Cincinnati Multi Family - out of state investor

[Patrick Dye]

I'm looking at investing in larger multifamily properties (20+ units) in the Cincinnati area. Any thoughts on the existing cap rates in the Pleasant Ridge or similar areas? Including Capex, I've been presented with 1 building with about a 7% cap rate, 44 units, 1 br rents averaging $530 / unit. It appears the rents are slightly under market (probably should be around $575 or a bit more for this building). Any thoughts / concerns for an out of state investor? Cash flows are certainly better in the mid West than on the west coast!

[Anthony V.]

@Patrick Dye I’m here in Cincinnati myself looking for 10-30 units. If you want me to do a drive by later today and let you know what the street/neighborhood looks like let me know