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$5,000 Homes for Sale in Cleveland

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LA Woman

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Joined
Jul 18, 2007
Professional Status
Certified Residential Appraiser
State
California
Whats the story out there in the Cleveland, Akron, areas? I see tons of homes available for $5,000-$10,000.

Granted these are fixers. But is there a need for rentals in that area? And are these low priced homes only located in gang infested type areas?

Next question....should someone who is interested in these homes wait until they fall to $3,000 or less? This is a serious question.

I'm considering buying in that area, to live in or maybe as a rental and would like imput from appraisers rather the the local real estate agents.
 
Joined
May 2, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
10-4 LA Woman. You can buy houses in Toledo for less than 3k. Heck, an inner city lot with water and sewer should be worth at least 7k. As with Cleveland, most of these houses are in craphole areas and generally cannot be rehabbed since if they are vacant for more than a day they will be gutted. Youngstown had a similar problem a few years ago and ended up bulldozing a lot of vacant homes and leaving the area as green space.

There are a number of good appraisers in the Cleveland area who should be able to help you. If you want to buy in the Toledo area, send me a PM and I'll see if I can get more info for you.
 

Calvin the Airedale

Elite Member
Gold Supporting Member
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Aug 17, 2004
Professional Status
Certified General Appraiser
State
Ohio
Whats the story out there in the Cleveland, Akron, areas? I see tons of homes available for $5,000-$10,000.

Granted these are fixers. But is there a need for rentals in that area? And are these low priced homes only located in gang infested type areas?

Next question....should someone who is interested in these homes wait until they fall to $3,000 or less? This is a serious question.

I'm considering buying in that area, to live in or maybe as a rental and would like imput from appraisers rather the the local real estate agents.

In many urban neighborhoods, you can find marginally livable housing selling for $1k-$5k. Some areas have so many foreclosures that even the scavengers cannot keep up, so the home still has its plumbing and mechanicals.

The inner ring, older suburbs offer enough decent rental housing that inner city rental markets are depressed. And suburbs have an advantage in that when you call the police, they actually show up.

Of course people come to Cleveland for the affordable prices but they stay for the climate. It's not boring like in LA. If you don't like the weather in Cleveland, just wait 30 minutes, it'll be different.
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
LA woman,

I cover the counties of Summit (Akron), Medina (Medina), & Stark (Canton & Massillon). These areas are all just south of Cleveland. I would not live nor rent in those $5,000 neighborhoods. The school districts are not very good, & who wants to have to constantly watch their backs.

Should you decide on a move to this area email me & I would be glad to look up properties for you & email you search results. NO charge, I'm shutting my business down within the next couple of weeks. My MLS membership, etc. has a little while to run before they expire, so I'll be glad to help as long as it's active.

Please don't move here because we need lots of appraisers. Just like CA we have an over abundance of appaisers in NE Ohio.

There are lots of good homes available at very reasonable (when compared to CA) prices.

You could buy my house if you want. 3 wooded acres (virgin timber), 2200 sqft cape COD, and a barn. My property is on the Stark/Summit county line. I plan to be gone from here within the next 12 months.
 

Tony in Ohio

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Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
Hi LA.

REO's are pretty much my bread & butter right now so PM me if you want any details/detailed advice.

As the other posts said. the 5-10 K neighborhoods are pretty rough. probably not as bad as Compton, but some are probably not a whole lot better either. The city of Cleveland has lost half its population in the last 20 some years, and I read a while back that the School system enrolment is the lowest it has been since the 1800's. needless to say that is going to put a damper on long term appreciation in most areas.

Don't wait for them to hit $3,000 a lot of areas were already there and are bouncing back up to the 5-10K range as new foreclosures have slowed and supplies have dropped. Many of the homes are still vacant and there with signs saying buy me for $1,000 down and 300/month with the seller working out something for the repairs to make it habitable. Most can be made habitable for $10-15K (for a knowledgeable rehabber double that if you call sears.)

I also would recommend an inner ring suburb. There are still some that are as cheap as dirt by LA prices, but twice the price, (20K+/-) gets you 90% fewer *****s, crackheads, and gang activity.

Note, this does not apply the the inner ring "suburban" city of east Cleveland which has been bankrupt for more than a decade, the ex mayor is in prison, and the mayors son recently shot his mom.

If you get out of the city completely, 90-140's will get you a post WWII home in some pretty nice suburbs, 200+/- can get you a newer home with decent commutes. $300-700K will get you 3000-5000SF in upscale suburbs and 1-3 million will get you the estate homes in very exclusive neighborhoods.


Heh, it filtered the term for streetwalkers. but you get the Idea.
 
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LA Woman

Thread Starter
Member
Joined
Jul 18, 2007
Professional Status
Certified Residential Appraiser
State
California
Thanks to all who replied. It's pretty much what I expected.

Looks like one of the areas I work in out here in LA would be a better investment. You can get a home for $40,000-$50,000 in many areas and they cash flow very nicely, especially with Section 8.

And our prices are still declining and looks like there is more work our here.
 

LA Woman

Thread Starter
Member
Joined
Jul 18, 2007
Professional Status
Certified Residential Appraiser
State
California
LA woman,
I cover the counties of Summit (Akron), Medina (Medina), & Stark (Canton & Massillon). These areas are all just south of Cleveland. I would not live nor rent in those $5,000 neighborhoods. The school districts are not very good, & who wants to have to constantly watch their backs.

Should you decide on a move to this area email me & I would be glad to look up properties for you & email you search results. NO charge, I'm shutting my business down within the next couple of weeks. My MLS membership, etc. has a little while to run before they expire, so I'll be glad to help as long as it's active.

Please don't move here because we need lots of appraisers. Just like CA we have an over abundance of appaisers in NE Ohio.

There are lots of good homes available at very reasonable (when compared to CA) prices.

You could buy my house if you want. 3 wooded acres (virgin timber), 2200 sqft cape COD, and a barn. My property is on the Stark/Summit county line. I plan to be gone from here within the next 12 months.


What are you planning on doing for work and where are you moving to after you close shop?
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
What are you planning on doing for work and where are you moving to after you close shop?

More than likely we will move to south or southeast area of Baton Rouge, LA. My daughter lives there now and plans to go to Med School in New Orleans in about 1.5 years. So she is there for the foreseeable future. We are also looking at the towns of Abita Springs (great beer), and Covington (these two towns are just NE of Lake Pontchartrain).

I'm not sure what I am going to do. I will do something though because I just cannot sit and do nothing. (I have already retired from the Air Force and from teaching as well as started on SS. So I'm not looking for a 40-50 hour work week...that's for sure.) A few thoughts going through my mind....become AQB qualified to teach USPAP...follow an old dream and go to auctioneering school...if my knees get better, become a FEMA disaster inspector.

I will keep my license active for the time being until I decide what to do. I do not want to do active appraising in Louisiana (they could not handle the competition:rof:).

Hmmmmmmm, maybe I should start an appraisal business down there & bring a bunch of appraisers on board. I could get them all mini vans and make them mobile appriasers:rof::rof::rof:). I could also become am AMC........nah, I do have some pride.
 

wickedness1

Senior Member
Joined
Jul 12, 2007
Professional Status
Certified Residential Appraiser
State
Ohio
The rehabs are being gutted as fast as they are being rehabbed in those areas. And unless 911 hears the words "gun shots", people wait hours in Cleveland for a response. I used to live on the west side of Cleveland (W 72nd) and the only time the police showed up was when I called in a panic b/c some idiot was walking down the street shooting a sawed off shot gun. Got 2 cruisers to respond that time, WOW.

IMO, I wouldn't waste my money around here. The economy is in shambles so "scapping" is becoming more poplular. Even the scrap yards have security now b/c of theft:shrug:
 

Calvin the Airedale

Elite Member
Gold Supporting Member
Joined
Aug 17, 2004
Professional Status
Certified General Appraiser
State
Ohio
The rehabs are being gutted as fast as they are being rehabbed in those areas. And unless 911 hears the words "gun shots", people wait hours in Cleveland for a response. I used to live on the west side of Cleveland (W 72nd) and the only time the police showed up was when I called in a panic b/c some idiot was walking down the street shooting a sawed off shot gun. Got 2 cruisers to respond that time, WOW.

IMO, I wouldn't waste my money around here. The economy is in shambles so "scapping" is becoming more poplular. Even the scrap yards have security now b/c of theft:shrug:

Dear Wickedness,

Where on W 72nd did you live and about when? I grew up on Cooley and W 117th.
 
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