3698 Menlo Rd · Shaker Heights, OH 44120

$219,900

4 bd · 2.0 ba · 2,111 sqft · MultiFamily public records · 9 Days on market

Built 1925 4,286 sqft lot Est $198k · 11% over

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Why this score? — see what drove the C+ 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 +25.5/30.0
• 1% rule +8.5/10.0
• DSCR +8.4/10.0
• Schools +5.0/10.0
• Livability +4.5/5.0
• Rent growth +3.3/5.0
• ARV discount +2.6/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Motivated Seller- Bring All Offers! Exterior Violations Have Been Corrected. Pre Qualification Letter Or Proof Of Funds Required. Earnest Money Must Be Minimum Of $1,000.00 And Held By Title Company. Perform All Inspections Within 5 Days Of Acceptance Of Offer.

Key facts

• Refreshed kitchens
• Stainless appliances
• Updated bathrooms

Tags

• REFRESHED KITCHENS
• WHITE SHAKER CABINETS
• STAINLESS APPLIANCES
• UPDATED BATHROOMS
• SPACIOUS LIVING ROOM
• FIREPLACE

Property features AI

Finance

• Other: Property listed as a multi-unit building (1 building total)
• Financial info: One unit currently leased (rent listed as $1,175; lease expires July 31, 2027)
• HOA & community: No HOA information provided

Exterior

• Parking: Detached garage; 2-car garage
• Security: No security features provided
• Utilities: Public water; Public sewer
• Home design: Two-story building
• Construction: Vinyl siding exterior; Asphalt/fiberglass roof; Home warranty in place; Built (year source: assessor)
• Exterior features: Small lot (approx. 0.0984 acres)

Interior

• Kitchen: No appliances specified
• Bedrooms: Two 2-bedroom units
• Flooring: No flooring information provided
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating
• Interior features: Unfinished basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive. Per door: $256/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Cap rate 9.1% vs local median 2.5% in Shaker Heights — 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 (#15 in OH, #134 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F.
• Shaker Heights City (suburban): math 50% / reading 63% proficiency, ranked #309 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mercer Elementary School (math 62% / reading 57%, grade B-, #670 of 1,584 statewide, top 45%, 307 students, 27% FRL); Shaker Hts Middle School (math 49% / reading 56%, grade C+, #378 of 654 statewide, top 59%, 651 students, 30% FRL); Shaker Hts High School (math 34% / reading 70%, grade D+, #343 of 781 statewide, top 47%, 1,498 students, 24% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 128 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $2,972/mo this rent would consume 76% of the median local household income ($47k/yr) (locally 2289% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $62k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $155k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $219,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.35% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.98%
• DSCR: 1.44
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $198,434
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3653 Hildana Rd	0.22mi	4/2.0	2,110 (-0%)	1mo	$102,000	$48	89
3713 Menlo Rd	0.04mi	4/2.0	2,166 (+3%)	12mo	$65,000	$30	84
3643 Lindholm Rd	0.47mi	4/3.0	2,368 (+12%)	8mo	$100,000	$42	47
3318 Milverton Rd	0.72mi	4/2.0	2,386 (+13%)	3mo	$225,000	$94	42
3619 Strathavon Rd	0.60mi	4/3.5	2,280 (+8%)	22mo	$220,000	$96	34
3654 3654 Avalon Road Rd #2	0.68mi	5/3.0 (+1)	2,236 (+6%)	23mo	$210,000	$94	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.34% rent growth · sell at horizon

5-year hold

• IRR: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,765
• Equity at exit: $32,788

10-year hold

• IRR: 9.4%
• Equity multiple: 1.74×
• Total profit: $45,639
• Equity at exit: $19,013

Cash invested: $61,572 (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 44120

• Rents YoY: 3.3%
• Active inventory: 128
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $2,972 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$591 /mo · $7,093/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$624
• Net cashflow: $512

Break-even live

Break-even rent $2,324

Max offer price $219,900

Occupancy floor 78%

Sensitivity live

Price	-10% $636	-5% $574	+0% $512	+5% $450	+10% $388
Rent	-10% $277	-5% $395	+0% $512	+5% $629	+10% $747
Rate	-1.0pp $623	-0.5pp $568	base $512	+0.5pp $455	+1.0pp $397

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,972
Total (2 units)			$2,972

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3710 Sudbury Rd Cleveland, OH	4.0	1.5	1665	$1,900	$1.14	45d	1	0.30mi
3719 Rolliston Rd Cleveland, OH	3.0	2.0	1458	$1,910	$1.31	45d	1	0.51mi
16015 Van Aken Blvd Cleveland, OH	2.0–4.0	2.0	1360	$1,395	$1.03	9d	4	0.60mi
16818 Kenyon Rd Unit 2 Shaker Heights, OH	4.0	1.0	1900	$1,900	$1.00	6d	1	0.60mi
3579 Riedham Rd Unit Up Shaker Heights, OH	4.0	2.0	1648	$1,600	$0.97	45d	1	0.67mi
3671 Daleford Rd Unit Up Shaker Heights, OH	3.0	2.0	1536	$1,675	$1.09	19d	1	0.75mi
3671 Daleford Rd Cleveland, OH	3.0	2.0	1536	$1,675	$1.09	23d	1	0.75mi
3524 Daleford Rd Cleveland, OH	3.0	1.0	1700	$2,200	$1.29	18d	1	0.79mi
17424 Winslow Rd Cleveland, OH	4.0	2.0	1995	$2,200	$1.10	18d	1	0.88mi
3636 Glencairn Rd Unit 2 Shaker Heights, OH	4.0	1.0	1612	$1,750	$1.09	25d	1	1.04mi
3634 Glencairn Rd Shaker Heights, OH	4.0	1.0	1612	$1,750	$1.09	25d	1	1.04mi
3601 Glencairn Rd Shaker Heights, OH	3.0	1.5	1890	$1,500	$0.79	45d	1	1.08mi
14108 Becket Rd Cleveland, OH	4.0	3.5	1660	$2,206	$1.33	45d	1	1.13mi
18314 Chagrin Blvd Unit 1 Shaker Heights, OH	3.0	2.0	1670	$1,600	$0.96	19d	1	1.13mi
3578 Latimore Rd Shaker Heights, OH	3.0	1.5	2113	$2,200	$1.04	3d	1	1.18mi
3653 Winchell Rd Unit 2 Shaker Heights, OH	5.0	3.0	1775	$2,350	$1.32	45d	1	1.26mi
3614 Lynnfield Rd Shaker Heights, OH	4.0	2.0	1584	$1,450	$0.92	18d	1	1.30mi
3665 Lynnfield Rd Unit UP Shaker Heights, OH	4.0	2.0	1600	$1,849	$1.16	45d	1	1.32mi
18801 Invermere Ave Cleveland, OH	3.0	2.5	2134	$2,200	$1.03	3d	1	1.32mi
3012 Albion Rd Cleveland, OH	3.0	1.5	1942	$1,900	$0.98	3d	1	1.47mi

Listing history 7 events

1. 2026-06-21
   days on market $219,900 Active 9 DOM
2. 2026-06-18
   days on market $219,900 Active 6 DOM
3. 2026-06-17
   days on market $219,900 Active 5 DOM
4. 2026-06-16
   days on market $219,900 Active 4 DOM
5. 2026-06-15
   days on market $219,900 Active 3 DOM
6. 2026-06-13
   remarks 693-char remark
7. 2026-06-13
   listed $219,900 Active 1 DOM

ⓘ 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: $7,093 · $591/mo
• Projected year-2 tax: $7,093 · $591/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,664
• − Mortgage interest: −$12,318
• − Property taxes: −$7,093
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,853
• − Management: −$2,853
• − Depreciation: −$6,397
• Taxable income: $3,050
• Est. tax owed @ 24.0%: −$732
• After-tax cash flow: $5,412/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: Shaker Heights City
• NCES district ID: 3904475
• Math proficiency: 50% ▼ -16.00%
• Reading proficiency: 63% ▼ -6.00%
• Median HH income: $69,421
• Composite: 49.98/100
• National rank: #1928
• State rank: #309 of 656 in OH

Livability — Shaker Heights

• Score: 89/100
• State rank: #15
• US rank: #134

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shaker Heights, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 69,880
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 33,202
• Household income: $47,126
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 2289.0

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 Black (68%)
• Race & ethnicity: Black 68% White 21% Two or more races 6% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 2% Italian 1% Slovak 1%
• Foreign-born: 5% · China, Canada
• Languages at home: 93% English-only · Spanish 2% Chinese 1% Other Indo-European 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: ▼ -201.50%
• Current HPI: 108.2487
• Rent YoY: ▲ 3.34%
• 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

+178.4% since first listed

23 events — show timeline

• 2026-06-12 Listed $219,900 MLSNOW
• 2025-11-28 Listing Removed — MLSNOW
• 2025-10-15 Price Changed $211,500 MLSNOW
• 2025-08-28 Listed $235,000 MLSNOW
• 2022-04-04 Price Changed $1,225 RENT.
• 2019-09-13 Sold (Public Records) $155,000 Public Records
• 2008-03-02 Sold (MLS) $34,000 MLSNOW
• 2007-07-19 Listed $34,900 MLSNOW
• 2007-07-09 Listing Removed — MLSNOW
• 2007-04-09 Listed $64,900 MLSNOW
• 2005-02-16 Listing Removed — MLSNOW
• 2004-08-16 Listed $150,000 MLSNOW
• 2004-08-07 Listing Removed — MLSNOW
• 2004-02-28 Listing Removed — MLSNOW
• 2004-02-07 Listed $98,900 MLSNOW
• 2003-08-30 Listing Removed — MLSNOW
• 2003-08-29 Listed $129,000 MLSNOW
• 2003-04-30 Listed $124,977 MLSNOW
• 2003-04-16 Listing Removed — MLSNOW
• 2003-01-20 Listed $124,977 MLSNOW
• 2002-08-22 Listing Removed — MLSNOW
• 2002-05-22 Listed $129,911 MLSNOW
• 1995-03-20 Sold (Public Records) $79,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $7,093 · +13.3% YoY. Source: county tax records.