Investor Duplex For Sale Cleveland

Investor Duplex For Sale in Cleveland, Ohio

Nice solid all-brick duplex for sale currently leased and cash-flowing $1,200 per month in Cleveland’s Waterloo Entertainment neighborhood, North Collinwood.

Great property with room for equity and rent increases.

Gross Income

• Unit 1: $600/mo
• Unit 2: $600/mo
• Total: $1,200 /month

Property Taxes:

• Annual taxes: $550
• Water/sewer/trash: $60 per month

Notes:

• Tenants are on a M-T-M lease now.
• Current owner is self-managing and tenants pay rent via bank branch teller deposit.
• Priced below market value of comparable property sales
• Current fair market rents range from $800 to $1,200 per unit.
• There is upside in equity and rent increases

The Benefits of Investing in a Cleveland Duplex: 

Are you an investor looking to add positive cash flow to your real estate portfolio? A duplex in Cleveland, Ohio, could be the perfect investment opportunity. Duplexes offer a unique blend of income generation and potential for appreciation. There are many benefits of investing in a Cleveland duplex.  

Why Invest in a Duplex (also called a Double here)?

Steady Income Stream: Rental Income: A duplex provides two separate units, allowing you to generate rental income from both. This consistent cash flow can be a significant source of passive income.  

Long-Term Appreciation: Real estate, historically, has proven to be a sound investment. As property values in Cleveland continue to rise, your duplex can appreciate over time, increasing its overall value.  
Tax Advantages:

Depreciation: One of the most attractive tax benefits of owning a rental property is depreciation. You can deduct a portion of the property’s value over time, reducing your taxable income.  

Mortgage Interest Deduction: The interest you pay on your mortgage can also be deducted from your taxable income.  
Leverage:

O.P.M. Using a mortgage to purchase a duplex allows you to leverage other people’s money (OPM). This means you can control a significant asset with a relatively small down payment.

Hands-On Management or Passive Income?

Active Management: If you enjoy property management, you can actively manage your duplex, potentially maximizing rental income and property value.

Passive Income: Alternatively, you can hire a property management company to handle day-to-day operations, allowing you to enjoy passive income.
Hedging Against Inflation:

Real estate has historically been a reliable hedge against inflation. As the cost of living rises, so too does the value of your property and the rental income you can charge.  

The Cleveland Market: A Strong Investment Environment Currently.

Cleveland, Ohio, is an emerging real estate market that offers several advantages for investors:

Affordable Housing: Compared to many other major cities, Cleveland offers relatively affordable housing, making it an attractive market for both buyers and renters.  

Strong Job Market: A growing job market in Cleveland has led to increased demand for rental housing.
Renovation Potential: Many older homes in Cleveland offer excellent renovation potential. By investing in upgrades, you can significantly increase your property’s value and rental income.

Lower Cost of Living: Cleveland’s lower cost of living compared to other cities makes it an attractive place to live and invest.  

Tips for Successful Duplex Investing in Cleveland

Thorough Due Diligence:

Property Inspection: Hire a qualified inspector to assess the property’s condition and identify potential issues.
Market Analysis: Research the local rental market to determine optimal rental rates and tenant demand.

Financial Analysis: Create a detailed financial plan, including income, expenses, and potential return on investment.
Smart Tenant Screening:

Implement a rigorous tenant screening process to minimize the risk of bad tenants.
Background Checks: Conduct thorough background checks to verify tenants’ income, credit history, and rental history.
Reference Checks: Contact previous landlords to assess tenants’ reliability and payment history.
Effective Property Management:

If you choose to hire a property management company, select a reputable firm with a proven track record.

Regular Maintenance: Maintain your property to prevent costly repairs and attract quality tenants.

Quick Response Time: Address tenant concerns and maintenance issues promptly to maintain tenant satisfaction.
Diversification:

Don’t put all your eggs in one basket. Consider investing in multiple properties to spread risk.

Geographic Diversification: Invest in properties in different neighborhoods or even different cities to reduce risk.  

Investing in a Cleveland duplex can be profitable and savvy. By carefully considering the factors discussed above, you can maximize your returns and minimize risk. 

Call 440-256-6156 to get the property flyer 

If you’re interested in exploring duplex investment opportunities in Cleveland, Ohio, contact us today. We can help you find the perfect property to meet your investment goals.