Exploring our first rental property in Ohio & Indianapolis

Member since 2020 · 1 post · 7 votes

My Wife and I are looking to start investing in a rental property in either in Ohio or Indianapolis, it seems like these are good places with decent demand that fit our budget. We are looking to start small and get an idea of overall market trends. Ideally we would like to explore turn-key rentals, we wanted to get a feel of which communities are safe and target small families since we are looking for long term rental options. I'd be super grateful if there are any other community or city recommendations as well. Thank you!

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Remington LymanBusiness Member

Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes

Quote from @Kevin Flores:

I started purchasing small multifamily in Columbus, Ohio 7 years ago. The cost of entry is low while the cash flow is high. Columbus is the only Ohio market that has seen rapid growth in jobs and population.

[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals

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Jack Nazarian
Rental Property Investor · Las Vegas, NV · Member since 2019 · 38 posts · 38 votes
2y
@Kevin Flores
Greetings,
I too am an out of state investor
I would recommend Euclid, Ohio which is a suburb of Cleveland. It is where I have my property and so far it seems to be a good mix of lower barrier for entry, higher rents, and quality tenants. Just make sure you get people on your team you can REALLY trust to be your eyes and ears.
Additionally the City of Euclid can be a pain in the butt. But, tis the cost of doing business I suppose.
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Austin McClainBusiness Member
Real Estate Agent · OH · Member since 2021 · 347 posts · 602 votes
2y
For a lower barrier to entry, I see success in Dayton, Washington Court House, and Cleveland Ohio. The purchase prices are reasonable with good cash flow.
[email protected]614-710-4827
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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
2y
Quote from @Kevin Flores:

My Wife and I are looking to start investing in a rental property in either in Ohio or Indianapolis, it seems like these are good places with decent demand that fit our budget. We are looking to start small and get an idea of overall market trends. Ideally we would like to explore turn-key rentals, we wanted to get a feel of which communities are safe and target small families since we are looking for long term rental options. I'd be super grateful if there are any other community or city recommendations as well. Thank you!

I started purchasing small multifamily in Columbus, Ohio 7 years ago. The cost of entry is low while the cash flow is high. Columbus is the only Ohio market that has seen rapid growth in jobs and population.
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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Samuel DioufBusiness Member
Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
2y
The Columbus market is looking bright and may be worth looking into. As for an area that is safe and family friendly, the outskirts of Columbus would be your best option. I can send you a graded map of Ohio for better reference points.

[email protected]614-662-1652
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Jimmy LieuBusiness Member
Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
2y
Quote from @Kevin Flores:

My Wife and I are looking to start investing in a rental property in either in Ohio or Indianapolis, it seems like these are good places with decent demand that fit our budget. We are looking to start small and get an idea of overall market trends. Ideally we would like to explore turn-key rentals, we wanted to get a feel of which communities are safe and target small families since we are looking for long term rental options. I'd be super grateful if there are any other community or city recommendations as well. Thank you!
Hi Kevin, I personally love Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!
[email protected]614-300-7535
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Patrick DruryBusiness Member
Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
2y
@Kevin Flores
If you are looking in the Cleveland market in Ohio I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

[email protected]614-412-4565
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Alfath AhmedBusiness Member
Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
2y
Quote from @Kevin Flores:

My Wife and I are looking to start investing in a rental property in either in Ohio or Indianapolis, it seems like these are good places with decent demand that fit our budget. We are looking to start small and get an idea of overall market trends. Ideally we would like to explore turn-key rentals, we wanted to get a feel of which communities are safe and target small families since we are looking for long term rental options. I'd be super grateful if there are any other community or city recommendations as well. Thank you!

Hey Kevin, I recommend looking into the Columbus market. Columbus has been appreciating rapidly over the last 3-5 years. Larger companies like Intel, Amazon, and Google are investing here in Columbus. I recommend investing in economic bases near downtown and surrounding areas. Most of my clients look into areas like Old North, Old Town East/King Lincoln-BronzeVille, Merion Village, Driving Park, North Linden, Hungarian Village, Bexley, and North Hilltop.

[email protected]614-802-5698
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Tracy Keffer
Real Estate Agent · Columbus, OH · Member since 2019 · 35 posts · 41 votes
2y
Ohio has Columbus, Cincy, Cleveland. Then Dayton, Akron... as smaller markets
Columbus has downtown areas where the houses still cheap and a lot of out of state investors focus on with hit/miss rental strength. Then you have Linden/Hill top also cheap. Then you have suburbs with Columbus schools (lowest ranking) and other schools. The last one is least price friendly but long term safe. I can show you the map on a zoom for discussion.
Columbus is growing big time yet not cheap at all and cash flow can be challenging if you only do 20% down payment. But for what you're looking for as turn key, safe, long time it is a good market since Intel, Honda, and a bunch of new projects poured in this city
I am a Realtor/Property Manager/Lender in Columbus market and happy to answer further questions
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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y
@Kevin Flores
just some things to be cautious about - OH and IN are both great markets, but interest rates have made cash flow difficult. and OOS investors often drastically underestimate capex and turnover costs.
if you buy something turn key you will need a hefty down payment plus closing costs, and you'll be entirely reliant on your team to manage it for you.
i don't see how it's worth $50-75K to make less than you'd make in a savings account, but only you can decide what to do with your own money.
https://www.biggerpockets.com/forums/48/topics/1159104-overl...
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Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
2y
Quote from @Kevin Flores:

My Wife and I are looking to start investing in a rental property in either in Ohio or Indianapolis, it seems like these are good places with decent demand that fit our budget. We are looking to start small and get an idea of overall market trends. Ideally we would like to explore turn-key rentals, we wanted to get a feel of which communities are safe and target small families since we are looking for long term rental options. I'd be super grateful if there are any other community or city recommendations as well. Thank you!

have you looked at new builds as a turn key strategy? we offer that service in Central Ohio. low maintenance, you control the entire process. much better strategy than flipping or dealing with contractors.
[email protected]786-494-6766
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Min ZhangBusiness Member
Real Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
2y
Hello Kevin, Columbus, Ohio is a great market to pick up rental properties because of the lower home prices and demand from renters. JPMorgan Chase, Nationwide, Honda, L Brands, Huntington, and Amazon are just a few of the many companies that have thousands of jobs in the city.

New Albany is home to several major data centers including ones operated by Amazon, Google and Facebook, whose parent company, Meta, announced plans in the spring to expand its New Albany campus.

[email protected]614-412-2912
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