15610 Van Aken Blvd #18 · Shaker Heights, OH 44120

$49,900

2 bd · 1.0 ba · 1,014 sqft · Condo public records · 72 Days on market

Built 1930 $49/sqft · 25% below area Est $66k · 25% under $462/mo HOA · 33% of rent

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

Listing remarks MLS

Discover a rare opportunity in the sought-after Sedgwick Condominiums in Shaker Heights. This charming first-floor, two-bedroom, one-bath condo is priced at just under $50,000—an unbeatable value in this upscale community. With original hardwood floors, it offers a classic feel, ready for you to modernise and make your own. Nestled in the vibrant Shaker Heights area, you’ll enjoy a welcoming neighborhood with easy access to local shopping, dining, and a short commute to downtown Cleveland. The condo features a low $462 HOA, and as this is a cash-only purchase due to ongoing building work, it’s a perfect chance for a savvy buyer to invest in a prestigious location and craft their dream home. Don’t wait—schedule your showing today; this gem won’t last long! Use the offer link provided in the broker's remarks for all offers. Please use the offer link in the private remarks for all offers. CASH ONLY purchase. Yes, you can lease it out, and there is no assigned parking. However, you can park on the grounds. The building has a laundry room, as you are not allowed to have laundry in the unit. The HOA covers water, trash, and sewer, while you pay for electricity. Cool deal!

Key facts

• First-floor condo
• Low hoa
• $462 HOA

Tags

• FIRST-FLOOR CONDO
• ORIGINAL HARDWOOD FLOORS
• EASY ACCESS TO LOCAL SHOPPING
• LOW HOA

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $50k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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: schools A+, crime A+, commute 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.
• Market conditions: Rents rising (+3.3%/yr); 127 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• This rent runs 36% of the median local income ($47k/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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 32y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; HOA is 33% of rent; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.85% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.88%
• DSCR: 1.93
• GRM: 2.9

CMA / ARV

• ARV (median comp): $66,309
• List price: $49,900
• Delta: -24.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 14.5%
• Equity multiple: 1.59×
• Total profit: $8,235
• Equity at exit: $7,440

10-year hold

• IRR: 24.1%
• Equity multiple: 3.19×
• Total profit: $30,544
• Equity at exit: $4,314

Cash invested: $13,972 (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 44120

• Rents YoY: 3.3%
• Active inventory: 127
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,420 high
• Mortgage (P&I): −$262
• Tax from tax record: −$135 /mo · $1,615/yr
• Insurance: −$21
• HOA: −$462
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $243

Break-even live

Break-even rent $1,113

Max offer price $49,900

Occupancy floor 78%

Sensitivity live

Price	-10% $271	-5% $257	+0% $243	+5% $229	+10% $215
Rent	-10% $131	-5% $187	+0% $243	+5% $299	+10% $355
Rate	-1.0pp $268	-0.5pp $256	base $243	+0.5pp $230	+1.0pp $217

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15810 Van Aken Blvd Unit 306 Shaker Heights, OH	2.0	1.0	980	$1,300	$1.33	5d	1	0.08mi
16015 Van Aken Blvd Cleveland, OH	2.0–4.0	2.0	1360	$1,195	$0.88	9d	4	0.17mi
3348 Colwyn Rd Cleveland, OH	3.0	1.0	1330	$1,199	$0.90	25d	1	0.21mi
3656 Chelton Rd Cleveland, OH	2.0	1.0	1200	$1,300	$1.08	45d	1	0.53mi
3698 Menlo Rd Unit 3700 Shaker Heights, OH	2.0	1.0	1079	$1,360	$1.26	45d	1	0.55mi
17014 Kenyon Rd Unit Down Shaker Heights, OH	2.0	1.0	900	$1,200	$1.33	3d	1	0.64mi
3440 Avalon Rd Cleveland, OH	2.0	1.0	1247	$1,300	$1.04	45d	1	0.66mi
15602 Scottsdale Blvd Cleveland, OH	3.0	1.5	1162	$1,665	$1.43	45d	1	0.67mi
3658 Strathavon Rd Unit 1 Shaker Heights, OH	2.0	1.0	1175	$1,685	$1.43	25d	1	0.72mi
16320 Scottsdale Blvd Apt 2 Shaker Heights, OH	2.0	1.0	816	$1,365	$1.67	25d	1	0.73mi
3719 Rolliston Rd Cleveland, OH	3.0	2.0	1458	$1,910	$1.31	45d	1	0.78mi
17424 Winslow Rd Unit DN unit Shaker Heights, OH	2.0	1.0	1245	$1,700	$1.37	25d	1	0.78mi
3536 Normandy Rd Unit Vacant Shaker Heights, OH	3.0	1.0	1216	$1,600	$1.32	25d	1	0.82mi
3540 Normandy Rd Unit 1 Shaker Heights, OH	2.0	1.0	1200	$2,600	$2.17	45d	1	0.82mi
17612 Winslow Rd Unit 1 Shaker Heights, OH	2.0	1.0	1150	$2,500	$2.17	45d	1	0.82mi
17612 Winslow Rd Apt 2 Shaker Heights, OH	2.0	1.0	1150	$2,700	$2.35	45d	1	0.82mi
3580 Normandy Rd Cleveland, OH	2.0	1.0	1221	$1,375	$1.13	17d	1	0.84mi
17800 Winslow Rd Shaker Heights, OH	3.0	1.0	1120	$2,000	$1.79	12d	1	0.92mi
3584 Palmerston Rd Unit down Shaker Heights, OH	3.0	1.0	1220	$1,600	$1.31	45d	1	0.96mi
18033 Chagrin Blvd Unit 2 Shaker Heights, OH	2.0	1.0	1200	$2,750	$2.29	3d	1	1.05mi
3609 Strandhill Rd Shaker Heights, OH	2.0	1.0	1080	$1,195	$1.11	25d	1	1.07mi
18231 Winslow Rd Unit Down Shaker Heights, OH	2.0	1.0	1192	$1,375	$1.15	18d	1	1.09mi
18313 Newell Rd Beachwood, OH	3.0	1.0	1318	$1,395	$1.06	45d	1	1.10mi
3625 Glencairn Rd Unit 1 Shaker Heights, OH	2.0	1.0	1450	$1,450	$1.00	45d	1	1.15mi
3559 Gridley Rd Unit Up Shaker Heights, OH	2.0	1.0	950	$1,495	$1.57	45d	1	1.17mi
13419 S Woodland Rd #7 Cleveland, OH	2.0	1.0	1328	$1,150	$0.87	45d	1	1.19mi
3554 Latimore Rd Unit 1 Shaker Heights, OH	2.0	1.0	1218	$1,500	$1.23	5d	1	1.19mi
2879 Ludlow Rd Unit 3 Cleveland, OH	1.0	1.0	900	$1,095	$1.22	45d	1	1.25mi
14014 Shaker Blvd Apt 305 Shaker Heights, OH	3.0	2.0	1224	$1,430	$1.17	5d	1	1.27mi
2809 Van Aken Blvd Cleveland, OH	1.0–2.0	1.0	625	$1,225	$1.96	9d	11	1.32mi
3653 Winchell Rd Unit Lower Shaker Heights, OH	2.0	1.0	1190	$1,450	$1.22	45d	1	1.34mi
2828 S Moreland Blvd Cleveland, OH	2.0	1.0	1156	$1,325	$1.15	17d	1	1.41mi
2828 S Moreland Blvd Unit 3 Cleveland, OH	2.0	1.0	1000	$1,290	$1.29	25d	1	1.41mi
3073 Fairmount Blvd Unit 1288914P Cleveland Heights, OH	1.0	1.0	839	$4,645	$5.54	3d	1	1.43mi

HOA detail condo

• Monthly dues: $462 · $5,544/yr
• Likely covers: watersewertrashelectriclandscapingparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   statusdays on market $49,900 Active 72 DOM
2. 2026-05-12
   status Pending 1220-char remark

   Show marketing remark (1220 chars)

   Discover a rare opportunity in the sought-after Sedgwick Condominiums in Shaker Heights. This charming first-floor, two-bedroom, one-bath condo is priced at just under $50,000—an unbeatable value in this upscale community. With original hardwood floors, it offers a classic feel, ready for you to modernise and make your own. Nestled in the vibrant Shaker Heights area, you’ll enjoy a welcoming neighborhood with easy access to local shopping, dining, and a short commute to downtown Cleveland. The condo features a low $462 HOA, and as this is a cash-only purchase due to ongoing building work, it’s a perfect chance for a savvy buyer to invest in a prestigious location and craft their dream home. Don’t wait—schedule your showing today; this gem won’t last long! Use the offer link provided in the broker's remarks for all offers. Please use the offer link in the private remarks for all offers. CASH ONLY purchase. Yes, you can lease it out, and there is no assigned parking. However, you can park on the grounds. The building has a laundry room, as you are not allowed to have laundry in the unit. The HOA covers water, trash, and sewer, while you pay for electricity. Cool deal!

3. 2026-04-25
   price $49,900 1220-char remark

   Show marketing remark (1220 chars)

   Discover a rare opportunity in the sought-after Sedgwick Condominiums in Shaker Heights. This charming first-floor, two-bedroom, one-bath condo is priced at just under $50,000—an unbeatable value in this upscale community. With original hardwood floors, it offers a classic feel, ready for you to modernise and make your own. Nestled in the vibrant Shaker Heights area, you’ll enjoy a welcoming neighborhood with easy access to local shopping, dining, and a short commute to downtown Cleveland. The condo features a low $462 HOA, and as this is a cash-only purchase due to ongoing building work, it’s a perfect chance for a savvy buyer to invest in a prestigious location and craft their dream home. Don’t wait—schedule your showing today; this gem won’t last long! Use the offer link provided in the broker's remarks for all offers. Please use the offer link in the private remarks for all offers. CASH ONLY purchase. Yes, you can lease it out, and there is no assigned parking. However, you can park on the grounds. The building has a laundry room, as you are not allowed to have laundry in the unit. The HOA covers water, trash, and sewer, while you pay for electricity. Cool deal!

4. 2026-03-03
   listed $54,900 Active 1220-char remark

   Show marketing remark (1220 chars)

   Discover a rare opportunity in the sought-after Sedgwick Condominiums in Shaker Heights. This charming first-floor, two-bedroom, one-bath condo is priced at just under $50,000—an unbeatable value in this upscale community. With original hardwood floors, it offers a classic feel, ready for you to modernise and make your own. Nestled in the vibrant Shaker Heights area, you’ll enjoy a welcoming neighborhood with easy access to local shopping, dining, and a short commute to downtown Cleveland. The condo features a low $462 HOA, and as this is a cash-only purchase due to ongoing building work, it’s a perfect chance for a savvy buyer to invest in a prestigious location and craft their dream home. Don’t wait—schedule your showing today; this gem won’t last long! Use the offer link provided in the broker's remarks for all offers. Please use the offer link in the private remarks for all offers. CASH ONLY purchase. Yes, you can lease it out, and there is no assigned parking. However, you can park on the grounds. The building has a laundry room, as you are not allowed to have laundry in the unit. The HOA covers water, trash, and sewer, while you pay for electricity. Cool deal!

5. 2025-03-25
   historical
6. 2024-11-05
   historical Contingent
7. 2024-09-25
   listed $54,900 Active
8. 2009-08-14
   historical
9. 2009-01-09
   listed $71,000
10. 2007-02-28
    soldstatus $1,636,250
11. 2007-02-28
    soldstatus $1,636,250
12. 1994-06-30
    historical
13. 1994-01-01
    listed $45,900

ⓘ 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: $1,615 · $135/mo
• Projected year-2 tax: $1,615 · $135/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: $17,045
• − Mortgage interest: −$2,795
• − Property taxes: −$1,615
• − Insurance: −$250
• − Repairs & maintenance: −$1,364
• − Management: −$1,364
• − HOA: −$5,544
• − Depreciation: −$1,452
• Taxable income: $2,663
• Est. tax owed @ 24.0%: −$639
• After-tax cash flow: $2,278/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

+8.7% since first listed

12 events — show timeline

• 2026-05-12 Pending — MLSNOW
• 2026-04-25 Price Changed $49,900 MLSNOW
• 2026-03-03 Listed $54,900 MLSNOW
• 2025-03-25 Listing Removed — MLSNOW
• 2024-11-05 Contingent — MLSNOW
• 2024-09-25 Listed $54,900 MLSNOW
• 2009-08-14 Listing Removed — MLSNOW
• 2009-01-09 Listed $71,000 MLSNOW
• 2007-02-28 Sold (Public Records) $1,636,250 Public Records
• 2007-02-28 Sold (Public Records) $1,636,250 Public Records
• 1994-06-30 Listing Removed — MLSNOW
• 1994-01-01 Listed $45,900 MLSNOW

Property tax history

+1.3%/yr

Latest (2025): $1,615 · +13.4% YoY. Source: county tax records.