First Deal in Cleveland (Shaker Heights) OH - Worth It?

[Dereck Singh]

Hi BP,

I'm a long time lurker but this is first post and hoping for some feedback. I currently hold a couple SFH in the NY area and looking at my first out of state deal.

The property is located in Shaker Heights, a few blocks west of the Shaker library. It has quite a few basic updates and is a duplex.

The numbers are as follow:

Purchase Price: $55k

Taxes: $~6000

Rent: $1800 (21600)

PM: $2160

Maint: $2160

Vac: 8% - $1750

Ins: $1200

Water & Sewer: $1500

Cap Ex: $1200

Misc: $500

Mortgage - $300

Total Expenses: $14070 p/yr

Total: $21600 - $14070 = $7530 per/yr

Any thoughts on this deal and overall area? I have visited the area quite a bit and found it to be a well to do neighborhood but would love any feedback from the pros on here.

Thanks!