1623 Hillcrest Rd · Cleveland Heights, OH 44118

$299,900

7 bd · 3.0 ba · 3,125 sqft · MultiFamily public records · 6 Days on market

Built 1920 5,000 sqft lot Est $247k · 21% over

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Why this score? — see what drove the C 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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +7.6/10.0
• Livability +4.5/5.0
• Rent growth +3.9/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

WHAT A FIND! Triplex in Lovely Cleveland Heights, near everything and turn key. .. the perfect addition to any portfolio! Introducing a property that checks all of the boxes for an investor or owner-occupant looking to build toward the future! A few minutes commute to University Circle/Cleveland Clinic Main Campus, the location and convenience is great. Also a couple blocks from Coventry which features fantastic restaurants, entertainment and shopping. Inside there are loads of updates including kitchens, newer mechanicals, newer hot water tanks, upgraded electrical service, newer glassblock windows and absolutely stunning original wood floors. .. . this house has SO MUCH to offer! Priced sell, don't wait on this one or you'll watch a fantastic opportunity disappear! Please do not disturb tenants!

Key facts

• Rear roof replaced
• Pos compliant
• Fully furnished

Tags

• MID-TERM RENTAL OPPORTUNITY
• FULLY FURNISHED
• LEAD SAFE COMPLIANT
• POS COMPLIANT
• FRONT ROOF REPLACED
• REAR ROOF REPLACED

Property features AI

Finance

• Other: One building (multifamily)
• Financial info: All three units currently leased; Unit rents: $1,550; $1,800; $1,700

Exterior

• Parking: Attached garage with 2 spaces; On-street parking available
• Utilities: Public water; Public sewer
• Home design: 3-story building; Wood siding exterior
• Construction: Asphalt/fiberglass shingle roof; Wood siding construction; Year built (assessor)
• Exterior features: Lot size approximately 0.1148 acres; Public water and public sewer

Interior

• Bedrooms: One 3-bedroom unit; Two 2-bedroom units
• Bathrooms: Three full bathrooms (total for the property); Each unit has one bathroom
• Heating & cooling: Forced air heating
• Interior features: Finished living space above grade totaling 3,125; Unfinished basement with storage space
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $869 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Cap rate 9.8% vs local median 4.4% in Cleveland 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 (#12 in OH, #124 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Cleveland Heights-University Heights City (suburban): math 23% / reading 41% proficiency, ranked #568 of 656 in OH (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.7%/yr); 253 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $3,772/mo this rent would consume 58% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 + 5.7% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 26y 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.
• Current owner paid $167k; list at $300k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.26% ✓
• Cap rate: 9.77%
• Cash-on-cash: 12.42%
• DSCR: 1.55
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $246,875
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1635 Hillcrest Rd	0.02mi	6/2.0 (-1)	3,090 (-1%)	7mo	$245,000	$79	82
1534 Eddington Rd	0.13mi	7/3.0	3,295 (+5%)	20mo	$120,000	$36	68
1547 Hillcrest Rd	0.04mi	8/3.0 (+1)	3,365 (+8%)	20mo	$150,000	$45	64
1520-1522 Hillcrest Rd	0.09mi	8/2.0 (+1)	2,915 (-7%)	19mo	$230,000	$79	60
1695 Lee Rd	0.43mi	7/3.0	3,454 (+10%)	6mo	$215,000	$62	57
1668 Coventry Rd	0.29mi	6/3.0 (-1)	2,829 (-10%)	13mo	$325,000	$115	55
3214 Sycamore Rd	0.57mi	8/2.5 (+1)	3,270 (+5%)	11mo	$187,500	$57	49
2620 Mayfield Rd	0.69mi	7/3.0	3,313 (+6%)	10mo	$330,000	$100	49
1704 Preyer Ave	0.23mi	8/3.0 (+1)	3,550 (+14%)	20mo	$340,000	$96	45
3239 Sycamore Rd	0.59mi	6/2.0 (-1)	3,275 (+5%)	12mo	$277,000	$85	45
3270 Desota Ave	0.73mi	8/3.0 (+1)	3,286 (+5%)	23mo	$150,000	$46	33
3234 Euclid Heights Blvd	0.63mi	8/2.0 (+1)	3,530 (+13%)	22mo	$345,000	$98	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 · 5.7% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.21×
• Total profit: $17,356
• Equity at exit: $44,716

10-year hold

• IRR: 17.0%
• Equity multiple: 2.58×
• Total profit: $132,353
• Equity at exit: $25,930

Cash invested: $83,972 (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 44118

• Rents YoY: 5.7%
• Active inventory: 253
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $3,772 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$413 /mo · $4,958/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$792
• Net cashflow: $869

Break-even live

Break-even rent $2,672

Max offer price $299,900

Occupancy floor 72%

Sensitivity live

Price	-10% $1,039	-5% $954	+0% $869	+5% $784	+10% $699
Rent	-10% $571	-5% $720	+0% $869	+5% $1,018	+10% $1,167
Rate	-1.0pp $1,020	-0.5pp $945	base $869	+0.5pp $791	+1.0pp $712

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,771
Total (3 units)			$3,772

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2501 Euclid Heights Blvd Cleveland, OH	6.0	5.0	3000	$3,600	$1.20	17d	1	1.06mi

Listing history 19 events

1. 2026-05-31
   status $299,900 Pending 6 DOM
2. 2026-05-24
   listed $299,900 Active
3. 2025-02-12
   historical $1,500
4. 2025-02-10
   listed $1,500
5. 2022-07-13
   soldstatus $167,000 Closed 816-char remark

   Show marketing remark (816 chars)

   WHAT A FIND! Triplex in Lovely Cleveland Heights, near everything and turn key. .. the perfect addition to any portfolio! Introducing a property that checks all of the boxes for an investor or owner-occupant looking to build toward the future! A few minutes commute to University Circle/Cleveland Clinic Main Campus, the location and convenience is great. Also a couple blocks from Coventry which features fantastic restaurants, entertainment and shopping. Inside there are loads of updates including kitchens, newer mechanicals, newer hot water tanks, upgraded electrical service, newer glassblock windows and absolutely stunning original wood floors. .. . this house has SO MUCH to offer! Priced sell, don't wait on this one or you'll watch a fantastic opportunity disappear! Please do not disturb tenants!

6. 2022-07-13
   soldstatus $167,000

   Show marketing remark (816 chars)

   WHAT A FIND! Triplex in Lovely Cleveland Heights, near everything and turn key. .. the perfect addition to any portfolio! Introducing a property that checks all of the boxes for an investor or owner-occupant looking to build toward the future! A few minutes commute to University Circle/Cleveland Clinic Main Campus, the location and convenience is great. Also a couple blocks from Coventry which features fantastic restaurants, entertainment and shopping. Inside there are loads of updates including kitchens, newer mechanicals, newer hot water tanks, upgraded electrical service, newer glassblock windows and absolutely stunning original wood floors. .. . this house has SO MUCH to offer! Priced sell, don't wait on this one or you'll watch a fantastic opportunity disappear! Please do not disturb tenants!

7. 2022-05-26
   status Pending 816-char remark

   Show marketing remark (816 chars)

   WHAT A FIND! Triplex in Lovely Cleveland Heights, near everything and turn key. .. the perfect addition to any portfolio! Introducing a property that checks all of the boxes for an investor or owner-occupant looking to build toward the future! A few minutes commute to University Circle/Cleveland Clinic Main Campus, the location and convenience is great. Also a couple blocks from Coventry which features fantastic restaurants, entertainment and shopping. Inside there are loads of updates including kitchens, newer mechanicals, newer hot water tanks, upgraded electrical service, newer glassblock windows and absolutely stunning original wood floors. .. . this house has SO MUCH to offer! Priced sell, don't wait on this one or you'll watch a fantastic opportunity disappear! Please do not disturb tenants!

8. 2022-05-20
   listed $167,500 Active 816-char remark

   Show marketing remark (816 chars)

   WHAT A FIND! Triplex in Lovely Cleveland Heights, near everything and turn key. .. the perfect addition to any portfolio! Introducing a property that checks all of the boxes for an investor or owner-occupant looking to build toward the future! A few minutes commute to University Circle/Cleveland Clinic Main Campus, the location and convenience is great. Also a couple blocks from Coventry which features fantastic restaurants, entertainment and shopping. Inside there are loads of updates including kitchens, newer mechanicals, newer hot water tanks, upgraded electrical service, newer glassblock windows and absolutely stunning original wood floors. .. . this house has SO MUCH to offer! Priced sell, don't wait on this one or you'll watch a fantastic opportunity disappear! Please do not disturb tenants!

9. 2022-05-09
   historical
10. 2022-04-20
    historical Contingent
11. 2022-04-08
    listed $179,900 Active
12. 2014-09-10
    soldstatus $88,000
13. 2014-09-10
    soldstatus $88,000
14. 2014-06-05
    listed $89,900
15. 2002-10-25
    soldstatus $147,000
16. 2002-01-10
    listed $153,000
17. 2001-03-31
    historical
18. 2000-05-13
    listed $164,900
19. 1999-10-20
    soldstatus $153,000

ⓘ 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: $4,958 · $413/mo
• Projected year-2 tax: $4,958 · $413/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $45,264
• − Mortgage interest: −$16,799
• − Property taxes: −$4,958
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,621
• − Management: −$3,621
• − Depreciation: −$8,724
• Taxable income: $6,041
• Est. tax owed @ 24.0%: −$1,450
• After-tax cash flow: $8,979/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: Cleveland Heights-University Heights City
• NCES district ID: 3904379
• Math proficiency: 23% ▼ -22.00%
• Reading proficiency: 41% ▼ -12.00%
• Median HH income: $53,451
• Composite: 28.12/100
• National rank: #6822
• State rank: #568 of 656 in OH

Livability — Cleveland Heights

• Score: 89/100
• State rank: #12
• US rank: #124

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cleveland Heights, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 32,312
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 40,715
• Household income: $77,555
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1847.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 57% Black 33% Two or more races 4% Asian 3% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Scotch-Irish 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Russian/Polish/Slavic 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: ▼ -319.62%
• Current HPI: 204.5504
• Rent YoY: ▲ 5.70%
• 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

+96.0% since first listed

18 events — show timeline

• 2026-05-24 Listed $299,900 MLSNOW
• 2025-02-12 Rental Removed $1,500 RENTALBEAST
• 2025-02-10 Listed for Rent $1,500 RENTALBEAST
• 2022-07-13 Sold (Public Records) $167,000 Public Records
• 2022-07-13 Sold (MLS) $167,000 MLSNOW
• 2022-05-26 Pending — MLSNOW
• 2022-05-20 Listed $167,500 MLSNOW
• 2022-05-09 Listing Removed — MLSNOW
• 2022-04-20 Contingent — MLSNOW
• 2022-04-08 Listed $179,900 MLSNOW
• 2014-09-10 Sold (Public Records) $88,000 Public Records
• 2014-09-10 Sold (MLS) $88,000 MLSNOW
• 2014-06-05 Listed $89,900 MLSNOW
• 2002-10-25 Sold (MLS) $147,000 MLSNOW
• 2002-01-10 Listed $153,000 MLSNOW
• 2001-03-31 Listing Removed — MLSNOW
• 2000-05-13 Listed $164,900 MLSNOW
• 1999-10-20 Sold (Public Records) $153,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $4,958 · -2.0% YoY. Source: county tax records.