Renting market in Northern Ohio

[Muhammad Ali]

I live in Elyria Ohio, a city in Lorain County. I have noticed that there are A LOT of properties that are for rent. This could be due to everyone's leases ending. There are two people that just left my neighborhood and they were both renting. I am just trying to get input from someone who owns and rents properties out with their experience in the Northern Ohio market. Houses are relatively cheap compared to other states in Ohio but is is that because there is a lack of renters in the market? Listening to the podcast and hearing the numbers is really sort of insane what people are paying for some properties. When you work out the numbers it doesn't sound really that bad. What do you think? Bear in mind I have no experience flipping or renting. I don't even own a home yet. 

For example this 2 bed 1.5 bath home for only 15k on zillow?

http://www.zillow.com/homedetails/803-East-Ave-Ely...

I mean sure it needs some work. New carpet, maybe new paint, new bathroom, updated kitchen etc.

But when you do the math at just a 5% DP you only pay about 150 a month (not including other expenses). So if you can get 250 for this place you are still making money. Not planning on buying that but I just wanted opinions and info on the renter market.

[Benjamin Mueller]

You are actually looking at 20 percent down on non owner occupied and there are a couple banks in lorain county that will loan you the money. Just FYI on the loan for the misinformed....  However if I were you I would stick to homes on the east side or up closer to sheffield or east around chestnut commons. 2 bedrooms easily go for $650 with nothing special just being clean. 3 bedrooms can go up to $800 easily rented as well. You can routinely get these homes in the 25 to 45k range and will never go unrented. Elyria has 55k people living I have a handful of home. I have 5 in these areas that I rent between 625 and 725 and could get more but I like to rent just below the averages on the street so it's quick and they feel as if they are getting a deal. All mine there are 2 bedroom and 1.  3 bedroom. But should you choose to buy a house similar to the one you showed, I would buy in cash or save until you can........  Maybe join LELA, they have a website and are a good group of people with loads of information of which you can also get here.