Real Estate Investing in Cleveland, Ohio (44109)
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Should you buy in 44109 (Cleveland, OH)? 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.
- High vacancy: 14.7% of homes vacant — above national norms.
- Higher unemployment: 7.4% unemployment — tenant risk signal.
What’s happening in Cleveland, OH (44109)?
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Market Analysis: 44109 Cleveland
Not every below-median market is a bargain. Cleveland's 44109 ZIP shows signals that favor experienced operators who can absorb the risk $148K pricing implies.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $148K asset, 44109 is the wrong submarket. If the plan prices in friction, the yield can still work.
Regionally, 44109 sits on the difficult end of the OH spectrum. The a strong candidate for read — for disciplined operators — is that pricing reflects the difficulty.
The 44109 ZIP's population of 38,098 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that sits at the need for careful underwriting.
seems to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Cleveland:
Property Strategy for 44109
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $126,104 | $1,080 | 6.2% | +10.4% | $63,052 |
| 3BR | $147,876 | $1,390 | 6.8% | +8.8% | $49,292 |
| 4BR | $142,850 | $1,490 | 7.5% | +8.0% | $35,713 |
| 5BR | $149,675 | — | — | +8.1% | $29,935 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 44109 Compare?
| Metric | 44109 | Cleveland | Cleveland-Elyria, OH | Ohio |
|---|---|---|---|---|
| Home Value | $148,492 | $85,662 | N/A | $237,530 |
| 5-Year CAGR | 5.4% | 3.2% | N/A | 7.4% |
| Avg Rent | $1,132 | $1,306 | N/A | - |
| Cap Rate | 6.0% | 8.7% | - | - |
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 44109 (Cleveland, OH). Anonymous, moderated, never written by AI.
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Property managers serving Cuyahoga County
Manage rentals here? List your business →Cleveland Property Management Group is a residential property manager in Northeast Ohio, assisting with property purchase, portfolio analysis, and full-service management. summary from their website
SBS Property Management provides management, maintenance, inspections, finances, and communications for Condominium and Homeowner Associations across Ohio. summary from their website
Aspire Real Estate helps sell homes quickly. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $148,492 |
| Monthly Rent | $1,132 |
| Price-to-Rent | 10.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 9.2% |
| Cap Rate | 6.0% |
| 5-Year IRR | 11.3% |
📈 Home Appreciation
| 1-Year | +5.1% ▲ |
| 3-Year CAGR | +5.9% ▲ |
| 5-Year CAGR | +5.4% ▲ |
| 10-Year CAGR | +8.6% ▲ |
🏠 Rent Trends
| 1-Year | -1.2% ▼ |
| 3-Year CAGR | +5.0% ▲ |
| 5-Year CAGR | +5.4% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (6.0%). 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 44109
Population: 38,098
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 44109
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 9,386 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Does Cleveland, OH make sense for an investment property?
Cleveland, OH posts an investability rating of 3.0/5, with median home values near $148K and average rents around $1,132/mo. That combination puts it in the impressive tier for investor interest.
How strong are rents in Cleveland, OH?
Rent in Cleveland, OH is around $1,132/mo. The resulting rent-to-value relationship with $148K pricing is reasonable for most investor models.
Which real estate strategy fits Cleveland, OH?
For Cleveland, OH, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Do rentals sit vacant long in Cleveland, OH?
Occupancy in Cleveland, OH runs predictable with elevated vacancy. Well-priced units at $1,132/mo lease on reasonable timelines.
Is Cleveland, OH good for house hacking?
Cleveland, OH is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $148K price point reasonable to enter.
You know 44109 now. You don’t know where it ranks.
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How 44109 ranks in Cleveland-Elyria, OH
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