3646 Lynnfield Rd · Shaker Heights, OH 44122

$389,500

5 bd · 3.0 ba · 2,767 sqft · MultiFamily public records · 26 Days on market

Built 1920 5,601 sqft lot Est $332k · 17% over

---

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).

• Cash flow +16.4/30.0
• DSCR +5.1/10.0
• Schools +5.0/10.0
• Livability +4.5/5.0
• 1% rule +4.4/10.0
• Rent growth +2.8/5.0
• 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: 2 units. confirmed

Listing remarks

What a fantastic opportunity to own a beautiful two-family property that exudes character throughout and has been lovingly maintained by the owner-occupied for many years. An excellent opportunity for an occupant owner looking to offset their mortgage with rental income or for an investor with interest in a strong rental market. First-floor unit is rented to a wonderful tenant who has lived there 3+ years with beautiful hardwood floors, decorative fireplace, large window, formal dining room with built-in cabinets. Second floor living room has a soaring vaulted beam ceiling, large window, decorative fireplace, and a Juliet loft area adding architectural charm, formal dining with built-in cab

Key facts

• Decorative fireplace
• Formal dining room
• Two family property

Tags

• TWO FAMILY PROPERTY
• HARDWOOD FLOORS
• DECORATIVE FIREPLACE
• FORMAL DINING ROOM
• BUILT IN CABINETS
• VAULTED BEAM CEILING

Property features AI

Exterior

• Parking: Detached garage; Three-car garage
• Utilities: Public water; Public sewer
• Home design: Shake siding exterior; Asphalt roof; Home warranty included
• Construction: Shake siding construction; Asphalt roof
• Exterior features: Lot approximately 0.1286 acres

Interior

• Bathrooms: Three full bathrooms
• Heating & cooling: Forced air heating; Ceiling fans for cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive. Per door: $110/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $366k (6.0% below list).
• Recommended offer: $366k (6.0% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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: crime A+, commute A+, employment 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.
• Zoned schools: Lomond Elementary School (math 47% / reading 42%, grade F, #991 of 1,584 statewide, top 64%, 372 students, 34% FRL); Shaker Hts Middle School (math 49% / reading 56%, grade C+, #378 of 654 statewide, top 59%, 651 students, 30% FRL); Shaker Hts High School (math 34% / reading 70%, grade D+, #343 of 781 statewide, top 47%, 1,498 students, 24% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: Rents rising (+1.1%/yr); 183 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• This rent runs 43% of the median local income ($101k/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 $3k of loan paydown is wiped out by about $12k 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 26 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y 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 $153k; list at $390k implies a 155% 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 $366,300 (6.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — 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 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: 0.94% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.43%
• DSCR: 1.11
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $332,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18424 Newell Rd	0.23mi	6/3.0 (+1)	2,688 (-3%)	9mo	$310,000	$115	72
19406 Chagrin Blvd	0.35mi	6/4.0 (+1)	2,942 (+6%)	2mo	$352,000	$120	63
3604 Normandy Rd	0.51mi	6/3.0 (+1)	2,776 (+0%)	10mo	$253,000	$91	62
19829 Winslow Rd	0.52mi	6/4.0 (+1)	2,846 (+3%)	1mo	$319,000	$112	61
19239 Winslow Rd	0.42mi	6/2.0 (+1)	2,656 (-4%)	5mo	$217,000	$82	60
18520 Winslow Rd	0.34mi	6/2.0 (+1)	2,542 (-8%)	2mo	$331,600	$130	60
3560 Avalon Rd	0.65mi	5/3.0	2,618 (-5%)	6mo	$194,587	$74	56
18427 Winslow Rd	0.39mi	6/3.0 (+1)	2,424 (-12%)	1mo	$334,000	$138	55
3553 Ingleside Rd	0.45mi	6/4.0 (+1)	2,923 (+6%)	7mo	$375,000	$128	55
3528 Daleford Rd	0.61mi	6/2.0 (+1)	2,768 (0%)	10mo	$233,000	$84	54
19229 Winslow Rd	0.41mi	6/3.0 (+1)	3,037 (+10%)	7mo	$390,000	$128	53
17424 Winslow Rd	0.61mi	6/3.0 (+1)	2,498 (-10%)	2mo	$365,000	$146	48

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 · 1.15% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.49×
• Total profit: $-55,729
• Equity at exit: $58,076

10-year hold

• IRR: -9.2%
• Equity multiple: 0.48×
• Total profit: $-56,744
• Equity at exit: $33,677

Cash invested: $109,060 (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 44122

• Rents YoY: 1.1%
• Active inventory: 183
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,663 high
• Mortgage (P&I): −$2,043
• Tax from tax record: −$468 /mo · $5,622/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$769
• Net cashflow: $220

Break-even live

Break-even rent $3,384

Max offer price $389,500

Occupancy floor 89%

Sensitivity live

Price	-10% $441	-5% $331	+0% $220	+5% $110	+10% $0
Rent	-10% $-69	-5% $76	+0% $220	+5% $365	+10% $510
Rate	-1.0pp $417	-0.5pp $319	base $220	+0.5pp $119	+1.0pp $17

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,662
Total (2 units)			$3,663

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: $97,375
• Closing costs: $11,685
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19601 Van Aken Blvd Shaker Heights, OH	1.0–4.0	1.0–4.0	1977	$4,400	$2.23	23d	1	0.58mi
17424 Winslow Rd Cleveland, OH	4.0	2.0	1995	$2,200	$1.10	18d	1	0.64mi
2975 Claremont Rd Shaker Heights, OH	5.0	3.0	3241	$3,200	$0.99	13d	1	1.06mi

Listing history 20 events

1. 2026-06-21
   days on market $389,500 Active 26 DOM
2. 2026-06-18
   days on market $389,500 Active 23 DOM
3. 2026-06-17
   days on market $389,500 Active 22 DOM
4. 2026-06-16
   days on market $389,500 Active 21 DOM
5. 2026-06-15
   days on market $389,500 Active 20 DOM
6. 2026-06-13
   days on market $389,500 Active 18 DOM
7. 2026-06-13
   days on market $389,500 Active 17 DOM
8. 2026-06-09
   days on market $389,500 Active 14 DOM
9. 2026-06-08
   days on market $389,500 Active 13 DOM
10. 2026-06-07
    days on market $389,500 Active 12 DOM
11. 2026-06-03
    days on market $389,500 Active 8 DOM
12. 2026-06-02
    days on market $389,500 Active 7 DOM
13. 2026-06-01
    days on market $389,500 Active 6 DOM
14. 2026-05-31
    days on market $389,500 Active 5 DOM
15. 2026-05-26
    listed $389,500 Active
16. 1999-07-29
    soldstatus $153,000
17. 1999-07-29
    soldstatus $153,000
18. 1999-06-12
    listed $159,750
19. 1987-06-29
    soldstatus $98,000
20. 1978-02-01
    soldstatus $68,500

ⓘ 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: $5,622 · $468/mo
• Projected year-2 tax: $5,849 · $487/mo
• Expected delta: +$227/yr (+$19/mo · 4.0%)

ⓘ 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 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,956
• − Mortgage interest: −$21,818
• − Property taxes: −$5,622
• − Insurance: −$1,948
• − Repairs & maintenance: −$3,516
• − Management: −$3,516
• − Depreciation: −$11,331
• Taxable loss: −$3,795
• Est. tax savings @ 24.0%: +$911
• After-tax cash flow: $3,556/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): 36,678
• Household income: $101,230
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1294.0

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 0.59)
• Race & ethnicity: White 56% Black 29% Asian 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Scotch-Irish 5% Italian 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 85% English-only · Spanish 3% Other Indo-European 3% Chinese 2%

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: ▼ -268.81%
• Current HPI: 200.5087
• Rent YoY: ▲ 1.15%
• 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

+468.6% since first listed

6 events — show timeline

• 2026-05-26 Listed $389,500 MLSNOW
• 1999-07-29 Sold (Public Records) $153,000 Public Records
• 1999-07-29 Sold (MLS) $153,000 MLSNOW
• 1999-06-12 Listed $159,750 MLSNOW
• 1987-06-29 Sold (Public Records) $98,000 Public Records
• 1978-02-01 Sold (Public Records) $68,500 Public Records

Property tax history

+0.6%/yr

Latest (2025): $5,622 · +12.6% YoY. Source: county tax records.