2831 Avondale Ave · Cleveland Heights, OH 44118

$299,900

4 bd · 2.0 ba · 2,830 sqft · MultiFamily public records · 29 Days on market

Built 1920 6,120 sqft lot Est $218k · 38% 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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +8.4/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Great location for this updated triplex 66% rented. Updates include new roof on house and garage (2020), New windows on 1st and 2nd floors, new washers and dryers, sealed basement floor, new toilets on 1st and 2nd floors, new hot water tank, recently painted throughout and more (see separate sheet of updates). 3 off street parking spots, 2 in garage and 1 on gravel pad. 1st and 2nd floors are same layouts with similar finishes. Laundry for 1st and 2nd floor units now in basement. The studio apartment on the 3rd floor has been renovated with high-quality finishes, kitchenette and washer/dryer in unit. Minutes from University Circle area, CWRU, hospitals, Coventry shopping and dining. This property would make a great investment or owner-occupy with most of your mortgage covered from the rent.

Key facts

• Remodeled kitchens
• Updated kitchenette
• Remodeled bathrooms

Tags

• REMODELED BATHROOMS
• REMODELED KITCHENS
• UPDATED KITCHENETTE

Property features AI

Finance

• Financial info: Gross income reported: $41,160 (multi-unit); Owner pays water and sewer; tenants pay electricity and gas

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: 3-story property; Above grade finished area reported
• Construction: Wood siding construction; Asphalt/fiberglass roof
• Exterior features: Lot approximately 0.1405 acres; Updated/remodeled condition

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bedrooms: Total rooms: 10
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Full, unfinished basement
• Laundry & utility: Washer; Dryer; Laundry located inside

What this means for you Summary

Snapshot

• This is a 2×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $896 ($11k/yr) — positive. Per door: $299/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $4,018/mo this rent would consume 62% 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

• It's been on market 29 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y 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 $230k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $295,401 (1.5% 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. 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: 1.34% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.80%
• DSCR: 1.57
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $217,910
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1617 Hillcrest Rd	0.17mi	4/2.0	2,766 (-2%)	14mo	$140,000	$51	76
1612 Hillcrest Rd	0.14mi	4/2.0	3,078 (+9%)	20mo	$176,000	$57	63
1682 Eddington Rd	0.15mi	5/3.0 (+1)	3,046 (+8%)	12mo	$286,525	$94	62
1643 Hillcrest Rd	0.18mi	5/3.0 (+1)	2,729 (-4%)	21mo	$160,000	$59	59
1676 Coventry Rd	0.15mi	5/2.0 (+1)	3,063 (+8%)	19mo	$234,591	$77	59
2631 Hampshire Rd	0.61mi	5/3.0 (+1)	2,680 (-5%)	1mo	$269,000	$100	53
2627 Hampshire Rd	0.61mi	5/3.0 (+1)	2,684 (-5%)	1mo	$289,000	$108	53

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: 5.9%
• Equity multiple: 1.24×
• Total profit: $19,861
• Equity at exit: $44,716

10-year hold

• IRR: 17.7%
• Equity multiple: 2.67×
• Total profit: $140,149
• 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: 17.5×

Monthly cashflow live

• Estimated rent: $4,018 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$581 /mo · $6,968/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$844
• Net cashflow: $896

Break-even live

Break-even rent $2,884

Max offer price $299,900

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,848
1× unit	2	1	$1,170
Total (3 units)			$4,018

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 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1796 Cumberland Rd Cleveland Heights, OH	4.0	2.5	2100	$1,800	$0.86	17d	1	0.66mi
12314 Mayfield Rd Cleveland, OH	3.0	2.5	2033	$3,859	$1.90	3d	9	1.02mi
3355 Desota Ave Cleveland, OH	5.0	2.0	2540	$2,031	$0.80	7d	1	1.04mi
2460 Euclid Heights Blvd Cleveland, OH	5.0	2.0	2216	$600	$0.27	16d	1	1.06mi
13108 Cedar Rd Cleveland, OH	4.0	2.0	2116	$1,500	$0.71	23d	1	1.12mi
13108 Cedar Rd Unit 13108 Cleveland Heights, OH	4.0	2.0	2116	$1,450	$0.69	23d	1	1.12mi
2280 Grandview Ave Cleveland, OH	5.0	1.5	2500	$2,000	$0.80	7d	1	1.43mi

Listing history 31 events

1. 2026-06-18
   days on market $299,900 Active 29 DOM
2. 2026-06-17
   days on market $299,900 Active 28 DOM
3. 2026-06-16
   days on market $299,900 Active 27 DOM
4. 2026-06-15
   days on market $299,900 Active 26 DOM
5. 2026-06-13
   pricedays on market $299,900 Active 24 DOM
6. 2026-06-09
   days on market $315,000 Active 20 DOM
7. 2026-06-08
   days on market $315,000 Active 19 DOM
8. 2026-06-07
   days on market $315,000 Active 18 DOM
9. 2026-06-05
   days on market $315,000 Active 15 DOM
10. 2026-06-03
    days on market $315,000 Active 14 DOM
11. 2026-06-02
    days on market $315,000 Active 13 DOM
12. 2026-06-01
    days on market $315,000 Active 12 DOM
13. 2026-05-31
    days on market $315,000 Active 11 DOM
14. 2026-02-18
    listed $315,000 Active
15. 2023-02-28
    soldstatus $229,500 Closed 801-char remark

    Show marketing remark (801 chars)

    Great location for this updated triplex 66% rented. Updates include new roof on house and garage (2020), New windows on 1st and 2nd floors, new washers and dryers, sealed basement floor, new toilets on 1st and 2nd floors, new hot water tank, recently painted throughout and more (see separate sheet of updates). 3 off street parking spots, 2 in garage and 1 on gravel pad. 1st and 2nd floors are same layouts with similar finishes. Laundry for 1st and 2nd floor units now in basement. The studio apartment on the 3rd floor has been renovated with high-quality finishes, kitchenette and washer/dryer in unit. Minutes from University Circle area, CWRU, hospitals, Coventry shopping and dining. This property would make a great investment or owner-occupy with most of your mortgage covered from the rent.

16. 2023-02-21
    status Pending 801-char remark

    Show marketing remark (801 chars)

    Great location for this updated triplex 66% rented. Updates include new roof on house and garage (2020), New windows on 1st and 2nd floors, new washers and dryers, sealed basement floor, new toilets on 1st and 2nd floors, new hot water tank, recently painted throughout and more (see separate sheet of updates). 3 off street parking spots, 2 in garage and 1 on gravel pad. 1st and 2nd floors are same layouts with similar finishes. Laundry for 1st and 2nd floor units now in basement. The studio apartment on the 3rd floor has been renovated with high-quality finishes, kitchenette and washer/dryer in unit. Minutes from University Circle area, CWRU, hospitals, Coventry shopping and dining. This property would make a great investment or owner-occupy with most of your mortgage covered from the rent.

17. 2023-02-03
    historical Contingent 801-char remark

    Show marketing remark (801 chars)

    Great location for this updated triplex 66% rented. Updates include new roof on house and garage (2020), New windows on 1st and 2nd floors, new washers and dryers, sealed basement floor, new toilets on 1st and 2nd floors, new hot water tank, recently painted throughout and more (see separate sheet of updates). 3 off street parking spots, 2 in garage and 1 on gravel pad. 1st and 2nd floors are same layouts with similar finishes. Laundry for 1st and 2nd floor units now in basement. The studio apartment on the 3rd floor has been renovated with high-quality finishes, kitchenette and washer/dryer in unit. Minutes from University Circle area, CWRU, hospitals, Coventry shopping and dining. This property would make a great investment or owner-occupy with most of your mortgage covered from the rent.

18. 2023-01-13
    listed $240,000 Active 801-char remark

    Show marketing remark (801 chars)

    Great location for this updated triplex 66% rented. Updates include new roof on house and garage (2020), New windows on 1st and 2nd floors, new washers and dryers, sealed basement floor, new toilets on 1st and 2nd floors, new hot water tank, recently painted throughout and more (see separate sheet of updates). 3 off street parking spots, 2 in garage and 1 on gravel pad. 1st and 2nd floors are same layouts with similar finishes. Laundry for 1st and 2nd floor units now in basement. The studio apartment on the 3rd floor has been renovated with high-quality finishes, kitchenette and washer/dryer in unit. Minutes from University Circle area, CWRU, hospitals, Coventry shopping and dining. This property would make a great investment or owner-occupy with most of your mortgage covered from the rent.

19. 2020-02-05
    soldstatus $188,000
20. 2018-12-21
    soldstatus $165,000 Sold 500-char remark

    Show marketing remark (500 chars)

    Turnkey, fully renovated Three Family Buy and Hold INVESTOR opportunity! An over 12% CAP RATE and it's fully rented (all three units) Gorgeous inside and out! All utilities paid by tenants, water meters have been split. In-suite laundry! The remodeling & updating done is drop dead gorgeous and was completed about a year ago! Serious investors will drool, this location is close to everything that makes Cleveland Rock - hospitals, Case Western Reserve University, University Circle, downtown.

21. 2018-12-21
    soldstatus $165,000

    Show marketing remark (500 chars)

    Turnkey, fully renovated Three Family Buy and Hold INVESTOR opportunity! An over 12% CAP RATE and it's fully rented (all three units) Gorgeous inside and out! All utilities paid by tenants, water meters have been split. In-suite laundry! The remodeling & updating done is drop dead gorgeous and was completed about a year ago! Serious investors will drool, this location is close to everything that makes Cleveland Rock - hospitals, Case Western Reserve University, University Circle, downtown.

22. 2018-12-01
    status Pending 500-char remark

    Show marketing remark (500 chars)

    Turnkey, fully renovated Three Family Buy and Hold INVESTOR opportunity! An over 12% CAP RATE and it's fully rented (all three units) Gorgeous inside and out! All utilities paid by tenants, water meters have been split. In-suite laundry! The remodeling & updating done is drop dead gorgeous and was completed about a year ago! Serious investors will drool, this location is close to everything that makes Cleveland Rock - hospitals, Case Western Reserve University, University Circle, downtown.

23. 2018-11-14
    historical Contingent 500-char remark

    Show marketing remark (500 chars)

    Turnkey, fully renovated Three Family Buy and Hold INVESTOR opportunity! An over 12% CAP RATE and it's fully rented (all three units) Gorgeous inside and out! All utilities paid by tenants, water meters have been split. In-suite laundry! The remodeling & updating done is drop dead gorgeous and was completed about a year ago! Serious investors will drool, this location is close to everything that makes Cleveland Rock - hospitals, Case Western Reserve University, University Circle, downtown.

24. 2018-11-06
    listed $165,000 Active 500-char remark

    Show marketing remark (500 chars)

    Turnkey, fully renovated Three Family Buy and Hold INVESTOR opportunity! An over 12% CAP RATE and it's fully rented (all three units) Gorgeous inside and out! All utilities paid by tenants, water meters have been split. In-suite laundry! The remodeling & updating done is drop dead gorgeous and was completed about a year ago! Serious investors will drool, this location is close to everything that makes Cleveland Rock - hospitals, Case Western Reserve University, University Circle, downtown.

25. 2017-04-21
    soldstatus $31,000 Sold
26. 2017-03-30
    status Pending
27. 2017-03-20
    historical Contingent
28. 2017-03-14
    listed $29,900 Active
29. 2008-08-25
    historical
30. 2008-04-25
    listed $140,000
31. 1982-11-17
    soldstatus $22,500

ⓘ 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: $6,968 · $581/mo
• Projected year-2 tax: $6,968 · $581/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: $48,216
• − Mortgage interest: −$16,799
• − Property taxes: −$6,968
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,857
• − Management: −$3,857
• − Depreciation: −$8,724
• Taxable income: $6,511
• Est. tax owed @ 24.0%: −$1,563
• After-tax cash flow: $9,188/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

+1300.0% since first listed

18 events — show timeline

• 2026-02-18 Listed $315,000 MLSNOW
• 2023-02-28 Sold (MLS) $229,500 MLSNOW
• 2023-02-21 Pending — MLSNOW
• 2023-02-03 Contingent — MLSNOW
• 2023-01-13 Listed $240,000 MLSNOW
• 2020-02-05 Sold (Public Records) $188,000 Public Records
• 2018-12-21 Sold (Public Records) $165,000 Public Records
• 2018-12-21 Sold (MLS) $165,000 MLSNOW
• 2018-12-01 Pending — MLSNOW
• 2018-11-14 Contingent — MLSNOW
• 2018-11-06 Listed $165,000 MLSNOW
• 2017-04-21 Sold (MLS) $31,000 MLSNOW
• 2017-03-30 Pending — MLSNOW
• 2017-03-20 Contingent — MLSNOW
• 2017-03-14 Listed $29,900 MLSNOW
• 2008-08-25 Listing Removed — MLSNOW
• 2008-04-25 Listed $140,000 MLSNOW
• 1982-11-17 Sold (Public Records) $22,500 Public Records

Property tax history

+12.9%/yr

Latest (2025): $6,968 · -2.0% YoY. Source: county tax records.