So here is yet another Ohio package I'm looking at...
8 single family 3b/1b homes in Maple Heights / Garfield Heights / Euclid area, all selling for about 50k with about 850-950 in rent. Some are section 8, some are not. I can split up the deal I am pretty sure. They are completely rehabbed and look great, inside and out.
I got some negative feedback recently on Cleveland Heights multi-family properties and so I decided to explore single family properties in other areas.
Is anyone familiar with these areas? How do you feel about section 8 in these areas in particular? The numbers seem pretty good, any Ohio specific things I should consider?
Thank you all, I appreciate it!
Welcome to BP. Unfortunately a lot of investors I work with avoid Maple Heights. They are very picky on inspections and there rental inspections every time you re-rent can be very painful. Because of how difficult the city is to work with the whole city is basically being transformed into a rental city, and the city is also having major financial difficulties. Garfield is preferred by most of my investors as the city is much easier to deal with.
Feel free to reach out with any specific questions.
Just FYI, if your looking at those areas, Euclid may be a good option for you. More homeowners in general, and some good properties available with similar numbers.
I have found Maple Heights inspections to be much less picky than Shaker Heights or Cleveland Heights. In fact, I haven't had any inspection problems with my Maple Heights SF.
I like renting to Section 8 because the rent is guaranteed and they generally are not going to get evicted, which is very expensive. In the Cleveland area, section 8 rent also tends to be slightly higher than market rent. The only downside to section 8 is the yearly inspections and having to fix picky things. I still find it worth the hassle.
@Stacey Mollinet thank you for the response, that's very helpful! Do you pay water/sewer for the tenants?
Yes I pay the water/sewer for all of my rentals including SFs. The rents are structured to take that into account.
My two cents, avoid Maple Heights. I have experience there and it was not good. They do not make life easy and will require things like new garage floors if you have cracks. I have accepted Vouchers from CMHA in the past, but have discontinued that practice for reasons stated above and because I find they pay less than I can get renting directly. Always make tenants responsible for water and sewer bills. Those bills are expensive and this makes them accountable for limiting excessive usage and allowing leaky faucets and toilets.
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