's tricky, but for the right person with the right attitude it can work. I would look at school systems and aim for Washington Local, Maumee, Perrysburg, and Sylvania for flips. Properties in Toledo Public Schools are probably going to be your best bet for rentals. Some good pockets are 43613, some areas close to Maumee, Beverly area, Sylvania schools but City of Toledo taxes. I would avoid the North End, South Toledo, and 43605. You may be getting a good rate of return, but this will be very hands on. I lived in the Toledo area for 20 years. I worked in real estate there and houses tend to sit on the market longer than 30 days. Good luck!
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Derek Bailey
Aztec, NM · Member since 2018 · 20 posts · 9 votes
8y
Hi
@Dale E. Matheny and @Addison Good, I'm also beginning and have been looking at the Columbus area. Would enjoy connecting with you guys!
Best,
Derek
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Stone Jin
Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
8y
@Erin Elam I would think every A neighborhood in Ohio is renting above $1400 for a nice 3/2 or 4/2. I buy SFH that need updating in A school districts. We just started this strategy this year, hopefully it will work out for us. Fingers crossed.
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Kevin HealeyPro Member
Rental Property Investor · Denver, CO · Member since 2018 · 10 posts · 10 votes
8y
Hello all. I grew up in Toledo (Sylvania) and have had an eye on the market. The multi-family rental demand in and around UT and downtown are pretty warm. ProMedica and UT are providing a solid boost and while the population has been on steady decline for the last decade plus, the available inventory in these areas has paralleled fairly closely thanks to the Lucas County Land Bank, especially with their goal of, 1500 Properties Renovated or Demolished in 1500 Days! In short, don't let the population stats scare you off. Those rental market should stay strong through any upcoming down cycles as well.
1 Reply
Hai Loc
Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
8y
@Linda Labbe There must be tons of deals in North Bay
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Vik P.
Investor · Camas, WA · Member since 2015 · 82 posts · 56 votes
8y
Originally posted by @Stone Jin:

@Account Closed what's your definition of low cost? I typically wouldn't buy anything that rents for under $1400 partially due to me being out of state. I just don't have the patience to deal with really low end rentals. There are lots of investors who do invest in areas where the average house is $20K, they usually are local and very hands on. Are you local to Northern Ohio?
I am looking at a deal for a portfolio of single family homes spreaded over various parts of Toledo,OH. Its a portfolio of 14 SFRs for a little under 500k. The zipcodes are 43605, 43606,43609,43611,43612.

I am doing my research online through trulia (crime heat maps) and through city-data.com. If someone here can give some feedback that'll be great. Thanks in advance
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Stone Jin
Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
8y
@Vik P. some of those are pretty rough zip codes. I'd be cautious buying anything there.
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Vik P.
Investor · Camas, WA · Member since 2015 · 82 posts · 56 votes
8y
@Stone Jin - I was just running the addresses from the offering memorandum I got this morning in Trulia and many (if not all) were "dark blue" on the crime map on Trulia which is beyond my comfort zone. My sweet spot is B/B+/A- with a min rent amount of at least 850 (preferably little more) so it doesn't sound like it's for me. Thanks for your feedback.
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