Out of State Investor- Analyzing 3 Ohio Markets for Mid Term Rentals

[Ross Alcorn]

Hi BP Community,

I've been analyzing Cleveland, Cincinnati and Columbus for medium term rentals for traveling medical professionals. I am an out of state investor in Charlotte, NC which I've acquired 3 properties which I've been focused on appreciation here. I'm looking for a lower entry price point which is why I'm looking towards Ohio + have friends who live in all three markets. I am leaning towards Cleveland due to the lower entry price point and cash flow potential (on paper). I like Cleveland with the largest healthcare opportunity here, three large sports teams, and busiest airport in Ohio, and could pivot to a short term rental strategy down the road if MTR didn't work out as much as expected. I've looked at Columbus but the price appreciation here is similar to Charlotte and Cincinnati, doesn't look to have as many healthcare jobs/opportunities as Cleveland. 

Some of my hesitations of Cleveland are the crime rate, age of the homes, and population growth declining. Here are my questions below:

1. Have people had success here in MTR strategy? My concern is nurses wanting to be somewhere safe while also not too far from Cleveland Clinic/University. I've been told a few B/C+ but not sure if a street over could turn these nurses away from these homes.

2. A lot of the homes are 50-100+ years old for the lower price point to entry. My concern here is deferred maintenance with a smaller up front cost. Does anyone have any best practices or things they look out for, for these older homes?

I am open to feedback on Columbus and Cincinnati if people have thoughts in those markets that you think would fit better for my strategy.
Thank you!