Multi-family Cleveland, OH - Investment for rental

3 Replies

Hello,

I live in California and decided to buy a multi-family home (probably a duplex) for rental in the Cleveland, OH area. I will be flying over there to see properties and was wondering what areas/neighborhoods/suburbs are recommended (in terms of crime rates, etc.).

My budget is up to 200k.

Since this is the first time I will be purchasing a house, I would appreciate any tips and things to know about this area. 

Best,

Daniel

Do you really need to fly out there without a plan?

Find a realtor and get an MLS search setup ask them about the neighborhoods. Google Maps view, Rentometer.com - there are so many great sources to find out and take a data driven approach rather than a "gut feel" about the neighborhood.

@Daniel Joseph - Personally I have properties in the Parma & but I keep looking in parma, parma heights, North Royalton, Rocky River, & Medina areas for opportunities, all of these suburbs have good schools, reasonable crime rates, realistic pricing & are desirable for quality tenants. In addition to the MLS, I'd also spend some time looking at rental rates as they can vary pretty drastically from city to city. I know Lakewood is also pretty popular (LOTS of multi family) however you need to know the city a bit because the quality can vary neighborhood by neighborhood.

Found this for Reference, @James Wise put together a pretty good analysis which is worth reading:

https://www.biggerpockets.com/blogs/4704/42419-cleveland-neighborhood-grades