Real Estate Investing in Cleveland, New York (13042)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 13042 (Cleveland, NY)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 23.6% of homes vacant — above national norms.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Cleveland, NY (13042)?
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Market Analysis: 13042 Cleveland
The 13042 ZIP covers a section of Cleveland that demands careful diligence. Prices near $256K look accessible, but the work to make a deal cash flow is real.
For an experienced owner, 13042 can be a a strong candidate for hunting ground — but the discount at $256K reflects genuine risk that outside investors often underestimate.
On the rental side, 13042 offers a low basis, the region around Cleveland has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The 13042 ZIP's population of 1,884 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that stands at the need for careful underwriting.
Strategically, 13042 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Cleveland:
Property Strategy for 13042
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $230,176 | $1,490 | 4.7% | +9.6% | $115,088 |
| 3BR | $248,335 | $1,800 | 5.2% | +8.4% | $82,778 |
| 4BR | $261,088 | $2,010 | 5.5% | +8.0% | $65,272 |
Market Trends
Home Value History (with trend line)
📊 How Does 13042 Compare?
| Metric | 13042 | Cleveland | Utica-Rome, NY | New York |
|---|---|---|---|---|
| Home Value | $255,566 | $255,566 | N/A | $505,608 |
| 5-Year CAGR | 6.5% | 6.5% | N/A | 6.6% |
| Avg Rent | $1,341 | $1,341 | N/A | - |
| Cap Rate | 4.1% | 4.1% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 13042 (Cleveland, NY). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $255,566 |
| Monthly Rent | $1,341 |
| Price-to-Rent | 15.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.3% |
| Cap Rate | 4.1% |
| 5-Year IRR | 10.6% |
📈 Home Appreciation
| 1-Year | +8.2% ▲ |
| 3-Year CAGR | +7.8% ▲ |
| 5-Year CAGR | +6.5% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 13042
Population: 1,884
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
Frequently Asked Questions
How do home values compare in Cleveland, NY?
In Cleveland, NY the median home value sits at $256K. Against the broader NY market, that reads as reasonable for most investors.
What strategy should investors use in Cleveland, NY?
Investors usually favor careful cash-flow rentals with hands-on management in Cleveland, NY. With home values at $256K and rents near $1,341/mo, other strategies can work but produce consistent rather than outsized returns.
Is it easy to find good tenants in Cleveland, NY?
The renter base in Cleveland, NY is reasonable for the $1,341/mo price point. Screening well and pricing to market typically yields consistent tenants.
Should investors worry about vacancy in Cleveland, NY?
Cleveland, NY sees elevated vacancy, which is reasonable relative to the broader NY rental market.
Can I live-in-and-rent in Cleveland, NY?
House hacking in Cleveland, NY is a challenging. With home values around $256K and rents at $1,341/mo, owner-occupants can offset a meaningful share of PITI.
You know 13042 now. You don’t know where it ranks.
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How 13042 ranks in Utica-Rome, NY
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