How Far North of Harvard Ave?

[Ike Stephens]

Getting close to pulling the trigger on a duplex in 44105. It's about 1.5 miles North of Harvard Ave (106th @ Union). I've been avoiding anything N of Harvard Ave in my searches (thanks @James Wise for the article). But this one is fully occupied at $1,300 gross (2 year leases), requires 0 repairs and is at $30,000.

I'm planning on picking this up for cash and the HELOCing out of it later on to help fund the next deal. The numbers make sense but I'm wondering about the area.

My question is, how far N of Harvard can you go before you reach the hardcore ghetto? Looking on Google Maps (2017 images) I'm seeing some nicer properties on the street and surrounding streets. Flower beds maintianed, freshly painted houses and other signs that some folks actually take pride in where they live. There's some run down places too but the majority look halfway decent.

I'm from out of town and have been on the ground a few times in Cleveland but I'm looking for advice from some locals.



Thanks in advance!

[James Wise]

Originally posted by @Ike Stephens:

Comps are a little hard to come by since there's not a whole lot of similar stuff in the area in the past 6 months. Found a single family with 800 less Sq ft a street over for 26k a year ago. Another single family with 300 more sq feet a few streets over for 25k and a comprable duplex a mile down the road for 35k 2 years ago. I'm not sure of the condition that those properties were in at the time of sale though.

There's a nicer single family nearby on the market for 58k and a comprable duplex listed for 40k (on the market for 9 months).




Originally posted by @James Wise:

Originally posted by @Ike Stephens:

Getting close to pulling the trigger on a duplex in 44105. It's about 1.5 miles North of Harvard Ave (106th @ Union). I've been avoiding anything N of Harvard Ave in my searches (thanks @James Wise for the article). But this one is fully occupied at $1,300 gross (2 year leases), requires 0 repairs and is at $30,000.

I'm planning on picking this up for cash and the HELOCing out of it later on to help fund the next deal. The numbers make sense but I'm wondering about the area.

My question is, how far N of Harvard can you go before you reach the hardcore ghetto? Looking on Google Maps (2017 images) I'm seeing some nicer properties on the street and surrounding streets. Flower beds maintianed, freshly painted houses and other signs that some folks actually take pride in where they live. There's some run down places too but the majority look halfway decent.

I'm from out of town and have been on the ground a few times in Cleveland but I'm looking for advice from some locals.



Thanks in advance!

 E 106th & Union is the hood. Have you comped this out? Paying cash for this is super high risk.

 Well...Today is your lucky day young blood. I am about to save you some serious money & headaches as well as learn you a few things.

1. The fact that there are little to no comps in the last 6 months is a huge red flag. It's not a rural area or anything of that nature. It's a densly populated area. There should be sales. The fact that there isn't shows you that there is little to no demand in the neighborhood.

2. Active comps are not good comps. All a 9 month old active comp is going to do is to you what price it won't sell for.

3. 2 year leases in a neighborhood like this is laughable. Not worth the paper they are written on.

In summary I think the seller is jerking your chain & you are not the type of buyer who's gonna make any money here. Far too much risk with little to no upside on this deal for you. Abort mission.