Best Cleveland Markets for Cash Flow?
Cleveland, OH · Member since 2022 · 811 posts · 578 votes
Best Cleveland Markets for Cash Flow?
Most Popular Reply
Real Estate Agent · Cleveland, OH · Member since 2020 · 67 posts · 83 votes
3yHi Ben - @Shane Kelly pointed out some great areas to scope out.
One thing to consider- You had mentioned in the forums previously that you had the goal of house hacking. If that is the case then you could even consider getting into a more premium neighborhood like Lakewood. If you buy a duplex using FHA financing then you only need 3.5% down and the rents are skyrocketing in Lakewood. Your cash on cash still ends up being amazing and you are living in a more desirable neighborhood with better tenants and a higher chance for appreciation as well.
31 Replies
- Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes3y
I'll keep it short and sweet. Multifamily inventory is low, and great deals are scarce. If I had to recommend 3 markets where to look though, it would be: 1.) Old Brooklyn 2.) cheaper properties in Cleveland Heights/Shaker Heights 3.) specific parts of the West Eighties/Cudell/West Boulevard.
- Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @Shane Kelly:
I'll keep it short and sweet. Multifamily inventory is low, and great deals are scarce. If I had to recommend 3 markets where to look though, it would be: 1.) Old Brooklyn 2.) cheaper properties in Cleveland Heights/Shaker Heights 3.) specific parts of the West Eighties/Cudell/West Boulevard.
Thank you for the response, Shane! I will check these markets out.
- Real Estate Agent · Cleveland, OH · Member since 2020 · 67 posts · 83 votes3y
Hi Ben - @Shane Kelly pointed out some great areas to scope out.
One thing to consider- You had mentioned in the forums previously that you had the goal of house hacking. If that is the case then you could even consider getting into a more premium neighborhood like Lakewood. If you buy a duplex using FHA financing then you only need 3.5% down and the rents are skyrocketing in Lakewood. Your cash on cash still ends up being amazing and you are living in a more desirable neighborhood with better tenants and a higher chance for appreciation as well.
- 3yPatrick DruryBusiness MemberReal Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
@Benjamin Sulka
Detroit shore way, Cudell, Edge water, and West eighties. - Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @Andrew Duna:
Hi Ben - @Shane Kelly pointed out some great areas to scope out.
One thing to consider- You had mentioned in the forums previously that you had the goal of house hacking. If that is the case then you could even consider getting into a more premium neighborhood like Lakewood. If you buy a duplex using FHA financing then you only need 3.5% down and the rents are skyrocketing in Lakewood. Your cash on cash still ends up being amazing and you are living in a more desirable neighborhood with better tenants and a higher chance for appreciation as well.
Thanks so much for the insight, Andrew! That is a great point.
- Rental Property Investor · VA · Member since 2020 · 218 posts · 133 votes3yhttps://www.biggerpockets.com/...
Quote from @Benjamin Sulka:
Quote from @Andrew Duna:
Hi Ben - @Shane Kelly pointed out some great areas to scope out.
One thing to consider- You had mentioned in the forums previously that you had the goal of house hacking. If that is the case then you could even consider getting into a more premium neighborhood like Lakewood. If you buy a duplex using FHA financing then you only need 3.5% down and the rents are skyrocketing in Lakewood. Your cash on cash still ends up being amazing and you are living in a more desirable neighborhood with better tenants and a higher chance for appreciation as well.
Thanks so much for the insight, Andrew! That is a great point.
this link should be helpful.
- Lender · OH · Member since 2022 · 113 posts · 77 votes3y
Hey, Ben, being from Cleveland I feel comfortable with some areas. I'll shoot you a message and we can compare what we see!
- Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @Nick Shri:
https://www.biggerpockets.com/...Quote from @Benjamin Sulka:
Quote from @Andrew Duna:
Hi Ben - @Shane Kelly pointed out some great areas to scope out.
One thing to consider- You had mentioned in the forums previously that you had the goal of house hacking. If that is the case then you could even consider getting into a more premium neighborhood like Lakewood. If you buy a duplex using FHA financing then you only need 3.5% down and the rents are skyrocketing in Lakewood. Your cash on cash still ends up being amazing and you are living in a more desirable neighborhood with better tenants and a higher chance for appreciation as well.
Thanks so much for the insight, Andrew! That is a great point.
this link should be helpful.
Thanks very much!
- Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @Nicholas Salman:
Hey, Ben, being from Cleveland I feel comfortable with some areas. I'll shoot you a message and we can compare what we see!
Thank you, Nick!!
- Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes3y
What are rents in Lakewood. It seems two units go $240-280s unless they rent $1400 a unit can't see it cashflowing at all 25 down?
- Real Estate Agent · Cleveland, OH · Member since 2020 · 67 posts · 83 votes3y
Quote from @Henry Lazerow:
What are rents in Lakewood. It seems two units go $240-280s unless they rent $1400 a unit can't see it cashflowing at all 25 down?
Hi Henry - depending on the cosmetic condition of the unit- in Lakewood it could easily rent for $1400+... One investor I know just rented their newly renovated 2 bed 1 bath downstairs unit for $2150 a month.
- Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes3y
Quote from @Benjamin Sulka:
For those based in Cleveland.
Which markets do you think are the most promising and which areas look the best for cash flow investing?I am trying to narrow my search down to maybe 3 promising markets and look within those for a multi-family deal. I want to spend my time scoping out areas in great detail.
Thank you! I really appreciate any insight.
Ben Sulka, aspiring real estate investor
I am liking far west outside of Cleveland lately. New Cleveland Mayor Justin Bibb has been getting on my nerves, holding anti landlord press conferences, one at one of my houses.....Just obnoxious anti landlord rhetoric with no meat to it, but an annoyance.
- Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @James Wise:
Quote from @Benjamin Sulka:
For those based in Cleveland.
Which markets do you think are the most promising and which areas look the best for cash flow investing?I am trying to narrow my search down to maybe 3 promising markets and look within those for a multi-family deal. I want to spend my time scoping out areas in great detail.
Thank you! I really appreciate any insight.
Ben Sulka, aspiring real estate investor
I am liking far west outside of Cleveland lately. New Cleveland Mayor Justin Bibb has been getting on my nerves, holding anti landlord press conferences, one at one of my houses.....Just obnoxious anti landlord rhetoric with no meat to it, but an annoyance.
Thanks for your reply, James! By the way, I love your blog post on the best markets in the Cleveland area. Thanks for all you do on BP!
- Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes3y
Quote from @Benjamin Sulka:
Quote from @James Wise:
Quote from @Benjamin Sulka:
For those based in Cleveland.
Which markets do you think are the most promising and which areas look the best for cash flow investing?I am trying to narrow my search down to maybe 3 promising markets and look within those for a multi-family deal. I want to spend my time scoping out areas in great detail.
Thank you! I really appreciate any insight.
Ben Sulka, aspiring real estate investor
I am liking far west outside of Cleveland lately. New Cleveland Mayor Justin Bibb has been getting on my nerves, holding anti landlord press conferences, one at one of my houses.....Just obnoxious anti landlord rhetoric with no meat to it, but an annoyance.
Thanks for your reply, James! By the way, I love your blog post on the best markets in the Cleveland area. Thanks for all you do on BP!
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Benjamin Sulka:
For those based in Cleveland.
Which markets do you think are the most promising and which areas look the best for cash flow investing?I am trying to narrow my search down to maybe 3 promising markets and look within those for a multi-family deal. I want to spend my time scoping out areas in great detail.
Thank you! I really appreciate any insight.
Ben Sulka, aspiring real estate investor
All the burbs and even parts of East Cleveland, 10% net caps or more are to be had for cash buyers, even higher when you refi
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Henry Lazerow:
What are rents in Lakewood. It seems two units go $240-280s unless they rent $1400 a unit can't see it cashflowing at all 25 down?
I would not touch lakewood, much to high pricing .. I stick with all the Heights, Euclid and parts of east Cleveland we are trying to buy as much as we can, but simply no inventory
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Patrick Drury:
@Benjamin Sulka
Detroit shore way, Cudell, Edge water, and West eighties.But no inventory,
- Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @Bob S.:
Quote from @Henry Lazerow:
What are rents in Lakewood. It seems two units go $240-280s unless they rent $1400 a unit can't see it cashflowing at all 25 down?
I would not touch lakewood, much to high pricing .. I stick with all the Heights, Euclid and parts of east Cleveland we are trying to buy as much as we can, but simply no inventory
Thanks so much for the comment, Bob. I am primarily looking in Shaker Heights & University Heights right now. Just getting some experience with analyzing deals. I won't actually be able to purchase a property until I graduate in 6+ months. I considered Lakewood but quickly realized how expensive properties were.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Benjamin Sulka:
Quote from @Bob S.:
Quote from @Henry Lazerow:
What are rents in Lakewood. It seems two units go $240-280s unless they rent $1400 a unit can't see it cashflowing at all 25 down?
I would not touch lakewood, much to high pricing .. I stick with all the Heights, Euclid and parts of east Cleveland we are trying to buy as much as we can, but simply no inventory
Thanks so much for the comment, Bob. I am primarily looking in Shaker Heights & University Heights right now. Just getting some experience with analyzing deals. I won't actually be able to purchase a property until I graduate in 6+ months. I considered Lakewood but quickly realized how expensive properties were.
Sorry I should have been clearer, the Heights but NOT SH or UH, you cannot make money there, Pricing and taxes are too high. You do not need to research. ALL you need to do is connect with someone doing deals there and allow them to handle all for you. Oh, and you need to be all cash
Good luck to you
- Investor · Cleveland, OH · Member since 2019 · 147 posts · 156 votes3y
@Benjamin Sulka Really all comes down to the numbers at the end of the day. Yeah areas like Lakewood are expensive in general, but maybe you find a sweet off market deal that allows the numbers to work! I would define what kind of cash on cash returns you are looking for and then decide on an area from there to really focus on. That makes it pretty easy to narrow it down quickly and then from there it's analyzing deals and being patient. I invest for cash flow in Cleveland as well and that's kinda where I started.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Benjamin Sulka:
For those based in Cleveland.
Which markets do you think are the most promising and which areas look the best for cash flow investing?I am trying to narrow my search down to maybe 3 promising markets and look within those for a multi-family deal. I want to spend my time scoping out areas in great detail.
Thank you! I really appreciate any insight.
Ben Sulka, aspiring real estate investor
All the Hights except for CH, UH, and SH, taxes are too high. West side Lee Harvard, Euclid, and parts of East Cleveland, YES East Cleveland. For those that say Bob is crazy, simply are not informed. We are trying to buy as much as we can in certain areas, but nothing aval. I am working on a 70 unit there, HOPE I get it
BTW, sitting on the internet is not going to accomplish anything. You must connect with those doing deals and allow them to handle it all for you
- Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @Michael Orlando:
@Benjamin Sulka Really all comes down to the numbers at the end of the day. Yeah areas like Lakewood are expensive in general, but maybe you find a sweet off market deal that allows the numbers to work! I would define what kind of cash on cash returns you are looking for and then decide on an area from there to really focus on. That makes it pretty easy to narrow it down quickly and then from there it's analyzing deals and being patient. I invest for cash flow in Cleveland as well and that's kinda where I started.
Thanks for the info, Michael!
- Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @Bob S.:
Quote from @Benjamin Sulka:
For those based in Cleveland.
Which markets do you think are the most promising and which areas look the best for cash flow investing?I am trying to narrow my search down to maybe 3 promising markets and look within those for a multi-family deal. I want to spend my time scoping out areas in great detail.
Thank you! I really appreciate any insight.
Ben Sulka, aspiring real estate investor
All the Hights except for CH, UH, and SH, taxes are too high. West side Lee Harvard, Euclid, and parts of East Cleveland, YES East Cleveland. For those that say Bob is crazy, simply are not informed. We are trying to buy as much as we can in certain areas, but nothing aval. I am working on a 70 unit there, HOPE I get it
BTW, sitting on the internet is not going to accomplish anything. You must connect with those doing deals and allow them to handle it all for you
Do you have any recommendations for finding people and connecting people who are doing deals in those particular areas? Like joining a local real estate investing group or something? In terms of the heights, the primary markets I am looking at are CH, UH, and SH actually. Just trying to get my feet wet in real estate investing by doing a house-hack.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Benjamin Sulka:
Quote from @Bob S.:
Quote from @Benjamin Sulka:
For those based in Cleveland.
Which markets do you think are the most promising and which areas look the best for cash flow investing?I am trying to narrow my search down to maybe 3 promising markets and look within those for a multi-family deal. I want to spend my time scoping out areas in great detail.
Thank you! I really appreciate any insight.
Ben Sulka, aspiring real estate investor
All the Hights except for CH, UH, and SH, taxes are too high. West side Lee Harvard, Euclid, and parts of East Cleveland, YES East Cleveland. For those that say Bob is crazy, simply are not informed. We are trying to buy as much as we can in certain areas, but nothing aval. I am working on a 70 unit there, HOPE I get it
BTW, sitting on the internet is not going to accomplish anything. You must connect with those doing deals and allow them to handle it all for you
Do you have any recommendations for finding people and connecting people who are doing deals in those particular areas? Like joining a local real estate investing group or something? In terms of the heights, the primary markets I am looking at are CH, UH, and SH actually. Just trying to get my feet wet in real estate investing by doing a house-hack.
Just connect with those doing deals in the Cleveland markets, No you do not want UH or SH, taxes and price points are too high, As is CH but you maybe ( I can your chances are not Lickley) can get a better price point. All you need is a team there taking care of everything
All the best
- Cleveland, OH · Member since 2022 · 811 posts · 578 votes3y
Quote from @Bob S.:
Quote from @Benjamin Sulka:
Quote from @Bob S.:
Quote from @Benjamin Sulka:
For those based in Cleveland.
Which markets do you think are the most promising and which areas look the best for cash flow investing?I am trying to narrow my search down to maybe 3 promising markets and look within those for a multi-family deal. I want to spend my time scoping out areas in great detail.
Thank you! I really appreciate any insight.
Ben Sulka, aspiring real estate investor
All the Hights except for CH, UH, and SH, taxes are too high. West side Lee Harvard, Euclid, and parts of East Cleveland, YES East Cleveland. For those that say Bob is crazy, simply are not informed. We are trying to buy as much as we can in certain areas, but nothing aval. I am working on a 70 unit there, HOPE I get it
BTW, sitting on the internet is not going to accomplish anything. You must connect with those doing deals and allow them to handle it all for you
Do you have any recommendations for finding people and connecting people who are doing deals in those particular areas? Like joining a local real estate investing group or something? In terms of the heights, the primary markets I am looking at are CH, UH, and SH actually. Just trying to get my feet wet in real estate investing by doing a house-hack.
Just connect with those doing deals in the Cleveland markets, No you do not want UH or SH, taxes and price points are too high, As is CH but you maybe ( I can your chances are not Lickley) can get a better price point. All you need is a team there taking care of everything
All the best
Thank you very much for the advice.
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