All Forum Posts by: Tony R. Yagiela

Ive been an investor in North Canton (multi family and single family) since 2007.  Prices in Canton right now are what the prices where in North Canton when I started investing 14 years ago.  Two things about North Canton:  First, its close to impossible to find anything where the numbers work and its been this way since 2018.  Youll most likely have to find off market deals.  And by "numbers working" I mean being able to set rent to at least 1% of the purchase price.  Second, if you do have a property for rent in North Canton, you will fill it above the market rate in less than a day.  I just hold open houses on Sundays at this point.  It creates good buzz around the property.  Right now Im working on an off-market deal for a duplex that backs up against the golf course for a purchase price of $185,000 and rents for $2500 ($1250 per side) per month. 

I grew up in North Canton and live about 40 mins away.  I love the community and believe that North Canton will continue to see its best days ahead. 

My one duplex is a couple miles from this 4-unit and water tends to be the first question I get over the phone.  "Does this unit have city or well water?"  So much so that I put that at the top of my listings now ***City Water***.   I guess people just dont like the rotten egg sulfur smell.  I dont either but what I dislike more than the sulfur well water are the the iron stains it makes on the sinks/showers/and toilets.  Personally, Ive had applicants be okay with paying $1050 (1225 sq ft) for one side of my duplex when a brick-for-brick identical unit with well water a mile away is available at $900.  I certainly dont have enough data to make any concrete financial decisions, but I wanted to make sure you knew that this is a factor in rent rate and talk to your PM about it. 

Hi Anthony - if I had to guess, this 4-plex is probably located somewhere down off mount pleasant area closer to the airport in 44720?  Down that way are the only 4-unit multifamily  in 44720 I am aware of.  I want to give you a word of caution that I suspect those units could have well water?  Maybe its the water in 44720, but I have never seen well water have such a tremendous impact in rent rate so make sure you are factoring that in to what you suspect is market rent.  I am getting between $0.90 to $0.95 per square foot for units with city utilities, attached parking, and private yard space. 

I have 5 units in North Canton.  When I bought my first duplex in 2007, there was an elderly couple living on one side paying $575 with water/sewer included. (market rent was about $850 at the time without water in sewer).  The left side was about $100 off market rent and his wife was on hospice.  Long story short, I could see that this was a temporary situation.  The elderly couple ended up finding a 1-floor ranch and the man on the right side moved out after his wife passed.  North Canton is a great market and prices/rent are always on the rise.  If you can stomach the lower rent for a while I would go that route.  Good luck! 

Congrats Matt!  I invest in North Canton as well.  Don't know where this is located but North Canton is a solid market to be in.  Maybe we could grab a beer sometime and talk real estate.  

Hi Aaron,

I have been investing in North Canton my entire investing career and know the area very well. If the true ARV is a factor in your decision to sell or hold, I can help you determine the ARV within +/-5%.

I watch North Canton very closely (almost daily). My concern here is that based off the sale price you mentioned above, the only property in 44720 that has sold for the price you mentioned is on Massillion Road but this property has no where near an ARV of $225K, or even $165k for that matter.

Let me know if I can help.

Good Luck!

Tony

Hello fellow investors!

I have several properties in the North Canton area.  Up until this year, I've been pretty lucky with my landscaping provider being my brother and all...  However, he now has two little ones at home and does not have the time to do it this year.

Are there any investors here from the North Canton/Canton/Akron area who have a lawn care provider doing landscaping and yard maintenance that they would recommend?   As much as I like giving the neighborhood kids some side work for the summer, this is a business and I need a long term solution.  Any input would be much appreciated!

Thanks,

Tony

Hi Cj - I currently have 5 doors in North Canton and am looking to grow as well.  I am currently working on a SF flip in north canton that I've had as a rental since 2014 and intend to get it on the market in May then do a 1031 Exchange once it sells.  I would be interested in hear about who you use as a lender.

Anyhow, I am a 'trusthworthy' local so let me know if there is anything I can do to help.

Tony

@Matt Kauffman  wow great thread. I really liked what I saw on Stewardship Property Solutions.  I know of Shirley as well but I was always under the impression she more on the realtor side and very light on property management so I will take a closer look at her team.

@Bobby Scurlock - since I forgot to mention this in my original post - feel free to PM me if you have any questions about areas of North Canton you are looking at.  There are some 44720 properties that are Plain Local schools which rent for about 25% less per square foot than properties in North Canton city schools.  There are also a few neighborhoods with septic and well water peppered throughout 44720 and I  stay away from those since the command lower rents.

Tony

Hi Bobby - I have been an investor in North Canton since 2007.  I manage my own properties but due to scalability issues, I am starting in investigate property management myself. 

REM is one that is larger and more estabilished.  Reviews seem mixed, but its hard to sift through what is meaningful and not since most reviews are coming from tenants.  Westage Management, I think, only manages their own properties.  Other than that there are a few small mom-&-pop places but I dont want to turn over my portfolio over to a new inexperienced company.

On a side note, I have been looking at North Canton in detail over the past several months and based off the average rent per square foot you can get in 44720, I dont see anything on the MLS where the numbers could even come close to working. Are you finding properties that are off MLS?

Tony