All Forum Posts by: Gordon Starr

@Ryan Provost wrote: I can't speak too much about the north of the city demand-wise. It seems hit or miss by neighborhood.

You are quite right it is hit or miss on the north side. At the low end is Santa Clara, a blighted area which is basically the skid row of Dayton, Ohio. At the high end are places like grafton hill where the houses are too high end for rentals in my view or some parts of Shiloh where mid-century modern mansions are up on the hilltops. The best areas for investors are those that have a lot of really nice smaller houses and a mix of B- and C or C+ grade neighborhoods. The northern part of zip 45405 is like that, north of hillcrest. Here is a map of an area. It has stabilized in recent years and rents and prices are taking off this spring. I circled a couple of turnkey SF sales that went for a little over 50$/square foot in nice shape. This spring, the rental demand and purchase prices are on an absolute tear since the sf prices started going above 50k. Its a key breakout point because above 50, most banks will do mortgages. I would describe the C areas (most of Dayton proper) as highly deleveraged at this point in time and prices are poised to skyrocket as values rise above 50k.

Thanks Ozzy, just the kind of feedback I was looking for. The rent is lower than the north riverdale/southern Shiloh neighborhood where I operate now. Probably a combination of the neighborhood and the building stock.

It is a side-by-side 6 bed, 2 bath from the 1920s and the sale is at 2,000$.

I am looking at an overgrown and partially boarded up duplex on the 1000 block of Huffman Ave on the east side of Dayton, OH. The place is up high on a hill and has a nice view and is "not torn up" according to a neighbor. Clearly it needs lots of work, but is it worth it? Can anyone help evaluate/grade the neighborhood? What would a duplex all fixed up be worth in rent and sale value? Thank you, Gordon

Turnkey standards? who sets those standards anyway? I have seen that term turnkey used to mean different things than the "true turnkey" you describe. Usually used to mean the property needs nothing and has tenants, sometimes that it has management contracted already. I have never seen "true turnkey" in the c class dayton neighborhoods I work in. People do rehab to that extent in C and then charge premium rent, but they aren't going to turn around and sell that for 50-60. Won't happen unless they are going out of business. You would lose money on every deal.

@Darrin Carey wrote:

In Ohio, the law requires any lease over two years to be recorded. When are you going to record the lease?

I've run this three year lease plan of mine past two different attorneys and a judge and none of them said anything about this recording law you mention. There is a law that requires commercial leases over three years be recorded, but I find no such law on residential leases.  I think you are in error.

The rehab job costs were 5 or 6k, mostly paint,  carpet, cleaning, roof repaired in January was a stopgap measure.  Minor electric and plumbing fixes done. Tenant requests upon move in completed. I was quoted a 35 year dimensional roof and downspouts for 6,900. That is the only remaining  capex issue. You could get it for less, I am sure.

@Account Closed

Sorry, but no. The previous tenants were there for nearly five years and my last pics are from before they moved in. Rent is up 170$/month since that time to give you some idea of how the market and neighborhood have improved.

@Darrin Carey

Say, where are you reading this recording law from? My attorney uses a three year lease also. Anything over three years needs to be notarized, but this isn't over three years, it is exactly three years. While it is a landlord friendly lease, it does protect the tenants from rent increases for three years.

This cash flow buy and hold play in Dayton Ohio 45405 Shiloh/North Riverdale area. Rents for 820, taxes only 70 per month and occupied on a fresh three year lease. Tenants handle yard work, supply their own appliances. Firm cash price is 45k.

@Courtney Jones

@Gane Sugali

@Eddie Wegner

@Karlos Rueckert

@Lori Waugh

@Barry Je

@Joe H.