Cleveland Ohio Investment Property

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Cleveland Ohio Investment Property
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 Cork Hill (Maple Heights), Cleveland, 44137  [NGI]
27 Photos
Home for sale: Cork Hill (Maple Heights), Cleveland, OH
   
Purchase Price: $105,000 Rental Income:Rental Income shows the actual lease amount when property is leased; otherwise it is the target lease rate. $1,075
Bedrooms: 3 Property Tax: $108
Bathrooms: 1 Insurance/HOA: $40
Size: (sq ft) 1,144  Property Mgmt: $86
Price/Sq foot:  $92 Cash Flow: (Raw) $841
Year Built: 1953 Cap Rate: 9.6%
Parking: 1 Rent/Value Ratio: 1.0%
Neighborhood: A– DealGrader™: 7.6
This property is a single family home that has 3 bedrooms and 1 bathroom and is located in Maple Heights area.
 East Antisdale (South Euclid), Cleveland, 44118  [NGI]
9 Photos
Home for sale: East Antisdale (South Euclid), Cleveland, OH
   
Purchase Price: $115,000 Rental Income:Rental Income shows the actual lease amount when property is leased; otherwise it is the target lease rate. $1,185
Bedrooms: 3 Property Tax: $265
Bathrooms: 2 Insurance/HOA: $40
Size: (sq ft) 1,485  Property Mgmt: $95
Price/Sq foot:  $77 Cash Flow: (Raw) $785
Year Built: 1905 Cap Rate: 8.2%
Parking: 2 Rent/Value Ratio: 1.0%
Neighborhood: B DealGrader™: 7.5
This beautiful home has 3 bedrooms and 2 baths with an attached 2 car garage. This home is in South Euclid, which is a great area due to the city’s proximity to colleges, shopping, downtown, etc. 
 Fenwick (University Heights), Cleveland, 44118  [NGI]
1 Photo
Home for sale: Fenwick (University Heights), Cleveland, OH
   
Purchase Price: $175,000 Rental Income:Rental Income shows the actual lease amount when property is leased; otherwise it is the target lease rate. $1,597
Bedrooms: 4 Property Tax: $292
Bathrooms: 2.5 Insurance/HOA: $40
Size: (sq ft) 2,010  Property Mgmt: $96
Price/Sq foot:  $87 Cash Flow: (Raw) $1,169
Year Built: 1937 Cap Rate: 8.0%
Parking: 2 Rent/Value Ratio: 0.9%
Neighborhood: B+ DealGrader™: 7.4
This home is in University Heights, which is a great area due to the city’s proximity to colleges, shopping, downtown, etc. 

More Properties Coming Soon!

HIGHLIGHTS

  • Population of 385,809  (City proper)
  • Region employs over 120,000 healthcare professionals at Cleveland Clinic and University Hosp.
  • 70% of Fortune 500 companies have a presence.
  • More than 400 bioscience companies.
  • Home to 2 new Amazon distribution centers..
  • Home to 27 area colleges and universities.
  • Cleveland’s Metropark System is home to 22,000 acres of various landscapes and open lands.
  • Northeast Ohio boasts more lakeshore than any other metropolitan area in the world.
  • It is the 3rd largest live theater district in the U.S.
  • Home to four professional sports teams.
  • Home of the Rock-n-Roll Hall of Fame with 7+ million visitors annually.

A Perfect Example of the Revitalization of an American City

Northeast Ohio and specifially Cleveland has become the poster child of American revival in core industries. It combines a solid business infrastructure with education, lifestyle and an affrdable cost of living. The universities attract researchers and students from around the world. The city has a great orchestra, museums and recognized sports teams. There are miles of park trails, the shores of Lake Erie and The Rock and Roll Hall of Fame. All of this adds up to make Cleveland a great place to live and work, and thus an attractive investment climate for rental real estate

Overview

Cleveland is a large city located in the state of Ohio. With a population of 385,809 people and 176 constituent neighborhoods, Cleveland is the second largest community in Ohio. Much of the housing stock in Cleveland was built prior to World War II, making it one of the older and more historic cities in the country.

Unlike some cities where white-collar or blue-collar occupations dominate the local economy, Cleveland is neither predominantly one nor the other. Instead, it has a mixed workforce of both white- and blue-collar jobs. Overall, Cleveland is a city of service providers, sales and office workers, and professionals. There are especially a lot of people living in Cleveland who work in office and administrative support (14.08%), sales jobs (8.80%), and food service (8.44%).

Cleveland, like many big cities in America, has a public transportation system, but the citizens of Cleveland are lucky because theirs is one of the most extensive and widely used. Many commuters choose to leave their cars at home and instead use the bus to get to and from work. In fact, for some people it is feasible to forgo car ownership entirely, avoiding the cost and headache of driving in heavy traffic. The benefits include reduced air pollution and load on the road network.

The citizens of Cleveland are slightly less educated than the national average of 21.84% for the average city or town: 16.07% of adults in Cleveland have a bachelor's degree or advanced degree.

The per capita income in Cleveland in 2010 was $18,003, which is low income relative to Ohio and the nation. This equates to an annual income of $72,012 for a family of four. Cleveland also has one of the higher rates of people living in poverty in the nation, with 35.98% of its population below the federal poverty line.

Cleveland is an extremely ethnically-diverse city. The people who call Cleveland home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Cleveland residents report their race to be Black or African-American, followed by White. Cleveland also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account for 10.84% of the city’s residents. Important ancestries of people in Cleveland include Irish, Italian, Polish, and English.

The most common language spoken in Cleveland is English. Other important languages spoken here include Spanish and Arabic.


Information by Department of Numbers, Bureau of Labor Statistics, U.S. Census Bureau and Locatoin Incorporated are deemed reliable but not guaranteed.

Median Price Trends — Cleveland, OH
Market Inventory Trends — Cleveland, OH
Average Days on Market — Cleveland, OH
Market Action Index — Cleveland, OH

Information by realestate.com and altosresearch.com are deemed reliable but not guaranteed.

Unemployment Rate Trends — Cleveland, OH
Unemployment Rate Trends - Cleveland, Ohio
            Cleveland, OHorida, National.   (Recessions shown as gray bars.)
Total Employment Trends — Cleveland, OH
Total Employment - Cleveland, Ohio
            CPS - Current Population Survey,  CES - Current Employment Statistics.
Real Median Household Income Trends — Cleveland, OH
Real Median Household Income Trends - Cleveland, Ohio
            Cleveland, OHorida, National.
Home Rent-to-Mortgage Payment Ratio — Cleveland, OH
Home Rent-to-Mortgage Payment Ratio - Cleveland, Ohio

The rent-to-mortgage payment ratio uses the adjusted market rent against a 100% loan-to-value mortgage (30-year fixed) for the median price home using MLS sales statistics.  A ratio of 1.0 means that annual rent is equivalent to annual mortgage payments.  Values less than 1.0 indicate rents are cheaper, and values greater than 1.0 mean mortgage payments are cheaper.  (Note: taxes are not considered here.)

The rent-to-mortgage payment ratio for Cleveland was 1.14 in March 2014.

Information by Department of Numbers, Bureau of Labor Statistics, U.S. Census Bureau deemed reliable but not guaranteed.


Basic Purchase Information

Property Value  (est.) $
Purchase Price $
Down Payment  (%) $
Equity at Purchase $

Mortgage Calculation

Interest Rate (%)
Down Payment (%)
Loan Term (Fixed)
Loan Amount: $, Loan Term: yrs, Interest Rate: %
Loan Amount $
Annual Payment $
Monthly Payment $

Cash to Purchase

Down Payment  (%) $
Closing Costs  (%) $
Total Cash Required $
 
    Numbers in blue boxes can be modified.
    Calculations under all tabs update in real-time.
 
 

Calculation Assumptions

Rental Income (mo.) $
Property Taxes $
Insurance (est.) $
Homeowners Assoc. $
Management Fee (%)
Maintenance Reserve (%)
Appreciation Rate (%)
Vacancy Allowance (%)
Rental Income Increase (%)
Property Tax Increase (%)
Closing Costs (Buy) (%)
Closing Costs (Sell) (%)

Cash Flow and Equity Accumulation

CASH FLOW YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 10 YEAR 20 YEAR 30
Gross Scheduled Income
  less Vacancy Allowance
Total Operating Income
                 
Property Taxes
Insurance (est.)
Homeowners Association
Maintenance Reserve
Property Management
Total Operating Expenses
                 
Net Operating Income (NOI)
  less Mortgage Expense
ANNUAL CASH FLOW
MONTHLY CASH FLOW
                 
TAX BENEFITS YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 10 YEAR 20 YEAR 30
Depreciation
Mortgage Interest
                 
EQUITY ACCUMULATION YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 10 YEAR 20 YEAR 30
Property Value
  less Mortgage Balance
EQUITY (WEALTH)
                 
FINANCIAL PERFORMANCE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 10 YEAR 20 YEAR 30
Capitalization (Cap) Rate
Cash on Cash Return (COC)
Return on Investment (ROI)
Internal Rate of Return (IRR)


Note: Google's Street View images may be as much as two years old.





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