1440 Cedarwood Dr · Westlake, OH 44145

$198,000

3 bd · 3.0 ba · 1,078 sqft · Condo · 36 Days on market

Built 1982 Fair condition

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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 +15.7/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• 1% rule +6.0/10.0
• DSCR +4.8/10.0
• Livability +4.1/5.0
• Rent growth +3.1/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 3BR Condo across from Crocker Park shopping mall. Minutes from Rt 90. Westlake has one of the best school system in the area. OPEN HOUSE: Sunday, June 7, 1-4 pm.

Key facts

• Built 1982
• Listed 36 days

Tags

• CROCKER PARK SHOPPING MALL
• WESTLAKE SCHOOL SYSTEM

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $198k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $88 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).
• Recommended offer: $192k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 3.3% in Westlake — 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 82/100 on livability (#79 in OH, #1,202 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Westlake City (suburban): math 71% / reading 79% proficiency, ranked #76 of 656 in OH (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.3%/yr); 163 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 36 days — a 3% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $127k; list at $198k implies a 56% gain — meaningful room to come down on a strong offer.

Recommended offer $192,060 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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. 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?
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: 1.10% ✓
• Cap rate: 6.83%
• Cash-on-cash: 1.91%
• DSCR: 1.08
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.32% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.50×
• Total profit: $-27,760
• Equity at exit: $29,522

10-year hold

• IRR: -6.4%
• Equity multiple: 0.60×
• Total profit: $-22,151
• Equity at exit: $17,119

Cash invested: $55,440 (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 44145

• Rents YoY: 2.3%
• Active inventory: 163
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,185 high
• Mortgage (P&I): −$1,038
• Tax est. 1.5%: −$248 /mo · $2,970/yr
• Insurance: −$82
• HOA est. from 3 same-building comps: −$270
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $88

Break-even live

Break-even rent $2,074

Max offer price $198,000

Occupancy floor 91%

Sensitivity live

Price	-10% $225	-5% $157	+0% $88	+5% $20	+10% $-49
Rent	-10% $-85	-5% $2	+0% $88	+5% $174	+10% $261
Rate	-1.0pp $188	-0.5pp $138	base $88	+0.5pp $37	+1.0pp $-15

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1660 Cedarwood Dr Westlake, OH	2.0	1.0	724	$1,375	$1.90	13d	1	0.15mi
1630 Cedarwood Dr Westlake, OH	1.0–2.0	1.0–2.0	1037	$2,169	$2.09	2d	15	0.15mi
177 Market St Westlake, OH	3.0	1.0–2.0	1034	$2,942	$2.85	2d	36	0.56mi
1575 Hunters Chase Dr Westlake, OH	1.0–2.0	1.0–2.0	838	$1,747	$2.08	2d	25	0.90mi
28600 Detroit Rd Westlake, OH	1.0–2.0	1.0–2.0	931	$1,900	$2.04	2d	17	1.01mi
27825 Detroit Rd Westlake, OH	1.0–2.0	1.0–1.5	950	$1,463	$1.54	2d	5	1.42mi
27701 Detroit Rd Westlake, OH	1.0–2.0	1.0–2.0	899	$2,229	$2.48	2d	12	1.43mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $198,000 Active 36 DOM
2. 2026-06-17
   days on market $198,000 Active 35 DOM
3. 2026-06-16
   days on market $198,000 Active 34 DOM
4. 2026-06-15
   pricedays on marketlisting id $198,000 Active 33 DOM
5. 2026-06-15
   days on market $185,900 Active 30 DOM
6. 2026-06-13
   days on market $185,900 Active 28 DOM
7. 2026-06-13
   days on market $185,900 Active 27 DOM
8. 2026-06-09
   days on market $185,900 Active 24 DOM
9. 2026-06-08
   days on market $185,900 Active 23 DOM
10. 2026-06-07
    days on market $185,900 Active 22 DOM
11. 2026-06-05
    days on market $185,900 Active 19 DOM
12. 2026-06-03
    pricedays on market $185,900 Active 18 DOM
13. 2026-06-02
    days on market $198,000 Active 17 DOM
14. 2026-06-01
    days on market $198,000 Active 16 DOM
15. 2026-05-31
    days on market $198,000 Active 15 DOM
16. 2026-05-17
    listed $198,000 Active 171-char remark
17. 2026-05-14
    listed $198,000 Active 156-char remark
18. 2008-07-31
    historical
19. 2008-03-03
    listed $145,999
20. 2004-08-10
    soldstatus $126,900
21. 2004-06-08
    listed $127,900

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

Taxation est. · year 1

• Rental income: $26,224
• − Mortgage interest: −$11,091
• − Property taxes: −$2,970
• − Insurance: −$990
• − Repairs & maintenance: −$2,098
• − Management: −$2,098
• − HOA: −$3,240
• − Depreciation: −$5,760
• Taxable loss: −$2,023
• Est. tax savings @ 24.0%: +$485
• After-tax cash flow: $1,543/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.

Condition & rehab AI · 0 photos

Fair 40/100 Moderate rehab

This 3-bedroom condo requires moderate renovations, including painting, updating the kitchen and bathrooms, and replacing worn flooring and countertops. Upgrades will significantly enhance its resale and rental value.

Repairs flagged

• Major Kitchen countertops — Significant wear and tear observed.
• Major Bathroom fixtures — Outdated and worn appearance.
• Major Flooring — Worn and in need of replacement or refinishing.
• Major Paint — Significant discoloration and wear.
• Major Exterior siding — Signs of wear and discoloration.
• Major Windows — Old and may need replacement or caulking.
• Moderate HVAC system — May need maintenance or replacement.

Value-add opportunities

• Both Painting and updating the kitchen and bathrooms — Fresh paint and updated fixtures will enhance both resale and rental value.
• Both Replacing worn flooring and countertops — New flooring and countertops will significantly improve the home's appearance and functionality.
• Both Upgrading HVAC system — A new HVAC system will improve comfort and energy efficiency, benefiting both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Significant wear and tear observed.	Major	$15,000–50,000
Bathroom fixtures · Outdated and worn appearance.	Major	$15,000–50,000
Flooring · Worn and in need of replacement or refinishing.	Major	$15,000–50,000
Paint · Significant discoloration and wear.	Major	$15,000–50,000
Exterior siding · Signs of wear and discoloration.	Major	$15,000–50,000
Windows · Old and may need replacement or caulking.	Major	$15,000–50,000
HVAC system · May need maintenance or replacement.	Moderate	$3,000–15,000
Total estimated repair cost · 7 items		$93,000–315,000

Value-add ROI direction

• Both Painting and updating the kitchen and bathrooms — Fresh paint and updated fixtures will enhance both resale and rental value. ↑
• Both Replacing worn flooring and countertops — New flooring and countertops will significantly improve the home's appearance and functionality. ↑
• Both Upgrading HVAC system — A new HVAC system will improve comfort and energy efficiency, benefiting both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Westlake City
• NCES district ID: 3904506
• Math proficiency: 71% ▼ -12.00%
• Reading proficiency: 79% ▼ -7.00%
• Median HH income: $74,709
• Composite: 65.85/100
• National rank: #451
• State rank: #76 of 656 in OH

Livability — Westlake

• Score: 82/100
• State rank: #79
• US rank: #1202

Category grades

Amenities F Commute F Cost of living B+ 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: Westlake, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 34,104
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 34,104
• Household income: $112,200
• Rent vs Own: 26.9% rent · 73.1% own
• Severe rent burden: 690.0

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 (85%)
• Race & ethnicity: White 85% Asian 7% Two or more races 5% Hispanic / Latino 4% Black 2%
• Common ancestry: Romanian 7% Lithuanian 3% Subsaharan African 2%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 84% English-only · Arabic 5% Other Indo-European 4% Russian/Polish/Slavic 2%

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: ▼ -191.97%
• Current HPI: 202.4805
• Rent YoY: ▲ 2.32%
• 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

+45.3% since first listed

7 events — show timeline

• 2026-06-04 Listed $185,900 ForSaleByOwner.com
• 2026-06-03 Price Changed $185,900 FSBO.com
• 2026-05-14 Listed $198,000 FSBO.com
• 2008-07-31 Listing Removed — MLSNOW
• 2008-03-03 Listed $145,999 MLSNOW
• 2004-08-10 Sold (MLS) $126,900 MLSNOW
• 2004-06-08 Listed $127,900 MLSNOW