Should I invest in South Euclid, OH?

Question

Hello,

It is the first time for me here in the forum.

I'm wonder if you could advice me.

I'm thinking of buying a single family property in South Euclid.

Price is $86000, rent is $1050.

The only problem is that I'm not familiar with the area/market there.

(I'm not a US resident)

I would be happy to hear about investing there in general - good/bad points.

Special issues to check and verify before purchasing?

Specific streets/areas to avoid?

Thank you,

Saar.

James Wise · Answer

@Saar Avr

If you are looking to gain familiarity with the greater Cleveland area give The Ultimate Guide to Grading Cleveland Neighborhoods a read.

David Terbeek · Answer

@Kyle Lewis  To clarify a point about Point of Sale.  South Euclid DOES have a point of sale called a Vacant Property Inspection for any property that is owned by a bank, is a rental or the owner has moved out more than 6 months before the sale date - it is in essence the same as a Point of Sale with escrow requirements for the buyer for any outstanding violations assumed.  However, to the deal @Saar Avr is analyzing hopefully at that price point, there are no violations to assume.

We have a lot of clients buying in South Euclid, the tenant base seems pretty stable.

Kyle Lewis · Answer

Hi @Saar Avr, I live in California and decided to invest in Cleveland for the cash flow. I don't own any property in South Euclid, but I've seen many other investors and realtors recommend South Euclid. One unique cost to watch out for in Cuyahoga County are the property taxes and some cities have Point of Sale inspections (South Euclid isn't one of them).

Also, there are probably better deals to be had. I just closed on a property in Euclid for 35k, will put 20k into it, and hope to rent it for $950/month. Hope that helps!

Saar Avr · Answer

Thank you all for your great help.

Saar.

Timothy Murphy III · Answer

@Saar Avr

Yes in my opinion it's a good rental market, and I live in South Euclid too. The houses are relatively easy to lease and it's a solid B level suburban area. Your rental and acquisition numbers sound in line with what I've seen.

I don't have anything more to add about the Vacant Properties POS inspections other to echo that yes that exists here and the previous posters in this thread have provided you some quality information on that matter.

Joe Solkiewicz · Answer

No not a good area for investors to much in city fees for inspections really hurts your bottom line , they seem to always find something for you to fix.

Ryan Arth · Answer

South Euclid gets better as you head South and East, in general. North end, Princeton area and South west end where it is Heights schools are the less desirable spots.

David Terbeek · Answer

It has only been in effect for about 3 years so not everyone (even the locals) know about.

Kyle Lewis · Answer

Thanks @David Terbeek, I hadn't heard about the Vacant Property Inspection. Good to know!

Saar Avr · Answer

thank you for your help.

Tom, I sent you a message....

Saar

Should I invest in South Euclid, OH?

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