Clark Fulton triplex- WHAT AM I MISSING

[Dan Keefe]

Hey everyone,

So my first prospective property is going to be a house hack via a triplex (205k) in the Clark Fulton area as close to Metro Hospital as can be without sitting in the ER waiting room.

With my lenders quote (I'm using FHA loan) on interest rates and mp as well as the BP rent calculators I should be breaking even with 2 of the 3 units. My plan is to refinance after 12 months to a conventional loan and rent out the 3rd unit, possibly as a MTR for greater cash flow d/t proximity to the hospital.

For people in the Cleveland metro, is there any red flags with the Clark Fulton area that are more under the radar? Head aches with triplexes? Any red flags with this plan that more seasoned investors can point out is greatly appreciated. 

Thank you.

[James Wise]

Quote from @Dan Keefe:

Hey everyone,

So my first prospective property is going to be a house hack via a triplex (205k) in the Clark Fulton area as close to Metro Hospital as can be without sitting in the ER waiting room.

With my lenders quote (I'm using FHA loan) on interest rates and mp as well as the BP rent calculators I should be breaking even with 2 of the 3 units. My plan is to refinance after 12 months to a conventional loan and rent out the 3rd unit, possibly as a MTR for greater cash flow d/t proximity to the hospital.

For people in the Cleveland metro, is there any red flags with the Clark Fulton area that are more under the radar? Head aches with triplexes? Any red flags with this plan that more seasoned investors can point out is greatly appreciated. 

Thank you.

 Clark Fulton has got a ton of headaches. It's a low income neighborhood, it's got old housing stock and a ton of crime. That said, I think it's the most promising low income neighborhood in the city of Cleveland. So if you are down to sign up for these headaches this is the place I'd recommend doing it.