JD has brokered multifamily deals across Greater Cincinnati for more than eight years — first at Marcus & Millichap, now as co-founder of SABRE Group — and he just bought his own first building, a 7-unit in South Covington. In this episode he sits down with the team at The Cincinnati Real Estate Show to talk through cap rate math, the renovation threshold every value-add operator should understand, insurance on 1930s construction, and where Ohio's property tax picture is headed.
What JD gets into
- Why Cincinnati held up — how a seven-to-eight-cap market protected operators when rates pushed past 6.5%, while four-to-five-cap markets broke.
- Supply discipline — why two-to-three percent new construction keeps Cincinnati stable while other metros oversupply.
- The 10%–70% renovation threshold — renovate too little and you have no proof of concept; go above 70% and you shrink your buyer pool and your exit premium.
- Affordability is the product — why C-class tenants aren't paying rent premiums for updated kitchens and baths right now, and what that means for your exit.
- Insurance on 1930s construction — what JD's own Covington policy taught him about underwriting older buildings.
- Ohio property tax — the drop-and-swap strategy, how long it may last, the 2023 triennial's ~65% average assessment jump, and what to watch into 2026 reassessments.
- What makes a deal worth buying — what buyers and lenders need to see in the first 12–24 months to justify a cash-out refinance.
Chapters
Jump to a section on YouTube:
- Cincinnati market overview3:00
- Why Cincinnati avoided distress6:00
- A-class vs. C-class bifurcation9:00
- JD's own 7-unit in South Covington11:00
- Covington insurance deep dive14:30
- Ohio property tax & drop-and-swap18:30
- Parker Woods Flats (73 units) case study23:30
- Exit strategy: "sell the dream"25:00
- Partial renovation as proof of concept30:00
- JD's renovation rule of thumb34:00
Wondering where your building lands in this market?
SABRE Group provides complimentary, no-obligation Broker's Opinions of Value for apartment owners across the Cincinnati and Dayton markets — including where you sit on the renovation curve and what it means for your exit.
Request a complimentary BOVThis episode is for general educational purposes and is not tax, legal, or investment advice. Please consult your CPA and attorney regarding your specific situation. The Cincinnati Real Estate Show is an independent podcast; SABRE Group is a guest, not the producer.