Special focus, Dayton Ohio city limits. Where are you buying?

Question

Hi BP, I am a Dayton, oh investor with around 10 doors on the north side of town. After looking around quite a bit I settled on the north part of zip 45405. In the last 5 years or so, the area has seen huge strides in blight reduction. Seems like the city of dayton has targeted demolition for the area and buy and hold folks are making huge strides. The folks I admire the most are the ones using lot links and buying up seriously distressed properties in Dayton. It takes some guts, but I salute you because of the huge impact you are having. Now, the property values came up enough so we can now leverage our holdings.

I want to buy more like right quick before the prices go up too much. My question is where are you buying and why? what have you seen in your target area that makes it a good place? Thanks in advance for your input!

Roger Smart · Answer

@Gordon Starr There are several folks I know that are working the lot links program. Our investors seem to be purchasing all over. If you're looking for specific focuses, I have seen some heavy action around University Row and Princeton Heights.

Gordon Starr · Answer

@Roger Smart I've been eyeing that University Row - Princeton Heights area for years. It has many beautiful houses built up with big money long ago. By modern standards, they are not so big. I think owner occupants are also competing heavily for those homes. I see big gains in equity coming in over the last five years or so on top of rental income in the better parts. Previously c class, now I give it a low b. Here's to doing them up nice !;)

Gordon Starr · Answer

@Courtney Jones Yes! I love it. Riverside drive has always been fun to drive down but anywhere near there is a great place to sink some capital in some really nice smaller homes. Deweese parkway, the museums, parks and the bike trail downtown are all so beautiful. Across the river is nice too, it just fell into disrepair for awhile there. I can't tell you how pleased I am personally as I moved into the seibenthaler compound in 2013 when things were really tough.

Courtney Jones · Answer

@Kevin Miller I am living and investing in the 45405 area and maintain property in the 45404 and 45403 areas. I see quite a bit of demolition going on with buildings that cant be saved. I see a great deal of activity on units that were boarded up when I moved here a few months ago. They are repaving the streets in the Riverdale area and the largest market is being completely redone. It does feel like the area is moving upward rapidly. Not to mention all the renovations going on in the downtown area which is about 7 minutes away. I personally would say it would be worth it to drive down and take a peek around for yourself.

Life is but a dream.

Gordon Starr · Answer

@Kevin Miller You may want to make sales of the fully rehabbed properties. Lately, these have been selling best it seem via brokerages who wrap them with pm services and sell to hands off investors, "turnkey". They could also go to owner occupants, no reason why not. Just relatively few people are providing them to MLS because not rehabbed properties are so much cheeper (and tend to go at auction or sell for cash to investors who can rehab). In my area Paul Renwick realty in with Bbrents make this turnkey model work. Their properties hit the mls listing in large numbers with the sale already pending. Here are some of their recent comp sales:

56 E Beechwood ave is a 1395 square foot 3 bed/1 bath. It sold for 82,900$ on 12/26/18 Advertised rent was 845 per month.

2330 Mayfair is a 956 square foot 3 bed/1 bath. sold for 83,000$ on 12/14/18. Advertised rent was 875 per month.

53 East Bruce Ave is a 3 bed 1 bath, 1501 sf house that sold for 80k. Advertised rent was 850 per month.

4045 Old Riverside Dr. is a 3 bed/2 bath 1224 Square foot house that sold for 80,000 in October 2018. Advertised rent was 835 per month.

140 E. Norman 1344 square foot house that sold on 1/4/2019 for 82,900. Advertised rent was 845 per month.

3827 Carroll Ave. is a 960 square foot house that sold on Jan 11 2019 for 76,900$. Advertised rent was 835 per month.

24 northwood ave. is a 1750 square foot house that sold in Feb 2019 for 79,000. Advertised rent was 825 per month.

116 Waverly Ave is a 3 bed 1 bath, 1115 sf house that sold for 87k on 3/12/19. Advertised rent was 950 per month.

Kevin Miller · Answer

@Gordon Starr I have quick question. I'm a realtor in Columbus is it worth it to join the Dayton MLS. I mean in Dayton what is the price point investors are buying there (is it worth my time to drive there, since Columbus is highger)?  Thanks

Special focus, Dayton Ohio city limits. Where are you buying?

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