@Micheal W.
Thanks for the welcome mike! To answer your questions, the Euclid area isn't too bad but out there it goes street to street, Shaker is a pretty nice area but taxes out there are high by Cleveland area standards but overall is a good area, Lakewood I actually own a home myself which was our personal home but it became to small for us, Lakewood is a very good area but as for rentals I don't know if your numbers will add up due to Lakewood taxes are some of the highest around Ohio, also tenants for Lakewood area are skeptical due to if you live in Lakewood there is a RITA tax on what a persons income is, for instance my wife works for MOEN Corp. and every 90 days we paid an extra $340.00 on the RITA tax! It goes by income, so your tenants are shooing away from this because if you don't pay them they will actually garnish your paychecks, but as a place to live its beautiful!
To me the area of west park in Cleveland, and the West side, Ohio City, Tremont, Old Brooklyn, are where you want to put your money, your getting about the same rents with a far lower investment, And the areas are very decent! I want to point out that I have seen prices rise a tad in the past few months.
The Ohio City and Tremont area you want to really go after, they are trendy areas where the rental market is excellent! I have a couple homes in area that I'm selling to free up some capitol, there is all kinds of great things going on! Lots of nice shops, restaurants, cafe's, and new construction!
The ones im selling are 2 props in Ohio City, they are both duplexes and one I have listed and other I don't. 6010 Wakefield is rented at 600.00 down, 625.00 up, taxes are $101.00 per month, water & sewer is around $80.00 per month, Tenants are excellent! This home just underwent a full rehab last year with all new siding, roof, electrical, plumbing, you name it! This house is listed at 49K
The other one is at 1949 west 52nd, All new rehab a year ago! Around the corner from Wakefield prop. this one is generating 625.00 up, 650.00 down, taxes are 88.00 per month, 125.00 per month on water & sewer. Tenants are also great! 44K on this one.
I have a cash-cow also at 3141 Fulton rd, this house is a 3 unit, $1,875 in rents monthly! This is a luxury property that I live in myself right now, this one is also a full rehab and attracts high end renters from downtown, has an 8 ft wrought iron gate around it, new everything! Has granite bath, kitchen, it's a beauty! Heated 2 car garage! This on i'll sell for 75k firm!
I also have one on west side, 7211 Dearborn Ave, 585.00 up, 585, down, all new rehab also last year, will sell for 37K
If you want to see some pics, shoot me an email at [email protected]
I hope my info works for you, have a great day Mike!
