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Updated almost 10 years ago on . Most recent reply
First rental property in Cleveland suburb (Wickliffe)
Friends,
I am about to close on my first OOS investment property in Cleveland OH. This is a 3B 2.5B 2 story house in Wickliffe (a suburb 12 miles east of Cleveland). Has good schools and a safe neighborhood.
Little nervous so wanted a ballpark estimate / advice from local experts as to what are typical rental comps. in this area and how much vacancy rate shall I assume.
My personal estimates are 1000 pm and 1 month vacancy. Is this reasonable or too optimistic / conservative?
Thanks in advance.
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James Wise
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James Wise#5 All Forums Contributor
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- Real Estate Broker
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welcome to the site. I don't work in Wickliffe but am semi familiar with the area. I think your estimate is about where it should be.