Investor · Chatham, NJ · Member since 2013 · 19 posts · 2 votes
Hello. I am attempting to move past the analysis paralysis phase and am looking at SFH properties in the $100k range in the greater Cleveland area, i.e. Lakewood, Barea, Shaker Heights, Bedford.
I am working through an on the ground agent who is investor friendly.
Looking at the properties, I'm noticing many are built in the early 1900s, 1917 to 1925. There are also some more expensive options built in the 70s. My assumption is that I should be weary of good looking cash flow properties that are that are the older ones above. Any advise here on how I can/should narrow my search? Is it less about the age of the home and more about how well the properties have been maintained over time?
Also, I notice that many do not have a garage. Is that not out of the ordinary in these areas? Seems to me a garage would be key in this region. Thanks for your advice.
A lot of the "heights" and Lakewood homes do not have garages unless they were built some time after the home was built. This is a pretty common hurdle for buyers due to the awesome weather we experience. Another thing to look for on the older homes in those locations are the PBS violations that require a certain amount of money to be put in escrow until these violations are mediated. A property an investor I work with had a POS violation totaling at 45k!!
@AJ Sherman the majority of the housing stock in this area is going to be of that age.
Many of these old homes were built with "lein to" garages that were not kept up over time and needed to be torn down. This is especially common with Lakewood duplexes.