14520 Bayes Ave · Lakewood, OH 44107

$224,900

3 bd · 2.0 ba · 1,494 sqft · MultiFamily public records · 15 Days on market

Built 1917 5,458 sqft lot Est $206k · 9% 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 +26.2/30.0
• DSCR +8.9/10.0
• 1% rule +8.0/10.0
• Schools +5.5/10.0
• Livability +4.4/5.0
• Rent growth +3.8/5.0
• ARV discount +3.4/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Centrally located in Lakewood, this 2 family home lends itself for great investment opportunities. Whether you are an owner occupant or just looking for solid monthly cashflow, schedule your showing today. Both units feature in unit laundry. Upstairs unit has new flooring, fresh paint with newly finished and heated 3rd floor which can be used for 3rd bedroom. Walking distance to schools, shopping, parks and I-90! Seller is willing to complete renovations prior to closing, contact us for details.

Key facts

• Fully vacant duplex
• Rent-ready
• In-unit laundry

Tags

• FULLY VACANT DUPLEX
• QUIET LAKEWOOD STREET
• IN-UNIT LAUNDRY
• OFF-STREET PARKING
• RENT-READY

Property features AI

Finance

• Financial info: Tenant pays electricity and gas

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Public water; Public sewer
• Home design: 2-story wood-sided property; Asphalt/fiberglass roof
• Construction: Wood siding construction; Asphalt/fiberglass roof; Built according to public records (year built source)
• Exterior features: South-facing; Shared driveway; Unpaved areas

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Window units; Forced-air heating; Gas heating
• Interior features: Full unfinished basement; Total of 10 rooms; One building (multi-unit info)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $577 ($7k/yr) — positive. Per door: $289/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.5% in Lakewood — 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 88/100 on livability (#29 in OH, #249 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, cost of living A+; Watch: commute F.
• Lakewood City (suburban): math 60% / reading 71% proficiency, ranked #213 of 656 in OH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.4%/yr); 201 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $2,916/mo this rent would consume 51% of the median local household income ($69k/yr) (locally 2271% 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 $7k 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 + 5.4% rent growth), your $63k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 22y 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 $173k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,526 (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 1917 — 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: 1.30% ✓
• Cap rate: 9.37%
• Cash-on-cash: 11.00%
• DSCR: 1.49
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $206,172
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1650-48 Westwood Ave	0.66mi	2/2.0 (-1)	1,638 (+10%)	10mo	$225,500	$138	40

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 · 5.39% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.12×
• Total profit: $7,648
• Equity at exit: $33,533

10-year hold

• IRR: 15.0%
• Equity multiple: 2.36×
• Total profit: $85,546
• Equity at exit: $19,445

Cash invested: $62,972 (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 44107

• Rents YoY: 5.4%
• Active inventory: 201
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $2,916 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$453 /mo · $5,440/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $577

Break-even live

Break-even rent $2,185

Max offer price $224,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,262
1× unit	3	1	$1,653
Total (2 units)			$2,916

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15101 Arden Ave Unit 2nd Floor Lakewood, OH	2.0	1.0	1000	$1,500	$1.50	23d	1	0.30mi
2054 Bunts Rd Unit UP Lakewood, OH	2.0	1.0	1000	$1,400	$1.40	20d	1	0.35mi
2125 Mars Ave Lakewood, OH	2.0	1.0	968	$1,375	$1.42	3d	1	0.37mi
2125 Mars Ave Lakewood, OH	4.0	2.0	1650	$2,000	$1.21	23d	1	0.37mi
2058 Wascana Ave Lakewood, OH	3.0	1.0	1032	$1,700	$1.65	16d	1	0.41mi
2058 Wascana Ave Lakewood, OH	2.0	1.0	1064	$1,500	$1.41	43d	1	0.41mi
1644 Warren Rd Unit 2 Lakewood, OH	2.0	1.0	1200	$1,295	$1.08	12d	1	0.44mi
1618 Olivewood Ave Lakewood, OH	2.0	1.0	1150	$2,000	$1.74	19d	1	0.45mi
2180 Elbur Ave Lakewood, OH	3.0	1.0	1226	$2,200	$1.79	16d	1	0.48mi
1653 Bunts Rd Unit 2 Lakewood, OH	2.0	1.0	1800	$1,500	$0.83	43d	1	0.52mi
2082 Lewis Dr Unit 2082 Lakewood, OH	3.0	1.0	1600	$1,750	$1.09	43d	1	0.54mi
2041 Elbur Ave Lakewood, OH	2.0	1.0	1050	$1,350	$1.29	43d	1	0.54mi
2041 Elbur Ave Lakewood, OH	2.0	1.0	1050	$1,250	$1.19	14d	1	0.54mi
2132 Waterbury Rd Unit Up Lakewood, OH	2.0	1.0	1000	$1,600	$1.60	17d	1	0.64mi
2010 Chesterland Ave Unit 1496099P Lakewood, OH	4.0	2.5	1463	$7,556	$5.16	12d	1	0.64mi
1500 Lincoln Ave Lakewood, OH	2.0	1.0	1008	$1,395	$1.38	7d	1	0.65mi
1533 Mars Ave Unit 1533 Lakewood, OH	3.0	1.0	1500	$1,725	$1.15	43d	1	0.69mi
2171 Olive Ave Unit 2 Lakewood, OH	2.0	1.0	1500	$1,150	$0.77	43d	1	0.70mi
1648 Waterbury Rd Lakewood, OH	2.0	1.0	1056	$1,600	$1.52	43d	1	0.74mi
1646 Waterbury Rd Lakewood, OH	2.0	1.0	1068	$1,600	$1.50	16d	1	0.74mi
1647 Waterbury Rd Unit Up Lakewood, OH	2.0	1.0	900	$1,100	$1.22	43d	1	0.78mi
1647 Waterbury Rd Unit Down Lakewood, OH	2.0	1.0	900	$1,300	$1.44	43d	1	0.78mi
14650 Detroit Ave Lakewood, OH	1.0–2.0	1.0	780	$2,350	$3.01	23d	13	0.88mi
14650 Detroit Ave Unit 708 Lakewood, OH	2.0	1.0	1042	$2,350	$2.26	23d	1	0.88mi
2081 Halstead Ave Unit UP Lakewood, OH	2.0	1.0	1250	$1,550	$1.24	21d	1	0.90mi
1482 Rosewood Ave Fl 2 Bedroom Lakewood, OH	2.0	1.0	1200	$1,500	$1.25	43d	1	0.94mi
1574 Cohassett Ave Lakewood, OH	4.0	1.5	1825	$2,275	$1.25	17d	1	0.98mi
2120 Robin St Unit 1 Lakewood, OH	3.0	1.0	1008	$1,650	$1.64	23d	1	1.02mi
1265 Marlowe Ave Lakewood, OH	4.0	1.0	1690	$1,750	$1.04	14d	1	1.11mi
1265 Marlowe Ave Lakewood, OH	3.0	1.0	1110	$1,600	$1.44	43d	1	1.11mi
16000 Detroit Ave Lakewood, OH	1.0–2.0	1.0–2.0	851	$2,720	$3.20	1d	27	1.11mi
1298 Nicholson Ave Lakewood, OH	2.0	1.0	1221	$1,650	$1.35	4d	1	1.21mi
1519 Ridgewood Ave Unit Up Lakewood, OH	2.0	1.0	1844	$1,250	$0.68	43d	1	1.23mi
1519 Ridgewood Ave Unit Down Lakewood, OH	2.0	2.0	1844	$1,250	$0.68	43d	1	1.23mi
17545 Madison Ave Lakewood, OH	2.0	1.0	950	$1,100	$1.16	17d	1	1.25mi
17724 Hilliard Rd Lakewood, OH	2.0	1.0	929	$1,375	$1.48	43d	1	1.26mi
1252 Summit Ave Lakewood, OH	3.0	1.5	1632	$2,650	$1.62	43d	1	1.27mi
12206 Detroit Ave Lakewood, OH	3.0	2.0	1554	$2,500	$1.61	17d	1	1.37mi
3457 W 128th St Unit 1496115P Cleveland, OH	3.0	2.0	1732	$5,104	$2.95	12d	1	1.40mi
1235 Donald Ave Lakewood, OH	2.0	1.0	950	$1,350	$1.42	16d	1	1.41mi

Listing history 36 events

1. 2026-06-07
   statusdays on market $224,900 Pending 15 DOM
2. 2026-06-05
   days on market $224,900 Active 14 DOM
3. 2026-06-03
   days on market $224,900 Active 13 DOM
4. 2026-06-02
   days on market $224,900 Active 12 DOM
5. 2026-06-01
   days on market $224,900 Active 11 DOM
6. 2026-05-31
   days on market $224,900 Active 10 DOM
7. 2026-05-21
   listed $224,900 Active
8. 2025-07-15
   historical
9. 2025-07-07
   status Active
10. 2025-07-07
    price $239,900
11. 2025-06-06
    listed $259,900 Active
12. 2020-04-27
    soldstatus $173,000
13. 2020-04-21
    soldstatus $173,000 Closed 500-char remark

    Show marketing remark (500 chars)

    Centrally located in Lakewood, this 2 family home lends itself for great investment opportunities. Whether you are an owner occupant or just looking for solid monthly cashflow, schedule your showing today. Both units feature in unit laundry. Upstairs unit has new flooring, fresh paint with newly finished and heated 3rd floor which can be used for 3rd bedroom. Walking distance to schools, shopping, parks and I-90! Seller is willing to complete renovations prior to closing, contact us for details.

14. 2020-03-09
    historical Contingent 500-char remark

    Show marketing remark (500 chars)

    Centrally located in Lakewood, this 2 family home lends itself for great investment opportunities. Whether you are an owner occupant or just looking for solid monthly cashflow, schedule your showing today. Both units feature in unit laundry. Upstairs unit has new flooring, fresh paint with newly finished and heated 3rd floor which can be used for 3rd bedroom. Walking distance to schools, shopping, parks and I-90! Seller is willing to complete renovations prior to closing, contact us for details.

15. 2020-02-28
    listed $187,999 Active 500-char remark

    Show marketing remark (500 chars)

    Centrally located in Lakewood, this 2 family home lends itself for great investment opportunities. Whether you are an owner occupant or just looking for solid monthly cashflow, schedule your showing today. Both units feature in unit laundry. Upstairs unit has new flooring, fresh paint with newly finished and heated 3rd floor which can be used for 3rd bedroom. Walking distance to schools, shopping, parks and I-90! Seller is willing to complete renovations prior to closing, contact us for details.

16. 2019-07-26
    soldstatus $120,000
17. 2018-06-06
    historical
18. 2018-03-21
    price $144,000
19. 2017-12-12
    listed $149,900 Active
20. 2006-02-10
    historical
21. 2006-02-10
    historical
22. 2006-01-27
    soldstatus $117,000
23. 2006-01-27
    soldstatus $117,000
24. 2005-12-14
    listed $114,900
25. 2005-08-10
    listed $114,900
26. 2005-08-10
    listed $114,900
27. 2005-07-22
    historical
28. 2005-04-22
    listed $149,900
29. 2005-02-28
    historical
30. 2004-10-25
    listed $159,900
31. 2004-09-30
    historical
32. 2004-08-18
    listed $169,900
33. 2003-10-21
    soldstatus $110,000
34. 1990-11-06
    soldstatus $59,114
35. 1986-09-11
    soldstatus $54,900
36. 1982-05-05
    soldstatus $43,000

ⓘ 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: $5,440 · $453/mo
• Projected year-2 tax: $5,440 · $453/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 ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,992
• − Mortgage interest: −$12,598
• − Property taxes: −$5,440
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,799
• − Management: −$2,799
• − Depreciation: −$6,543
• Taxable income: $3,688
• Est. tax owed @ 24.0%: −$885
• After-tax cash flow: $6,041/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: Lakewood City
• NCES district ID: 3904419
• Math proficiency: 60% ▼ -11.00%
• Reading proficiency: 71% ▼ -3.00%
• Median HH income: $45,181
• Composite: 55.13/100
• National rank: #1282
• State rank: #213 of 656 in OH

Livability — Lakewood

• Score: 88/100
• State rank: #29
• US rank: #249

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakewood, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 50,018
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 50,018
• Household income: $68,970
• Rent vs Own: 55.6% rent · 44.4% own
• Severe rent burden: 2271.0

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 White (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 8% Lithuanian 2% Slovak 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Arabic 3% Other Indo-European 2% Spanish 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: ▼ -347.35%
• Current HPI: 266.5337
• Rent YoY: ▲ 5.39%
• 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

+423.0% since first listed

30 events — show timeline

• 2026-05-21 Listed $224,900 MLSNOW
• 2025-07-15 Listing Removed — MLSNOW
• 2025-07-07 Relisted — MLSNOW
• 2025-07-07 Price Changed $239,900 MLSNOW
• 2025-06-06 Listed $259,900 MLSNOW
• 2020-04-27 Sold (Public Records) $173,000 Public Records
• 2020-04-21 Sold (MLS) $173,000 MLSNOW
• 2020-03-09 Contingent — MLSNOW
• 2020-02-28 Listed $187,999 MLSNOW
• 2019-07-26 Sold (Public Records) $120,000 Public Records
• 2018-06-06 Listing Removed — MLSNOW
• 2018-03-21 Price Changed $144,000 MLSNOW
• 2017-12-12 Listed $149,900 MLSNOW
• 2006-02-10 Listing Removed — MLSNOW
• 2006-02-10 Listing Removed — MLSNOW
• 2006-01-27 Sold (Public Records) $117,000 Public Records
• 2006-01-27 Sold (MLS) $117,000 MLSNOW
• 2005-12-14 Listed $114,900 MLSNOW
• 2005-08-10 Listed $114,900 MLSNOW
• 2005-08-10 Listed $114,900 MLSNOW
• 2005-07-22 Listing Removed — MLSNOW
• 2005-04-22 Listed $149,900 MLSNOW
• 2005-02-28 Listing Removed — MLSNOW
• 2004-10-25 Listed $159,900 MLSNOW
• 2004-09-30 Listing Removed — MLSNOW
• 2004-08-18 Listed $169,900 MLSNOW
• 2003-10-21 Sold (Public Records) $110,000 Public Records
• 1990-11-06 Sold (Public Records) $59,114 Public Records
• 1986-09-11 Sold (Public Records) $54,900 Public Records
• 1982-05-05 Sold (Public Records) $43,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $5,440 · -0.2% YoY. Source: county tax records.