Real estate investors interested in single-family homes in Cuyahoga County will find an accessible market that provides excellent returns. Single-family homes are moderately priced, rents are stable, and there is a reliable tenant population with well-qualified renters looking for great homes.
There are several diverse and attractive neighborhoods to choose from. When you’re looking for an investment property in Cuyahoga County, remember to consider its location, condition, and potential to attract reliable, well-qualified renters.
Build a Budget When Deciding Where to Buy in Cuyahoga County
The first thing you’ll need to establish when choosing the best place to buy a rental property in the local market is your budget. The amount you are able to spend on your purchase will immediately qualify and disqualify several specific communities and neighborhoods.
When you’re putting together a financial plan, remember that you’ll have to pay the obvious expenses like your mortgage, taxes, and insurance. There are other costs to Cuyahoga County investment homes as well, such as the cost of vacancy and turnover. You’ll want to factor in routine and preventative maintenance as well as emergency repairs. Remember that you’ll have to pay for marketing and advertising as well as screening. There may be an HOA fee to consider every month.
Once you know what you want to spend, you can decide which neighborhoods fit your budget. It will narrow down your options and provide you with strategic opportunities.
Best Cuyahoga County Neighborhoods for Rental Homes
When you’re focused on single-family homes, you’ll find there’s a lot to offer in Cuyahoga County, especially outside of Cleveland.
Even with a competitive market, it’s still possible to find affordable single-family properties that can easily be added to a revenue-generating portfolio. There’s a lot of high growth potential in the area’s top and mid-tier neighborhoods. Here’s where to look:
- Bay Village. Single-family renters are often looking for good schools, and this neighborhood provides excellent schools as well as an abundance of parks. The community is close to Lake Erie and some residents describe it as feeling rural.
- Moreland Hills. A quiet Cleveland suburb, Moreland Hills also has great schools, a lot of neighborhoods with single-family homes, and a large population of retirees, who make great tenants.
- Solon. For a single-family home that’s in more of a walkable neighborhood, consider investing in Solon. There are restaurants, parks, and even nightlife available in this suburban community. It’s also diverse and growing.
All of these neighborhoods (and many others in Cuyahoga County) offer easy proximity to Cleveland, great schools, good parks, and plenty of opportunities for indoor and outdoor recreation.
Buying in an HOA: Check Association Rules
Lots of single-family neighborhoods are in HOAs, especially new construction neighborhoods or master planned communities.
Before you buy a single-family home in a neighborhood with an HOA, make sure you understand what you’re joining. You have to review and accept the association rules and regulations. There may be rules about pets, extra fees, and high association dues that will have to be factored into your decision. Choosing the association that you buy in will often be just as important as the neighborhood in which it’s located.
If you’d like some help identifying the right neighborhood and the right rental property for your portfolio, please contact us at IIP Management. We work with owners in the Greater Cleveland area.