Shout out Cleveland! Need some help

[Gilad Stern]

Hi all, wassup?

I'm in the business for ~5yrs now, investing in FL. Lately, deals are hard to find and I've been trying to search for new markets to profit on.

I've heard good deals come more often in Cleveland, OH nowadays. I was offered a Duplex costs 90K with the rehab needed 130K that would sell for 320K, according to the realtor.

I've ran some numbers and they don't seem to make sense. I think I might be in for a scam, since I noticed suspicious transfers in title, both time-wise and price-wise. 4 transactions between January to June, which seems high. Not only that, I would greatly appreciate your opinion on this, since I am new to OH.

Thanks in advance to all helpers, good luck to all

Details below:

1963 W 47th StCleveland, OH 44102

• Parcel #: 00234110

(Detroit Shoreway)

• 4 beds
• 2.5 baths
• 2,580 sqft
• 3,696 sqft lot size
• Multi-Family
• Built in 1910

links:

http://myplace.cuyahogacounty.us/MDAyMzQxMTA=?city...

https://www.trulia.com/p/oh/cleveland/1963-w-47th-...

https://www.google.co.il/maps/place/1963+W+47th+St...

https://www.zillow.com/homes/1963-W-47th-St,-Cleve...

Number

Each Investor
House	$80,000	Investor 1	$ 90,000.00
Closing costs	$1,500
Renovations	$130,000	Investor 2,3	$138,000.00
Project Management	$10,000
TOTAL	$221,500
Sell Price	$320,000
Costs	$16,000
Iintrest	$8,000
Net	$74,500
Cash on Cash
Investor 1	$24,809	28%
Investor 2	$24,809	18%
Investor3	$24,809	18%

-22 squares roof (probably as many as 3 layers budget for that and re-sheath) $6600

-Windows/Ext Doors (currently 20 windows and 3 ext doors) $5000

-Siding/gutters (28 sq siding) $12000

-Driveway/ 2 car garage (driveway 132’) Drive and pad appx 7k, garage 7k, wire $14000

-Demo (labor/dumpsters) $5000

-Framing (lumber/labor,floor leveling and sheathing) $6000

-Insulation $4000

-Wiring and light fixture (all new service) $8000

- Plumbing (drains and supply and hwt and faucets) $8000

-Hvac (hvac and ductwork) $7000

-Foundation repair (parging/loose bricks/drylock) $3000

-Drywall (sheetrock/taping/finishing level 4) $12000

-Painting $5000

-Millwork (doors/baseboard/casing) (solid doors 10?/trim 2000’?) $6000

-Flooring (2580 sq ft) (hardwood and underlayment/tile and backerboard) $11000

-Kitchen ( cabinets/granite/appliances /tile backsplash etc) $10000

-2 bathrooms (vanities/toilets/glass showers/bath accessories/tile shower walls) $5000

Things to consider: demo rear structure that’s currently serving as 2nd unit, extend roofline the entire length of home, add 5k ish, the one side of either this house or w50th had a settling issue so we’re going to have to fix that

Cost as estimated to rehab $127600 -132600

(your going to be somewhere in this range)