First Investment Property in Parma Ohio

[Adam Vo]

Hi All - I am looking to purchase my first investment property in Parma, Ohio. I am looking for a buy and hold SFH rental that cash flows. This neighborhood seems relatively low risk and an I'd expect ~$80k properties to generate around $1k monthly rental income. Is anyone familiar with this area or know anyone who can help guide me in my search? Any watch outs I should be considering? Any other opinions or recommendations related to investing for SFH rentals in Parma?

[Account Closed]

Realized you are also not from the area.  I recommend you always visit the area you are investing in before doing so.  I toured a dozen houses and many neighborhoods in Parma (and a few others).

One thing I noticed about Parma, is the adage "you've seen one, you've seen 'em all" seems to apply to Parma SFH rental properties :) There are thousands of 3/1 or 3/2 SFH's in Parma that all have the same floor plan more or less. Literally once you've seen one, you know what you are getting with just about any Parma 3/1 or 3/2. Things I look for (I don't actually look but I tell my agent to look:) are Roof, Basement, Windows, Flooring, HVAC in terms of age or condition, anything that seems uncharacteristically out of repair or requiring replacement.

My SFH's were all 5k-7.5k of get ready repairs, but I also bought them for low to mid 60's not 80k, a year ago.

Most of the houses have solid hardwood floors (if there's carpet, there is probably hardwood under the carpet).  I've had my guys sand the floors and refinish them.  It looks awesome.