61 Leicester Dr · Portage Lakes, OH 44319

$259,000

4 bd · 3.0 ba · 1,350 sqft · MultiFamily public records · 194 Days on market

Built 1958 9,875 sqft lot $192/sqft · 14% above area Est $337k · 23% under ↓ 31% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• 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 MLS

Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

Key facts

• Brick exterior
• Large concrete drive
• 3 gas meters

Tags

• BRICK EXTERIOR
• 2 CAR GARAGE
• LARGE CONCRETE DRIVE
• FENCED BACKYARD
• 3 GAS METERS
• 3 FURNACES

🏷️ Possibly a rental listed for sale. The $259,000 price doesn't fit this home's estimated sale value (~$337,204) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $259k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $344/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $259k).
• Recommended offer: $228k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#772 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, schools D-, amenities F.
• Coventry Local (suburban): math 52% / reading 64% proficiency, ranked #315 of 656 in OH (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 90 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• At $3,641/mo this rent would consume 58% of the median local household income ($75k/yr) — 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.
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $116k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $227,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% 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 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.41% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.08%
• DSCR: 1.76
• GRM: 5.9

CMA / ARV

• ARV (median comp): $337,204
• List price: $259,000
• Delta: -23.19%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2985-2991 Traymore Dr	0.70mi	4/2.0	1,456 (+8%)	20mo	$195,000	$134	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.4%
• Equity multiple: 1.33×
• Total profit: $23,871
• Equity at exit: $38,618

10-year hold

• IRR: 17.6%
• Equity multiple: 2.46×
• Total profit: $105,811
• Equity at exit: $22,394

Cash invested: $72,520 (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 44319

• Active inventory: 90
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $3,641 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$378 /mo · $4,535/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$765
• Net cashflow: $1,032

Break-even live

Break-even rent $2,334

Max offer price $259,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,179	-5% $1,106	+0% $1,032	+5% $959	+10% $886
Rent	-10% $745	-5% $889	+0% $1,032	+5% $1,176	+10% $1,320
Rate	-1.0pp $1,163	-0.5pp $1,098	base $1,032	+0.5pp $965	+1.0pp $897

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,318
▸ 2× units	1	1	$2,324
Total (3 units)			$3,641

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
829 Portage Lakes Dr Unit 1496076P Akron, OH	3.0	1.0	1356	$7,700	$5.68	15d	1	1.13mi

Listing history 10 events

1. 2026-05-17
   status Pending 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

2. 2026-03-24
   price $259,000 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

3. 2026-02-12
   price $279,000 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

4. 2026-02-05
   price $289,000 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

5. 2025-12-29
   status Active 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

6. 2025-11-15
   status Pending 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

7. 2025-10-26
   price $299,000 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

8. 2025-10-21
   price $324,900 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

9. 2025-09-30
   price $345,000 1009-char remark

   Show marketing remark (1009 chars)

   Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

10. 2025-09-21
    listed $375,000 Active 1009-char remark

    Show marketing remark (1009 chars)

    Location! Location! Location! Super portfolio addition in a quiet residential neighborhood this triplex with ALL BRICK EXTERIOR offers a 2 car garage (22x24) with a large concrete drive for ample off-road tenant parking. Five exterior doors is a great safety features. Vinyl windows with pleasant views, updated leaf guards, and one layer roof. Tall 12-course basement, steel beam in garage, fenced backyard. Three separate electrical boxes, 3 gas meters, 3 furnaces, 2 central air units, 1 owned water softener, 3 oven-stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, and double sinks in all kitchens. One 2 bedroom, two 1 bedroom apartments all share large laundry area. Three glass block windows in wise areas. Built in 1958 appears to be sturdy solid construction. Gas heat, city sewer and well water. Popular dead end location. New flooring and paint will go along way with long-term tenant possibilities. Pick your own tenants, no lease commitments. 3 New Hot Water Heaters 10/8/25 Selling AS IS

ⓘ 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: $4,535 · $378/mo
• Projected year-2 tax: $4,535 · $378/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 ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,692
• − Mortgage interest: −$14,508
• − Property taxes: −$4,535
• − Insurance: −$1,295
• − Repairs & maintenance: −$3,495
• − Management: −$3,495
• − Depreciation: −$7,535
• Taxable income: $8,829
• Est. tax owed @ 24.0%: −$2,119
• After-tax cash flow: $10,269/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: Coventry Local
• NCES district ID: 3904999
• Math proficiency: 52% ▼ -13.00%
• Reading proficiency: 64% ▼ -2.00%
• Median HH income: $52,981
• Composite: 49.66/100
• National rank: #1976
• State rank: #315 of 656 in OH

Livability — Portage Lakes

• Score: 64/100
• State rank: #772
• US rank: #14032

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portage Lakes, OH
• County: Summit · 539,389 people
• Metro: Akron, OH
• Population (ZIP): 21,469
• Household income: $74,781
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 12.4

Population outlook (Summit County) Hauer SSP2

• Today (2025): 546,583 people
• By 2030: 544,028 · -0.5%
• By 2040: 531,363 · -2.8%
• By 2050: 514,923 · -5.8%
• By 2075: 481,765 · -11.9%
• By 2100: 432,265 · -20.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Black 2% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 5% Slovak 2% Serbian 1%
• Foreign-born: 2% · China, Vietnam
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 1% Chinese 1%

Political lean MEDSL · Summit

• 2024 margin: Lean D (+7.0) · D 53.0% · R 46.0%
• 2008→2024 swing: -9.6pp toward R · 2008: 16.6pp · 2024: 7.0pp
• All cycles: 2024: D+7.0 2020: D+9.6 2016: D+8.2 2012: D+14.8 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -236.58%
• Current HPI: 213.2267
• Rent YoY: —
• Metro: —
• 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

-30.9% since first listed

10 events — show timeline

• 2026-05-17 Pending — MLSNOW
• 2026-03-24 Price Changed $259,000 MLSNOW
• 2026-02-12 Price Changed $279,000 MLSNOW
• 2026-02-05 Price Changed $289,000 MLSNOW
• 2025-12-29 Relisted — MLSNOW
• 2025-11-15 Pending — MLSNOW
• 2025-10-26 Price Changed $299,000 MLSNOW
• 2025-10-21 Price Changed $324,900 MLSNOW
• 2025-09-30 Price Changed $345,000 MLSNOW
• 2025-09-21 Listed $375,000 MLSNOW

Property tax history

+0.5%/yr

Latest (2025): $4,535 · -10.0% YoY. Source: county tax records.