Cincinnati Multi-Family Rentals

[Noah Hart]

Hi,

I'm researching multifamily properties (under 4 units) in Cincinnati in the $60k-$150k range. I'd love to connect with other people investing in Cincinnati multi-families to hear local opinions on the markets in various neighborhoods, average operating & property management expenses, and advice for an out of towner.

Thanks, 

Noah

[Joseph Cornwell]

@Brian Mahon

It would be nearly impossible to buy anything in Hyde Park or Oakley that cash flows today, unless you find something highly distressed off market, which are nearly impossible to find also. Also if you go FHA it needs to be livable or they will not approve a loan, so unless you can buy cash or non owner occupied conventional, highly distressed will not be doable.

Norwood is a C- area with some nice pockets, some rough pockets, but overall a good rental area. Golf Manor has some rough streets as well, but I know other investors who like it. Kennedy Heights and Silverton are decent C areas, Cincinnati Schools are poorly rated, but if you are buying 1 bedroom buildings the schools may not be important to your tenants. Evanston is pretty rough, unless you are renting close to Xavier and plan on doing student rentals. Pleasant Ridge has a ton of momentum right now, lots of buying and selling going on. Prices and rents are increasing, its a C area in general. 

As for an 80/10/10, I do not know any bank that will do this type of loan anymore. The best terms I have found are 3% down for an owner occupied conventional, or 3.5% down FHA. When you go up past 2 units, most banks want more down like 10-15% for conventional.

I have helped a ton of house hacking clients, if you can break even while you live there, then cash flow your rent amount or more after you have moved on, you have found a pretty good deal in most east side neighborhoods. I would be happy to help if you have anymore questions, best of luck with your first deal!