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Welcome Back,

Hello everyone, I hope you are all having a fantastic and prosperous week. Happy Friday! Best day of the week. To end our week on a good note today we will be diving into the real estate market of Akron, Ohio. Enjoy!

Daily News Updates:

In a significant diplomatic move, U.S. Secretary of State Marco Rubio is embarking on a tour of Germany, Israel, Saudi Arabia, and the United Arab Emirates from February 13 to 18. This trip underscores the administration's commitment to strengthening ties in both Europe and the Middle East.

The Reserve Bank of Australia is reconsidering its anticipated interest rate cut due to uncertainties stemming from President Trump's recent imposition of 25% tariffs on steel and aluminum. While Australia's direct economic impact may be minimal, the broader effects on global supply chains could significantly affect the Australian economy.

A severe winter storm is currently impacting the Northeast, bringing heavy snow and ice. Forecasters are monitoring an even larger storm expected to affect millions with more severe winter weather this weekend.

The Genesis Invitational 2025 is underway at Torrey Pines Golf Course in San Diego from February 13-16. The tournament features an all-star field, including 46 of the top 50 golfers in the world rankings. Notably, tournament host Tiger Woods has withdrawn following the sudden death of his mother, Kultida Woods.

In Munich, Germany, a tragic incident occurred where a vehicle-ramming attack at a demonstration organized by the trade union ver.di left 28 people injured, some critically. The driver, identified as a 24-year-old Afghan asylum seeker, was detained at the scene.

In sports, the New York Yankees have opened their camp in Tampa, with new players Devin Williams and Max Fried getting accustomed to their new team. Fans are eager to see the team's progress as the season approaches.

In entertainment news, Venus Williams and Alexis Ohanian praised Serena Williams for her cameo in Kendrick Lamar's Super Bowl halftime show. Additionally, Meghan Markle provided a behind-the-scenes look at Prince Harry's Invictus Games.

Lastly, a surging flu season is causing concern across the United States, with health officials urging vaccinations and caution to prevent further spread.

Market Snapshot:

Akron, Ohio

The Akron real estate market is experiencing notable growth.

As of January 2025, the median home price reached $128,850, marking a 9.2% increase year-over-year.

Homes are selling faster, with an average of 50 days on the market, compared to 41 days the previous year.

The city's affordability and proximity to major urban centers make it attractive to both first-time buyers and investors.

• Median Home Price: $128,850

• YoY Price Growth: 9.2%

• Average Days on Market: 50 days

Deal Of The Day:

Duplex in Highland Square, Akron

• Price: $250,000

• Units: 2 (3-Bed, 2-Bath each)

• Monthly Rental Income: $2,800

• Cap Rate: Approximately 6.7%

This well-maintained duplex in the desirable Highland Square neighborhood offers a solid investment opportunity. Each unit rents for $1,400 per month, totaling $33,600 annually. With its proximity to local amenities and the University of Akron, tenant demand remains high.

Investment Strategy:

BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat)

The BRRRR method is a powerful way to scale a real estate portfolio with limited upfront capital. Investors purchase a distressed or undervalued property, renovate it to increase its market value, rent it out for steady cash flow, and then refinance to pull out their initial investment. For example, buying a property for $100,000, putting in $30,000 in renovations, and increasing its value to $180,000 allows you to refinance and recoup much of your upfront costs. This strategy lets you repeat the process, building equity and expanding your portfolio without constantly needing new capital.

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Current Interest Rates:

Akron, Ohio

• 30-Year Fixed Residential: 6.65%

• 15-Year Fixed Residential: 6.00%

• Commercial Rates: Starting at 6.50%

Mortgage rates in Akron have seen slight increases recently. The current average 30-year fixed mortgage rate is 6.65%, up from 6.60%. These rates can influence purchasing power, so staying updated is crucial for both buyers and investors.

Real Estate Tip:

Investing in Emerging Neighborhoods

Identifying and investing in emerging neighborhoods can yield significant returns.

In Akron, areas like Northwest Akron and Highland Square have seen increased interest due to their cultural amenities and proximity to downtown.

Properties in these neighborhoods have appreciated notably; for instance, Northwest Akron experienced a 9.3% increase in median sold price over the past year.

Investing early in such areas can lead to substantial appreciation and rental income growth.

Economic Conditions

Akron's economy is showing resilience with a steady unemployment rate and growth in sectors like healthcare and manufacturing.

The city's affordable housing market, with a median list price of $228,200, allows 68.5% of households to afford homeownership, making it appealing to young professionals and families.

Key Takeaways:

• Akron Market Update: Median home price is $128,850, up 9.2% year-over-year.

• Deal of the Day: A $250,000 duplex in Highland Square generating $2,800 monthly rental income.

• Tip: Leverage short-term rentals for maximum cash flow

• Investment Strategy: Consider the BRRR strategy as a potential plan for real estate investing as it is a hard yet consistent plan.

• Interest Rates: Residential mortgage rates are around 6.65% for a 30-year fixed loan.

• Economic Impact: Akron's affordable housing market makes it attractive to a broad range of buyers.

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That’s All For Today

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