Seeking Advice on Potential Short-Term Rental Investment in Cincinnati, OH

[Tanner Martillo]

Hi BP Community,

I'm evaluating a potential investment property in Cincinnati, Ohio, and would love to get your insights! The numbers I've been running look really promising from a short-term rental (STR) perspective, and the area seems to have favorable STR regulations—or at least a lack thereof. However, I have some concerns and would appreciate advice from anyone familiar with the market or STRs in general.

My Key Concerns:

1. Lack of Comps: When looking at AirDNA, there aren’t a ton of comps in the area for properties like the one I’m considering. Is this a red flag, or could it just mean there’s an untapped market here? The comps that do exist seem to be performing at a high-level
2. Market Overvaluation?: I noticed a lot of similar properties (4-bedroom, 3-bathroom) were purchased as fix-and-flips for around $150k, but they’re now being listed at $450k. While the renovations look solid, this price jump seems steep. Could I be missing something, or is this typical for the market right now?
3. LTR Backup Plan: I want to ensure that if the STR route doesn't pan out, the property could sustain itself as a long-term rental (LTR). How do you evaluate whether a property would work as an LTR while planning to use it as an STR? Any key metrics or red flags I should look out for? Any insight in to the LTR market in Cincinnati?

Additional Details:

• The property is in a desirable area with good amenities nearby.
• STR data from AirDNA shows decent revenue potential, but the lack of comps makes me hesitant.
• I'm looking for a balanced approach that minimizes risk, even if STR performance doesn't hit expectations.

If anyone has experience investing in Cincinnati or navigating markets where STR data is sparse, I'd love to hear your thoughts. Any insights into pricing trends, STR regulations, or running dual-use scenarios (STR + LTR) would be incredibly helpful!

[Dina Schmid]

What area of the city is this in? Who is your target market for the 4Br/3Ba property as a STR? I have to admit I'm having a hard time picturing somewhere other than the UC area where it would work.

[Sam McCormack]

Quote from @Tanner Martillo:

Hi BP Community,

I'm evaluating a potential investment property in Cincinnati, Ohio, and would love to get your insights! The numbers I've been running look really promising from a short-term rental (STR) perspective, and the area seems to have favorable STR regulations—or at least a lack thereof. However, I have some concerns and would appreciate advice from anyone familiar with the market or STRs in general.

My Key Concerns:

1. Lack of Comps: When looking at AirDNA, there aren’t a ton of comps in the area for properties like the one I’m considering. Is this a red flag, or could it just mean there’s an untapped market here? The comps that do exist seem to be performing at a high-level
2. Market Overvaluation?: I noticed a lot of similar properties (4-bedroom, 3-bathroom) were purchased as fix-and-flips for around $150k, but they’re now being listed at $450k. While the renovations look solid, this price jump seems steep. Could I be missing something, or is this typical for the market right now?
3. LTR Backup Plan: I want to ensure that if the STR route doesn't pan out, the property could sustain itself as a long-term rental (LTR). How do you evaluate whether a property would work as an LTR while planning to use it as an STR? Any key metrics or red flags I should look out for? Any insight in to the LTR market in Cincinnati?

Additional Details:

• The property is in a desirable area with good amenities nearby.
• STR data from AirDNA shows decent revenue potential, but the lack of comps makes me hesitant.
• I'm looking for a balanced approach that minimizes risk, even if STR performance doesn't hit expectations.

If anyone has experience investing in Cincinnati or navigating markets where STR data is sparse, I'd love to hear your thoughts. Any insights into pricing trends, STR regulations, or running dual-use scenarios (STR + LTR) would be incredibly helpful!

 Tanner, shooting you a message now

[John Wright]

@Dina Schmid if you are downtown and have a larger property you can do 125k plus a year. There is a property in OTR doing 250k and several others at 200k. Downtown is a good landing spot for wedding parties, corporate groups, families during the holidays, events, etc.