Real Estate Investing in Cleveland, Tennessee (37323)
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Should you buy in 37323 (Cleveland, TN)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Cleveland, TN (37323)?
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Market Analysis: 37323 Cleveland
Investors eyeing 37323 need to respect the fundamentals at play. Home values of $304K come alongside slower price movement and elevated management overhead.
Distressed markets are won on execution, not on spreadsheets. ZIP 37323 shows the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Statewide comparisons place 37323 among TN's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Employment concentration in 37323 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The right play in 37323 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Cleveland:
Property Strategy for 37323
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $244,073 | $1,220 | 3.6% | +10.7% | $122,036 |
| 3BR | $313,531 | $1,570 | 3.6% | +9.6% | $104,510 |
| 4BR | $383,859 | $1,620 | 3.0% | +9.4% | $95,965 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 37323 Compare?
| Metric | 37323 | Cleveland | Cleveland, TN | Tennessee |
|---|---|---|---|---|
| Home Value | $303,861 | $212,656 | N/A | $327,001 |
| 5-Year CAGR | 6.4% | 6.4% | N/A | 7.7% |
| Avg Rent | $1,678 | $1,354 | N/A | - |
| Cap Rate | 4.3% | 3.4% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 37323 (Cleveland, TN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $303,861 |
| Monthly Rent | $1,678 |
| Price-to-Rent | 15.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.6% |
| Cap Rate | 4.3% |
| 5-Year IRR | 10.7% |
📈 Home Appreciation
| 1-Year | +4.0% ▲ |
| 3-Year CAGR | +4.0% ▲ |
| 5-Year CAGR | +6.4% ▲ |
| 10-Year CAGR | +7.8% ▲ |
🏠 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 (4.3%). 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 37323
Population: 30,764
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
🎓 Schools in 37323
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,008 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How strong are rents in Cleveland, TN?
Investors in Cleveland, TN typically see rents near $1,678/mo per month against $304K home values - a solid setup for rental cash flow.
Can owner-occupants cash flow in Cleveland, TN?
Cleveland, TN is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $304K price point reasonable to enter.
Does Cleveland, TN make sense for an investment property?
The 3.0/5 investability rating in Cleveland, TN reflects its $304K prices and $1,678/mo rents. Investors generally consider it a solid option within TN.
What kind of vacancy should I budget for in Cleveland, TN?
Cleveland, TN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
What is the typical home price in Cleveland, TN?
In Cleveland, TN the median home value sits at $304K. Against the broader TN market, that reads as reasonable for most investors.
You know 37323 now. You don’t know where it ranks.
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How 37323 ranks in Cleveland, TN
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