Cloverside ave in Lee Miles

5 Replies | Cleveland, Ohio

Hi, I’m about to buy a house on Cloverside Avenue in the Lee Miles area. I just have a question for you because I need to be enlightened. I’m a Frenchman who would like to invest in real estate in Cleveland because the prices are affordable but I don’t really know the market but I would like to know if Cloverside Ave is a good neighborhood to invest in and if there was a lot of rental application? Thank you for the information you could give me, it would be very helpful!

Bonjour

Don’t even think about buying in Cleveland until you personally drive the neighborhoods during the day and also at night. 

Getting Rental applicants are no problem. Finding applicants with credit scores in the 600s and background checks that pass guidelines can be a challenge. 

If you are buying in an older Cleveland neighborhood, have the house tested for lead. Again... Have the house tested for “lead safe”. Cleveland has shifted the burden of proof to the rental owner! Most real estate agents still do not know the new lead sage rules.

Rule# 1: the lower the price, the greater the problems... with tenants, with maintenance, with the city and with the neighborhood, and with evictions. Even with good management, out of town rental real estate is NOT a passive investment.

The city is now planning to provide free legal assistance to tenants in eviction cases. Translate: Delay evictions. Example: I just had a non paying tenant file for a continuance... first time that this has happened to me.

Use a good buyers agent.

Get a 3rd party inspection.

Check the rental registration history and associated violations reports.

Good luck

Bob

Originally posted by @Sabri Isbikhene :

Hi, I’m about to buy a house on Cloverside Avenue in the Lee Miles area. I just have a question for you because I need to be enlightened. I’m a Frenchman who would like to invest in real estate in Cleveland because the prices are affordable but I don’t really know the market but I would like to know if Cloverside Ave is a good neighborhood to invest in and if there was a lot of rental application? Thank you for the information you could give me, it would be very helpful!

 1st place you'd want to look for info on the neighborhood is The Ultimate Guide to Grading Cleveland Neighborhoods.

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Good morning, Bob Collet, and thank you very much for your answer.

I went there two days of sharp at first seeing the neighborhood looks pretty quiet, a lot of elderly people who occupy the houses and I also went there at night around 9pm and he looked as calm but you can’t judge it in two days. The house I want to acquire costs $70,000 and everything has been renovated, from the attic to the basement.

Thank you again Bob

Hi Sabri - I think many people get too concerned with buying a property that has already been rehabbed. Doing that will cost a premium and you may not be able to buy in a "good" area. I would focus instead on building a good team (agent, property management, and construction) to take care of the asset for you regardless of its condition. This will free to you to look at all kinds of properties.