3280 E 121st ST Cleveland, OH 44120
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 1,404 sqft
Price per Sqft $99
Subdivision Crawford-Woodhill
MLS Listing ID 5190375
Style Traditional
Bedrooms 3
Full Baths 1
HOA Y/N No
Abv Grd Liv Area 1,404
Total Fin. Sqft 1404
Year Built 1920
Annual Tax Amount $1,288
Tax Year 2025
Lot Size 4,865 Sqft
Acres 0.1117
Property Sub-Type Single Family Residence
Property Description
Ideal 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's 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–$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.
Located in a high-demand rental corridor on Cleveland's 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 — including a recent partial roof replacement — 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.
Month-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.
PART OF A LARGER STABILIZED SECTION 8 PORTFOLIO — INQUIRE FOR INFORMATION ON OTHER LISTINGS. Do not disturb tenants. 48-hour notice typically required for showings. Showings only after accepted offer.
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Forced Air, Gas
Cooling None
Fireplace No
Exterior
Parking Features Off Street
Water Access Desc Public
Roof Type Shingle
Garage false
Private Pool No
Building
Entry Level Two
Sewer Public Sewer
Water Public
Architectural Style Traditional
Level or Stories Two
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 130-04-135
Special Listing Condition Standard
NEARBY SCHOOL & BUSINESS
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