Originally posted by @Aliz Raksi:
Thank you for the feedback! @Paul Sian, you're right, the property is in Mt. Washington, I didn't realize that earlier. That's good to know about the abundance of multifamily in the area in general and how it compares with Anderson. I found some zoning maps and they're very helpful! And it's good to know how much it sold for earlier, the selling agent (who's also the manager and part owner) said they put some money into fixing it up over the last few years, now it looks like they aren't even gaining much forced appreciation, and $350k doesn't look bad (if they really did put the money into it). I will find out about whether it has any deferred maintenance.
@DL Martin, you say Mt. Washington is the good side of town, but from what @Paul says, it sounds like Anderson is better. Could you clarify?
To answer your other question, I would love to stay local but there's too much competition in Los Angeles for meager returns. And if we're going to invest further from us, where we'd have to hire property management, it might as well be in a landlord friendly state. It helps that my husband has relatives there, and Cincinnati meets our metrics for things like affordability, population and job growth. Now we're just trying to narrow down what part of Cincinnati to focus on.
What Paul and DL have said is true. I'm 25 and have lived in Anderson/Mt. Washington my whole life. I own 9 units in Mt. Washington, a four and five unit building. Anderson is one of the top suburbs in Cincinnati, with an outstanding school system, and has a great private grade schools and a high school nearby as well. One of the private schools and the high school are in Mt. Washington (Guardian Angels and McNick, I attended both). Mt. Washington, like Paul said is within the City of Cincinnati school district. There are great grade schools in Mt. Washington for kids to go to, in Sands Montessori and Mt. Washington Elementary, but high school is where it gets interesting. If kids can get into Walnut Hills, top high school in the state of Ohio, that is great. If not, they will go to Withrow (my dad went there), not the greatest school right now. Mt. Washington has no shortage of large multi-family buildings, especially as you head down the hill to Beechmont Levy. There are great streets in Mt. Washington and streets right now I would personally stay away from. Although it is a goal of mine to tackle these "problem apartment complexes" down the road, right now I do not have the capital it takes to do so. I've spoke with a property owner who has taken over one of these complexes and he is doing a tremendous job so far cleaning it up. Right now in my 5 unit, one bedroom building, I'm getting the highest rent of any property owner I've talked to in Mt. Washington. Rents for a one bedroom unit from owners I've talked to range from $400-$700. I'm a little biased because I've lived here my whole life, but I believe Mt. Washington is one of the most underrated areas in all of Cincinnati and will one day be receiving the city's dollars, like College Hill and Northside are right now. Mt. Washington is a walkable community , has a Kroger and Remke, is surrounded by one of the top suburbs in the city, has one of the best parks the city has, in Stanberry Park, has had 2 new business open in the last 6 months in their business district. Feel free to send me a message if you'd like to discuss more.
