Akron vs Canton vs Massillon

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Akron vs Canton vs Massillon

Michael Wentzel
Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes

We have a portfolio of properties in Colorado and we're looking to start buying properties in a second market in Ohio. My wife and I are both from Ohio, so we often end up back there for visits. We like the possibility for cash-flow properties and we like the Midwest. I was initially looking at Cleveland or Columbus. Both seem intriguing, but both are huge and might take a bit of time to get my mind around. So before I decided which one, I became distracted with this little group of markets in northeast Ohio...

Akron is smaller than Cleveland and bit farther south. Beyond that is Canton, which is smaller than Akron and a bit farther south. Finally you have Massillon which is a bit smaller still and a bit west of Canton. All seem to have similar price points for properties and I would assume the rents are similar. 

Are there any investors involved in these markets who knows why I should choose one over the other two? Or why should I be in one these markets rather than Cleveland or Columbus which are bigger?

Mike

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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
10y
Originally posted by @Michael Wentzel:

We have a portfolio of properties in Colorado and we're looking to start buying properties in a second market in Ohio. My wife and I are both from Ohio, so we often end up back there for visits. We like the possibility for cash-flow properties and we like the Midwest. I was initially looking at Cleveland or Columbus. Both seem intriguing, but both are huge and might take a bit of time to get my mind around. So before I decided which one, I became distracted with this little group of markets in northeast Ohio...

Akron is smaller than Cleveland and bit farther south. Beyond that is Canton, which is smaller than Akron and a bit farther south. Finally you have Massillon which is a bit smaller still and a bit west of Canton. All seem to have similar price points for properties and I would assume the rents are similar. 

Are there any investors involved in these markets who knows why I should choose one over the other two? Or why should I be in one these markets rather than Cleveland or Columbus which are bigger?

Mike

 Personally I think you are splitting hairs when deciding between the Cleveland and Akron markets. 

For instance Holton-Wise is of course fully invested up here in Cleveland and we are not interested in doing any investing and or property management down in Akron. This has nothing to do with the Cleveland market being better then the Akron market it is simply us investing where our operation was geographically started. The reason we chose the geographic location was even simpler, it is where we grew up. Had we grown up in Akron I imagine we'd be doing the exact same thing in Akron that we are doing up in Cleveland.

In your situation you are not local to Cleveland or Akron so you need a management team to handle your investments. I recommend you choose the market based upon the team(s) you meet in said markets. The properties and neighborhoods themselves will be so similar it doesn't really matter. It is who you feel comfortable working with. Since you two grew up in Ohio perhaps you should base your decision on which market is closest to where you and your wife grew up as your friends and family members would be able to lend a helping hand or keep an eye on things if need be.

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  • Zach Zimmer
    Rental Property Investor · Uniontown, OH · Member since 2015 · 54 posts · 29 votes
    10y

    I would say each market has pros and cons.  More inventory up in Cleveland but also more investors and investment "companies".  Each likely has similar returns amongst A,B,C areas.  

    I like Stark and Summit counties because it's where I live and know the sweet spots for decent schools yet lower property values.

    Massillon is a very strong football community that breeds a "born here stay here" mentality.  I would like to dive in with some over there but it is just a little bit out of my focus area.

    2Reply
  • Nate Richards
    Investor · Tallmadge, OH · Member since 2014 · 81 posts · 32 votes
    10y

    I agree with Zach 100%. If you're from this area pick the one that you are most familiar with so you can pick out the sweet spots. There are areas of each zip code I target that I avoid since I know the areas. Don't see any difference in returns when looking at your suggested targets so I stick with my primary markets for convenience.

    1Reply
  • David Panzera
    Real Estate Broker · Columbus, OH · Member since 2015 · 205 posts · 62 votes
    10y

    Hi, @Michael Wentzel, I'm an investment realtor in Columbus, but I'm also a personal investor here. For about 20 years now. I have about 40 units of my own and am happy to share with you what I like about Columbus and areas that I try to focus on if you want to reach out to me. Cheers.

    1Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    @Zach Zimmer and @Nate Richards

    Thank you for the input. 

    Zach, according to your profile, you hold quite a few properties. Which community are they in? Or are they spread out? Do you use a property manager? I would love to have a referral on a good property manager.

    Nate, which community or communities are you in?

    Back in Colorado, I have generally bought run-down properties, managed the renovations with contractors and then turned the properties over to professional property management. It has taken time to find good contractors and get the system in place. Then I refinance part or all of my money back out using a portfolio lender. It is a classic BRRRR strategy.

    In these three communities, the properties are cheaper, but the taxes are higher. And I'm not sure I will get much jump in value with the renovations. I have also purchased mainly in B and C class areas. Are either of you guys in B or C class properties?

    Mike

    0Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    @David Panzera

    Thanks for reaching out. I had actually made a note to contact you. I'll send you a PM.

    Mike

    0Reply
  • Zach Zimmer
    Rental Property Investor · Uniontown, OH · Member since 2015 · 54 posts · 29 votes
    10y

    My target areas are Plain Twp (Canton), Ellet, Springfield, Tallmadge (very hard to find something with a good return due to high occupant owner demand keeping prices high), Goodyear Heights (NE side toward Tallmadge) and dipping my toes into Barberton.  Cuyahoga Falls, Hartville, Uniontown would also all be solid areas but refer to the challenge with Tallmadge...

    And no, I do not use a property manager.  I just have a great GC that I keep heavily loaded with my buy & hold growth rate and the flipping.

    1Reply
  • Isaac RowePro Member
    Rental Property Investor · Cleveland, OH · Member since 2014 · 214 posts · 86 votes
    10y

    We do a lot in the Cleveland area.  A wide variety up here depending on what your looking for.  Feel free to reach out if you have some specific questions about CLeveland.  I don't do to much in other parts of Ohio.  

    [email protected]440-822-8422
    2Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    @Zach Zimmer

    Thank you for the in-depth reply.

    Mike

    0Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    @Isaac Rowe

    Thank you for the reply. I will probably do a bit more digging before I decide. I will reach out to you when I'm doing my Cleveland research.

    Mike

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    10y
    Originally posted by @Michael Wentzel:

    We have a portfolio of properties in Colorado and we're looking to start buying properties in a second market in Ohio. My wife and I are both from Ohio, so we often end up back there for visits. We like the possibility for cash-flow properties and we like the Midwest. I was initially looking at Cleveland or Columbus. Both seem intriguing, but both are huge and might take a bit of time to get my mind around. So before I decided which one, I became distracted with this little group of markets in northeast Ohio...

    Akron is smaller than Cleveland and bit farther south. Beyond that is Canton, which is smaller than Akron and a bit farther south. Finally you have Massillon which is a bit smaller still and a bit west of Canton. All seem to have similar price points for properties and I would assume the rents are similar. 

    Are there any investors involved in these markets who knows why I should choose one over the other two? Or why should I be in one these markets rather than Cleveland or Columbus which are bigger?

    Mike

     Personally I think you are splitting hairs when deciding between the Cleveland and Akron markets. 

    For instance Holton-Wise is of course fully invested up here in Cleveland and we are not interested in doing any investing and or property management down in Akron. This has nothing to do with the Cleveland market being better then the Akron market it is simply us investing where our operation was geographically started. The reason we chose the geographic location was even simpler, it is where we grew up. Had we grown up in Akron I imagine we'd be doing the exact same thing in Akron that we are doing up in Cleveland.

    In your situation you are not local to Cleveland or Akron so you need a management team to handle your investments. I recommend you choose the market based upon the team(s) you meet in said markets. The properties and neighborhoods themselves will be so similar it doesn't really matter. It is who you feel comfortable working with. Since you two grew up in Ohio perhaps you should base your decision on which market is closest to where you and your wife grew up as your friends and family members would be able to lend a helping hand or keep an eye on things if need be.

    3Reply
  • Robert Weekley
    Investor · Canton, OH · Member since 2014 · 12 posts · 6 votes
    10y
    Mike, I am investing in Stark county currently and know the market fairly well. I don't invest in the city of Canton although it does provide a better cash flow assert on the surface. I concentrate in areas that have better school systems (i.e. Jackson, north canton, Louisville and glen oak). I have been looking at sfr in the 60k to 100k range that rent for 800-1200 rate. Market is a little tight finding deals because inventory is down. Anything under 150k in Jackson and n canton has multiple offers. Let me know if you decide to invest in the area, I can let you know if I find anything that doesn't fit my portfolio from my direct mail campaign. Good luck! Bobby
    2Reply
  • Account Closed
    Rental Property Investor · Denver, CO · Member since 2015 · 109 posts · 34 votes
    10y

    @Michael Wentzel it is quite inspiring to see you reaching out to a new market, as that would mean you've already done quite well here in colorado! (Native to the Springs myself) 

    If you don't mind me asking, what markets do you invest in here in Colorado? And are you satisfied with what you have setup for your family here or are you still looking for more deals?

    I ask because, although I'm still relatively new, I am currently setting up a lead generating system that focuses primarily on off-market deals to bring to you as an investor and would love to know if/what exactly you're looking for.

    Feel free to reach out anytime, Sir

    Diedrick Z.

    1Reply
  • Nate Richards
    Investor · Tallmadge, OH · Member since 2014 · 81 posts · 32 votes
    10y

    I  currently target Ellet, Kenmore, North Hill since I'm cash challenged. Barberton,  Norton, Massillon are on my short list too explore. I'm all in @ 30-45k or less , move in ready, with rents 750-850. I'd love to land Tallmadge, Hartville/Uniontown, Cuyahoga Falls but @ 65k+ it's out of range. Not sure it cash flows much better to offset the added landlord competition.

    1Reply
  • Nada Mohamed
    Real Estate Broker and Attorney · Durham, NC · Member since 2015 · 74 posts · 73 votes
    10y

    I second Mr. Wise . . . I think each of the markets that you mentioned can be lucrative and profitable, and I think you will find the same in many other cities all over the US, but when you are investing from afar I think the best strategy is to find the realtor-investor/investing team that you are comfortable dealing with, has the knowledge and education, the experience, and most of all, you feel you can trust. Best of luck!!!

    2Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    Thanks for the great input. This thread received a bunch more input while I was at the Akron Canton REIA last night. It was a great first step to learn more about the market. I was really impressed by this REIA. I haven't seen or heard of one that is as big or as active as this one in a similarly-sized community.

    @James Wise One of the reasons I was leaning towards Cleveland was all the great info you have put out about Cleveland on BP. I am an out-of-state (and often out of country) investor. So I know the property management company I choose will be key. It is good to hear you say that the team should almost come before the market. Or at least when the markets are similar, it might be the deciding factor.

    1Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    @Account Closed

    All of our properties are in Pueblo, Colorado. We love the community and will likely continue to acquire there. So be sure to send me any leads you come across in Pueblo. We are cash buyers.

    But we also wanted to open a second market to diversify and hopefully be in a bigger market with more inventory. It seems like Akron/ Canton might work for us.

    Mike

    1Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    @Nate Richards

    Thank you for sharing your target areas and rough numbers. Those are the numbers I was hitting in Pueblo for the last couple years, but as the prices have edged up there have been far less deals on the market. That's part of the reason I'm looking for a second market with a bit more population and hopefully a bit more inventory.

    Mike

    0Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    @Nada Mohamed

    Thank you for echoing James' comment. I know the propertym management is key. 

    I will send you PM. I might need an attorney for myself and other foreign investors I hoope to bring into the Ohio market. 

    Mike

    0Reply
  • Nada Mohamed
    Real Estate Broker and Attorney · Durham, NC · Member since 2015 · 74 posts · 73 votes
    10y
    Originally posted by @Michael Wentzel:

    @Nada Mohamed

    Thank you for echoing James' comment. I know the propertym management is key. 

    I will send you PM. I might need an attorney for myself and other foreign investors I hoope to bring into the Ohio market. 

    Mike

     Thanks Mike!!  I am also a realtor that helps investors worldwide invest in Northeast Ohio!  Send me a PM if you would like to chat more!

    1Reply
  • Michael Wentzel
    OP
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    10y

    @Nada Mohamed

    You sound like a great person to talk to about getting foreign investors into properties in Ohio. I will follow-up via PM.

    Mike

    0Reply
  • Ronda R.
    Investor · Atascadero, CA · Member since 2015 · 238 posts · 90 votes
    9y

    @Michael Wentzel How can I find our more about the Akron Canton REIA? Would love to participate.

    0Reply
  • Cheryl H.
    Real Estate Investor · Canal Fulton, OH · Member since 2013 · 33 posts · 12 votes
    9y

    @Ronda R. you can get info about ACREIA at https://www.acreia.org/Default.aspx

    Monthly meetings are the 2nd Wed. of every month.  Your first time visit is free.

    1Reply
  • Ronda R.
    Investor · Atascadero, CA · Member since 2015 · 238 posts · 90 votes
    9y

    Thank you @Cheryl H. I'll check it out when I have more time. I am here this month but it looks like there is not one scheduled for December.

    Does anyone have a good investment realtor for the Akron area? I am looking and would appreciate a referral. Thank you.

    0Reply
  • Kayla V.
    Rental Property Investor · Denver, CO · Member since 2016 · 66 posts · 44 votes
    9y

    @Ronda R. I saw on another thread that you ended up buying a 4-plex in Akron. If you don't mind sharing, who did you use for a realtor and property manager? I'm looking to purchase a small multi-family in Akron or Cuyahoga Falls to buy and hold.

    1Reply
  • Ronda R.
    Investor · Atascadero, CA · Member since 2015 · 238 posts · 90 votes
    9y

    Thank you for the info @Kayla V.. Unfortunately I will be flying back to California on the 11th. I'll be back in the Spring and look for one then.

    0Reply
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