Cleveland, OH -- rental rate for this property?

Question

https://www.realtor.com/realestateandhomes-detail/...

I am running the numbers on this property and want to see if anyone had insight on the surrounding neighborhood? I am based in California so I am not familiar with Cleveland but have found resources saying Euclid is not a bad area. If fixed up I am estimating a rent of $900-$1000 for this property.

Bryce Baker · Answer

@Antoine Martel I'm looking to get into SFH and multifamily rentals. I'll DM you a couple questions I have tonight.

@Ryan Ingram truly appreciate the insurance offer. I'll reach out with property-specific questions!

Jeff Brower · Answer

I tend to disagree with those saying that Euclid is a great area to invest. I live to the east about 20 minutes in Willoughby and work just south in Richmond Heights. Someone was just shot and killed at a bar on 260th two weeks ago (I realize this could happen anywhere). South of route 2 in Euclid I would stay away from. North of route 2 would be okay as there are more neighborhoods and less through streets, but still not the best. Personally I would not send my girlfriend to any property if I owned one south of route 2 in Euclid. I realize there are pockets/streets that would be excluded if looking at a case by case basis, but as a generalization, I would be cautious in this area.

Vince Lucas · Answer

@Bryce Baker I agree with @James Wise that you should be able to get around $650/unit (similar property on the same street sold for $89,500 in 08/2017 and rents were $685 and $735) and that the property does look like in needs a lot of work. There are a lot of people who do not like to invest on the east side (which is fine) but I do not think everyone should be against it. I actually grew up on this street. With that being said, it is hard to suggest to you that it is not a good investment for you because we have not heard what you are actually looking for or your tolerance level. Let me know if you have any more questions about the Cleveland market. All the best!

Bryce Baker · Answer

Can't thank you all enough. Appreciate all the local knowledge--I'll be moving on to the next one!

Ryan Evans · Answer

That particular place is super close to a main road and discount supermarket. It would be a pretty awkward place to live in. You could probably get it going at $625/month for 60k all in, which is still not terrible. But the location is a turnoff for me. I'd get off the main road a bit.

James Maradits · Answer

That address is in the Collinwood neighborhood of Cleveland, not quite Euclid but close.  The west end of Euclid is going to be 'lower grade' than the northern/eastern parts generally.  Proceed with caution on any area within Cleveland city limits, especially on the east side.

Antoine Martel · Answer

Euclid is a good area to invest.

I invest in Cleveland a lot and do many projects there.

What kind of projects are you looking to get into?

James Wise · Answer

HUGE difference between the city of Euclid & the city of Cleveland close to Euclid.

When it's all fixed up your looking at roughly $600-$650/unit. It looks beat to hell & at $32k with what looks to be a rehab of at least $30k your not getting a great deal as the neighborhood is pretty low caliber. My recommendation would be to pass on this deal.

Tom Ott · Answer

That is on the border on Cleveland and Euclid. You may be able to get $800 or $750 ish for it. It's a duplex so you will not get as much rent as a SFR would. A SFR could get you well over $1,000 a month in Euclid for sure.

Cleveland, OH -- rental rate for this property?

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