@Mason Traylor Like many people have cited above, Franklinton is divided, there's no opportunity east of the 315, that area is mostly industrial with some single family sprinkled in here and there. The majority of the property was acquired long before the city published their Powerpoint.
Most investors are hoping that the dev and excitement spreads west, as such, they're betting on the residential neighborhood that is West Franklinton.
I have friends that have flipped and made money there. I also know quite a few people that let go of their rental investments — tired of dealing with bed bugs and other issues.
I am not very familiar with the West Side of Franklinton, though I do know a few small businesses have opened, e.g, Bottoms Up Coffee which is also a co-working space, and I've heard that there is a tech company planning to break ground there next year.
On the upshot, the location is incredibly close to downtown. As home prices on the east of the city continue to increase, my guess is that eventually west frankliton and hilltop will redevelop and prices will rise and the neighborhoods will begin to slowly transform. It's already happening, homeowners are buying in Hilltop and Frankliton as it's one of the last few areas close to downtown that is affordable for first time homebuyers. Homes prices are steadily rising and have dwarfed pre-2008 highs. That said, it could take a very long time to transform, or maybe not. No one really knows.
I recently attended a fundraiser where a handful of social entrepreneurs all based on the west side (Franklinton and Hilltop) competed for grants, the community is passionate, and there are some smart folks with some great ideas that are leading the charge.
Bottom line is that it's a challenging neighborhood to manage. Like any "C" class neighborhood, there are good and bad blocks. Nice streets and blighted streets. It's not for everyone. You really need to have the right PM in place that will allow you to co-manage or self manage (assuming you have the skill set of course) to pull it off. I do think you can be successful in these neighborhoods. You just need the right team around you as it requires a bit more effort choosing the right street and putting in some extra effort to find the right tenants which most small mom and pop property management companies don't have time to do. They're just not set up to put in the effort and be profitable. From my experience, property management company agents want to find you a tenant, collect their fee and move on.
I've invested in the Hilltop and absolutely love it. There are good areas, you just need to know where to buy. I'm very bullish on the west side. I've always zigged when everyone else is zagging. The east side is cool, but there's more opportunity on the west in my opinion. It ultimately comes down to your business model, are you buying for cash flow or appreciation? And how much time are you willing to put in? I wouldn't invest in Franklinton if I were based in Berlin, that said, I live in Columbus and I would buy in the Hilltop (certain areas) all day long! I'm also very hands on, I have a PM, and we work together, which is why I've been successful. I wouldn't completely outsource a west side property (Franklinton or Hilltop) to any PM in Columbus. That's a recipe for disaster. You need to be involved if you want to win!
Hope that helps!
