Cleveland, OH investing

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Robert Matelski
Rental Property Investor · Austin, TX · Member since 2018 · 214 posts · 270 votes
7y
Originally posted by @Sara Perkinson:

@Maria Fortner thank you! I heard Cleveland Heights, Brooklyn, Shaker Heights etc. do you know of other places in OH that are good? Is Toledo, OH a good place to invest?

Hey Sara, I have been investing in the Cleveland area for quite a while. I actually find that my 2-bedroom SFRs are my best property type! Generally less wear-and-tear than on larger properties, and the rent isn't really that much lower. Never had any problem finding/keeping tenants for the 2-bedroom houses.

I've gathered a ton of information on investing in the Cleveland area, and would be happy to share it with you if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data (as opposed to some of the maps/guides that brokers have created, based primarily on their subjective opinions). Personally I think Euclid, Garfield Heights, Bedford, Old Brooklyn (neighborhood in Cleveland on the west side) and North Collinwood (neighborhood in Cleveland on the east side) are the best/easiest areas to get started with investing in this market.

Feel free to add me as a connection and drop me a private message!

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  • Account Closed
    Realtor · Detroit, MI · Member since 2015 · 211 posts · 104 votes
    7y

    @Sara Jacob my apologies most desirable is definitely 3 bedrooms and multi units

    0Reply
  • Sara Perkinson
    OP
    Rental Property Investor · Chesapeake, VA · Member since 2018 · 15 posts · 7 votes
    7y

    @Maria Fortner thank you! I heard Cleveland Heights, Brooklyn, Shaker Heights etc. do you know of other places in OH that are good? Is Toledo, OH a good place to invest?

    0Reply
  • Robert Matelski
    Rental Property Investor · Austin, TX · Member since 2018 · 214 posts · 270 votes
    7y
    Originally posted by @Sara Perkinson:

    @Maria Fortner thank you! I heard Cleveland Heights, Brooklyn, Shaker Heights etc. do you know of other places in OH that are good? Is Toledo, OH a good place to invest?

    Hey Sara, I have been investing in the Cleveland area for quite a while. I actually find that my 2-bedroom SFRs are my best property type! Generally less wear-and-tear than on larger properties, and the rent isn't really that much lower. Never had any problem finding/keeping tenants for the 2-bedroom houses.

    I've gathered a ton of information on investing in the Cleveland area, and would be happy to share it with you if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data (as opposed to some of the maps/guides that brokers have created, based primarily on their subjective opinions). Personally I think Euclid, Garfield Heights, Bedford, Old Brooklyn (neighborhood in Cleveland on the west side) and North Collinwood (neighborhood in Cleveland on the east side) are the best/easiest areas to get started with investing in this market.

    Feel free to add me as a connection and drop me a private message!

    16Reply
  • Sara Perkinson
    OP
    Rental Property Investor · Chesapeake, VA · Member since 2018 · 15 posts · 7 votes
    7y

    @Robert Matelski thank you for all the information and I am following you now. I will definitely ask you more questions. I keep reading about the Cleveland, OH market and it has really peaked my interest.

    1Reply
  • Account Closed
    Real Estate Investor · Waldorf, MD · Member since 2014 · 592 posts · 320 votes
    7y

    @Robert Matelski This post was packed with so much information.  I'm going to PM you now!  

    0Reply
  • Matt Everling
    Rental Property Investor · Temecula, CA · Member since 2019 · 131 posts · 54 votes
    7y

    @Robert Matelski Wow! What an awesome post! Any chance I could get that info too?

    1Reply
  • Art Perkitny
    Specialist · Cleveland, OH · Member since 2018 · 232 posts · 348 votes
    7y

    @Sara Perkinson how well and for how much a 2 bed room SFR will rent is going to be largely influenced by the exact location within Cleveland.

    To help you with your search I have included two maps.

    The first one show the vacancy rate at the tract level. Higher vacancies mean you will have a harder time filling the home with a tenant. 

    The 2nd map shows the median rents for the same areas. 

    The data comes directly from the Census bureau.  

    Hope this helps! 

    3Reply
  • Sara Perkinson
    OP
    Rental Property Investor · Chesapeake, VA · Member since 2018 · 15 posts · 7 votes
    7y

    @Art Perkitny wow thank you I will definitely look in to this. I appreciate the information it’s really helpful.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    7y
    Originally posted by @Sara Perkinson:

    How well do 2/2 or 2/1 single family homes rent in Cleveland, OH?

     The majority of single family housing stock is going to be 3/1 or 3/2. The majority of multi family housing stock (2-4 unit properties) is going to feature units with a 2/1. If buying a single family I would try to get a 3 bed whenever possible. For more info on the various neighborhoods here in Cleveland you'll want to check out The Ultimate Guide to Grading Cleveland Neighborhoods.

    1Reply
  • Victor Vella
    Flipper/Rehabber · Cleveland, OH · Member since 2014 · 173 posts · 121 votes
    7y

    Trulia has a really simple value/appreciation/depreciation that can be filtered by number of rooms

    1Reply
  • Miguel Nava
    Rental Property Investor · Houston, TX · Member since 2016 · 91 posts · 38 votes
    7y

    @Robert Matelski Robert, would you mind sharing where your 2 bedroom properties are located?

    Thanks!

    0Reply
  • Robert Matelski
    Rental Property Investor · Austin, TX · Member since 2018 · 214 posts · 270 votes
    7y
    Originally posted by @Miguel Nava:

    @Robert Matelski Robert, would you mind sharing where your 2 bedroom properties are located?

    Thanks!

    My 2-bedroom SFRs are located in Mayfield Heights, Euclid and North Collinwood. 

    0Reply
  • Miguel Nava
    Rental Property Investor · Houston, TX · Member since 2016 · 91 posts · 38 votes
    7y
    Originally posted by @Robert Matelski:
    Originally posted by @Miguel Nava:

    @Robert Matelski Robert, would you mind sharing where your 2 bedroom properties are located?

    Thanks!

    My 2-bedroom SFRs are located in Mayfield Heights, Euclid and North Collinwood. 

    Thank you very much Robert!

    0Reply
  • Jillian Fagan
    Rental Property Investor · Rocklin, CA · Member since 2020 · 4 posts · 2 votes
    6y

    I am new to investing and looking in the Cleveland area. This thread has a wealth of information!

    Is anyone able to recommend a good real estate agent(s) in the area that work with out of state investors? Thank you!!!

    2Reply
  • Austin Largusa
    Investor · San Francisco Bay Area · Member since 2019 · 119 posts · 79 votes
    6y
    Originally posted by @Jillian Fagan:

    I am new to investing and looking in the Cleveland area. This thread has a wealth of information!

    Is anyone able to recommend a good real estate agent(s) in the area that work with out of state investors? Thank you!!!

    Hey Jillian

    I’m just down the road from you in Fairfield. I’ve been working with one for about 3 months as I look to make my first purchase there. I think he’s okay. We’ll see once I actually land a deal 😂

    0Reply
  • Jillian Fagan
    Rental Property Investor · Rocklin, CA · Member since 2020 · 4 posts · 2 votes
    6y

    @Austin Largusa

    Nice to meet someone near by! Hope it all goes well!Yes keep my posted! Would love any insights you have. 😊

    0Reply
  • Account Closed
    Investor · Member since 2020 · 17 posts · 2 votes
    6y
    Originally posted by @Austin Largusa:
    Originally posted by @Jillian Fagan:

    I am new to investing and looking in the Cleveland area. This thread has a wealth of information!

    Is anyone able to recommend a good real estate agent(s) in the area that work with out of state investors? Thank you!!!

    Hey Jillian

    I’m just down the road from you in Fairfield. I’ve been working with one for about 3 months as I look to make my first purchase there. I think he’s okay. We’ll see once I actually land a deal 😂

    How did that agent work out for you for a finish Jillian? :)

    Chris

    0Reply
  • Kevin Cigolini
    Investor · Ridgewood, NJ · Member since 2016 · 3 posts · 2 votes
    5y

    @Robert Matelski I just came across your post. I’m beginning to research the areas in and around Cleveland. Would you be able to share the research you’ve complied?

    Thanks

    0Reply
  • Jag C.Pro Member
    Rental Property Investor · Member since 2018 · 74 posts · 22 votes
    5y

    @Robert Matelski and @James Wise. Any thoughts on the Clark-Fulton area (on W 54th St)? I am looking to invest in a quad in that area and would really appreciate your perspective. I am also interested in your perspective regarding the population decline that Cleveland has been experiencing, and investing in the city despite the decline. Thank you. 

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    5y
    Originally posted by @Jag C.:

    @Robert Matelski and @James Wise. Any thoughts on the Clark-Fulton area (on W 54th St)? I am looking to invest in a quad in that area and would really appreciate your perspective. I am also interested in your perspective regarding the population decline that Cleveland has been experiencing, and investing in the city despite the decline. Thank you. 

     If you haven't already seen it check out The Ultimate Guide to Grading Cleveland Neighborhoods. As for a population decline that's going to be something you're dealing with across the board with most any midwestern rust belt market. In addition you should look at the greater Cleveland population stats as opposed to just the city itself. Looking at the major metro area is more important than any one city in it.

    0Reply
  • Jag C.Pro Member
    Rental Property Investor · Member since 2018 · 74 posts · 22 votes
    5y

    @James Wise Thank you. I also have gone through your great Cleveland Neighbourhoods primer which has been very helpful. It was written 4 years back - do you think much has changed, especially in the zips close to Ohio City such as 44102? 

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    5y
    Originally posted by @Jag C.:

    @James Wise Thank you. I also have gone through your great Cleveland Neighbourhoods primer which has been very helpful. It was written 4 years back - do you think much has changed, especially in the zips close to Ohio City such as 44102? 

     I don't know what the Cleveland Neighborhoods primer is, but The Ultimate Guide to Grading Cleveland Neighborhoods is a living document. It's regularly updated, so yes it's accurate.

    2Reply
  • Jag C.Pro Member
    Rental Property Investor · Member since 2018 · 74 posts · 22 votes
    5y

    @James Wise thank you. 

    0Reply
  • Srini Murthy
    GA · Member since 2015 · 67 posts · 17 votes
    4y
    Quote from @James Wise:
    Originally posted by @Jag C.:

    @James Wise Thank you. I also have gone through your great Cleveland Neighbourhoods primer which has been very helpful. It was written 4 years back - do you think much has changed, especially in the zips close to Ohio City such as 44102? 

     I don't know what the Cleveland Neighborhoods primer is, but The Ultimate Guide to Grading Cleveland Neighborhoods is a living document. It's regularly updated, so yes it's accurate.


     Hi James,

    Thank you so much for sharing the living doc on Cleveland Neighborhoods. Can you please make the maps bigger. I can barely see the street names in it. Is I need to view it any other way please let me know?

    thanks,

    Srini

    0Reply
  • Shane Kelly
    Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes
    4y

    Short long answer, pretty well in most areas. This is mostly because single family desirability is high. Of course, the smaller size makes them less attractive to some prospects, but if they're looking for a lower cost single family, then they will be getting it there. You also have to keep in mind that in an area where all the competition is 3 bed 2 bath single families, you'll likely have a harder time renting, if your primary competition is 2 bed 1 bath apartments, then you'll likely do well. Other things like a garage, off street parking, and having a yard can add to interest as well in areas. End of the day, depends on the area. Hope this helps.

    0Reply
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