29 Nov Cincinnati, the City of Seven Hills – Part 4
When I started my series, Cincinnati, the City of Seven Hills, I had no idea one of the original hills was Fairmount. I’ve lived in Cincinnati most of my life (on the east side) and I don’t remember ever hearing the name, Fairmount. Apparently, Fairmount is a small area in the west part of Cincinnati, located between Glenway Avenue (to the South) and Western Northern Boulevard (to the North). And, it is subdivided into North Fairmount and South Fairmount.
When I told a friend I was writing about Fairmount, he said, “Why buy one house in Hyde Park when you can buy a dozen for the same price in Fairmount?” After thinking about what he said, I decided to put his comment to the test, and here’s what I learned…
While researching active listings in Fairmount, I came across 35 listings (no for sale by owners were taken into account) with a price range from $4,900-67,000. I shook my head and looked at the list again. Could this be right? The answer is yes, there are three and four bedroom homes listed for under $20,000!
What’s the catch? The houses are in Fairmount. A struggling neighborhood, made up mostly of rental properties. Fairmount is noted as one of the most concentrated parts of Cincinnati for section 8 housing. In 2008, the median income of the residents of Fairmount was $25,046 (courtesy of City-data.com).
I know it sounds like I’m coming down hard on Fairmount but on a positive note, there is a lot of great architecture in Fairmount. I came across a blog lamenting the fact that so many of the historical homes in Fairmount aren’t on the historical registry. To visit the blog and see some of the house listed, visit, www.victorianantiquitiesanddesign.blogspot.com. They show some great examples of Victorian, Gothic and Romanesque architecture located through-out Fairmount.
Investors looking for cheap properties to remodel and use as rental property might want to give Fairmount a second look.