Virtual Assistant · Scottsdale, AZ · Member since 2016 · 13 posts · 2 votes
I am making a potential move to Cleveland Ohio. I am looking to purchase an investment property and there are so many areas to choose. I have really been looking at 3 areas and all will work for my location to work since I personally am able to work from home. I like the area and rental rates in Lakewood, I love the homes in Shaker Heights but property taxes are dreadful and I have found Cleveland Heights to be a nice area as well. Someone please give me some ideas on these locations, what areas are great for rental return. I am also worried about purchasing older homes for investments because of all of the warnings you hear to not purchase a home older than 10 years as an investment. Thanks!
Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
9y
@Brandon Weisser Generally speaking, you would like to see newer houses, but we all own older houses and are just fine. Early 1900's can be a pain, but people invest in them all day long. 1950's bungalows are built like tanks, 1970's split levels can have wood siding or other features that aren't as desirable as an older house in a different setting (not wooded, for example) or they could be great. You could also buy a newer house that was thrown up by one of the production builders that is only twenty years old, but was built very cheaply, and is going to have expensive issues long term. You can buy a 1915 A frame in Lakewood that was a low end build with no insulation in the walls, a dungeon basement and 3 degree lean or a 1915 house where the people had money when they built it, ornate and standing strong. Age is only one factor among many.
Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
9y
@Jeff Brenot Insurance would depend on rebuild cost. I had a SFH there and my insurance was 60/mo. I would estimate 50% more than that, or 90/mo, based on the increased size.
No real investment preference on East or West, I have lived on both. There are differences, for sure, but the desirability of the suburb that you pick is more important than what side of the city it is on.