$45,900 duplex: No, that’s not a typo

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Just what is the Cleveland-L.A. connection?

Sunday’s Business section had an unusual color advertisement nestled among the usual high-end fare: a rehabbed, renter-occupied 3,377-square-foot duplex for sale at $45,900. Yes, $45,900.

Seems the ad for investment property in Cleveland drew some eyeballs and even a few calls to Vadim Klein of Cleveland Restoration Group asking if the price on the five-bedroom, two-bathroom house was a typo or misprint.

Nope. According to Klein, about 50% of their investor clients have come from California since the outfit launched early this year. The company tailors its sales to investors, buying bank-owned homes and doing work, from face-lift to complete renovation for rental, before reselling. So far, they’ve turned around close to 200 homes.

Who else is buying Cleveland? Klein says another 20% of their clients are from the U.K.

His biggest challenge right now, he says, is making people believe the prices. Perhaps he should preface his ads with the words: NO JOKE.

--Lauren Beale

Thoughts? Comments?