22555 Center Ridge Rd #403 · Rocky River, OH 44116

$174,900

2 bd · 2.0 ba · 1,278 sqft · Condo public records · 104 Days on market

Built 1972 $137/sqft · 18% below area Est $214k · 18% under $495/mo HOA · 20% of rent

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.2/30.0
• ARV discount +15.0/15.0
• 1% rule +8.9/10.0
• Schools +7.4/10.0
• DSCR +6.1/10.0
• Livability +4.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Desirable Rocky River, beautifully renovated 2 Bedrooms and 2 full Bathrooms condo at the Carrollton. This 4th Floor unit with spacious, open concept and flexible Living Room / Dining Room area features renovated kitchen, with stainless appliances (2022), granite counter tops, luxury vinyl tile floor, and in suite washer/dryer (2022). A wall of windows, leading to a spacious balcony, adds plenty of natural light. Plenty of closet space and storage throughout. Furnace new in 2022. Roomy storage locker is close to the unit. Garage space included in the heated garage which also has a car wash bay. The Carrollton has a Party Room and southern facing outdoor patio area. Prime Rocky River location near shopping, dining and many conveniences.

Key facts

• Stainless appliances
• Renovated kitchen
• Wall of windows

Tags

• RENOVATED KITCHEN
• STAINLESS APPLIANCES
• GRANITE COUNTER TOPS
• LUXURY VINYL TILE FLOOR
• IN SUITE WASHER DRYER
• WALL OF WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $188 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.1% in Rocky River — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 89/100 on livability (#9 in OH, #112 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Rocky River City (suburban): math 84% / reading 89% proficiency, ranked #26 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 112 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• This rent runs 31% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 33y ago; this cycle's ask has dropped $24k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.

Recommended offer $159,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 7.58%
• Cash-on-cash: 4.61%
• DSCR: 1.21
• GRM: 6.0

CMA / ARV

• ARV (median comp): $214,500
• List price: $174,900
• Delta: -18.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-16,002
• Equity at exit: $26,078

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $2,947
• Equity at exit: $15,122

Cash invested: $48,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44116

• Active inventory: 112
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,430 high
• Mortgage (P&I): −$917
• Tax from tax record: −$246 /mo · $2,956/yr
• Insurance: −$73
• HOA: −$495
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $188

Break-even live

Break-even rent $2,192

Max offer price $174,900

Occupancy floor 87%

Sensitivity live

Price	-10% $287	-5% $238	+0% $188	+5% $139	+10% $89
Rent	-10% $-4	-5% $92	+0% $188	+5% $284	+10% $380
Rate	-1.0pp $276	-0.5pp $233	base $188	+0.5pp $143	+1.0pp $97

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22603 Center Ridge Rd Rocky River, OH	1.0–3.0	1.0–2.5	2190	$4,095	$1.87	2d	23	0.06mi
2761 Forestview Ave Rocky River, OH	3.0	1.5	1684	$2,295	$1.36	44d	1	1.14mi
20588 Lorain Rd Unit 17 Fairview Park, OH	3.0	1.0	1066	$1,295	$1.21	24d	1	1.21mi
3303 Linden Rd Rocky River, OH	2.0	1.0–1.5	645	$1,739	$2.70	2d	17	1.21mi
20586 Lorain Rd Fairview Park, OH	3.0	1.0	1066	$1,295	$1.21	44d	1	1.21mi
20580 Lorain Rd Cleveland, OH	3.0	1.0	1066	$1,345	$1.26	8d	4	1.23mi
20586 Lorain Rd Unit 11 Fairview Park, OH	3.0	1.0	1066	$1,395	$1.31	8d	1	1.24mi
20582 Lorain Rd Unit 28 Fairview Park, OH	3.0	1.0	1066	$1,295	$1.21	44d	1	1.24mi
20123 Lorain Rd Cleveland, OH	1.0–2.0	1.0–2.0	820	$1,595	$1.95	2d	1	1.47mi
4566 W 226th St Cleveland, OH	3.0	1.0	1488	$1,895	$1.27	44d	1	1.49mi

HOA detail condo

• Monthly dues: $495 · $5,940/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-05-09
   historical Contingent 745-char remark

   Show marketing remark (745 chars)

   Desirable Rocky River, beautifully renovated 2 Bedrooms and 2 full Bathrooms condo at the Carrollton. This 4th Floor unit with spacious, open concept and flexible Living Room / Dining Room area features renovated kitchen, with stainless appliances (2022), granite counter tops, luxury vinyl tile floor, and in suite washer/dryer (2022). A wall of windows, leading to a spacious balcony, adds plenty of natural light. Plenty of closet space and storage throughout. Furnace new in 2022. Roomy storage locker is close to the unit. Garage space included in the heated garage which also has a car wash bay. The Carrollton has a Party Room and southern facing outdoor patio area. Prime Rocky River location near shopping, dining and many conveniences.

2. 2026-04-14
   price $174,900 745-char remark

   Show marketing remark (745 chars)

   Desirable Rocky River, beautifully renovated 2 Bedrooms and 2 full Bathrooms condo at the Carrollton. This 4th Floor unit with spacious, open concept and flexible Living Room / Dining Room area features renovated kitchen, with stainless appliances (2022), granite counter tops, luxury vinyl tile floor, and in suite washer/dryer (2022). A wall of windows, leading to a spacious balcony, adds plenty of natural light. Plenty of closet space and storage throughout. Furnace new in 2022. Roomy storage locker is close to the unit. Garage space included in the heated garage which also has a car wash bay. The Carrollton has a Party Room and southern facing outdoor patio area. Prime Rocky River location near shopping, dining and many conveniences.

3. 2026-03-17
   price $189,000 745-char remark

   Show marketing remark (745 chars)

   Desirable Rocky River, beautifully renovated 2 Bedrooms and 2 full Bathrooms condo at the Carrollton. This 4th Floor unit with spacious, open concept and flexible Living Room / Dining Room area features renovated kitchen, with stainless appliances (2022), granite counter tops, luxury vinyl tile floor, and in suite washer/dryer (2022). A wall of windows, leading to a spacious balcony, adds plenty of natural light. Plenty of closet space and storage throughout. Furnace new in 2022. Roomy storage locker is close to the unit. Garage space included in the heated garage which also has a car wash bay. The Carrollton has a Party Room and southern facing outdoor patio area. Prime Rocky River location near shopping, dining and many conveniences.

4. 2026-02-13
   listed $199,000 Active 745-char remark

   Show marketing remark (745 chars)

   Desirable Rocky River, beautifully renovated 2 Bedrooms and 2 full Bathrooms condo at the Carrollton. This 4th Floor unit with spacious, open concept and flexible Living Room / Dining Room area features renovated kitchen, with stainless appliances (2022), granite counter tops, luxury vinyl tile floor, and in suite washer/dryer (2022). A wall of windows, leading to a spacious balcony, adds plenty of natural light. Plenty of closet space and storage throughout. Furnace new in 2022. Roomy storage locker is close to the unit. Garage space included in the heated garage which also has a car wash bay. The Carrollton has a Party Room and southern facing outdoor patio area. Prime Rocky River location near shopping, dining and many conveniences.

5. 2025-12-10
   historical
6. 2025-11-13
   price $204,000
7. 2025-10-27
   price $205,000
8. 2025-10-14
   price $219,900
9. 2025-09-30
   listed $224,900 Active
10. 2022-02-18
    soldstatus $150,000 Closed
11. 2022-02-18
    soldstatus $150,000
12. 2022-01-04
    status Pending
13. 2021-12-22
    listed $159,900 Active
14. 2003-06-30
    soldstatus $105,000
15. 1994-10-25
    soldstatus $89,000
16. 1994-10-24
    soldstatus $89,000
17. 1993-07-28
    listed $89,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,956 · $246/mo
• Projected year-2 tax: $2,956 · $246/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $29,157
• − Mortgage interest: −$9,797
• − Property taxes: −$2,956
• − Insurance: −$874
• − Repairs & maintenance: −$2,333
• − Management: −$2,333
• − HOA: −$5,940
• − Depreciation: −$5,088
• Taxable loss: −$164
• Est. tax savings @ 24.0%: +$39
• After-tax cash flow: $2,297/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rocky River City
• NCES district ID: 3904470
• Math proficiency: 84% ▼ -8.00%
• Reading proficiency: 89% ▼ -2.00%
• Median HH income: $64,592
• Composite: 74.43/100
• National rank: #159
• State rank: #26 of 656 in OH

Livability — Rocky River

• Score: 89/100
• State rank: #9
• US rank: #112

Category grades

Amenities A+ Commute F Cost of living A- Crime A+ Employment A+ Housing A+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rocky River, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 21,532
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 21,532
• Household income: $93,799
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 795.0

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Asian 2% Hispanic / Latino 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 3% Italian 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Other Indo-European 5% Arabic 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -180.15%
• Current HPI: 228.2256
• Rent YoY: —
• Metro: Cleveland-Elyria, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+94.5% since first listed

17 events — show timeline

• 2026-05-09 Contingent — MLSNOW
• 2026-04-14 Price Changed $174,900 MLSNOW
• 2026-03-17 Price Changed $189,000 MLSNOW
• 2026-02-13 Listed $199,000 MLSNOW
• 2025-12-10 Listing Removed — MLSNOW
• 2025-11-13 Price Changed $204,000 MLSNOW
• 2025-10-27 Price Changed $205,000 MLSNOW
• 2025-10-14 Price Changed $219,900 MLSNOW
• 2025-09-30 Listed $224,900 MLSNOW
• 2022-02-18 Sold (Public Records) $150,000 Public Records
• 2022-02-18 Sold (MLS) $150,000 MLSNOW
• 2022-01-04 Pending — MLSNOW
• 2021-12-22 Listed $159,900 MLSNOW
• 2003-06-30 Sold (Public Records) $105,000 Public Records
• 1994-10-25 Sold (Public Records) $89,000 Public Records
• 1994-10-24 Sold (MLS) $89,000 MLSNOW
• 1993-07-28 Listed $89,900 MLSNOW

Property tax history

+1.8%/yr

Latest (2025): $2,956 · -0.3% YoY. Source: county tax records.