13416 Casper Rd: Collinwood Duplex, Projected 13-17% Cap Rate After Rehab
Investors, this is the one you build your way. 13416 Casper Rd is a duplex with two 3-bedroom, 1-bath units in Cleveland’s Collinwood neighborhood, priced at just $39,900. It’s a blank canvas: you control every finish, every system, and every dollar instead of inheriting someone else’s shortcuts.
The opportunity: Do the rehab once and do it right, with a new roof, mechanicals, electrical, plumbing and finishes, and you own a property with no expected capital expenditures for years. Lower maintenance, fewer surprises, and more of every rent check in your pocket.
The numbers: With an estimated $90K-$100K rehab, you’re all-in around $130K-$140K on a property with an estimated $170K ARV, creating $30K-$40K in equity. Renovated 3-bed units in 44110 rent for $1,250-$1,450, and CMHA’s 3-bedroom voucher standard is around $1,559. That projects $30,000-$34,800/year in gross rent and a 13-17% cap rate on your all-in cost, even with professional management.
The strategy: Buy, renovate, rent, then refinance at ARV to pull most of your capital back out and repeat (BRRRR). Two 3-bedroom units mean two income streams and cash flow even with a vacancy.
Location: Steady rental demand, quick access to I-90 and downtown, minutes from Lake Erie and the Waterloo Arts District.
Deals with this kind of spread are hard to find. Bring your contractor and your vision. Schedule your showing today!
“All projections are estimates based on market data; buyer to verify rents, rehab costs, ARV and expenses.”
