Questions for investing in Cleveland, OH

[Nick Allison]

Not new to investing but new to the Cleveland ,OH market. I have a few questions and hoping that those with local expertise can assist. I am looking to buy small multifamily (2-4 units) in the area of Edgewater and East side of Lakewood. Condition relatively close to turnkey (<$5k repairs per unit).

1. What are thoughts on the area of Edgewater and E. Lakewood? What "class" of neighborhood would it be? B/C/D? Any specific things I should know about that area? Opinions on current state and future projections?

2. Is buying what I have described feasible in this area for $80-100k/unit? Opinions on market rent per unit as described ( I am seeing $900-$1100)?

3. I have some ideas for team members but open to more recommendations for home inspectors/contractors/handymen/property managers that know this area well?

4. Am I correct in thinking that the purchase price will become the assessed value for taxes? Rate is 2.79% in that area I believe?

5. What is the customary allocation of closing costs. What will I be expected to pay?

Thank you in advance for any words of wisdom.