15516 Elderwood · East Cleveland, OH 44112

$25,000

4 bd · 2.0 ba · 2,038 sqft · MultiFamily public records · 1 Days on market

Built 1899 5,227 sqft lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Large Two-family With Some Improvements Done. Near Bus Routes, Schools & Medical Facilities. Great Opportunity For Owner-occupant Or Investor. Use Fha 203k For Repairs Or Pay Cash & Work At Your Own Pace! Selling As-is. Buyer To Assume All P. O. S. Violations

Key facts

• 5,227 sq ft lot
• Garage
• Built 1899

Property features AI

Finance

• HOA & community: Community includes medical service

Exterior

• Parking: Detached garage
• Utilities: Public water; Public sewer
• Home design: 2-story house; Fixer condition
• Construction: Built per public records; Aluminum siding; Vinyl siding; Asphalt/fiberglass roof
• Exterior features: Partial wood fencing

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced-air heating (gas)
• Interior features: Has basement (other type)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Cap rate 59.5% vs local median 17.4% in East Cleveland — 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 66/100 on livability (#650 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools F, crime F, employment F.
• East Cleveland City School District (suburban): math 4% / reading 17% proficiency, ranked #652 of 656 in OH (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 92% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.2%/yr); 101 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $1,658/mo this rent would consume 69% of the median local household income ($29k/yr) (locally 1702% 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 $173 of loan paydown is wiped out by about $750 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 + 5.2% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $25,000

Questions for the listing agent

1. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 6.63% ✓
• Cap rate: 59.50%
• Cash-on-cash: 190.02%
• DSCR: 9.45
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $87,634
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14111 Savannah Ave	0.56mi	4/2.0	1,924 (-6%)	2mo	$34,000	$18	63
14004 Savannah Ave	0.60mi	4/2.0	1,996 (-2%)	13mo	$40,000	$20	58
14310 Potomac Ave	0.52mi	5/2.0 (+1)	1,982 (-3%)	12mo	$36,000	$18	56
13428 Hartford Rd	0.73mi	4/2.0	1,988 (-2%)	9mo	$34,000	$17	54
14520 Strathmore Ave	0.39mi	5/3.0 (+1)	2,220 (+9%)	9mo	$130,000	$59	51
13436 Hartford Rd	0.72mi	4/2.0	1,920 (-6%)	11mo	$89,500	$47	48
872 Eloise Dr	0.72mi	4/2.0	1,872 (-8%)	10mo	$125,000	$67	44
14012 Scioto Ave	0.66mi	5/3.0 (+1)	2,209 (+8%)	6mo	$95,000	$43	42
864 Eloise Dr	0.71mi	4/2.0	1,872 (-8%)	18mo	$84,256	$45	39

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 · 5.16% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.04×
• Total profit: $70,270
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 25.01×
• Total profit: $168,058
• Equity at exit: $2,162

Cash invested: $7,000 (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 44112

• Rents YoY: 5.2%
• Active inventory: 101
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,658 high
• Mortgage (P&I): −$131
• Tax from tax record: −$60 /mo · $721/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $1,108

Break-even live

Break-even rent $255

Max offer price $25,000

Occupancy floor 28%

Sensitivity live

Price	-10% $1,123	-5% $1,116	+0% $1,108	+5% $1,101	+10% $1,094
Rent	-10% $977	-5% $1,043	+0% $1,108	+5% $1,174	+10% $1,239
Rate	-1.0pp $1,121	-0.5pp $1,115	base $1,108	+0.5pp $1,102	+1.0pp $1,095

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16000 Terrace Rd Cleveland, OH	1.0–3.0	1.0–2.0	1000	$1,210	$1.21	3d	39	0.46mi
910 Dresden Rd Cleveland, OH	4.0	2.0	1839	$1,800	$0.98	17d	1	0.66mi
15801 Hazel Rd Cleveland, OH	3.0	1.5	1908	$1,550	$0.81	17d	1	0.69mi
821 Nela View Rd Cleveland, OH	4.0	2.5	2178	$2,100	$0.96	8d	1	0.94mi
1024 Greyton Rd Cleveland, OH	5.0	2.5	1800	$2,500	$1.39	45d	1	1.01mi
983 Greyton Rd Cleveland, OH	3.0	2.0	1457	$1,495	$1.03	17d	1	1.01mi
12819 Edmonton Ave Cleveland, OH	4.0	1.0	1423	$1,795	$1.26	17d	1	1.03mi
3430 Winsford Rd Cleveland, OH	4.0	1.5	1800	$1,590	$0.88	17d	1	1.10mi
1099 Woodview Rd Cleveland, OH	4.0	1.0	1500	$2,500	$1.67	3d	1	1.29mi
994 Yellowstone Rd Cleveland, OH	3.0	2.0	1475	$1,395	$0.95	3d	1	1.40mi
14120 Superior Ave Unit 1 East Cleveland, OH	3.0	1.0	1400	$1,350	$0.96	11d	1	1.43mi
14120 Superior Ave Unit 4 East Cleveland, OH	3.0	1.0	1408	$1,350	$0.96	45d	1	1.43mi

Listing history 2 events

1. 2026-06-16
   remarks 693-char remark
2. 2026-06-16
   listed $25,000 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: $721 · $60/mo
• Projected year-2 tax: $721 · $60/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 6/10 Major FEMA zone X (unshaded) · 71% 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: $19,899
• − Mortgage interest: −$1,400
• − Property taxes: −$721
• − Insurance: −$125
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − Depreciation: −$727
• Taxable income: $13,742
• Est. tax owed @ 24.0%: −$3,298
• After-tax cash flow: $10,003/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: East Cleveland City School District
• NCES district ID: 3904390
• Math proficiency: 4% ▼ -16.00%
• Reading proficiency: 17% ▼ -13.00%
• Median HH income: $22,726
• Composite: 7.38/100
• National rank: #9954
• State rank: #652 of 656 in OH

Livability — East Cleveland

• Score: 66/100
• State rank: #650
• US rank: #11510

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Cleveland, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 17,848
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 17,848
• Household income: $28,799
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1702.0

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 (89%)
• Race & ethnicity: Black 89% White 7% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · French/Haitian/Cajun 3% Spanish 2% 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: ▼ -115.61%
• Current HPI: 67.2162
• Rent YoY: ▲ 5.16%
• 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

+38.9% since first listed

11 events — show timeline

• 2026-06-12 Listed $25,000 MLSNOW
• 2012-08-03 Sold (Public Records) $36,000 Public Records
• 2008-10-06 Sold (MLS) $4,200 MLSNOW
• 2008-06-30 Listing Removed — MLSNOW
• 2008-04-17 Listed $4,900 MLSNOW
• 2008-03-31 Listing Removed — MLSNOW
• 2007-11-08 Listing Removed — MLSNOW
• 2007-09-12 Listed $4,900 MLSNOW
• 2007-08-08 Listed $13,500 MLSNOW
• 1991-02-08 Sold (Public Records) $40,500 Public Records
• 1990-08-14 Sold (Public Records) $18,000 Public Records

Property tax history

-2.8%/yr

Latest (2025): $721 · +0.0% YoY. Source: county tax records.