Many people today are trying to find a great way to make extra money.  That’s why many are getting into real estate investment.  It may seem easy just collecting a check from renters, but there’s more to it than that. Finding the ideal area where rents and appreciation are rising is not always easy. The good news is that if you’re considering investing in property in Cleveland, you’ve found the right place!

According to HomeUnion, a company that helps property investors, the Cleveland metro area was the best place in America to invest in single-family houses in the first quarter in 2017. That’s due to the fact that rentals appreciated 16.2% annually between the first quarters of 2016 and 2017, along with an 11.5% return on investment.

Adding to this, it turns out that homes are still affordable, with a median price of $75,512. Compared to the rest of the country, rents are high and home prices are low.  That’s an ideal combination for investors.

According to local experts, many investors come from California, New York, Colorado, and Texas, where homes are more expensive. So they come to less expensive parts of the country, like Cleveland, to buy rental properties to help them afford to buy their own home. In the end, the rent that the tenant pays covers your mortgage, management fees, repairs, and leaves enough left over for profit.

Typically, an investor will buy a home for $50,000 on the low end and rent it out for $850 - $900.  On the higher end, you can buy a home for $75,000 - $90,000 and rent it for $950 - $1200.  The better investment, of course, is the more expensive homes.  Usually, tenants take better care of the property and are more inclined to pay rent.

If you’re considering buying an investment property in Cleveland, make sure you use our website find the ideal investment. Go to the Communities tab to find a property in any neighborhood in Cleveland, along with data about each neighborhood. Or feel free to contact us at 216-252-6580 to speak with a property investment expert. We’re happy to help you find the perfect investment property in Cleveland.