Home for Sale at 3280 E 121st Street in Cleveland, OH for $139,000

3280 E 121st Street | Cleveland

ATTENTION INVESTORS: SECTION 8 VALUE-ADD UPSIDE \u2014 RENT RESET PLAY WITH PROJECTED $1,600\u2013$1,900/MO\r\n\r\nIdeal for an investor who wants control and upside instead of just inheriting an old, under-market lease. The current CMHA tenant is on a month-to-month lease and has fallen behind on rent, but is cooperative and willing to work with ownership, creating a natural transition point to either structure a cure plan or non-renew and bring in a fresh, fully qualified Section 8 tenant at today\u0027s stronger rent levels. Based on current CMHA schedules and area performance, a refreshed tenancy is expected to support a revised rent in the projected $1,500\u2013$1,900/month range, subject to CMHA approval and buyer verification. The house also has a value-add opportunity with ample basement space to add 2 more bedrooms, increasing the rent potential to $1800-2400/mo.\r\n\r\nLocated in a high-demand rental corridor on Cleveland\u0027s east side, this property sits in a strong proven Section 8 pocket where homes lease quickly and stay full. The house itself is in good shape, with key CapEx already handled \u2014 including a recent partial roof replacement \u2014 helping limit long-term deferred maintenance and keeping the focus on rent strategy rather than heavy repairs. Lead-based paint testing has been completed and passed, with the report available upon request, offering a compliance-ready asset for a new owner.\r\n\r\nMonth-to-month status gives maximum flexibility to line up your next tenant and transition on your schedule while keeping options open with the current, cooperative renter. Once stabilized with a new or restructured Section 8 contract at updated rent, this becomes the kind of low-drama, government-backed income stream that performs well as a long-term hold.\r\n\r\nPART OF A LARGER STABILIZED SECTION 8 PORTFOLIO \u2014 INQUIRE FOR INFORMATION ON OTHER LISTINGS. Do not disturb tenants. 48-hour notice typically required for showings. Showings only after accepted offer. MLSNow 5190375

Directions to property: W Superior Ave\r\n0.1 mi\r\nTurn right onto Ontario St\r\n0.8 mi\r\nContinue onto Orange Ave\r\n0.7 mi\r\nContinue onto Woodland Ave\r\n0.9 mi\r\nUse the right 2 lanes to turn slightly right onto Kinsman Rd\r\n3.2 mi\r\nTurn left onto E 121st St