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Joke: Why don’t real estate agents trust summer calendars?

Because August always seems to flip the page too fast! 📅😅

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📬 In today’s edition:

• 🌎 Cleveland ranked 2nd most affordable housing market worldwide

• 🏗️ $6.8M renovation transforms Cleveland Christian Home

• ⚠️ Section 8 landlords: What CMHA’s warning means for you

By Tyler Finkler - Local Realtor & Appraiser

📰 Cleveland Market Minute

Major Ohio city ranked 2nd most-affordable housing market in world, report says

Among the 95 markets compared, Pittsburgh, Pennsylvania, is the most affordable major housing market in the world with a median multiple of 3.2, according to the report.

Cleveland, Ohio, meanwhile, ranked as the second most affordable housing market in the world, according to the report. Cleveland, located about two hours northwest of Pittsburgh, had a median multiple of 3.3.

🔗 Read More

See Cuyahoga County home sales, other property transfer details for July (searchable database)

CLEVELAND, Ohio - The cleveland.com database of home sales and other property transfer details has been updated with transactions for July 2025.

The database is updated each month. Since home prices sky-rocketed so sharply in the last few years, it can be used as a tool for comparison to previous years by searching a particular street or city.

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Cleveland Christian Home to see major renovation into HOPE Campus

Construction is getting underway for the $6.8 million renovation of the HOPE Campus, 11401 Lorain Ave., in Cleveland’s Westown neighborhood.

If the name of the campus doesn’t sound familiar, it’s because the renovation is part of a transition of the property from its century-long service as the Cleveland Christian Home (CCH).

 🔗 Read More

🏡 Just Sold Spotlight – 2402 Tampa Ave, Cleveland, OH 44109

2402 Tampa Ave, Cleveland, OH 44109

• 💰 Sale Price: $116,500 (Sold August 19, 2025)

• 📏 Size: 2 beds | 🛁 1 bath | 1,086 sqft

• 🏘️ Property Type: Single Family (Colonial)

• 🌳 Lot Size: 4,321 sq ft (0.099 acres)

• 🛠️ Year Built: 1910

• 💵 Price per Sqft: $107

• 🚗 Parking: Driveway

• 📝 Investor Takeaway

This 1910 Colonial in the Ingham & H G Renker subdivision sold for $116.5K, making it an affordable entry point into Cleveland’s residential market. With 2 bedrooms, 1 bath, and 1,086 sqft, this home balances historic charm with modern convenience.

The property includes a bonus walk-in closet upstairs, a spacious 18x11 living room, and a full basement for additional storage. Appliances such as a washer, dryer, range, and refrigerator are included, making this a move-in-ready purchase.

Recent updates like central air, forced air heating, and vinyl siding keep the home efficient and low maintenance. A front porch and outbuilding/storage shed add outdoor functionality.

🏡 Neighborhood Insight

• 📍 Nearby Cross Streets: Just off Broadview Rd & Tampa Ave

• 🏫 School District: Cleveland Municipal - 1809

• 🧾 Assessed Taxes: ~$1,658 annually

• 💸 No HOA fees

📈 Recent Sales Nearby:

• 2369 Tampa Ave: $122,000 | Single Family | 2 beds | 1 bath | 1,120 sqft

• 2605 Broadview Rd: $130,000 | Single Family | 3 beds | 1 bath | 1,250 sqft

• 2356 W Schaaf Rd: $119,900 | Single Family | 2 beds | 1 bath | 1,050 sqft

📌 Notable Features

• Central air & forced air heating

• Full basement with storage space

• Appliances included: washer, dryer, range, refrigerator

• Walk-in closet bonus room upstairs

• Outbuilding/storage shed on property

• Partially fenced lot with front porch

• Classic 2-story Colonial with vinyl siding & asphalt roof

• Affordable price point in a well-connected Cleveland location

💡 Insider’s Insight

⚠️ CMHA Asks Landlords Not to Raise Section 8 Rents

The Cuyahoga Metropolitan Housing Authority (CMHA) has asked Cleveland-area landlords to hold off on raising rents for tenants with Section 8 Housing Choice Vouchers.

• CMHA fears a voucher budget shortfall by the end of 2025 due to potential federal underfunding.

• The request was made in an Aug. 6 letter from Dorivette Nolan, Chief of Policy, Planning & Voucher Administration.

• Landlords raising rents now could risk displacing tenants and forcing CMHA to terminate Housing Assistance Payment (HAP) contracts.

Key takeaway: CMHA is seeking landlord cooperation to preserve stability for over 16,000 Section 8 households in Cleveland.

🏛 Policy Context: Federal Proposals in Play

• Trump Administration proposals include:

• Replacing HUD rental assistance with block grants managed by states.

• Imposing a two-year cap on Section 8 rental assistance for “able-bodied adults.”

• Adding work requirements for recipients of federal need-based programs (Medicaid, SNAP, housing vouchers).

• Housing advocates warn these changes could reduce funding, displace families, and increase instability.

• Research from NYU estimates over 1 million households nationally could lose Section 8 benefits under the proposed cap.

📊 Local Impact for Cleveland

• CMHA administers ~16,000 vouchers in Greater Cleveland.

• Rent increases could shift costs to low-income tenants who may not afford the difference.

• Without landlord cooperation, families risk eviction and CMHA risks losing contracts with property owners.

🏡 House of the Week – Iconic Lakefront Tudor in Clifton Park

📍 17852 Lake Road, Lakewood, OH

• 📍 17852 Lake Road, Lakewood, OH

• 💰 Price: $3,500,000

• 📏 Size: 4,072 sq. ft. + 1,623 sq. ft. finished below grade

• 🏡 Built: 1928

• 🛏 5 Beds | 🛁 4 Full + 2 Half Baths

• 🚗 Garage: 2-car attached garage

• 🌳 Lot Size: 0.65 acre

• 🏫 School District: Lakewood City School District

🧘 Vibes: Quintessential lakefront living with panoramic Lake Erie views, a multi-tiered backyard, and a newly reimagined boathouse — seamlessly blending historic charm with modern luxury.

👉 Listed by: Kim Crane, The Kim Crane Group, Howard Hanna Real Estate Services

📞 440-652-3002 | ✉️ [email protected]

🛠 Tools & Resources We Recommend

• PropStream → Lead generation + property comps

• AirDNA → Short-term rental profitability data

• BiggerPockets Cap Rate Guide → Know how to calculate investment ROI

• Cleveland Housing Court Tracker → Spot eviction risks and distressed deals

• Cleveland Real Estate Investor Facebook Group → Share deals and insights with local investors

📣 Weekly Wrap-Up

Cleveland’s real estate market this week highlighted its global affordability, continued investor opportunities, and pressing compliance challenges. From headline affordability rankings to Section 8 policy pressure and standout property sales, there’s plenty for landlords and investors to digest.

📈 Market Momentum:

Cleveland has earned the spotlight as the second most affordable major housing market in the world, trailing only Pittsburgh. With a median multiple of 3.3, the city’s affordability remains a key driver for both investors and first-time buyers.

Meanwhile, Cuyahoga County’s updated July 2025 property transfer database provides valuable insight into neighborhood-level trends, helping investors benchmark prices against the last several years of appreciation.

🏗️ Development Watch:

The Cleveland Christian Home is being transformed into the HOPE Campus with a $6.8M renovation in the Westown neighborhood. This marks a significant adaptive reuse project, shifting the century-old institution into a modernized campus serving community needs.

🏘️ Neighborhood Highlight:

2402 Tampa Ave, Cleveland, OH 44109

• 💰 Sold: $116,500 (Aug. 19, 2025)

• 🏡 2 Beds | 1 Bath | 1,086 sqft | Built 1910

• 💵 $107/sqft | Colonial Style | Full Basement

This affordable Colonial in the Ingham & H G Renker subdivision reflects Cleveland’s accessible price points. Updates like central air, vinyl siding, and included appliances make it move-in-ready, while comps nearby ($119K–$130K) reinforce stable value growth.

💼 Legal Insight from the Field:

The Cuyahoga Metropolitan Housing Authority (CMHA) has formally asked landlords not to raise rents on Section 8 tenants, citing a potential voucher budget shortfall by the end of 2025.

With over 16,000 households relying on vouchers, landlord cooperation is key to avoiding displacement and contract terminations.

At the federal level, proposals to convert housing assistance into block grants, impose 2-year voucher limits, and add work requirements could reshape the landscape, putting additional pressure on compliance and long-term planning.

Investor Checklist:

• ✅ Pause rent increases for voucher tenants until funding clarity

• ✅ Monitor CMHA communications closely

• ✅ Factor potential federal reforms into long-term strategy

🌟 Luxury Hit of the Week:

17852 Lake Road, Lakewood, OH – $3,500,000

• 🏡 5 Beds | 4 Full + 2 Half Baths | 4,072 sqft (+1,623 sqft below grade)

• 🌳 0.65-acre lakefront lot with panoramic Lake Erie views

• ✨ Highlights: Multi-tiered backyard, reimagined boathouse, classic 1928 Tudor charm blended with modern luxury

Represented by Kim Crane Group (Howard Hanna Real Estate Services), this Clifton Park Tudor sets the bar for lakefront living in Greater Cleveland.

🧠 Investor Takeaway:

Cleveland continues to deliver entry-level affordability and premium luxury options, all while demanding sharper attention to compliance and policy shifts. Affordable deals like 2402 Tampa Ave provide accessible entry points, while luxury assets like 17852 Lake Road reflect the city’s high-end potential.

The balance for investors in 2025: seize opportunities in one of the world’s most affordable major markets while staying proactive on regulatory changes that could reshape rental economics.

Until next week,

Cleveland Real Estate Investors

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