offered a property in cleveland heights, is this a good area?

[Gil Ganz]

hey

was offered a sfh near 3921 Colony Rd South Euclid, OH 44118 (not exact address, but in this block)

checking the sites i usually use (onboardnavigator,zillow) to check out information about neighborhoods it looks like a rel good neighborhood. looking to get some more information from someone who is more familiar with the area, what class of neighborhood would you consider it? 
how much a 4bed, 2bath rent be around that place? rentometer shows median 1500$

[Bob Collett]

@Gil Ganz

Albert, these kinds of generalities with respect to neighborhoods can be somewhat unreliable.  For example, I have a property under management on Glenmont in Cleveland Heights a block from Coventry and have not had any serious issues other than someone using our treelawn to dump some trash.  

On the other hand I had a property under management on Selwyn in Cleveland Heights where the neighborhood folks broke in and stole an old hot water tank... two weeks later they came back for the new one; and next door (some other owner), they came and took the hot water tank and the furnace. This was an organized effort and the cops advised me that this goes on every night... often more than once a night.  The cops went so far as to ask me how well I knew my plumber!

In "trendy" neighborhoods such as Ohio City and Detroit Shoreway; where property values are going from next to nothing for a "handyman special", to skyrocket prices for a full rehab; I find that valuations (and neighborhood values) can vary not only street by street, but even house by house.

The bottom line, is... probably not a good idea to rely on Rentometer... probably not a good idea to rely on anyone who does not live in the northeastern Ohio... and probably not a good idea to rely on anyone who is not intimately familiar with the neighborhood.  This includes me... I grew up and lived in Cleveland my entire life, and I sell real estate all over Cuyahoga County... but I would not consider giving the kind of advise you are seeking, except in areas that I really know well... as in I have lived there... walked the neighborhoods... have friends there... know the shopkeepers... etc.

Albert, this is a good reason to use a real estate agent who has bought or sold a dozen homes within blocks of where you are "hunting"

I get a lot of out of state investors... and also many out of state investors who ask me to do property management for them... then they go on to lecture me on how great the neighborhood is where they bought their ghetto property.

Lots of investors come here because homes are so inexpensive, but they do not realize that the tenants who will live in these areas live with credit scores in the lower 500s, and whose track record seems to indicate that paying bills is optional.

$1500 is probably high for Colony... and a 4 BR / 2BR will draw large families. Since you are not permitted to discriminate based upon family size, take that into consideration when purchasing a 4 BR as a rental.

Important... find out what school district the house is in.