Is Cleveland dying?
Looking at MFRs in Cleveland and suburban areas, but I'm super concerned with population decline. Some suburban communities are pretty stable, but generally, Cleveland is a fraction of what it once was. What are the caveats to investing there, or is it just a no-go altogether?
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Jay Hinrichs
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Jay Hinrichs
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Exactly all the rust belt cities that were built on steel and auto's have lost populaton over the decades just look at Detroit.. that does not mean the cities are dying.. It just means they are re configuring. And the existing inventory gets repurposed refurbished and put back into play. I have not looked closely but where I would bet there is a downturn and will continue is in new construction since so much of the Cleveland stock can still be bought for less than replacement costs even if the land was free.. this is a given in so much of the mid west deep south and rust belt. Its why investor flock there to buy these assets.. I just sold a nice tri plex there for 170k. No way no how could you replace it for 170k at todays building costs even in those markets were labor is somewhat cheaper.
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