3141 Kensington Rd · Cleveland Heights, OH 44118

$265,000

4 bd · 2.0 ba · 2,855 sqft · MultiFamily public records · 68 Days on market

Built 1922 4,399 sqft lot Est $274k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.0/15.0
• Livability +4.5/5.0
• 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: 3 units. confirmed

Listing remarks

Steps from the Cedar Lee corridor — one of Cleveland Heights' most walkable, high-demand rental submarkets. Three units. Two recently updated. One vacant and leasable from day one. Unit 1 is occupied (1,275/month) on a one-year lease, just under the 1,300 market rate. Unit 2 is vacant, move-in ready with identical finishes, and can be leased at 1,300 immediately. Unit 3 is a studio on month-to-month at 575 — supports 750+. Roof replaced within 4–7 years. One updated furnace, one older. Bradford hot water tanks. Brand new garage. Some photos have been virtually rendered.

Key facts

• Move-in ready
• Brand new garage
• Recently updated

Tags

• RECENTLY UPDATED
• VACANT AND LEASABLE
• MOVE-IN READY
• ROOF REPLACED
• UPDATED FURNACE
• BRAND NEW GARAGE

Property features AI

Finance

• Other: Property listed with RE/MAX Above & Beyond
• Financial info: Gross rental income reported at $1,875; Individual unit rents include $575 and $1,300 (other unit rent not listed)

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single building multifamily property; Above-grade finished area reported at 2,855
• Construction: Asphalt fiberglass roof; Aluminum siding construction
• Exterior features: Aluminum siding; Parcel recorded as 0.101 acres

Interior

• Bedrooms: One-bedroom unit; Two-bedroom unit; Two-bedroom unit
• Bathrooms: Three full bathrooms in the property; Each rental unit includes one bathroom
• Heating & cooling: Forced air heating; Window unit(s) for cooling
• Interior features: Unfinished basement; 10 total rooms

What this means for you Summary

Snapshot

• This is a 2×4bd/3.0ba + 1×1bd/1.0ba units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $563/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $265k).
• Recommended offer: $249k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 4.3% 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); 258 active listings in the ZIP; 10 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).
• At $4,838/mo this rent would consume 75% 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 $8k 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 $74k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.83% ✓
• Cap rate: 13.94%
• Cash-on-cash: 27.31%
• DSCR: 2.22
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $274,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2185 Edgewood Rd	0.14mi	5/3.0 (+1)	2,810 (-2%)	7mo	$255,000	$91	76
2189 Edgewood Rd	0.14mi	4/2.0	2,598 (-9%)	5mo	$242,000	$93	74
2244 Rexwood	0.11mi	5/3.0 (+1)	2,961 (+4%)	7mo	$285,000	$96	74
2248 Rexwood Rd	0.11mi	5/3.0 (+1)	2,971 (+4%)	7mo	$285,000	$96	73
2179 Edgewood Rd	0.16mi	4/2.0	3,183 (+12%)	1mo	$240,000	$75	73
2165 Oakdale Rd	0.17mi	4/2.0	2,610 (-9%)	6mo	$273,000	$105	73
2477 Lee Rd	0.43mi	4/3.0	2,732 (-4%)	2mo	$269,000	$98	68
2164 Edgewood Rd	0.17mi	5/3.0 (+1)	2,925 (+2%)	15mo	$175,000	$60	66
2176 Rexwood Rd	0.19mi	5/3.0 (+1)	2,961 (+4%)	14mo	$330,000	$111	64
2075 Coventry Rd	0.73mi	5/3.0 (+1)	2,926 (+2%)	12mo	$430,000	$147	42
13526 Cedar Rd	0.74mi	4/2.0	2,520 (-12%)	6mo	$285,000	$113	41
3406 Clarendon Rd	0.62mi	5/3.0 (+1)	2,464 (-14%)	16mo	$200,000	$81	26

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: 24.6%
• Equity multiple: 2.06×
• Total profit: $78,380
• Equity at exit: $39,512

10-year hold

• IRR: 34.2%
• Equity multiple: 4.59×
• Total profit: $266,351
• Equity at exit: $22,912

Cash invested: $74,200 (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: 258
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $4,838 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$633 /mo · $7,596/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,016
• Net cashflow: $1,689

Break-even live

Break-even rent $2,700

Max offer price $265,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,839	-5% $1,764	+0% $1,689	+5% $1,614	+10% $1,539
Rent	-10% $1,307	-5% $1,498	+0% $1,689	+5% $1,880	+10% $2,071
Rate	-1.0pp $1,822	-0.5pp $1,756	base $1,689	+0.5pp $1,620	+1.0pp $1,550

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	3	$3,520
1× unit	1	1	$1,318
Total (3 units)			$4,838

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13108 Cedar Rd Unit 13108 Cleveland Heights, OH	4.0	2.0	2116	$1,450	$0.69	24d	1	0.21mi
13108 Cedar Rd Cleveland, OH	4.0	2.0	2116	$1,500	$0.71	24d	1	0.21mi
1796 Cumberland Rd Cleveland Heights, OH	4.0	2.5	2100	$1,800	$0.86	18d	1	0.85mi
3355 Desota Ave Cleveland, OH	5.0	2.0	2540	$2,031	$0.80	8d	1	0.96mi
2267 Edgerton Rd University Heights, OH	3.0	1.5	1958	$1,750	$0.89	17d	1	1.13mi
2868 Lee Rd Cleveland, OH	4.0	2.5	3390	$4,100	$1.21	44d	1	1.29mi
2560 N Moreland Blvd Cleveland, OH	2.0–3.0	2.0–3.5	1800	$4,100	$2.28	2d	1	1.31mi
2460 Euclid Heights Blvd Cleveland, OH	5.0	2.0	2216	$600	$0.27	17d	1	1.36mi
2280 Grandview Ave Cleveland, OH	5.0	1.5	2500	$2,000	$0.80	8d	1	1.38mi
3921 Bushnell Rd Cleveland, OH	3.0	2.0	2175	$2,400	$1.10	20d	1	1.46mi

Listing history 29 events

1. 2026-06-21
   days on market $265,000 Active 68 DOM
2. 2026-06-18
   days on market $265,000 Active 65 DOM
3. 2026-06-17
   days on market $265,000 Active 64 DOM
4. 2026-06-16
   days on market $265,000 Active 63 DOM
5. 2026-06-15
   days on market $265,000 Active 62 DOM
6. 2026-06-13
   pricedays on market $265,000 Active 60 DOM
7. 2026-06-09
   days on market $279,900 Active 56 DOM
8. 2026-06-08
   days on market $279,900 Active 55 DOM
9. 2026-06-07
   days on market $279,900 Active 54 DOM
10. 2026-06-05
    days on market $279,900 Active 51 DOM
11. 2026-06-03
    days on market $279,900 Active 50 DOM
12. 2026-06-02
    days on market $279,900 Active 49 DOM
13. 2026-06-01
    days on market $279,900 Active 48 DOM
14. 2026-05-31
    days on market $279,900 Active 47 DOM
15. 2026-05-18
    price $279,900
16. 2026-05-04
    price $289,900
17. 2026-04-14
    listed $299,900 Active
18. 2026-04-13
    historical
19. 2026-03-27
    listed $312,000 Active
20. 2024-06-14
    soldstatus $247,000
21. 2024-03-17
    historical $920
22. 2024-03-13
    price $920
23. 2023-12-24
    price $875
24. 2023-10-26
    price $895
25. 2023-09-19
    listed $905
26. 2005-06-30
    historical
27. 2005-03-21
    listed $169,900
28. 2000-08-31
    soldstatus $115,000
29. 2000-06-09
    soldstatus $128,000

ⓘ 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: $7,596 · $633/mo
• Projected year-2 tax: $7,596 · $633/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 2/10 Low 7 d/yr ≥95°F today · 16 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: $58,056
• − Mortgage interest: −$14,844
• − Property taxes: −$7,596
• − Insurance: −$1,325
• − Repairs & maintenance: −$4,644
• − Management: −$4,644
• − Depreciation: −$7,709
• Taxable income: $17,292
• Est. tax owed @ 24.0%: −$4,150
• After-tax cash flow: $16,116/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

+118.7% since first listed

15 events — show timeline

• 2026-05-18 Price Changed $279,900 MLSNOW
• 2026-05-04 Price Changed $289,900 MLSNOW
• 2026-04-14 Listed $299,900 MLSNOW
• 2026-04-13 Listing Removed — MLSNOW
• 2026-03-27 Listed $312,000 MLSNOW
• 2024-06-14 Sold (Public Records) $247,000 Public Records
• 2024-03-17 Rental Removed $920 APPFOLIO
• 2024-03-13 Price Changed $920 APPFOLIO
• 2023-12-24 Price Changed $875 APPFOLIO
• 2023-10-26 Price Changed $895 APPFOLIO
• 2023-09-19 Listed for Rent $905 APPFOLIO
• 2005-06-30 Listing Removed — MLSNOW
• 2005-03-21 Listed $169,900 MLSNOW
• 2000-08-31 Sold (Public Records) $115,000 Public Records
• 2000-06-09 Sold (Public Records) $128,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $7,596 · +4.9% YoY. Source: county tax records.