1546 Glenmont Rd

East Cleveland, OH 44118

$175,000B+

4 bd · 2.0 ba · 2,459 sqft · Built 1913 · MultiFamily · Active · 283 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,740/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$995
• Net cashflow: $2,577/mo
• Annual: $30,923/yr
• Cap rate: 23.96%
• Cash-on-cash: 63.11%
• DSCR: 3.81
• 1% rule: 2.71%
• Cash to close: $49,000

Investor read

• This is a 2×4bd/3.0ba + 1×1bd/1.0ba units multifamily listed at $175k.
• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $859/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $175k).
• It's been on market 283 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.7%/yr); 253 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $27k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $128k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 24.0% 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.
• At $4,740/mo this rent would consume 73% of the median local household income ($78k/yr) (locally 1847% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 283 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?