Hello BiggerPockets community. My name is Ryan Kahle. I am 28 years old and currently live in Findlay, Ohio. I became interested in real estate investing starting in 2023, but was discouraged with high-valuations and what appeared to be a tight housing market in Findlay. Instead, a partner and I, who is a contractor, purchased (3) vacant lots in a fully-developed single family neighborhood on the southside of town. We are 1-month out from finishing our first duplex. It took us approximately 9-months to turn this around from design / permitting to construction complete.

After performing market research, I identified a lack of 3 bed 2 bath apartments in the market. The dwelling is 2522 sq. ft. total. Each unit comes equipped with 3 bed, 2 bath, attached 2 car garage, quartz countertops, advanced soundproofing, 2x6 exterior construction, premium vinyl siding / Provia stone masonry, 5/8" drywall, separate concrete driveways, LVP Durato flooring, and a fenced-in backyard for pets / family. All-in costs, including design, survey, permitting, construction loan interest, land, construction will be $360,000. We were fortunate enough to do some of the work ourselves. Our construction loan, however, will be $258,000. We figure this property could be sold for $450,000 in the open market. Rental demand has been strong with an asking of $1,700 per month per unit that does not include utilities. The City of Findlay also offers property tax incentives for developing vacant land.

My questions are the following:

- At a minimum, we would like to have (3) new construction duplexes in Findlay. Do we continue to invest in the area by purchasing more vacant land?

- A market that has me very interested is the Dublin, New Albany, Hilliard areas outside of Columbus, Ohio. The duplex that we built could appraise for 1.5x to 2x in these areas. Are these areas of Columbus friendly for real estate investors? What about new construction? I assume these areas have strict zoning, permitting, and design codes, along with requiring state licensed contractors to perform electrical, plumbing, and HVAC which would increase costs. Is there land for sale or coming for sale in the greater Columbus area?

Interested to hear any feedback that you all may have to guide me in the right direction. Thank you for your time in advance.

Columbus, Ohio

3 Votes