@Lee Stephens make sure to account for the following expenses in your calculations:1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance  a) Property Hazard Insurance (0.3-0.45%)  b) Flood Insurance  c) Earthquake Insurance  d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)  a) Water § Sewer § Garbage  b) Electricity  c) Natural Gas  d) Propane9) General Maintenance (usually 5%)  a) Upkeep § Landscaping  b) Snow removal c) Repairs  d) New Appliances  e) Make ready10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...  

DM me for contact info, BP won't let me post his e-mail.

Can also be considered higher in value verus B-E areas.

dl=0https://docs.google.com/spreadsheets/d/e/2PACX-1vS...

(e) The landlord may not treat performance of the separate agreement described in subsection (d) as a condition to any obligation or performance of any rental agreement.

There is a wide range of caliber in each of those two cities.At the low end of Garfield, the streets off of E. 131st ("up the hill" north of Broadway) are pretty rough, and you might have a harder time finding and retaining good tenants (also, these streets are on Cleveland schools, which is seen as sort of a drawback for many people).

Any first year law student should know this.Equitable title: https://definitions.uslegal.com/e/equitable-title/Equitable conversion:https://definitions.uslegal.com/e/equitable-conversion/

@Wesley E Harwood your overall CAP rate value calculations are correct however you are underestimating the operating expenses.

If, you have a 6 bed home then no renovation is needed unless the door entrance areas need to be widen, bathroom needs to e wheelchair accessible etc.

They will put them on an auto-e-mail list and wait until you see a property that you like.