Out of State Investing in Cleveland OH area
Greetings,
I'm looking at small multifamily properties in/around Cleveland. I'm investing from out of state so I'm not opposed to other parts of OH with strong rental markets however I have been drawn to the areas around Cleveland (and Pittsburgh, PA) in large part because I'm limited in buying power to properties valued around $100K.
I'm a new investor and foreign to Cleveland so please share any tips that you may have about the area. Please feel free to share your experiences and advice and any insight you may have into making a smart investment decision in this area.
One topic that is of particular interest to me is realistic capX estimates in the area. The majority of properties that I'm looking at were built around 1920 - 1930. Most have been duplexes of roughly 1800 - 1900 sqft. When I 'run my numbers' for this area, I have been calculating capX at 10% of rents but I feel uncertain doing so. Can anyone speak to realistic capX in a property like this? Say each unit rents at $750. Is $150/month really enough for capX on a 1900 sqft duplex? I've also been estimating repairs at 10% of rents.
Thanks!