All Forum Posts by: Shane Kelly

Short long answer, pretty well in most areas. This is mostly because single family desirability is high. Of course, the smaller size makes them less attractive to some prospects, but if they're looking for a lower cost single family, then they will be getting it there. You also have to keep in mind that in an area where all the competition is 3 bed 2 bath single families, you'll likely have a harder time renting, if your primary competition is 2 bed 1 bath apartments, then you'll likely do well. Other things like a garage, off street parking, and having a yard can add to interest as well in areas. End of the day, depends on the area. Hope this helps.

Congrats! I hope this deal goes well for you!

Hey @Anthony Collier, nice to hear from you. As a new agent in the Cleveland area myself, there is much to learn, but you're in the right place to learn about it. Reach out if there's anything you think I could help with. Thanks!

You can work with someone to figure that out, but you can also run a lot of comps yourself. Use all the websites that renters would go to, like Rent.com, Realtor.com, Zillow, and even places like Craigslist and Facebook, to get a grasp on some market rents. You can also reference rentdata.org for fair market rent prices, but they will only give you a county-wide overview rather than specific rent in a neighborhood. If you want me to get more specific with anything, feel free to reach out. Thanks!

 I think he may have meant the utility company for that property, but an in-area property management company could help you with an estimate too.

 I may be able to assist with this. You're more than welcome to reach out if you think I can at all be helpful!

Congrats! $700 a month from two doors is great for a first OOS deal. Cleveland is know for it's cashflow. I wish you luck in your investing!

In my experience, the east side of Cleveland sees less dollar for dollar increase on improvements than other areas. Perhaps this is because of the lower overall sale prices or just bad appraisers. If you're trying to see larger returns on these sorts of projects, then you likely want to get to a better area with a higher ceiling for profits.

 I second this. My company has used him for a while.

Welcome to the forum! I'd say your criteria seems solid. The small multi market is fairly plentiful in Cleveland, some of which being in your range, and you should be able to find some financing for them. I'd particularly like to touch on your area criteria and say you seem to have picked very well. You may notice that some of these areas, particularly parts of Edgewater and Ohio City, can cost much more than 100k for a small multi. Other than that though, all seems well! I'm happy to help with whatever I can, so don't hesitate to reach out if you need anything. Best of luck!