Fairmeadow Capital

Our Portfolio

Real deals. Real numbers. Real lessons.

Deal #1: The One That Started It All

Every journey starts with a single step. For Fairmeadow Capital, that step was a duplex on Cleveland's west side.

I remember the day I first saw the listing. It wasn't glamorous-no granite countertops, no trendy neighborhood gentrification story to sell investors on. Just a solid duplex in West Boulevard, fully occupied, generating real cash flow.

Most investors would have scrolled past it. But that's exactly why it worked.

This is the story of our first deal-what we learned, what went right, and what we'd do differently next time.

3242–3244 W 92nd Street

West Boulevard, Cleveland, OH

Front of duplex at 3242–3244 W 92nd Street, Cleveland

Closed April 17, 2025

Why This Deal?

When I started searching for our first acquisition, I had three non-negotiables:

  • It had to cash flow from day one, no speculation on future rent growth
  • It had to be in a stable neighborhood with proven rental demand
  • It had to teach me the business without risking everything

This duplex checked all three boxes. Both units were occupied, rents were at market rate, and the property had good bones despite needing some cosmetic work. The numbers weren't sexy, but they were real.

Most importantly, I could afford to learn. If tenant turnover took longer than expected or repairs cost more than budgeted, the deal would still work. That margin of safety was worth more than any promised upside.

The Fundamentals

Property Details

  • Type: Duplex
  • Size: 3 bed / 1c bath per unit
  • Total: 2,348 sq ft
  • Neighborhood: West Boulevard

Purchase Details

  • Price: $170,000
  • Down Payment: 25% ($42,500)
  • Financing: Conventional
  • Management: Urban Progressive PM

The Reality: First Year Performance

Here's where most operators would spin the story. Not us. Transparency matters more than looking perfect.

Current Metrics (Q2 2025)

  • Rent: $1,200 per unit ($2,400 total monthly)
  • Occupancy: One unit occupied, one under turnover
  • Cash Flow: Tracking first year for baseline performance

What We Learned

1.

Conservative Underwriting Saved Us

We budgeted for longer vacancy and higher repair costs than "industry standards" suggested. Good thing-both were needed. The deal still works because we planned for reality, not best-case scenarios.

2.

Property Management Is Worth Every Penny

I'm a software engineer, not a plumber. Delegating tenant coordination and maintenance to professionals let me focus on deal analysis and investor relations. You can't scale without this.

3.

Systems Matter More Than Individual Deals

This property taught us how to structure operations, track expenses, communicate with lenders, and build investor reporting templates. Those systems are now assets we'll use on every future deal.

4.

Boring Works

No one will write articles about this duplex. It won't win awards. But it generates real income, builds real equity, and validates the strategy we'll use to scale. That's what matters.

What's Next?

This deal proved our model works. Now we're ready to scale-carefully, conservatively, and with the same principles that made this first acquisition successful.

Future investors will get access to deals like this, but with the operational systems and lessons already in place. Less risk, more efficiency, same patient capital approach.