Located in Central OH, Columbus has the most stable economy in OH. Home to The Ohio State University, Columbus has experienced job and population growth for years. Very similar to Indianapolis, the diverse economy did not take as much of a hit during this economic slowdown as many areas in the US.
During the boom, home values did not sour like many areas out West and in Florida. They stayed fairly stable and with all the foreclosures, there are plenty of distressed properties to cherry pick from. Columbus seems to have flown under the radar. You see in the media areas that are hyped for different reasons suddenly experience tremendous competition and demand. This is not the case in Columbus, just one of the many reasons this Central OH city is a yet to be discovered gem!!
Many of the homes were built in the early 1920s and are in need of repairs. Cosmetic fixers can be had at extreme discounts. If you are a speculator, I do not recommend this area. If you have read my previous articles you will know that I am not a speculator, rather I control my success by purchasing at extreme discounts, complete value added repair and have multiple exit strategies.
Buy and hold is usually the best strategy, but there is strong flip potential around 80-120K in with ARVs of 150-250K. Best of all these properties cash flow giving savvy investors multiple exit strategies and the supply of distressed properties is plentiful without tremendous competition. Multiple exit strategies are realized that provide tremendous back up plans and minimize risk and losses.
To summarize, Columbus has very little competition, plenty or prospects, the 3rd lowest chance of depreciation according to the PMI Risk Index of cities with population 500K or more and you can achieve multiple exit strategies. Savvy investors with a good strategy can clean up in Northeast Ohio!!