Questions about investing in the Cleveland area

[Zach Johns]

Hello everyone,

So my wife and I are looking to buy our first investment property. We live in CA, but plan on investing in Cleveland. I will be flying there in a couple weeks, and hopefully we can own our first rental in a couple months. We have been preapproved for a 100k property, and plan on buying a multifamily.  

I've read The Ultimate Guide to Grading Cleveland Neighborhoods and have found it very useful thus far in my search.

Our realtor suggests we look into the Elyria/Lorain parts of OH. However, I've seen lots of property in Old Brooklyn and have heard some good things about the area. The goal of the property is mainly cash flow, but having a good tenant base is nearly as important. My realtor says there have been riots in Cleveland, and lots of the city is unsafe, which is his reasoning for focusing on Lorain/Elyria.

I'm hoping for some insight. Is my realtor correct in his assessment of Lorain/Elyria/Cleveland, or are the riots an excuse for him to stay close to his office in Elyria? Any ideas on the vacancy rates in Lorain/Elyria? I imagine the cash flow in Old Brooklyn would be a bit better than further West. Are there parts of Old Brooklyn that I should avoid when looking at property?

Also looking into the Detroit-Shoreway area.  Would hope for similar insights for that part of Cleveland.

Thanks.

[Ken Virzi]

No riots in old Brooklyn at all