Are these prices for real on Cleveland

[Paul W.]

I just looked at a property at 14308 Lakeshore Dr in Cleveland. It's a 17 unit brick building for 255k, with a cap rate of 24%. It looks nice from the few pictures. In the Phoenix area that would cost over a million and that's on the low end. Even if there is a 10 percent vacancy rate AND there is a significant CAPEX, your gone be making enormous cash flow with 20% down. I obviously don't know the local market there but I'm curious how these deals are even available and why local real estate investors aren't gobbling them up.