Investing in South Euclid Cleveland

5 Replies | Cleveland, Ohio

OOS investor looking into south euclid, Cleveland. What do people think of it ?  I see homes that were sold for 45-50K back in April getting listed for 100-110K now with renovations. Is it a good idea to buy turnkey ? Is the price to buy justified although the rents look attractive (~1% for sure). Are there scopes for lowball offers or is the market too investor flocked due to higher rents ?

Make sure to check the tax rate. I believe South Euclid has one of the highest tax rates in an area that already has rather high tax rates. Just make sure you are including appropriate taxes when you run your numbers.

I live in Mayfield Village, East suburb of Cleveland, I like both South Euclid and Euclid.  Rents are close to the same.  I buy and resell as turn key to out of state and out of country investors.  PM if interested in additional info.

Steven Dragmen

Originally posted by @Sachin T. :

OOS investor looking into south euclid, Cleveland. What do people think of it ?  I see homes that were sold for 45-50K back in April getting listed for 100-110K now with renovations. Is it a good idea to buy turnkey ? Is the price to buy justified although the rents look attractive (~1% for sure). Are there scopes for lowball offers or is the market too investor flocked due to higher rents ?

 South Euclid is a great area. High demand from tenants as well. A property around $92,000 can rent for well over $1,000 a month. If you flip it just make sure you have all of the resources. Flipping from OOS can be rough, but I am sure you are familiar with all that.  Most of the suburbs of Cleveland are great for buy and holds.

Also, check out some of the surrounding areas like Euclid, Cleveland Heights, Mayfield Heights, Bedford, and Willowick. These areas are also great for investments. 

@Sachin T. I'm an out of state investor in Cleveland, and I have a lot of property in Cleveland Heights, directly adjacent to South Euclid. If you are buying for cashflow in South Euclid, it's very street specific. Make sure you do run your comps tight, like .5 mile and similar bed/bath count. You can get 1000-1100 updated, especially since it's so close to a lot of commercial development on Mayfield and Cedar Rd, or maybe some close to Brush High school in Lyndhurst are good too. But taxes can be higher, so make sure to double check county auditor site.

Originally posted by @Sachin T. :

OOS investor looking into south euclid, Cleveland. What do people think of it ?  I see homes that were sold for 45-50K back in April getting listed for 100-110K now with renovations. Is it a good idea to buy turnkey ? Is the price to buy justified although the rents look attractive (~1% for sure). Are there scopes for lowball offers or is the market too investor flocked due to higher rents ?

 We've got tons of different types of neighborhoods here in the Cleveland market. The pricing, tenant quality and housing stock will vary widely from neighborhood to neighborhood. What may look like a screamin' deal on Zillow might not be. It's important that you know the ins and outs of these areas as some are very blighted. As such I created The Ultimate Guide for Grading Cleveland Neighborhoods so Out of State Investors can familiarize themselves with the Cleveland market.