Up and coming neighborhoods in Cleveland and Cincinatti OH?

28 Replies

Hello Friends! Looking at Ohio, now, specifically inexpensive multi's in turning neighborhoods. What would you say the areas outside both cities that are increasing rapidly in value are? Any one from Ohio, willing to talk candidly about the market with a fellow BP Member and investor? Thanks in advance!

Originally posted by @Joanna Golden :

Hello Friends! Looking at Ohio, now, specifically inexpensive multi's in turning neighborhoods. What would you say the areas outside both cities that are increasing rapidly in value are? Any one from Ohio, willing to talk candidly about the market with a fellow BP Member and investor? Thanks in advance!

 In Cleveland, some areas (that come with risks) are North Collinwood, areas around University Circle, Maple Heights, and Ohio City. They are beginning to perform very well, Ohio City may even be too hot by now.

Originally posted by @Joanna Golden :

Hello Friends! Looking at Ohio, now, specifically inexpensive multi's in turning neighborhoods. What would you say the areas outside both cities that are increasing rapidly in value are? Any one from Ohio, willing to talk candidly about the market with a fellow BP Member and investor? Thanks in advance!

 Euclid is on the come up.

I am an investor and not a broker.  I have 98 front doors (8 apartment complexes and 4 single family) in Euclid and Lake County and love investing there.  I also have a 24 unit apartment complex in Akron too!!  

Swanny

We move 9-13 Properties a month in the Cleveland Ohio Area .. and have worked here for 20+ years.. In 2012 Cuyahoga county had 20,871 Vacant Properties.. Today only 7,412.. Major move in the right direction.. The issue still remains the county is a renting community and until home ownership regains ground..values will simply not reflect equal to such progress.. The county (cities) need to promote ownership programs to stop the lack of "Pride of Ownership".

@Joanna Golden , Cleveland is an AMAZING rental market, but not much for appreciation. My personal opinion on the Multi Family in the Cleveland area is that they look great on paper, but they can be very labor intensive to keep running to get your desired CAP rate. Management is the key. I Defiantly like the Single Family market in Cleveland better. Your per door cost is the same on a house as it is in a building!

Ohio city, Tremont, Detroit Shoreway- Late to the party. they are already so hot that stuff is selling for WAY more than it should. 

Slavic Village and Clarke Metro- Slowly coming back, but will take a while. But I really like the rents they produce right now, so even if they are never the next big thing, people will rent there all day.

I know there are tons of other neighborhoods to discuss, but I like to keep my posts short. ( I hate typing, lol)

Hope that helps. :-)

I am late to the party, but here are my picks.   Old Brooklyn, specifically South Hills, near downtown, Ohio City and Tremont without the high price of admission.   Residents here want to be a suburb of Cleveland LOL.  

I like Euclid north of Lakeshore Blvd.    Best kept secret in Cleveland these home come with access to private beaches on Lake Erie.   Can still pick up a home well under 100,  great rental in short run with ability to flip.  Amazon is coming.

Garfield Hts,  they have POS but not escrow.  

Finally my favorite rental pick is Northern Summit County, top rated school systems and relatively low taxes.   Easy resale of single family homes.

I see Clark Fulton as an area of opportunity. It's the most logical place for what's happening in Ohio city & Tremont to expand to.

Yes my go to areas I always look at first for investors are Euclid, South Euclid, Maple Hts, Garfield Hts, Cleveland Hts if you can deal with the POS, and Bedford isn't bad. I am renting out a lot of houses very quickly on the outskirts of Lakewood and Ohio City as those communities expand a lot of people are looking to live near there but not pay the exuberant rents so those are also becoming increasingly viable but I can find you a half a dozen properties right now in the above communities that you can get a 15-20% ROI in your sleep.

For the Cleveland market, I am now very bullish on North Collinwood... especially northeast of the Waterloo district. Also, potentially Slavic Village, but mainly the area that is right near the "Opportunity Corridor" that is underway (near E. 55th and the freeway exit and RTA Rapid Transit station). Some of the areas bordering the already-popping neighborhoods on the west side might have some potential too.

@Robert Matelski are you planning on doing more investing in NC? That's where my friends an I all invest and I just moved to the neighborhood last year to dive in further. How has it been treating you so far? 

Originally posted by @Ryan Evans :

@Robert Matelski are you planning on doing more investing in NC? That's where my friends an I all invest and I just moved to the neighborhood last year to dive in further. How has it been treating you so far? 

I have not done any investing in NC... only in the San Francisco Bay Area and Cleveland, OH. I am always keeping an eye out for new deals in Cleveland as well.

Originally posted by @Robert Matelski:
Originally posted by @Ryan Evans:

@Robert Matelski are you planning on doing more investing in NC? That's where my friends an I all invest and I just moved to the neighborhood last year to dive in further. How has it been treating you so far? 

I have not done any investing in NC... only in the San Francisco Bay Area and Cleveland, OH. I am always keeping an eye out for new deals in Cleveland as well.

OK, it just hit me that you are calling North Collinwood "NC"! My bad. I have never heard it called that before. Is that a thing now?!

@Robert Matelski haha no worries. I don't think it's really a thing. But I see it enough just living in the neighborhood, plus I was being lazy and just didn't type it out haha. 

Originally posted by @Ryan Evans :

@Robert Matelski haha no worries. I don't think it's really a thing. But I see it enough just living in the neighborhood, plus I was being lazy and just didn't type it out haha. 

Haha, that's cool. As someone who grew up in that neighborhood (age 11 to 18), it's awesome to see that is actually having a resurgence! 

West of Ohio City is on the upcoming . Anywhere around the Detroti shoreway isnt bad. In between Ohio City and Lakewood. People are moving on the outskirts of Ohio city for cheaper rents. Building 300k+ townhomes . Also am a big fan of the Mayfield Heights area for SFH. Great schools in the area and POS isnt horrible vs other cities.

Originally posted by @Michelle Fenn :

I am late to the party, but here are my picks.   Old Brooklyn, specifically South Hills, near downtown, Ohio City and Tremont without the high price of admission.   Residents here want to be a suburb of Cleveland LOL.  

I like Euclid north of Lakeshore Blvd.    Best kept secret in Cleveland these home come with access to private beaches on Lake Erie.   Can still pick up a home well under 100,  great rental in short run with ability to flip.  Amazon is coming.

Garfield Hts,  they have POS but not escrow.  

Finally my favorite rental pick is Northern Summit County, top rated school systems and relatively low taxes.   Easy resale of single family homes.

 Dear Michelle, I am just starting out and scrolling through OH related forums, I was just wondering when you say relatively lower taxes, did u mean that Northern Summit's tax is lower mileage compared to Cuyahoga County?

Also, if I may ask, when you say "POS but not escrow" is it only Garfield Hts that have such practice, or there are other village, neighborhoods in Cuyahoga County that practice POS but not escrow?

Thanks in advance! :) 

@Joanna Golden @Tom Ott @James Wise @Michael Swan @David Helmick @Rob Gillespie @Michelle Fenn @David Leggett  @Ryan Evans @Stipe Ba

Hello Team,

I hope this message finds you well. I need a little help. My wife and I are new to out of state investing. We are looking to purchase a multifamily 1-4 units with an ALL in budget around 90-100k, which would include the purchase, rehab, insurance, tax, any other associated costs for this investment. Goal would be to refinance and get 140K and do it again. We would like between $150-200/month per unit in cash flow if possible. Now I spoke with a wholesaler about these numbers and it appears that they were not feasible or beyond their scope of interest. If each of you would please weigh in on a potential area(s) of Ohio to look for some properties that meet these criteria? If you have any realistic suggestions or maybe a new perspective on our approach, I am open to listening. Thank you for your time and consideration. I really do appreciate it!!

Kind Regards,

OAP

Originally posted by @Orlando Perez :

@Joanna Golden @Tom Ott @James Wise @Michael Swan @David Helmick @Rob Gillespie @Michelle Fenn @David Leggett  @Ryan Evans @Stipe Ba

Hello Team,

I hope this message finds you well. I need a little help. My wife and I are new to out of state investing. We are looking to purchase a multifamily 1-4 units with an ALL in budget around 90-100k, which would include the purchase, rehab, insurance, tax, any other associated costs for this investment. Goal would be to refinance and get 140K and do it again. We would like between $150-200/month per unit in cash flow if possible. Now I spoke with a wholesaler about these numbers and it appears that they were not feasible or beyond their scope of interest. If each of you would please weigh in on a potential area(s) of Ohio to look for some properties that meet these criteria? If you have any realistic suggestions or maybe a new perspective on our approach, I am open to listening. Thank you for your time and consideration. I really do appreciate it!!

Kind Regards,

OAP

 You should be able accomplish that goal in the Cleveland, Toledo, Dayton or Cincinnati markets.  Cleveland is the one I am most familiar with so I figured you'd get some value out of reading The Ultimate Guide to Grading Cleveland Neighborhoods.

@Orlando Perez     If you do invest in Cleveland, I'm more than happy to give you some insight on an investor friendly agent as well as some insight on some PMs to consider as well as who to stay faaaaaaaar away from based on personal experience.  

@Orlando Perez That is very realistic for the Cleveland Market. From what I see, you are saying you want to do a no season cash out refinance. The challenge would be the lending guidelines, not the area.Banks usually go off of purchase price plus improvements or appraised value, whichever is lower.  It is possible, but it is going to determine a lot on how you structure  the deal. I am always happy to talk in detail about it if you PM me. 

Good luck in all that you do and stay healthy!!