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- 🚨 Out-of-State Investors vs Local Buyers
🚨 Out-of-State Investors vs Local Buyers
📈 What $1,250 Gets You in Cleveland Right Now
Good morning, Cleveland Real Estate Investors!
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📬 In today’s edition:
🚉 GCRTA Land Sale Could Unlock New Station Developments
⚖️ Investors Now Own 1 in 3 Homes in Some Cleveland Areas
📊 Cleveland Rent Check: Still Affordable, Slowly Rising
📰 Cleveland Market Minute
Hotel land sale may boost GCRTA station developments
A land sale recently approved by the Greater Cleveland Regional Transit Authority (GCRTA) went largely unnoticed beyond the agency, as did the creation of a fund where the sale proceeds will be deposited.
The property GCRTA sold was a 2-acre plot of land to be carved out of three parcels totaling 11 acres that comprise the Puritas-West 150th Rapid Transit station and its parking lots, next to Interstate 71.
$300M CWRU project at heart of growing University Circle
In the three years since Case Western Reserve University (CWRU) first announced plans for a new Interdisciplinary Science and Engineering Building (ISEB), the $300 million donor-supported project has seen substantial progress.
The research center is located in the growing University Circle neighborhood, where housing for students and employees alike is in high demand.
Home on the Opportunity Corridor?
Developing in a neighborhood where much of the neighborhood is gone has its plusses and minuses.
On the upside, it’s a chance to reboot the community without upsetting existing neighbors because there aren’t many left. And in this case, one of them is a member of the development team so there’s little chance of a NIMBY backlash.
📍 2177 W 41st St, Cleveland, OH 44113
💰 Sold Price: $419,000
📏 Size: 2,327 sq. ft. (1,577 above + 750 finished lower level)
📅 Year Built: 2000
🛏 2 Beds | 🛁 2 Full, 1 Half Baths
🚗 2-Car Detached Garage (Insulated + New Door 2021)
🌳 Lot Size: 3,741 sq. ft.**
🏫 School District: Cleveland Municipal School District
📝 Investor Takeaway
This modernized Colonial in the heart of Ohio City offers a compelling blend of structural updates, smart floorplan design, and prime walkability. With loft-inspired ceilings throughout the main living areas, the home feels bright, open, and architecturally elevated—perfect for today’s urban buyer.
Major improvements include a 2020 roof, 2020 dual-pane energy-efficient windows/doors (transferable 30-year warranty), and an updated insulated garage. Inside, hardwood flooring runs throughout, complementing the spacious great room with fireplace and the thoughtful second-level layout featuring walk-in closets and a dedicated laundry room.
The partially finished lower level provides a true value-add: plush carpet, full bathroom, wet bar, and the flexibility to serve as a guest suite or additional living space.
With updates handled and the location dialed in, this home offers strong resale potential and seamless rental viability—especially in one of Cleveland’s most consistently high-demand neighborhoods.
🏡 Neighborhood Insight
📍 Community: Orchard Park / Ohio City
🏞 Nearby Landmarks: West Side Market, Hingetown, Gordon Square, multiple breweries, restaurants, boutiques, and the Red Line Greenway
🧾 Tax Abatement: None (fully assessed)
🚶 Accessibility: Minutes to Lorain Ave, Detroit Ave, W 25th, I-90, and public transit; extremely walkable to dining and nightlife
📈 Recent Sales Nearby:
1949 Columbus Rd – $539,000 | 3 Bed | 3 Bath | 2.6k sq. ft.
2171 W 41st St – $405,000 | 3 Bed | 3 Bath | 1.9k sq. ft.
2829 Clinton Ave – $470,000 | 3 Bed | 3 Bath | 2.1k sq. ft.
2250 W 20th St – $429,000 | 2 Bed | 3 Bath | 1.8k sq. ft.
1862 W 44th St – $455,000 | 3 Bed | 3 Bath | 1.6k sq. ft.
📌 Notable Features
✨ Loft-inspired high ceilings with exceptional natural light
🔥 Fireplace-centered great room
🪟 2020 dual-pane windows/doors w/ transferable warranty
🛠️ 2020 roof + 2021 insulated garage w/ new door
🛋 Hardwood flooring throughout
🧺 Second-floor laundry (washer + dryer included)
🍽️ Cooktop, dishwasher, microwave, refrigerator included
🔑 Partially finished basement w/ full bath + wet bar
🌳 Fully fenced backyard with private outdoor space
🚗 Detached 2-car garage with insulation + paved driveway
💡 Insider’s Insight
Market Snapshot: Rent Prices & Trends
As of late December 2025, the Cleveland rental market is showing steady growth despite being characterized as "Cool" compared to national demand. While the city remains significantly more affordable than the national average (37% lower), costs are ticking upward.
Average Rent: $1,250 (up $50 from last year).
Inventory: There are currently 2,289 active listings.
The Price Range: While you can find rentals as low as $350, luxury listings are peaking at nearly $24,000.
Breakdown by Size:
Studio: $950
1-Bedroom: $999
2-Bedroom: $1,100
3-Bedroom: $1,400
4-Bedroom: $1,647
Nearby Watch: If you are looking at suburbs, Brooklyn is seeing higher averages ($1,600), while Linndale remains a more budget-friendly pocket at $1,000.
The Investor Tug-of-War
A recent investigation reveals a shifting landscape for Cleveland’s single-family homes. Out-of-state investors from California, New York, and Florida are increasingly targeting low-income neighborhoods. In some "hotspots," investors accounted for 43% of all home purchases last year.
The Impact:
Concentrated Ownership: In certain pockets of Northeast Ohio, investors now own 1 in 3 single-family homes.
Maintenance Concerns: Longtime residents report issues with "absentee landlords" neglecting properties, leading to deteriorating porches and overgrown lawns.
Pricing Power: Real estate speculators are often able to outbid local families, making homeownership more difficult for Clevelanders.
Fighting Back: The "Middle Neighborhoods" Initiative
Local nonprofit Cleveland Neighborhood Progress (CNP) has entered the "boxing match" against out-of-state speculators. Their goal? To stabilize "middle neighborhoods"—working-class areas teetering between growth and decline.
The Strategy:
CNP is using public and philanthropic funding to buy vacant or neglected homes, renovate them to high standards, and sell them exclusively to owner-occupants, not investors.
Success Story: In Collinwood, CNP purchased a neglected rental for $85,000 and invested $180,000 in renovations (adding bedrooms, a new garage, and modern systems).
The Long Game: Although they sold the home for $205,000—a financial loss on that specific property—the investment raised the property value of the entire street, protecting the equity of neighboring homeowners.
Future Goal: The initiative aims to renovate 200 homes across Collinwood, Lee-Harvard, Old Brooklyn, and Jefferson.
📍 2222 Detroit Ave #717, Cleveland, OH 44113
💰 Price: $189,900
📅 Year Built: 2006
🛏 2 Beds | 🛁 2 Full Baths
🏢 High-Rise Condominium
🏫 School District: Cleveland Municipal School District
🧘 Vibes: Enjoy modern urban living in the heart of the West Bank of the Flats inside this light-filled 2-bedroom, 2-bath Stonebridge condo. The home features an open layout with expansive windows that frame beautiful views of Cleveland’s iconic bridges, creating a bright and inviting atmosphere throughout.
Recent major exterior renovations at Stonebridge are wrapping up, delivering a fresh, modern look and enhancing long-term value for residents and investors alike. With minimal updates needed, this unit presents a strong opportunity for owner-occupants or rental income seekers.
Stonebridge residents enjoy concierge services, on-site fitness center, secured access, and a stylish resident lounge, all just steps from top-rated restaurants, nightlife, gyms, waterfront attractions, public transit, and highway access—placing the best of Cleveland right outside your door.
👉 Listed by: Tera Somogyi | Keller Williams Living
📞 561-901-9331 | ✉️ [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
🚆 GCRTA Land Sale Signals Transit-Oriented Growth
GCRTA quietly approved the sale of a 2-acre parcel at the Puritas–West 150th Rapid Transit station near I-71. Proceeds will be placed into a dedicated fund, opening the door for future station-area redevelopment and transit-oriented projects along the Red Line corridor.
🏗️ $300M CWRU Science Hub Advances University Circle Boom
Case Western Reserve University’s $300 million Interdisciplinary Science and Engineering Building continues to take shape in University Circle. As the district grows into a premier research and healthcare hub, housing demand for students, faculty, and staff is intensifying—adding pressure and opportunity to nearby residential markets.
🧭 Insider’s Insight | Market Dynamics (Winter 2025)
Cleveland’s rental market remains affordable but steadily tightening. Average rents have climbed to $1,250, up $50 year-over-year, with 2,289 active listings citywide. Investor activity continues to reshape ownership patterns, especially in lower-income neighborhoods where out-of-state buyers now account for as much as 43% of purchases in some areas.
Local nonprofit Cleveland Neighborhood Progress is pushing back through its Middle Neighborhoods Initiative, prioritizing owner-occupancy over speculation to stabilize long-term housing values.
🏠 Just Sold Spotlight – Ohio City Colonial
📍 2177 W 41st St, Cleveland, OH 44113
💰 $419,000 | 2 Beds | 2.5 Baths | 2,327 sq. ft. | Built 2000
A modernized Colonial with loft-inspired ceilings, major system updates, and a finished lower level offering flexible living or rental use. Walkable access to Ohio City amenities supports strong resale and rental demand in one of Cleveland’s most competitive neighborhoods.
🏡 House of the Week – Stonebridge Condo
📍 2222 Detroit Ave #717, Cleveland, OH 44113
💰 $189,900 | 2 Beds | 2 Baths | Built 2006
A light-filled high-rise condo with iconic bridge views in the West Bank of the Flats. Recent building renovations, full-service amenities, and unbeatable proximity to Downtown, The Flats, and transit make this a compelling option for owner-occupants and investors alike.
Until next week,
Cleveland Real Estate Investors
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