Home Buying in 44144>Question Details

Joe, Home Buyer in Cleveland, OH

I am looking to purchase a home for investment in the Old Brooklyn area of Cleveland near Ridge Rrd bordering

Asked by Joe, Cleveland, OH Wed Apr 30, 2008

the City of Brooklyn. Is this a good area and do you think the homes will retain their value? Specifically looking on Archmere and Southfield rds.

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Voices Member’s answer
Joe,

That's an extremely tough area for any investment right now ...

$95,000 "steals" are barely breaking $69,000 - and thats if they need -0- ... there is 300ish homes for sale in Garfield Hts and most have been siting 300 days+ ... 50% of the rehabs between State and Pearl north of 480 are still there from 2006, and most renters are moving into Lakewood (sad) for less $$..

Now is not the time to be throwing any dice in that area ..


; ^)
0 votes Thank Flag Link Thu May 1, 2008
Old Brooklyn and Brooklyn are two different animals. Old Brooklyn is in Cleveland, and I believe goes to Cleveland City Schools. Brooklyn has it's own school district, and the city services there are phenomenal. As far as investment value goes, if you are looking long term there are a lot of undervalued properties in North East Ohio right now. This would be a great time to buy, and then when the market recovers and appreciation kicks in you may have a chance for a good return on your investment.

Many investors are using that area for rehabbing homes into rental units. Especially in Cleveland. Make sure to do a cost analysis on how long it will take you to get your investment back based on what you could get for rent.

If you are considering rehabbing and selling the home just remember that you are getting a good price for a reason, and you have to be realistic about what improvements you make and how much profit you can expect.
0 votes Thank Flag Link Thu May 1, 2008
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