Watch out for the property taxes in Shaker. They are outrageous!
It would be impossible to cash flow on most properties there.
Spectacular homes though. Good deals now if you were planning to live in one as opposed to investing.
For a residential rental property to cash flow property, the monthly gross rents need to be about 2% of the acquisition cost (purchase price plus rehab). In other words, divide the monthly gross rents by .02 (or multiply the monthly gross rents by 50) to get the maximum acquisition cost.
This is a screening tool, YOU STILL MUST DO A CASH FLOW ANALYSIS. As the number of units in an apartment building increase, you often need MORE than 2% for the cash flow to be adequate
Shaker is not the best place to own a rental. The property taxes are high and the city gov is worse than Cleveland Heights on landlords…and that’s tough to do. East Cleveland has already contaminated the west and north west sections of CH and slowly but surely are creeping into Shaker. For this reason the cities are purposely making landlords lives very difficult.
I’ve been having much better luck NEXT to Shaker in the city of Cleveland. I own a 35 unit behind Shaker Square and several single fams and multi fams on the opposite side of the square. All the benefits of Shaker local but with Cleveland Property taxes.