What info can you share about Cincy/Dayton OH market

Question

California girl here. I'm in the early stages of exploring mid-west areas to buy SFR or 2-4 multi family.  I've heard there is a lot of opportunity in Cincy and Dayton areas. I've never been to OH, or many most mid-west states for that matter. I see SFR on MLS for $50-75k, what is the rental market like? Any property manager recommendations in the area? I'm open for any wisdom you care to share about this area or any others with great opportunities. Thanks!

Caitlyn Hummer · Answer

Hi Adrienne! Cincinnati and Dayton are both great markets - and growing. The key winning word there is growing. Cincinnati and Dayton specifically share a great bond in that they're only about 45-60 minutes from city center to city center. Right now, if the two metro areas were combined (like Dallas/Ft. Worth), it would be the 18th largest in the U.S. right behind San Diego. Dayton specially has a great location in that it is in the center of three large metro areas (Cincinnati, Columbus and Indianapolis). Over the past few years, Dayton has seen around a 3%-5% vacancy rate. Pretty low for a mid-size, mid-western city. Also, Dayton is home to Wright Patterson Air Force Base with nearly 30,000 employees. There are numerous air force employees and contractors moving to the city looking for housing and rentals. Demand is definitely there. Dayton also has about a 60/40 home owner to renter ratio further providing a demand for rental housing. Cincinnati too is home to big players like Proctor and Gamble, General Electric, and more. Both markets are great for a buy and hold strategy. If you're wanting property manager recommendations, message me. I have connections in both Cincinnati and Dayton. Happy Investing!

Courtney Jones · Answer

I just purchased my second rental in Dayton. I was considering Cincy but felt it was more difficult to find a lower priced gem. With the Air force base and the college and all the hospitals, I knew there would be plenty of renters in Dayton. Both my properties were turn key ready. I just had to put a smoke  detector in one and it was 34,000.  The one i just bought was 42,000 and the AC was  not blowing cold. I would say a great deal on both counts.  I have a great realtor and fantastic property management. Message me if you need more info.

Life is but a dream.

Ryan Ingram · Answer

I’m in Dayton, along with all of my rentals. I’d be happy to show a few of the properties, to help you become familiar with the area...and I’ll share all of my numbers and what not. I have 3 rehabs going on and just closed on a 4 unit, so...I’d be happy to let you see those, if you’re taking a trip to Dayton to learn the area.

Gordon Starr · Answer

If you come to Dayton and you are in the buy, rehab, and hold game, I'd suggest looking at the emerging areas of Dayton, OH. The city proper is where you can get super solid houses and small multifamily for very low price. There has been a very big influx of new residents to Dayton. I looked all over and bought again and again in North Riverdale and Southern Shiloh areas (mostly emerging C class with some low B class). Zip 45405 has a lot of particularly good buys. The near in suburbs Kettering, Huber heights, Vandalia, and Englewood have some really solid B class properties. You should come visit!

Michael Ealy · Answer

Don't go to Cincinnati. I don't like another California buyer increasing property prices here :)

Just kidding...or am I? (LOL)

A significant portion of the 1,000 apartment units I've acquired are in the Cincinnati area.

Job growth is strong, property values are cheap compared to rents, taxes are relatively low (compared to Chicago for example) and there are many parts of Cincinnati where the government is spending on redevelopment, so I can't complain.

I am biased towards multi family though. Like this 48-unit I acquired and sold 6 years later and made over $1M profit on:

https://www.biggerpockets.com/forums/311/topics/644570-how-i-made-over-1-million-on-1-deal-after-6-years-of-headaches

If you want to play a "Bigger" game than houses, let me know and I can help.

Travis Nagler · Answer

Hi, Adrienne. I will be signing papers in the morning to buy my first 2 properties in Dayton. I looked around BP and found Janice Kemmer. She is mentioned in many posts here on BP. I spoke to her today and like how she runs the business. I will be using her for both of my properties.

Good luck!

Courtney Jones · Answer

My First property I got on a three day weekend to Dayton. I had never been there before and wanted to take a good look around. I picked the property out, put in an offer and came back to Oregon.  The second property, I purchased sight unseen by me but I trust my property management people and they laid eyes on it for me. @Adrienne Markes, take a leap!  Life is but a dream.

Adrienne Markes · Answer

Thank you all for your input. I've been dragging my feet on this. Thinking of taking a trip to Dayton in the near future. @Courtney Jones Did you buy your properties sight unseen? @Travis Nagler, how did the purchase of your properties go? And @Eric Jones, I appreciate all the info on the area.

Thank you!

Courtney Jones · Answer

I am in the 45403  Wright area, 45404  Old Dayton area and 45405 North Riverdale area.  If you can,come for a few days and peak around.  I think you will like what you are able to find.

Life is but a dream.

Ryan Ingram · Answer

Yes,

Rod Smart and Christina Carey are super helpful. I'll get you their information in the PM.

What info can you share about Cincy/Dayton OH market

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