2638 Fenwick Rd · University Heights, OH 44118

$444,900

4 bd · 4.0 ba · 4,437 sqft · MultiFamily public records · 62 Days on market

Built 1935 9,160 sqft lot

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Why this score? — see what drove the B 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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Livability +4.7/5.0
• Rent growth +3.9/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• 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

This property offers a great opportunity for an owner-occupant, investor, or buyer looking for their next project. Featuring a functional layout and solid potential, the home is conveniently located near shopping, schools, local amenities, and major routes. Schedule your showing today.

Key facts

• 9,160 sq ft lot
• 3 garage spots
• Built 1935

Property features AI

Finance

• Financial info: One unit (2628 Traymore) currently leased for $2,400/month through May 30, 2027; One unit (2638 Fenwick) listed for rent at $2,500

Exterior

• Parking: Attached garage; Driveway; Garage with 3 spaces
• Utilities: Public water; Public sewer
• Home design: Single building (multi-unit property)
• Construction: Brick construction; Asphalt/fiberglass roof; Approximately 800 sq ft finished below grade; Approximately 4,437 sq ft finished above grade
• Exterior features: Public water; Public sewer

Interior

• Bedrooms: Two 2-bedroom units (2628 Traymore side and 2638 Fenwick)
• Bathrooms: 3 full bathrooms and 2 half bathrooms in the building; Unit 2628: 1 bathroom; Unit 2638: 2 bathrooms
• Heating & cooling: Forced air heating
• Interior features: Partially finished basement; Total of 17 rooms

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $445k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $445k).
• Recommended offer: $418k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 3.6% in University 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 94/100 on livability (#1 in OH, #3 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• At $6,401/mo this rent would consume 99% 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 $3k of loan paydown is wiped out by about $13k 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 $125k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $250k; list at $445k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $418,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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. 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.
7. 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.
8. 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: 1.44% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.13%
• DSCR: 1.76
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.7% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.48×
• Total profit: $59,216
• Equity at exit: $66,336

10-year hold

• IRR: 22.7%
• Equity multiple: 3.21×
• Total profit: $275,721
• Equity at exit: $38,467

Cash invested: $124,572 (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: 23.2×

Monthly cashflow live

• Estimated rent: $6,401 high
• Mortgage (P&I): −$2,333
• Tax from tax record: −$761 /mo · $9,126/yr
• Insurance: −$185
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,344
• Net cashflow: $1,778

Break-even live

Break-even rent $4,151

Max offer price $444,900

Occupancy floor 67%

Sensitivity live

Price	-10% $2,030	-5% $1,904	+0% $1,778	+5% $1,652	+10% $1,526
Rent	-10% $1,272	-5% $1,525	+0% $1,778	+5% $2,031	+10% $2,283
Rate	-1.0pp $2,002	-0.5pp $1,891	base $1,778	+0.5pp $1,663	+1.0pp $1,545

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,400
Total (4 units)			$6,401

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: $111,225
• Closing costs: $13,347
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2975 Claremont Rd Shaker Heights, OH	5.0	3.0	3241	$3,200	$0.99	11d	1	0.95mi
2868 Lee Rd Cleveland, OH	4.0	2.5	3390	$4,100	$1.21	44d	1	1.41mi
19601 Van Aken Blvd Shaker Heights, OH	1.0–4.0	1.0–4.0	1977	$4,400	$2.23	21d	1	1.43mi

Listing history 23 events

1. 2026-06-18
   days on market $444,900 Active 62 DOM
2. 2026-06-17
   days on market $444,900 Active 61 DOM
3. 2026-06-16
   days on market $444,900 Active 60 DOM
4. 2026-06-15
   days on market $444,900 Active 59 DOM
5. 2026-06-13
   days on market $444,900 Active 57 DOM
6. 2026-06-09
   days on market $444,900 Active 53 DOM
7. 2026-06-08
   days on market $444,900 Active 52 DOM
8. 2026-06-07
   days on market $444,900 Active 51 DOM
9. 2026-06-05
   days on market $444,900 Active 48 DOM
10. 2026-06-03
    days on market $444,900 Active 47 DOM
11. 2026-06-02
    days on market $444,900 Active 46 DOM
12. 2026-06-01
    days on market $444,900 Active 45 DOM
13. 2026-05-31
    days on market $444,900 Active 44 DOM
14. 2026-04-09
    listed $444,900 Active
15. 2026-02-05
    listed $2,400
16. 2025-05-02
    historical $2,050
17. 2025-05-01
    listed $2,050
18. 2002-04-02
    soldstatus $250,000
19. 1998-05-19
    soldstatus $225,000
20. 1993-06-11
    soldstatus $155,000
21. 1988-06-15
    soldstatus $142,500
22. 1985-10-16
    soldstatus $118,900
23. 1978-06-01
    soldstatus $90,000

ⓘ 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: $9,126 · $761/mo
• Projected year-2 tax: $9,126 · $761/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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $76,812
• − Mortgage interest: −$24,921
• − Property taxes: −$9,126
• − Insurance: −$2,224
• − Repairs & maintenance: −$6,145
• − Management: −$6,145
• − Depreciation: −$12,943
• Taxable income: $15,307
• Est. tax owed @ 24.0%: −$3,674
• After-tax cash flow: $17,660/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 — University Heights

• Score: 94/100
• State rank: #1
• US rank: #3

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: University Heights, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 40,715
• 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

+394.3% since first listed

10 events — show timeline

• 2026-04-09 Listed $444,900 MLSNOW
• 2026-02-05 Listed for Rent $2,400 REDFIN
• 2025-05-02 Rental Removed $2,050 REDFIN
• 2025-05-01 Listed for Rent $2,050 REDFIN
• 2002-04-02 Sold (Public Records) $250,000 Public Records
• 1998-05-19 Sold (Public Records) $225,000 Public Records
• 1993-06-11 Sold (Public Records) $155,000 Public Records
• 1988-06-15 Sold (Public Records) $142,500 Public Records
• 1985-10-16 Sold (Public Records) $118,900 Public Records
• 1978-06-01 Sold (Public Records) $90,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $9,126 · -2.0% YoY. Source: county tax records.