MultiFamily Deal in Boardman Ohio

[Lamont Marable]

Hello BP! I'm looking at a 6-unit that pencils out. It has a pitch roof, good school district, 50k median incomes, unemployment rate dropped down from last year to 6.6ish, only downside is the population is dropping but I only need 6 families to live there. Why should I care if the pop has dropped 2.2%? Looking at the CoC, IRR, taxes, T12 and RR this might be great starter project for me. Anyone open to look at the numbers and assist with evaluation?

[Brandon Sturgill]

@Lamont Marable I think you just answered your own question ;) population decline does not instantly mean there is no viability in the market or you can't do well as a property owner. The one downside is that population loss is a warning sign...if you are a long-term investor you could lose tens of thousands in appreciation...but you still have debt paydown and equity build...and once that 6-unit is paid off and fully occupied the number will be dreamy.

I think the more important question is the strength of your team...mainly your property manager.

One thing you should consider is working with housing choice voucher tenants...my city is 80,000 units short of demand right now...this trend is growing across the country quickly....a waitlist for tenants paying market rents can be a very good thing in a declining city