Cleveland Multifamily 2020

[Garrett M.]

Hey everyone, 

I've been exploring markets outside of the greater NYC area, primarily for better cash flow opportunities, and have been doing a deep dive into Cleveland, OH. There have been some very informative posts about the buying/selling process with regard to POS violations that have helped prepare me for an eventual purchase and its nuances. 

Following the 2+ year old guides that some fantastic BP members have posted I am now in the process of narrowing down to a few select neighborhoods (currently looking at but not limited to University Heights / Cedar-Lee / Parma / Shaker Heights / Detroit-Shoreway / Lakewood to name a few) to find that sweet spot of relatively stable cash flow, decent tenant pool and potential for some appreciation.  Curious to see if some of the ratings have changed over the past 2 years since creation. At this point I'm looking to take the next step in connecting with a few folks, professional agents and those that are more intimately familiar with the area to begin some conversations on my next steps towards a purchasing a few pieces of small MF property with a mindset of buy & hold.

I currently own a a few MF properties nearby that I self-manage remotely but given the distance, lack of market expertise and a growing family I would defer to a well vetted property manager on any future acquisitions in this area.

Not looking for turnkey as much as something that is a little rough around the edges - I am used to the ups and downs that come with buying in C areas for the 'best' return hence working with a great local contractor would be absolutely necessary. 

Looking forward to connecting with some great people in the near term. 

Thanks!

[Bob Collett]

In general, Parma is probably the most trouble free from your list.  Detroit Shoreway can work out well, but it can be street by street and there is a lot of police cars rolling around the area after dark. Lakewood tends to be a great rental area.  Also consider West Park (44111) west of W 140 is best, but W 117 to W 140 will give better cash flow. Puritas Longmead  (44135) is similar to 44111, but best to avoid the area around 130 and Bellaire. You can also find better cash flow in Old Brooklyn (44109). The east side cities you mention are all a pain in the butt to work with due to picky rental inspections and high property taxes.

Best of luck.