Thoughts on Cleveland, OH?

Question

Hello,

Been looking at duplexes in Cleveland, seem to be some nice properties priced somewhat favorably. Originally from Northern Indiana - so I know Cleveland has had it ups and downs. But from an outside perspective Cleveland, and Ohio as a whole seem to be on the come up so to say.

As an out of state investor I just wanted to get a local perspective on what the feel on the market is right now, and if a buy and hold duplex for cash flow in the cleveland suburbs - in the range of $60-$100k - would be a good investment. Like I said, outside looking in doesn't seem too bad of an idea.

Thanks in advance!

Brian Garlington · Answer

Be prepared to start hearing from agents in C.  O.  L.  U.  M.  B.  U.  S. in ..........

3,

2,

1.

Kyle Tom · Answer

I'm a California investor that invests in Columbus!

Uri Gofman · Answer

Brian Garlington

LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Brandon Goldsmith · Answer

You can get some pretty good cash flow in Cleveland. I prefer Columbus myself. @Giovanni Dragani

Remington Lyman · Answer

I am more of a fan of Columbus, Ohio due to the increasing job and population growth.

James Wise · Answer

Majority of the duplex inventory in your price range is actually going to be in the city proper. For more info on Cleveland and what you get for your money in each of the neighborhoods check out The Ultimate Guide to Grading Cleveland Neighborhoods.

Brandon Sturgill · Answer

@Giovanni Dragani I used to be hard on Cleveland, but in my old age I have learned to accept and adore the city...no, really, Cleveland has a lot to offer...is it Columbus...no...no its not even in the same category, but alas, you can find deals and get rich from rental properties in the city. We stayed in Ohio City recently and it was cool...lots of transition and a very hip feel...the Cleveland architecture is awesome, and the indoor market is as good as any...and in the summer, you can't beat the lake. I digress. Just proceed very cautiously and link up with a solid local agent that knows the market and you will be fine. And most importantly, find a manager that works in this asset class.

If you are buying MF at that price point you are assuming a lot of risk in any city in the country...Cleveland is as good a spot as any city. Why not try Gary, In...or further south? There are some small college towns around the area that could be a great spot...there is probably opportunity in the "Michiana" area also...

Brian Garlington · Answer

In all seriousness Giovanni....make sure you are pre-approved with a lender first.

Rob Gillespie · Answer

@Giovanni Dragani

Indiana is a great market too, of course I like Cleveland because I’m from here and that has been my market for 23 years.

If you were spending 60 to 100,000, you’re probably buying in a pretty decent area of Cleveland. You should be in good shape.

Some of the really cheap stuff looks great on paper but takes a ton of management.

The great thing about Cleveland over a lot of the other hot rental market in America, is absolutely the amount of employment we have.

Hospitals, universities, three major sports teams, tons of restaurants and bars although that is not a big deal right now with Covid.

Low home prices, far below replacement cost and High rents make Cleveland a rockstar choice in my opinion!￼￼￼￼

Thoughts on Cleveland, OH?

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