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.

[Bob Okenwa]

@Nick Allison

Here's a pretty solid guide to grading Cleveland neighborhoods. https://www.biggerpockets.com/...

1. I'm not local, but Lakewood is a pretty good area. Make sure to be west of the SW to NE train tracks. Values can change pretty quickly on the other side of Detroit Ave

2. In Lakewood, you're probably closer to 100k-200k per unit. As for market rent in the area, contact a local PM or agent or use Rentometer to get a gauge of pricing. Market rent will depend largely on bedroom count like it is everywhere else

3. Someone local to the Cleveland area would have a better pulse on the team members. Usually a good PM can assist you in finding the other team members so I'd begin there.

4. See #1. https://www.biggerpockets.com/...

5. Varies by lender. Shop around.

Hope this helps. Good luck