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Updated over 5 years ago, 05/06/2019

User Stats

40
Posts
8
Votes
Gino Tomba
  • Lender
  • Cleveland, OH
8
Votes |
40
Posts

What area of Lakewood would you get your next duplex?

Gino Tomba
  • Lender
  • Cleveland, OH
Posted

Hello All!

CLIFFNOTES: Looking for areas you see higher rental return than expected/appreciation, a property with little to no work needed to get rented, and rental price projections in the Birdtown/Cudell neighborhoods or any other areas that get brought up. Max purchase price, $175k.

I have been soaking up a lot around here and FINALLY ready to make an offer once I find the right duplex.  

The best help has been my co-worker (currently buying his second duplex in the area) and this article, The Ultimate Guide to Grading Cleveland Neighborhoods. It is a MUST read to get a good foundation, but this is over two years old now. I imagine the map and area opinions looking different today and want to get input where you think it has changed.

I have done a lot of research and understand the broad concept of Northern and Western areas being the easiest and best to rent, but I am not looking to put an offer in over $175k and inventory seems limited right now.

My agent is showing me a few places today mostly in the Birdtown/Cudell area since I would rather get something a little cheaper that needs next to nothing work, compared to something in the same price range needing rehab. Sweat equity seems daunting being as I am a pen-pushing millennial with no handy skills as well as spending all too much time at work. 

what are your thoughts? Should I stay away, do you have better areas to look at for my price range, any untapped pockets of multi-unit gold?

TIA!

P.S. Always happy to reciprocate with any lending advise needed. 

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