Welcome to Akron!
This is your opportunity to own turnkey rental properties in America’s most recession resilient housing market. Akron, Ohio was was ranked the #1 most recession-resilient housing market in the U.S. by Redfin. Its low home-price volatility and low debt-to-income ratio were central reasons why Redfin declared Akron as having the lowest chance of a housing downturn if the U.S. enters a recession. The Akron MSA is part of the Cleveland-Canton-Akron combined statistical area, which has over 3.5 million people. Akron is the hometown of the NBA’s all time leading scorer, Lebron James, and it is known as “The Rubber City” because it was the historical center of the U.S. tire and rubber industry. Today, Arkon is home to Fortune 500 companies like Goodyear Tires and First Energy Corp. Bridgestone just unveiled a new Akron race tire production center and Amazon just unveiled a new Akron fulfillment center, so it has a stable workforce and a large pool of qualified tenants.
Westwood Avenue Akron, Ohio
Reservation Terms:
Request to Submit an Offer to Purchase. The Prospective Purchaser requests the right to submit an Offer to Purchase the above specified property from the Seller. The Seller may solicit similar reservations from other Prospective Purchasers and may take as many reservations as Seller deems appropriate.
Purchase Contract and Earnest Money Deposit. Upon receipt of this reservation, the Seller may send to Prospective Purchaser a Purchase and Sale Agreement as well as instructions on where to send an Earnest Money Deposit that will be governed by the terms of the Purchase and Sale Agreement signed between Seller and Prospective Purchaser.
Not a Sale. By execution of this Reservation, the Prospective Purchaser shall not obtain any interest in the property. This Reservation is not a contract for the sale of real property.
Obligation. The Prospective Purchaser has no obligation under this Reservation unless and until the Prospective Purchaser enters into a Purchase and Sale Agreement with the Seller. In such event, the terms and conditions of the Purchase and Sale Agreement shall supersede the terms and conditions of this Reservation and this Reservation shall terminate and be in no further force or effect with the exception of the “Non-Representation and Indemnity of Referring Brokerage” clause which shall remain in effect.
Termination. This Reservation may be terminated upon the happening of any of the following:
- The Prospective Purchaser does not enter into a written Purchase and Sale Agreement for the specified property
- The Purchase and Sale Agreement is rejected by the Seller for any reason.
Transfer or Assignment. The rights of the Prospective Purchaser hereunder may not be transferred or assigned without the express written consent of the Seller, which consent may be withheld for any reason. Any attempt to transfer or assign this Reservation prior to such written approval shall automatically terminate this Reservation and the Prospective Purchaser shall have no further rights hereunder.
Non-Representation and Indemnity of Referring Brokerage. Maverick Investor Group, LLC (“Maverick”) does not represent the Prospective Purchaser in any capacity and has made no statements, promises or representations regarding the real property. Nor does Maverick represent the Seller in any capacity. Maverick’s only role has been to refer the Prospective Purchaser to the Seller. Prospective Purchaser agrees to indemnify, defend and hold Maverick harmless from all claims, damages, costs, etc. (including attorney’s fees) relating to any real property transaction between Seller and Prospective Purchaser. Furthermore, Prospective Purchaser agrees that Maverick has introduced them to a buying opportunity for real property only and not to a securities offering.
OFFERED BY THE SELLER
- 1 Year 3rd Party Home Warranty Provided by Seller
- 1 Year Free property management if you use the sellers preferred Property Management company.
Snapshot Financials
Estimated Property Taxes
Estimated Insurance
Home Owners Association Fee
Property Management Fee
Based on 7%
Based on 5%
Total Monthly Expenses
Monthly Net Operating Income ('NOI') = Monthly Gross Scheduled Rent - Monthly Operating Expenses - 5% Maintenance Estimate - 7% Vacancy Estimates. NOI does not take into account any financing that you may be using. The NOI is always an 'estimate' and can never be guaranteed because it includes the non-fixed variables of 'maintenance' and 'vacancy' which vary over time.
Capitalization Rate ('Cap Rate') = Annual Net Operating Income / Purchase Price. Cap Rate does not take into account any financing you may be using nor any closing costs you may be paying.
Gross Rent Multiplier ('GRM') = Purchase Price / Annual Gross Scheduled Rent. GRM is only a price to rent ratio and does not take into account any operating expenses, financing, closing cost payments or maintenance and vacancy assumptions. And remember, GRM is like a golf score, the lower the better.
Property Features
Reservation Terms:
Request to Submit an Offer to Purchase. The Prospective Purchaser requests the right to submit an Offer to Purchase the above specified property from the Seller. The Seller may solicit similar reservations from other Prospective Purchasers and may take as many reservations as Seller deems appropriate.
Purchase Contract and Earnest Money Deposit. Upon receipt of this reservation, the Seller may send to Prospective Purchaser a Purchase and Sale Agreement as well as instructions on where to send an Earnest Money Deposit that will be governed by the terms of the Purchase and Sale Agreement signed between Seller and Prospective Purchaser.
Not a Sale. By execution of this Reservation, the Prospective Purchaser shall not obtain any interest in the property. This Reservation is not a contract for the sale of real property.
Obligation. The Prospective Purchaser has no obligation under this Reservation unless and until the Prospective Purchaser enters into a Purchase and Sale Agreement with the Seller. In such event, the terms and conditions of the Purchase and Sale Agreement shall supersede the terms and conditions of this Reservation and this Reservation shall terminate and be in no further force or effect with the exception of the “Non-Representation and Indemnity of Referring Brokerage” clause which shall remain in effect.
Termination. This Reservation may be terminated upon the happening of any of the following:
- The Prospective Purchaser does not enter into a written Purchase and Sale Agreement for the specified property
- The Purchase and Sale Agreement is rejected by the Seller for any reason.
Transfer or Assignment. The rights of the Prospective Purchaser hereunder may not be transferred or assigned without the express written consent of the Seller, which consent may be withheld for any reason. Any attempt to transfer or assign this Reservation prior to such written approval shall automatically terminate this Reservation and the Prospective Purchaser shall have no further rights hereunder.
Non-Representation and Indemnity of Referring Brokerage. Maverick Investor Group, LLC (“Maverick”) does not represent the Prospective Purchaser in any capacity and has made no statements, promises or representations regarding the real property. Nor does Maverick represent the Seller in any capacity. Maverick’s only role has been to refer the Prospective Purchaser to the Seller. Prospective Purchaser agrees to indemnify, defend and hold Maverick harmless from all claims, damages, costs, etc. (including attorney’s fees) relating to any real property transaction between Seller and Prospective Purchaser. Furthermore, Prospective Purchaser agrees that Maverick has introduced them to a buying opportunity for real property only and not to a securities offering.
Akron Highlights
Akron Properties:
- Fully Renovated Single Family Homes
- Tenants and Local Property Management in Place at Closing
- 140K Average Purchase Price
- 6.5% Average Cap Rate
Akron Market:
- #1 Most Recession-Resilient Market in the U.S. (Source: Redfin)
- Hometown of NBA all time leading scorer, Lebron James
- Known as “The Rubber City” and Home to Fortune 500 Company GoodYear Tires
- 3.5 Million People in the Cleveland-Canton-Akron Combined Statistical Area (Source: U.S. Census)
- Lower than Average Cost of Living
Similar
Properties
Maverick Property Vault
- Type: Single Family Home
- Rent: $1145 Per Month
- Cap Rate: 6.79%
- Year Built: 1932
- 3 Bedrooms
- 932 Sq Ft
- 1.5 Bathrooms
- 2 Car Garage
- Type: Single Family Home
- Rent: $1145 Per Month
- Cap Rate: 7.31%
- Year Built: 1925
- 4 Bedrooms
- 1056 Sq Ft
- 1.5 Bathrooms
- Off-Street Parking
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