2426 Lander Rd · Pepper Pike, OH 44124

$525,000

3 bd · 2.0 ba · 1,866 sqft · SingleFamily public records · 48 Days on market

Built 1956 0.98 ac lot $281/sqft · 18% below area Est $640k · 18% under

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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).

• ARV discount +15.0/15.0
• Schools +7.3/10.0
• Cash flow +6.4/30.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable Bungalow On Nearly 1 Acre Lot. Ready To Move In Immediately! Gourmet Kitchen With Granite & Maple Cabinets, Ceramic Tile, & New S. S. Appliances. All New Lighting & Plumbing Fixtures. Huge 2nd Floor Master Suite. Pristine Hardwood Floors Throughout. & More!!!!!

Key facts

• Private backyard
• Newer stanek windows
• New roof

Tags

• FOUR-SEASON ROOM ADDITION
• PRIVATE BACKYARD
• NEW ROOF
• EXPANDED DRIVEWAY
• NEWER STANEK WINDOWS
• NEW FRONT AND STORM DOOR

Property features AI

Finance

• HOA & community: Nearby shopping and medical services

Exterior

• Parking: Attached 2-car garage; Concrete driveway
• Security: Smoke detectors
• Utilities: Private well water; Septic tank
• Home design: Updated/remodeled condition; Above-grade and below-grade finished living areas; Lot dimensions approximately 137 x 316
• Construction: Brick and aluminum siding exterior; Asphalt/fiberglass roof
• Exterior features: Enclosed porch; Patio; Shed; Back yard fencing

Interior

• Kitchen: Built-in oven; Range; Microwave; Dishwasher; Disposal; Refrigerator; Eat-in kitchen
• Bedrooms: Two main-level bedrooms
• Flooring: Hardwood flooring in living room, bedrooms, office, dining room and other main rooms
• Bathrooms: Two full bathrooms (one on the main level)
• Heating & cooling: Forced-air gas heating; Central air conditioning
• Interior features: Entrance foyer; Eat-in kitchen; Full unfinished basement; One fireplace
• Laundry & utility: Washer and dryer included; Laundry located in the basement; Water softener

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $525k.

Deal economics

• At list price, monthly cash flow is $-910 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $364k (30.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $346k (34.1% below list).
• Recommended offer: $346k (34.1% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 0.5% in Pepper Pike — 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 71/100 on livability (#429 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Orange City (suburban): math 76% / reading 83% proficiency, ranked #32 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.5%/yr); 176 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $3,460/mo this rent would consume 50% of the median local household income ($82k/yr) (locally 1286% 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 $4k of loan paydown is wiped out by about $16k 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 48 days — a 3% lower offer ($509k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $44k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $235k; list at $525k implies a 123% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $345,974 (34.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.66% ✗
• Cap rate: 4.21%
• Cash-on-cash: -7.43%
• DSCR: 0.67
• GRM: 12.6

CMA / ARV

• ARV (median comp): $640,233
• List price: $525,000
• Delta: -18.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1838 Drayton Dr	0.71mi	4/2.0 (+1)	1,944 (+4%)	11mo	$370,000	$190	46
1849 Beham Dr	0.74mi	4/2.0 (+1)	1,928 (+3%)	12mo	$277,000	$144	45
5991 Cantwell Dr	0.70mi	4/2.5 (+1)	2,012 (+8%)	3mo	$360,000	$179	45
2042 Marshfield Rd	0.74mi	3/2.0	1,952 (+5%)	16mo	$275,000	$141	44
5978 Cantwell Dr	0.65mi	4/2.5 (+1)	1,980 (+6%)	11mo	$300,000	$152	43
5960 Cantwell Dr	0.64mi	4/2.5 (+1)	2,084 (+12%)	7mo	$355,000	$170	38
1876 Dunellon Dr	0.75mi	3/2.5	1,592 (-15%)	6mo	$286,000	$180	34
1910 Caronia Dr	0.72mi	4/4.5 (+1)	2,104 (+13%)	9mo	$380,000	$181	22

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 · 4.45% rent growth · sell at horizon

5-year hold

• IRR: -27.6%
• Equity multiple: 0.06×
• Total profit: $-137,826
• Equity at exit: $78,279

10-year hold

• IRR: -21.4%
• Equity multiple: -0.18×
• Total profit: $-172,726
• Equity at exit: $45,392

Cash invested: $147,000 (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 44124

• Rents YoY: 4.5%
• Active inventory: 176
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $3,460 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$671 /mo · $8,051/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$727
• Net cashflow: $-910

Break-even live

Break-even rent $4,611

Max offer price $364,310

Occupancy floor —

Sensitivity live

Price	-10% $-612	-5% $-761	+0% $-910	+5% $-1,058	+10% $-1,207
Rent	-10% $-1,183	-5% $-1,046	+0% $-910	+5% $-773	+10% $-636
Rate	-1.0pp $-645	-0.5pp $-776	base $-910	+0.5pp $-1,046	+1.0pp $-1,184

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28875 Addison Ct Cleveland, OH	3.0	2.5	2337	$4,975	$2.13	45d	1	0.52mi
28790 Addison Ct Pepper Pike, OH	2.0–3.0	2.5	2105	$6,100	$2.90	2d	3	0.56mi
2021 Aldersgate Dr Cleveland, OH	4.0	2.5	2012	$2,850	$1.42	44d	1	0.96mi
1735 Chelmsford Rd Cleveland, OH	3.0	2.0	1300	$2,200	$1.69	44d	1	0.99mi
1678 Byron Dr Cleveland, OH	3.0	2.0	2390	$2,200	$0.92	12d	1	1.00mi
5670 Cherokee Dr Cleveland, OH	4.0	2.0	1920	$1,950	$1.02	8d	1	1.17mi
1620 Brainard Rd Cleveland, OH	3.0	1.5	1501	$2,275	$1.52	15d	1	1.28mi
27040 Cedar Rd Beachwood, OH	3.0	1.0–2.5	845	$1,881	$2.22	2d	99	1.32mi
26600 George Zeiger Dr Beachwood, OH	1.0–3.0	1.0–3.0	1734	$5,375	$3.10	2d	40	1.34mi
26900 Amhearst Cir Beachwood, OH	1.0–2.0	1.0–2.0	1070	$2,460	$2.30	2d	13	1.40mi

Listing history 28 events

1. 2026-06-18
   days on market $525,000 Active 48 DOM
2. 2026-06-17
   days on market $525,000 Active 47 DOM
3. 2026-06-16
   days on market $525,000 Active 46 DOM
4. 2026-06-15
   days on market $525,000 Active 45 DOM
5. 2026-06-13
   days on market $525,000 Active 43 DOM
6. 2026-06-09
   days on market $525,000 Active 39 DOM
7. 2026-06-08
   days on market $525,000 Active 38 DOM
8. 2026-06-07
   days on market $525,000 Active 37 DOM
9. 2026-06-05
   days on market $525,000 Active 34 DOM
10. 2026-06-03
    days on market $525,000 Active 33 DOM
11. 2026-06-02
    pricedays on market $525,000 Active 32 DOM
12. 2026-06-01
    days on market $540,000 Active 31 DOM
13. 2026-05-31
    days on market $540,000 Active 30 DOM
14. 2026-05-18
    price $540,000 1731-char remark
15. 2026-05-08
    price $559,000 1731-char remark
16. 2026-05-01
    listed $569,000 Active 1731-char remark
17. 2007-02-07
    historical
18. 2006-12-29
    soldstatus $235,000

    Show marketing remark (292 chars)

    Adorable Bungalow On Nearly 1 Acre Lot. Ready To Move In Immediately! Gourmet Kitchen With Granite & Maple Cabinets, Ceramic Tile, & New S. S. Appliances. All New Lighting & Plumbing Fixtures. Huge 2nd Floor Master Suite. Pristine Hardwood Floors Throughout. & More!!!!!

19. 2006-12-29
    soldstatus $235,000

    Show marketing remark (292 chars)

    Adorable Bungalow On Nearly 1 Acre Lot. Ready To Move In Immediately! Gourmet Kitchen With Granite & Maple Cabinets, Ceramic Tile, & New S. S. Appliances. All New Lighting & Plumbing Fixtures. Huge 2nd Floor Master Suite. Pristine Hardwood Floors Throughout. & More!!!!!

20. 2006-08-08
    listed $249,900

    Show marketing remark (292 chars)

    Adorable Bungalow On Nearly 1 Acre Lot. Ready To Move In Immediately! Gourmet Kitchen With Granite & Maple Cabinets, Ceramic Tile, & New S. S. Appliances. All New Lighting & Plumbing Fixtures. Huge 2nd Floor Master Suite. Pristine Hardwood Floors Throughout. & More!!!!!

21. 2006-02-07
    listed $285,000
22. 2005-11-15
    historical
23. 2005-05-11
    listed $344,900
24. 2005-04-06
    soldstatus $207,500
25. 2005-04-04
    soldstatus $207,500
26. 2005-01-14
    listed $229,900
27. 1978-10-03
    soldstatus $83,000
28. 1978-10-01
    soldstatus $83,000

ⓘ 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: $8,051 · $671/mo
• Projected year-2 tax: $8,120 · $677/mo
• Expected delta: +$70/yr (+$6/mo · 0.9%)

ⓘ 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 2/10 Low 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,517
• − Mortgage interest: −$29,408
• − Property taxes: −$8,051
• − Insurance: −$2,625
• − Repairs & maintenance: −$3,321
• − Management: −$3,321
• − Depreciation: −$15,273
• Taxable loss: −$20,483
• Est. tax savings @ 24.0%: +$4,916
• After-tax cash flow: $-6,000/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: Orange City
• NCES district ID: 3910016
• Math proficiency: 76% ▼ -11.00%
• Reading proficiency: 83% ▼ -6.00%
• Median HH income: $114,295
• Composite: 73.37/100
• National rank: #182
• State rank: #32 of 656 in OH

Livability — Pepper Pike

• Score: 71/100
• State rank: #429
• US rank: #7112

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pepper Pike, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 40,046
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 39,779
• Household income: $82,392
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 1286.0

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 (69%)
• Race & ethnicity: White 69% Black 15% Two or more races 7% Asian 6% Hispanic / Latino 4%
• Common ancestry: Romanian 6% Scotch-Irish 4% Lithuanian 3%
• Foreign-born: 14% · Canada, China, Vietnam
• Languages at home: 84% English-only · Russian/Polish/Slavic 4% Other Indo-European 4% Spanish 3%

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: ▼ -212.96%
• Current HPI: 164.108
• Rent YoY: ▲ 4.45%
• 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

+532.5% since first listed

16 events — show timeline

• 2026-06-02 Price Changed $525,000 MLSNOW
• 2026-05-18 Price Changed $540,000 MLSNOW
• 2026-05-08 Price Changed $559,000 MLSNOW
• 2026-05-01 Listed $569,000 MLSNOW
• 2007-02-07 Listing Removed — MLSNOW
• 2006-12-29 Sold (Public Records) $235,000 Public Records
• 2006-12-29 Sold (MLS) $235,000 MLSNOW
• 2006-08-08 Listed $249,900 MLSNOW
• 2006-02-07 Listed $285,000 MLSNOW
• 2005-11-15 Listing Removed — MLSNOW
• 2005-05-11 Listed $344,900 MLSNOW
• 2005-04-06 Sold (MLS) $207,500 MLSNOW
• 2005-04-04 Sold (Public Records) $207,500 Public Records
• 2005-01-14 Listed $229,900 MLSNOW
• 1978-10-03 Sold (Public Records) $83,000 Public Records
• 1978-10-01 Sold (Public Records) $83,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $8,051 · -12.0% YoY. Source: county tax records.