4 beds 1 baths 2,080 sqft

East Cleveland Ohio Investor Opportunity With 4 Bedrooms and 2,080 Square Feet for $38,500

A Four-Bedroom Property With Renovation Potential

A four-bedroom home in East Cleveland, Ohio, is currently listed for $38,500, offering investors, renovation-minded buyers, and experienced homeowners an opportunity to take an older property and transform it into a more functional residential space. Built in 1912, the Colonial-style home provides approximately 2,080 square feet of living space, a full basement, one full bathroom, a fireplace, a driveway, and a 5,279-square-foot lot.

The property is being marketed specifically as an investor opportunity. The listing describes it as a home with plenty of potential and notes that repairs and updates will be necessary. Rather than presenting itself as a turnkey residence, the property is positioned as a project for someone who is willing to invest time, money, and planning into improvements.

One of the most notable characteristics is the amount of living space relative to the asking price. At approximately $19 per square foot, the property offers more than 2,000 square feet above ground, giving a future owner substantial room to work with.

The home also has a simple layout and a nice yard, two characteristics highlighted in the listing. With four bedrooms, a full bathroom, a full basement, public water and sewer, and a traditional Colonial design, the property provides several foundational elements that could support a major renovation.

For investors, the central question is not simply whether the $38,500 purchase price is affordable. Instead, the important consideration is how much the complete rehabilitation will cost and what the finished property could realistically be worth or generate in rental income after improvements.

Property Overview

The property has several features that make it relevant to buyers looking for a renovation project.

Key details include:

• Asking price: $38,500
• Location: East Cleveland, Ohio
• Property type: Single-family residence
• Bedrooms: 4
• Bathrooms: 1 full bathroom
• Living area: approximately 2,080 square feet
• Lot size: approximately 5,279 square feet
• Year built: 1912
• Architectural style: Colonial
• Stories: 2
• Basement: Full
• Fireplace: 1
• Heating: Hot water and steam
• Cooling: None listed
• Parking: Driveway and street parking
• Exterior: Vinyl siding
• Roof: Asphalt
• Water: Public
• Sewer: Public
• HOA: None
• Tax assessed value: $66,500
• Annual property taxes: approximately $850
• Price per square foot: approximately $19
• Listing terms: Cash, Conventional, FHA, VA Loan

The listing describes the property as needing repairs and updates, so buyers should approach the purchase as a renovation opportunity rather than a finished home.

Why the $38,500 Price Gets Attention

The asking price is one of the property’s most obvious attractions.

At $38,500, the home is priced at approximately $19 per square foot based on the listed 2,080 square feet of living space.

That figure can make the property interesting to investors, but price per square foot should always be considered within the context of condition.

A low purchase price can be beneficial when the underlying structure is sound and renovation costs are manageable. However, if major systems require replacement, the total project cost can increase quickly.

For that reason, investors should develop a complete renovation budget before committing to the purchase.

The budget may need to include:

• Structural repairs
• Roofing
• Electrical upgrades
• Plumbing
• Heating system repairs
• Bathroom renovation
• Kitchen renovation
• Flooring
• Interior painting
• Windows and doors
• Insulation
• Basement work
• Exterior repairs
• Landscaping
• Appliance replacement
• Permits
• Contractor labor
• Debris removal
• Insurance
• Property taxes
• Utility expenses
• Contingency funds

The $38,500 asking price should therefore be viewed as the acquisition cost rather than the total cost of creating a finished home.

A 1912 Colonial Home

The house was built in 1912 and has a Colonial architectural style.

Older Colonial homes can offer architectural details and room proportions that differ from modern construction. For buyers who enjoy historic properties, this can provide an opportunity to combine traditional character with contemporary improvements.

The home’s age also means that careful inspection is particularly important.

A house more than a century old may have undergone multiple renovations throughout its history. Some systems may be newer, while others could still date back many decades.

Buyers should investigate the age and condition of the roof, plumbing, electrical system, heating equipment, windows, foundation, basement, and other structural components.

A professional inspection can help determine which elements can be repaired and which may need replacement.

Four Bedrooms Provide Flexibility

The home contains four bedrooms, providing substantial flexibility for future use.

A four-bedroom home can accommodate a variety of household arrangements and may also appeal to rental property investors depending on local market demand.

For an owner-occupant, the bedrooms could potentially include:

• Primary bedroom
• Children’s bedrooms
• Guest room
• Home office
• Hobby room

The final configuration would depend on the existing floor plan and the buyer’s renovation plans.

Investors should also verify the exact dimensions and condition of each bedroom before calculating finished value.

One Full Bathroom

The property has one full bathroom.

For a four-bedroom home, one bathroom may be a practical limitation depending on the target market. During renovation planning, a buyer may want to investigate whether adding another bathroom is feasible.

Adding a bathroom to an older home can involve significant work, including plumbing, drainage, electrical systems, ventilation, waterproofing, and framing.

The best location for an additional bathroom would depend on the existing floor plan and plumbing infrastructure.

Any proposed bathroom addition should be evaluated by a qualified contractor and checked against local building requirements.

Even without adding a second bathroom, the existing full bathroom should be inspected carefully for plumbing leaks, water damage, ventilation problems, flooring issues, and fixture condition.

More Than 2,000 Square Feet of Living Space

The property offers approximately 2,080 square feet of finished above-ground living area.

That is one of the strongest characteristics of the listing.

For an investor, a larger interior footprint can provide more opportunities to create useful living spaces.

For an owner-occupant, it means the home has room for bedrooms, living areas, work-from-home space, storage, and other household functions.

The listing describes the layout as simple, which may make the property easier to understand from a renovation standpoint.

A renovation could potentially focus on improving room flow, updating finishes, modernizing the kitchen and bathroom, and making better use of the available square footage.

Full Basement Adds Another Layer of Potential

The property includes a full basement.

Basement space can provide valuable storage and utility areas while also offering possibilities for future improvements.

However, buyers should be cautious about treating basement space as finished living space unless its condition and legal status support that use.

During inspection, buyers should look for:

• Water intrusion
• Foundation cracks
• Moisture
• Mold
• Drainage issues
• Low ceilings
• Structural problems
• Electrical concerns
• Plumbing issues
• Signs of previous flooding

Because the home is being sold as a renovation opportunity, the basement should be inspected carefully before the buyer develops a final construction budget.

If the basement is suitable for storage and mechanical use, it can still be valuable even without a full conversion.

A Traditional Fireplace

The house includes one fireplace.

A fireplace can become an attractive architectural focal point in a renovated historic home.

Depending on its condition and design, it could potentially be restored as part of the home’s original character.

Before using or renovating the fireplace, buyers should have it professionally inspected. Chimney condition, ventilation, masonry, firebox condition, and applicable safety requirements should all be considered.

If the fireplace requires significant repair, the cost should be incorporated into the renovation budget.

Hot Water and Steam Heating

The property is listed as having hot water and steam heating.

This type of heating system is common in many older homes, making it consistent with the property’s 1912 construction.

However, older heating systems require careful inspection.

Buyers should determine whether the system is currently operational, how old the boiler or related equipment is, whether radiators and pipes are in good condition, and whether there are any leaks or efficiency concerns.

A qualified HVAC professional can assess the system and provide information about repairs or replacement.

Heating should be considered a priority because a reliable system is essential for comfortable year-round occupancy in Northeast Ohio.

No Cooling System Listed

The property does not list a cooling system.

A future owner may therefore need to consider how summer cooling will be handled.

Depending on the property’s electrical capacity, layout, budget, and existing infrastructure, options could include central air conditioning, ductless mini-split systems, or other cooling solutions.

Adding cooling can be a significant improvement for a renovated property, particularly if the goal is to make the home competitive with other updated residences.

The cost should be included in the renovation plan from the beginning.

5,279-Square-Foot Lot

The property sits on approximately 5,279 square feet of land.

While the lot is not enormous, it provides outdoor space for a residential property in an established community.

The listing highlights a nice yard.

A future owner could potentially improve the yard through landscaping, fencing, gardening, outdoor seating, or other permitted improvements.

The exact possibilities will depend on zoning, setbacks, property boundaries, drainage, and local requirements.

Buyers should verify the lot dimensions and any easements before planning major exterior changes.

Driveway and Street Parking

The property has driveway parking as well as street parking.

Having a driveway provides a convenient off-street parking option for residents.

For a four-bedroom home, parking availability can be an important consideration, especially if the property is eventually used as a rental.

Buyers should inspect the driveway surface, drainage, width, and condition.

Any plan to expand parking should be checked against local regulations.

Vinyl Siding and Asphalt Roof

The exterior is listed as vinyl siding with an asphalt roof.

Vinyl siding can offer relatively straightforward exterior maintenance, although its condition should still be checked for cracks, warping, missing sections, and water infiltration.

The asphalt roof should be inspected for remaining useful life, damaged shingles, leaks, flashing problems, and potential decking issues.

Roof condition can significantly affect renovation budgets, particularly in older homes.

If the roof is near the end of its service life, replacement should be incorporated into the project’s financial calculations.

Public Water and Sewer

The property has public water and public sewer.

This is an important practical feature for a renovation project because the home already has access to established municipal infrastructure.

Nevertheless, buyers should verify the condition of the service lines connecting the home to municipal systems.

Older properties can have aging sewer laterals or plumbing that require repair.

A sewer inspection can be particularly useful for an older home because buried problems may not be visible during a standard inspection.

No HOA Listed

No homeowners association is listed for the property.

This may provide homeowners with more flexibility regarding landscaping and exterior improvements.

However, buyers should remember that the absence of an HOA does not remove municipal regulations.

Zoning rules, building codes, setback requirements, permits, easements, and other restrictions can still apply.

Anyone planning additions, accessory structures, fencing, parking changes, or major exterior renovations should confirm local requirements.

Potential Investor Strategy

The property is explicitly marketed as an investor opportunity.

One potential strategy is to renovate the home and hold it as a long-term rental.

Another possibility is to renovate and resell the property after improvements.

A third approach could involve an owner-occupant purchasing the home, completing renovations gradually, and creating a personalized residence.

The appropriate strategy depends on the buyer’s financial resources, construction experience, local market knowledge, and intended use.

No particular investment return should be assumed from the listing alone.

Rental Property Considerations

A four-bedroom house can potentially appeal to families or other households seeking additional space.

If an investor intends to operate the property as a rental, the first step should be researching comparable rental properties in the surrounding East Cleveland market.

Important factors include:

• Monthly rental rates
• Vacancy rates
• Tenant demand
• Property taxes
• Insurance
• Maintenance
• Property management
• Utility responsibilities
• Licensing requirements
• Capital expenditures
• Expected renovation costs

A rental analysis should focus on net income rather than simply advertised monthly rent.

A property with a low acquisition price can still become an expensive investment if renovation and maintenance costs are underestimated.

Fix-and-Flip Possibility

The property may also appeal to investors who specialize in buying older homes, renovating them, and reselling them.

A successful fix-and-flip project requires detailed analysis before construction begins.

The investor should identify recently sold renovated properties with comparable:

• Bedroom counts
• Bathroom counts
• Living area
• Lot size
• Architectural style
• Neighborhood location
• Overall quality

The projected finished value should then be compared with the purchase price and total renovation expenses.

Selling costs, holding expenses, insurance, taxes, utilities, and contingency reserves should also be included.

Renovation Priorities

Because the listing states that repairs and updates are needed, buyers may benefit from organizing renovation work into priorities.

Structural and safety issues should generally be addressed before cosmetic improvements.

A possible sequence could involve evaluating:

1. Foundation and structural condition
2. Roof and exterior envelope
3. Plumbing
4. Electrical systems
5. Heating system
6. Water and sewer infrastructure
7. Windows and doors
8. Insulation
9. Kitchen
10. Bathroom
11. Flooring
12. Painting
13. Landscaping

The actual sequence should be determined by qualified professionals after inspecting the property.

Potential Energy Improvements

A 1912 home may have opportunities for improved energy efficiency.

Depending on the existing construction, upgrades could potentially include insulation, weather sealing, efficient windows, updated heating equipment, modern lighting, and other improvements.

Energy upgrades should be evaluated based on cost and expected benefit.

A professional energy assessment could help identify the most practical improvements.

Because the listing does not provide detailed information about insulation, windows, or energy performance, buyers should not assume that the property is currently efficient.

Understanding the Tax Assessment

The listed tax assessed value is $66,500, with annual property taxes of approximately $850.

Tax assessments are used for taxation purposes and should not automatically be interpreted as the property’s current market value.

The assessment is higher than the current $38,500 asking price, which may be an interesting data point for prospective buyers, but it does not by itself establish what the home is worth.

Buyers should independently verify current tax records, assessment methodology, outstanding balances, and potential changes after purchase.

Property taxes should be included in any long-term ownership or rental calculation.

Financing Options Listed

The property is listed with several potential financing terms, including:

• Cash
• Conventional
• FHA
• VA Loan

Actual financing availability depends on the buyer, lender, appraisal, property condition, and program requirements.

Because the listing describes the property as requiring repairs and updates, buyers using government-backed financing should confirm with their lender whether the property’s current condition meets applicable requirements.

Some renovation properties may require specialized financing products depending on the extent of the repairs.

Why Due Diligence Matters

A low-priced renovation property can sometimes hide costs that are not obvious from listing information.

For this reason, buyers should conduct thorough due diligence before purchasing.

Important areas include:

• Foundation
• Basement
• Roof
• Electrical system
• Plumbing
• Heating
• Cooling options
• Sewer line
• Water service
• Windows
• Exterior siding
• Fireplace
• Lot boundaries
• Drainage
• Property taxes
• Insurance
• Zoning
• Building permits
• Potential code violations

The buyer should also determine whether any work was previously completed without permits.

Understanding the Listing Activity

The property has been on Zillow for 12 days and has received substantial online attention, with the listing showing 1,436 views and 186 saves.

Online engagement can indicate that a property is attracting attention, but views and saves should not be interpreted as guarantees about its market value or final sale price.

The listing information also indicates a high likelihood of selling faster than nearby properties according to Zillow’s own platform estimate. This is a platform-generated metric rather than an independent prediction of the final transaction.

Prospective buyers should therefore focus on the property’s actual condition, price, comparable sales, and renovation requirements.

Who Might Consider This Home?

This property could potentially appeal to several types of buyers.

An experienced investor may see the four-bedroom layout and 2,080 square feet as a foundation for a rental or resale project.

A contractor could potentially manage the rehabilitation more efficiently by handling some work directly.

An owner-occupant with renovation experience might see an opportunity to create a customized home at a relatively low acquisition cost.

A buyer interested in older Colonial architecture could also appreciate the property’s age and traditional design.

However, this is not a property that should be approached as a turnkey purchase. The listing specifically describes it as needing repairs and updates.

Creating a Modern Home From an Older Structure

One of the most appealing aspects of a property built in 1912 is the possibility of combining old and new.

A thoughtful renovation could potentially preserve the home’s Colonial character while introducing modern systems and finishes.

For example, original architectural elements could potentially be retained while the kitchen, bathroom, electrical system, heating equipment, insulation, flooring, and lighting are upgraded.

This type of renovation can create a property that feels distinctive rather than identical to newer construction.

The feasibility of preserving any original elements should be determined after inspection.

Final Thoughts on This $38,500 East Cleveland Property

This East Cleveland, Ohio, property offers an affordable entry point into a substantial renovation project.

Priced at $38,500, the 1912 Colonial-style home provides approximately 2,080 square feet of living space, four bedrooms, one full bathroom, a full basement, a fireplace, a driveway, street parking, and a 5,279-square-foot lot.

The listing describes the home as an investor opportunity and acknowledges that repairs and updates are required. That makes the property particularly relevant to buyers who are comfortable with renovation rather than those searching for a move-in-ready residence.

Its four-bedroom configuration provides flexibility, while the full basement adds useful storage and potential future possibilities. The hot water and steam heating system is consistent with the age of the home, although its current condition should be professionally evaluated. The lack of a listed cooling system is another factor that should be considered when preparing a renovation budget.

The exterior features vinyl siding and an asphalt roof, while public water and sewer provide established municipal utility connections. A driveway and street parking provide practical access, and the absence of an HOA may give the owner additional flexibility, subject to local regulations.

For investors, the property’s potential should be measured through a complete financial analysis. The purchase price is only one component. Renovation expenses, permits, taxes, insurance, financing, carrying costs, maintenance, and eventual selling or rental performance all need to be considered.

A professional inspection is especially important because of the home’s age and the listing’s description of required repairs. Structural condition, foundation, basement moisture, roof condition, electrical systems, plumbing, heating, sewer connections, and other major components can materially change the project’s total cost.

At the same time, the property’s combination of more than 2,000 square feet, four bedrooms, a full basement, traditional Colonial architecture, a yard, driveway parking, and public utilities gives a future owner a substantial structure to work with.

For someone prepared to take on a renovation project, the property could potentially become a customized primary residence, a rental property, or a renovated resale asset. The ultimate feasibility of any of these strategies depends on local market conditions, construction costs, zoning, financing, and the property’s actual condition.

The $38,500 asking price makes this an interesting property to investigate, but careful due diligence should come before any purchase decision. Buyers who understand the scope of work and accurately calculate the total investment can make a more informed assessment of whether this older East Cleveland home fits their plans.

 

 

Listed on Zillow.