Would you move to Waterloo? (Euclid: hardwood floors, rentals, countertops)

[Cleverfield]

I just bought a 2 family rental in the Waterloo (North Collinwood) area that I am planning to rehab to rent or sell. The house is very close to the main strip of stores, restaurants, and clubs on Waterloo. I'm trying to decide how high-end the renovations should be. If you're familiar with the area, my question is, would you be willing to live there, and how much would you be willing to spend for rent if the house had amenities such as granite countertops, dishwasher, laundry, solid wood floors, and a third floor game room?

[Butchie Boy]

Lots of luck with that purchase.No,I wouldn't be willing to live anywhere near Waterloo and its surroundings.The negatives outweigh the positives.To be honest,I really like that part of town but the bad element is too strongly entrenched! Removing it would be a game changer for me.With the current status quo...no way!!

[Cleverfield]

Originally Posted by Butchie Boy

Lots of luck with that purchase.No,I wouldn't be willing to live anywhere near Waterloo and its surroundings.The negatives outweigh the positives.To be honest,I really like that part of town but the bad element is too strongly entrenched! Removing it would be a game changer for me.With the current status quo...no way!!

Okay, you have your perceptions, whether they're based on reality or not is questionable. I live in the Waterloo area, and have never once had any problems with crime, in over a year of living here. There have been crimes close by, but you'll get that in just about any city neighborhood. This neighborhood is statistically the safest on the East Side.

[treat]

I would expect *maybe* $600 for rent for an entire house, likely less. I wouldn't waste your money on granite countertops. If you're lucky, you'll get some young, stupid hipsters with mommy and daddy's money to burn and they'll trash your place. Or, you'll get ghetto trash who will also destroy the place. You're very unlikely to get normal, clean tenants that will treat it well.

[Cleverfield]

You're saying $300 per unit? If so you are clearly misinformed. The average 2 family goes for $550-$600 per unit, and the neighborhood is mostly working class-middle class black, not ghetto trash. Also, most millennials moving to the city are professionals, not trust fund babies.

[treat]

Why are you asking if you already know what you're going to charge? Waterloo is the ghetto. In Slavic Village rent was $400-$600 for a 3 bedroom house with freshly refinished hardwood floors and laundry and updated windows, I wouldn't expect it to be much more where you're at. I know some people think Waterloo is making a comeback but it's not there yet. As a woman, I would never be comfortable being in that neighborhood alone.

I also don't know of any professional millennials living in Waterloo. I wasn't referring to "trust fund babies", but the middle and upper class kids that think it's "ironic" and therefore cool to live like they're poor. However, as far as I know, even those kids are staying out of Waterloo right now. I know there's "artists" living there but that's not a professional job, and usually someone is bankrolling their lifestyle.

But - you already know what you're going to charge, and you clearly have an idea of what type of tenant you're going to get, so no use asking the group.

[Cleverfield]

Originally Posted by treat

Why are you asking if you already know what you're going to charge? Waterloo is the ghetto. In Slavic Village rent was $400-$600 for a 3 bedroom house with freshly refinished hardwood floors and laundry and updated windows, I wouldn't expect it to be much more where you're at. I know some people think Waterloo is making a comeback but it's not there yet. As a woman, I would never be comfortable being in that neighborhood alone.

I also don't know of any professional millennials living in Waterloo. I wasn't referring to "trust fund babies", but the middle and upper class kids that think it's "ironic" and therefore cool to live like they're poor. However, as far as I know, even those kids are staying out of Waterloo right now. I know there's "artists" living there but that's not a professional job, and usually someone is bankrolling their lifestyle.

But - you already know what you're going to charge, and you clearly have an idea of what type of tenant you're going to get, so no use asking the group.

Waterloo is definitely not what you're making it out to be. North Collinwood is the safest neighborhood on the East Side. I hardly ever hear of any major incidents. And I happen to be a young professional living in that neighborhood. There are a few others like me, including several business owners on Waterloo. With the completion of the streetscape, and all the restaurants, galleries, and stores that are opening on Waterloo, I have a good feeling about the neighborhood. Plus it's close to the beach, and has easy freeway access. I was just asking to gauge what opinions were about the neighborhood. Thank you for giving me yours. Whether or not it represents the majority, I'm not sure (although most people from the East Side that I've talked to recognize it as a good place to live).

[Butchie Boy]

Cleverfield,I'm glad you feel good about the Waterloo area.The sentiment and perceptions you have are the kind that's needed to get the area back on track...but it's not there yet.With more people like you it has a better chance of turning around.My brother lives on e.177 off Nottingham and less than a year ago his neighbor across the street was injured when he struggled with and killed a guy trying to steal his car at his home! That's just one of many recent crimes in the area.And Euclid Beach;I love it!But you do know that the high rises adjacent to it are sec.8 and there's numerous incidents of trouble there.I know first hand from people I know that live there and I used to jog the area until I was cased by creeps sitting in cars in the parking lot ala Edgewater Park.There's a lot of vice in the area that you won't glean in a year or so of residency.I hope people like you can turn it around before it gets out of hand.

[Clevelander216]

Honestly I bet there are a lot of west siders who aren't familiar with the east side that are skeptical of moving to North Collinwood just because of big bad scary east side's reputation. I know alot of west siders who would never consider moving out that way yet alone just going out to explore the neighborhood. I'm sure this happens a lot with east siders who refuse to venture west. It's a shame that this happens; I've been around the Collinwood area a little bit and I was intrigued by the area. I must admit that it is a bit spotty over there, but I am glad that people are showing interest in the area and some development is going on there. I see a possible east side Tremont or something over there in North Collinwood. Good luck with your rental and I'm sure you won't have any problems finding a tenant! FYI though, I'm sure you already know, but I've seen ALOT of rentals already in the Collinwood area, so the rental market may be a bit saturated; hopefully not though.

[ECBeastor]

2 bedroom duplexes go for around $500 there. Co-worker of mine has 3 duplexes in the area and none rent for under $500 per unit. That's with very basic renovations (laminate flooring and counter tops, refrigerators without ice makers, no dishwasher etc).

You have to keep in mind the clientele who is willing to rent there; most are younger adults in the service industry, artists or single mothers who can't afford much more but want the safest area they can afford.

It's a duplex after all so whoever is in there will always be less friendly to your appliances and flooring than you would be as the owner. I'd get just basic stuff. Just having new renovations will set you apart from most other rentals there. Most duplexes around there get just the bare minimum (paint and carpet cleaning) before they rent to a new tenant. It's just not worth it to get so much stuff for your tenant when most will never even mop the floor unless they spill a gallon of milk. Forget about them remembering to clear out the lint catch on the dryer after every use or not scratching your hard wood floors when they push their dresser from the front door to the bedroom.