Thoughts on Euclid vs Bedford
Good morning. Out of State investor here looking at a property in Euclid and Bedford. We're being told Bedford is a nicer area. The Euclid property is in an area of small/cheap townhomes. But I understand there is also some attractive new developments in Euclid.
Mr. Wise's map actually rates Bedford as Class C and Euclid as Class B. I'm interested in your thoughts on these two areas.
Thanks
Check tax rates for both, and review POS requirements. Also check rental registration and rental inspection requirements for both. Check neighborhood crime rates for the specific neighborhoods.
Aside from an independent 3rd party inspection, I am urging all Cuyahoga County (investor) Buyers to get a lead safe inspection prior to purchase due to a rapidly changing environment.
Bob Collett
Bob
Thanks @Bob Collett. Both pass POS. Taxes are relatively similar. I'm not familiar with rental registration and inspection requirements. I'll ask the Realtor/Property Manager.
Originally posted by @Jim Truman:Good morning. Out of State investor here looking at a property in Euclid and Bedford. We're being told Bedford is a nicer area. The Euclid property is in an area of small/cheap townhomes. But I understand there is also some attractive new developments in Euclid.
Mr. Wise's map actually rates Bedford as Class C and Euclid as Class B. I'm interested in your thoughts on these two areas.
Thanks
I have property in each of those cities and both are decent places to invest.
There are some nuances to be aware of though. First off, it's hard to just call Euclid "B" and leave it at that. Euclid is larger and less homogeneous in terms of income levels, housing quality, etc., and there are areas ranging from high "D" all the way to low "A" (based on an actual objective assessment). If you're looking at cheap townhouses then you're not looking at an area that will attract the best tenants generally.
Bedford is more homogeneous, and is much smaller overall. It's high "C" to low "B" throughout the whole city. Bedford does not have a POS inspection any longer, but they do have an extremely strict rental inspection, so that might be something to watch out for.
Feel free to shoot me a private message and I can show you how I came up with these ratings/grades, and also other info about both Euclid and Bedford.
If I were to buy another property in one of those two suburbs this summer, I would probably buy in Euclid, honestly. I think its lakefront presence makes it more appealing for the long run.
"Aside from an independent 3rd party inspection, I am urging all Cuyahoga County (investor) Buyers to get a lead safe inspection prior to purchase due to a rapidly changing environment."
@Bob Collett can you explain?
@Mo Weis Currently when you sell a property, you must disclose if there are any known lead paint issues.
Very soon, disclosure will not be enough. The owner of a rental property will be required to certify that the property is “lead safe”
Bob Collett
@Bob Collett I've been following this story on NPR. The city's focus on rentals is absurd. Hopefully I'll be out of the Cleveland market by the time they implement their new procedures.
@Jim Truman buy as many as you can in both, its ALL about pricing in those areas ...
BTW, should also be buying EVERYWHERE , GH, MH, CH, Lee Harvard, West side, ( stay away from Storer ave for now ) I have seen pricing increase substantially over the last , 4 - 7 years, and seems to be continuing .
Good luck
@Bob Collett lead disclosures is not a local thing. "lead safe" that seems to be in Cleveland not in surrounding cities
My point is this: The rules are changing: Have your older rental property in Cuyahoga County tested by a certified lead inspector befor you buy.
Don’t be caught holding the “old maid”
Bob
I would pick Bedford over Euclid. I believe Bedford is a solid working class area. Euclid has changed a lot over the years. I graduated high school there in 1983. Euclid is becoming a Section 8 play. There are surrounding areas close to Bedford that are solid as well.