Considering Akron OH for first deal

[Timothy Zuehl]

hello, I have been researching like crazy to make my first deal. I was wondering if buying a long term rental property with tenants already in place in a market that is up 20% yoy is a good investement or not. the rough numbers ive been running seem to have a decent cap rate but the house is about 15k more than the zipcode average.

[James Wise]

Quote from @Timothy Zuehl:

hello, I have been researching like crazy to make my first deal. I was wondering if buying a long term rental property with tenants already in place in a market that is up 20% yoy is a good investement or not. the rough numbers ive been running seem to have a decent cap rate but the house is about 15k more than the zipcode average.

 Get an appraisal. Don't overpay just because there are already tenants in there.

[Brendan Taylor]

If you are willing to pay market, buy a turnkey MLS property. Preferably vacant. Put your own tenant in.

Also, get it appraised like mentioned. Having a tenant in the property is not that much of a bonus. If anything it is often a negative. 

[Regina Blake]

Yes, I agree with the other comments regarding getting an appraisal and having tenants can be good a good or bad situation. But it really depends on the situation. 

[NA Noble]

I have a duplex in Akron that I would like to sell. I'm going to focus on STRs instead. Great paying tenants in place and it cash flows even with my almost 10% DSCR loan. Feel free to reach out if you'd like more info.