Hi everyone, I'm new here and finally decided to get into the rental real estate market. I live in the South Eastern suburbs of Cleveland and am looking for a rental property 15-20 miles from our home. Some of the areas that look promising are Bedford, Maple Heights, Garfield Heights and Lyndhurst. Parma is also promising but it's over 20 miles from our home so looking at it as a backup at the moment
I would be interested in hearing your thoughts about these cities especially folks who have experience renting out in these cities. Reading around on the forum Bedford seems to have tightened their inspection while Maple Heights is even more restrictive and requires an inspection every time a new tenant signs up. Is there a difference in water / sewer bills? Anything else we need to be aware of in these towns?
Would you recommend one city over another? If so what would be the reasons? Pros and cons etc
Property Manager · Cleveland, OH · Member since 2016 · 260 posts · 162 votes
6y
These are all pretty good areas for rental. The government inspections are difficult but they also keep the prices a bit more affordable due to the extra complication. Garfield Heights and Lyndhurst are the easiest to work with in terms of inspections. Maple Heights has been difficult in the past, there is some new management that might loosen restrictions a bit in the future (maybe not). Bedford does not have POS as noted above but definitely come down hard on the rental inspection to make up for it. All have pretty good rental demand.
Rental Property Investor · Cleveland, OH · Member since 2019 · 37 posts · 79 votes
6y
@Sammy Ismail This may help with your information gathering. It has some relevant information https://www.biggerpockets.com/member-blogs/4704/blog_posts/42419-cleveland-neighborhood-grades
Hi everyone, I'm new here and finally decided to get into the rental real estate market. I live in the South Eastern suburbs of Cleveland and am looking for a rental property 15-20 miles from our home. Some of the areas that look promising are Bedford, Maple Heights, Garfield Heights and Lyndhurst. Parma is also promising but it's over 20 miles from our home so looking at it as a backup at the moment
I would be interested in hearing your thoughts about these cities especially folks who have experience renting out in these cities. Reading around on the forum Bedford seems to have tightened their inspection while Maple Heights is even more restrictive and requires an inspection every time a new tenant signs up. Is there a difference in water / sewer bills? Anything else we need to be aware of in these towns?
Would you recommend one city over another? If so what would be the reasons? Pros and cons etc
Thanks!
They all have their pros and cons! Bedford stopped doing POS inspections so that can help you out. Maple Heights only requires a rental license if a tenant moves out or if the owner changes, not annually like other cities. Lyndhurst has much higher rents as that area performs very well. Like I said, a lot to know and benefits to all. They are all pretty solid investment areas.
Property Manager · Cleveland, OH · Member since 2016 · 260 posts · 162 votes
6y
These are all pretty good areas for rental. The government inspections are difficult but they also keep the prices a bit more affordable due to the extra complication. Garfield Heights and Lyndhurst are the easiest to work with in terms of inspections. Maple Heights has been difficult in the past, there is some new management that might loosen restrictions a bit in the future (maybe not). Bedford does not have POS as noted above but definitely come down hard on the rental inspection to make up for it. All have pretty good rental demand.
Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
6y
@Sammy Ismail I did not see it on your list, but my sister lives in a tri-plex in University heights, and the numbers on it I ran based off her rent and comps on the market currently were pretty impressive! The only thing I found in my research was that the property taxes in that area were almost as much as the P&I, so that I was shocked by! But the numbers still ran pretty well, considering triplexes and duplexes in that area are on the market for under 200K. And rents are around 900-950 per unit.