Is anyone familiar with the rental market in and around Cleveland, OH?

Question

I may be relocating there for work, and was considering buying a multi-family home to live in while I rent the other unit out.

I don't have a lot of money, $140K is my max. There is plenty to buy well under $100K but the neighborhoods likely aren't the greatest.

Can anyone suggest any areas surrounding Cleveland where there is minimal blight, and $140K will get you into a fairly clean neighborhood?

Nicole Heasley Beitenman · Answer

I agree that Shaker is beautiful, but I can't see the OP finding a multi-family there for that price. Or any other decent neighborhood. Talk to a realtor, but with that budget, you may be better off getting a large SFH and renting out the spare bedrooms. I did it for 3 years in University Heights.

Michael Swan · Answer

I would look in Shaker Heights. Very high property taxes, but really nice area to live and rent out half a duplex or something like that. There are some really sketchy areas in Cleveland for Multifamily, especially to house hack. Be careful!!

Swanny OG BP Podcast 238 guest.

Bernardino Graziano · Answer

@Tim Lyons

Hello Tim,

I moved to Cleveland 20 years ago and love it here. I think I can help you. If you want to chat, my phone number is 4403647076

Tim Lyons · Answer

The $140K is based on having a second mortgage (temporarily). If I first sell my house and temporarily rent in OH, I could likely get approved for a $280K house or more. I know banks will often approve a mortgage contingent on a home sale, but moving out of state and switching employers complicates things. Harrison and Alfath, thank you for the offers. I will be keeping you both in mind if the move happens. Thank you all so much for the replies. This community is truly an asset.

Nathan Fisher · Answer

Just remember, even if you are house hacking, you legally still need to do lead clearances in cleveland/ cleveland heights.

Also, get a LOCAL realtor, for your budget, local knowledge is even more important.

Jack Krusinski · Answer

It depends on where your work is at. But with $140,000 budget, the 44109 zip code is something to look at. Euclid is another good area but if your work is on the west side that maybe too far.

Alfath Ahmed · Answer

Hey Tim,

Cleveland, OH is a cash-cow for out-of-state investors. I personally own a ton of properties in the cleveland market and Columbus.

Generally, if you are looking for overall appreciation and okay net rents, you are better off in Columbus. If you are looking for a ton of cash-flow, then Cleveland is the way to go. My partner and I have brokered a ton of deals in the market. I sell mostly off-market deals with a ton of meat on the bone.

Let me know if you are interested in connecting. I can defintiely provide you with a ton of great insight about the market.

Michael Swan · Answer

I went online and saw a few Multifamily duplex type properties in Shaker Heights for not a lot more than your budget.  You will be getting a loan.  Right?  Not a good use of all that cash in my opinion.

Just be careful.  This is a place you want to live in too.  As I said earlier, there are some scary areas that you will pay a bit less, but wouldn’t be my thing if I was living there and house hacking.

By the way.  I love me some Lake County too (Willoughby, Mentor etc…) Nice areas to live!!  Most likely tough to find duplexes on the market there.

I own 8 apartment complexes in Painesville and one in Mentor too.  I would feel comfortable living there.

Have a great one all!!

Swanny OG BP Podcast Guest 238

Harrison Chow · Answer

Hey Tim! I might be able to help you out with this. Let's connect!

Shane Kelly · Answer

Great idea from Nicole above ^. Your budget may get you further in an SFH in a nice neighborhood here since multifamilies have been pretty crazy with their pricing recently. There are also some good suggestions for a couple neighborhoods above, but I second you're not gonna find anything in Shaker for that price. Old Brooklyn is my go to suggestion, but prices continue to climb there, so we'll see how much longer it will be under your budget. You can also look at Cudell or the West Eighties, but those are a little more street-by-street so you've got to be careful if you want a nice neighborhood.

Is anyone familiar with the rental market in and around Cleveland, OH?

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