15610 Van Aken Blvd #4 · Shaker Heights, OH 44120

$50,000

2 bd · 1.0 ba · 1,072 sqft · Condo public records · 41 Days on market

Built 1930 $47/sqft · 25% below area Est $66k · 25% under $461/mo HOA · 32% 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

Charming 2-Bedroom condo in the heart of Shaker Heights. Discover this well-maintained 2-bedroom, 1-bathroom condo in the desirable Sedgewick Condominiums. The condo features a spacious layout, ample natural light, and a well-kept interior. Whether you're looking to expand your rental portfolio or secure a home in a prime location, this property is a must-see! This property offers unbeatable convenience—close to the train station, shopping centers, dining, and more.

Key facts

• Ample natural light
• Shopping centers
• Dining

Tags

• SEDGEWICK CONDOMINIUMS
• AMPLE NATURAL LIGHT
• WELL-KEPT INTERIOR
• CLOSE TO TRAIN STATION
• SHOPPING CENTERS
• DINING

Property features AI

Finance

• HOA & community: HOA governs the property (Sedgewick); Monthly HOA fee of $461; HOA covers common area maintenance, insurance, grounds and structure maintenance, parking, reserve fund, roof, snow removal and trash

Exterior

• Parking: Underground parking; Attached garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Brick construction; Flat roof; Three-story building; Entry level: 2
• Construction: Brick construction; Flat roof
• Exterior features: Has a view; Property is attached (multi-unit building)

Interior

• Kitchen: Kitchen with ceramic tile flooring
• Bedrooms: Two bedrooms on the main level
• Flooring: Hardwood flooring in living room and dining room; Carpet in both bedrooms; Ceramic tile in kitchen and bathroom
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Radiator heating; Window cooling units
• Interior features: Gas fireplace (one)
• Laundry & utility: Laundry located in the basement

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 $246 ($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: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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); 125 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $346 of loan paydown is wiped out by about $2k 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 41 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; HOA is 32% of rent; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 12.19%
• Cash-on-cash: 21.07%
• DSCR: 1.94
• GRM: 2.9

CMA / ARV

• ARV (median comp): $66,315
• List price: $50,000
• Delta: -24.60%
• 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: 14.8%
• Equity multiple: 1.60×
• Total profit: $8,396
• Equity at exit: $7,455

10-year hold

• IRR: 24.3%
• Equity multiple: 3.21×
• Total profit: $30,919
• Equity at exit: $4,323

Cash invested: $14,000 (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 44120

• Rents YoY: 3.3%
• Active inventory: 125
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,426 high
• Mortgage (P&I): −$262
• Tax from tax record: −$136 /mo · $1,636/yr
• Insurance: −$21
• HOA: −$461
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $246

Break-even live

Break-even rent $1,114

Max offer price $50,000

Occupancy floor 78%

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: $12,500
• Closing costs: $1,500
• 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	4d	1	0.08mi
16015 Van Aken Blvd Cleveland, OH	2.0–4.0	2.0	1360	$1,195	$0.88	7d	4	0.17mi
3348 Colwyn Rd Cleveland, OH	3.0	1.0	1330	$1,199	$0.90	23d	1	0.21mi
3656 Chelton Rd Cleveland, OH	2.0	1.0	1200	$1,300	$1.08	43d	1	0.53mi
3698 Menlo Rd Unit 3700 Shaker Heights, OH	2.0	1.0	1079	$1,360	$1.26	43d	1	0.55mi
17014 Kenyon Rd Unit Down Shaker Heights, OH	2.0	1.0	900	$1,200	$1.33	2d	1	0.64mi
3440 Avalon Rd Cleveland, OH	2.0	1.0	1247	$1,300	$1.04	43d	1	0.66mi
15602 Scottsdale Blvd Cleveland, OH	3.0	1.5	1162	$1,665	$1.43	43d	1	0.67mi
3658 Strathavon Rd Unit 1 Shaker Heights, OH	2.0	1.0	1175	$1,685	$1.43	23d	1	0.72mi
16320 Scottsdale Blvd Apt 2 Shaker Heights, OH	2.0	1.0	816	$1,365	$1.67	23d	1	0.73mi
3719 Rolliston Rd Cleveland, OH	3.0	2.0	1458	$1,910	$1.31	43d	1	0.78mi
17424 Winslow Rd Unit DN unit Shaker Heights, OH	2.0	1.0	1245	$1,700	$1.37	23d	1	0.78mi
3536 Normandy Rd Unit Vacant Shaker Heights, OH	3.0	1.0	1216	$1,600	$1.32	23d	1	0.82mi
3540 Normandy Rd Unit 1 Shaker Heights, OH	2.0	1.0	1200	$2,600	$2.17	43d	1	0.82mi
17612 Winslow Rd Unit 1 Shaker Heights, OH	2.0	1.0	1150	$2,500	$2.17	43d	1	0.82mi
17612 Winslow Rd Apt 2 Shaker Heights, OH	2.0	1.0	1150	$2,700	$2.35	43d	1	0.82mi
3580 Normandy Rd Cleveland, OH	2.0	1.0	1221	$1,375	$1.13	16d	1	0.84mi
17800 Winslow Rd Shaker Heights, OH	3.0	1.0	1120	$2,000	$1.79	11d	1	0.92mi
3584 Palmerston Rd Unit down Shaker Heights, OH	3.0	1.0	1220	$1,600	$1.31	43d	1	0.96mi
18033 Chagrin Blvd Unit 2 Shaker Heights, OH	2.0	1.0	1200	$2,750	$2.29	1d	1	1.05mi
3609 Strandhill Rd Shaker Heights, OH	2.0	1.0	1080	$1,195	$1.11	23d	1	1.07mi
18231 Winslow Rd Unit Down Shaker Heights, OH	2.0	1.0	1192	$1,375	$1.15	17d	1	1.09mi
18313 Newell Rd Beachwood, OH	3.0	1.0	1318	$1,395	$1.06	44d	1	1.10mi
3625 Glencairn Rd Unit 1 Shaker Heights, OH	2.0	1.0	1450	$1,450	$1.00	43d	1	1.15mi
3559 Gridley Rd Unit Up Shaker Heights, OH	2.0	1.0	950	$1,495	$1.57	43d	1	1.17mi
13419 S Woodland Rd #7 Cleveland, OH	2.0	1.0	1328	$1,150	$0.87	43d	1	1.19mi
3554 Latimore Rd Unit 1 Shaker Heights, OH	2.0	1.0	1218	$1,500	$1.23	4d	1	1.19mi
2879 Ludlow Rd Unit 3 Cleveland, OH	1.0	1.0	900	$1,095	$1.22	43d	1	1.25mi
14014 Shaker Blvd Apt 305 Shaker Heights, OH	3.0	2.0	1224	$1,430	$1.17	4d	1	1.27mi
2809 Van Aken Blvd Cleveland, OH	1.0–2.0	1.0	625	$1,225	$1.96	7d	11	1.32mi
3653 Winchell Rd Unit Lower Shaker Heights, OH	2.0	1.0	1190	$1,450	$1.22	44d	1	1.34mi
2828 S Moreland Blvd Cleveland, OH	2.0	1.0	1156	$1,325	$1.15	16d	1	1.41mi
2828 S Moreland Blvd Unit 3 Cleveland, OH	2.0	1.0	1000	$1,290	$1.29	23d	1	1.41mi
3073 Fairmount Blvd Unit 1288914P Cleveland Heights, OH	1.0	1.0	839	$4,645	$5.54	1d	1	1.43mi

HOA detail condo

• Monthly dues: $461 · $5,532/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $50,000 Active 41 DOM
2. 2026-06-17
   days on market $50,000 Active 40 DOM
3. 2026-06-16
   days on market $50,000 Active 39 DOM
4. 2026-06-15
   days on market $50,000 Active 38 DOM
5. 2026-06-13
   days on market $50,000 Active 36 DOM
6. 2026-06-13
   days on market $50,000 Active 35 DOM
7. 2026-06-09
   days on market $50,000 Active 32 DOM
8. 2026-06-08
   days on market $50,000 Active 31 DOM
9. 2026-06-07
   days on market $50,000 Active 30 DOM
10. 2026-06-03
    days on market $50,000 Active 26 DOM
11. 2026-06-02
    days on market $50,000 Active 25 DOM
12. 2026-06-01
    days on market $50,000 Active 24 DOM
13. 2026-05-31
    days on market $50,000 Active 23 DOM
14. 2026-05-07
    listed $50,000 Active 476-char remark
15. 2025-10-02
    historical
16. 2025-08-04
    price $55,000
17. 2025-05-05
    price $60,000
18. 2025-04-02
    listed $70,000 Active
19. 2023-06-12
    historical
20. 2007-02-28
    soldstatus $1,636,250

ⓘ 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: $1,636 · $136/mo
• Projected year-2 tax: $1,636 · $136/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: $17,107
• − Mortgage interest: −$2,801
• − Property taxes: −$1,636
• − Insurance: −$250
• − Repairs & maintenance: −$1,369
• − Management: −$1,369
• − HOA: −$5,532
• − Depreciation: −$1,455
• Taxable income: $2,697
• Est. tax owed @ 24.0%: −$647
• After-tax cash flow: $2,303/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

-96.9% since first listed

7 events — show timeline

• 2026-05-07 Listed $50,000 MLSNOW
• 2025-10-02 Listing Removed — MLSNOW
• 2025-08-04 Price Changed $55,000 MLSNOW
• 2025-05-05 Price Changed $60,000 MLSNOW
• 2025-04-02 Listed $70,000 MLSNOW
• 2023-06-12 Rental Removed — YESMLS
• 2007-02-28 Sold (Public Records) $1,636,250 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,636 · +13.4% YoY. Source: county tax records.