15208 Elderwood Ave · East Cleveland, OH 44112

$125,000

3 bd · 1.0 ba · 1,216 sqft · SingleFamily public records · 121 Days on market

Built 1912 3,502 sqft lot $103/sqft · 282% above area

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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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +4.9/10.0
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully renovated 3-bedroom, 1-bath Colonial in East Cleveland. This move-in-ready home blends classic charm with modern updates throughout. Recent renovations include fresh paint, updated flooring, and a refreshed kitchen and bathroom designed for today’s living. The spacious living and dining areas offer great natural light and a functional layout, perfect for everyday living or entertaining. Upstairs, you’ll find three comfortable bedrooms and a full updated bath. The home also features a full basement providing ample storage or potential additional living space. Conveniently located near schools, shopping, public transportation, and major highways. Whether you’re a homeowner or investor, this newly renovated Colonial is a fantastic opportunity—schedule your showing today.

Key facts

• Full basement
• Updated flooring
• Renovated colonial

Tags

• RENOVATED COLONIAL
• UPDATED FLOORING
• REFRESHED KITCHEN
• FULL BASEMENT
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $193 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (1.4% below list).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 17.4% in East Cleveland — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 66/100 on livability (#650 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• East Cleveland City School District (suburban): math 4% / reading 17% proficiency, ranked #652 of 656 in OH (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 92% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Caledonia Elementary School (246 students, 0% FRL); W.H. Kirk Middle School (math 6% / reading 15%, grade F, #642 of 654 statewide, top 98%, 291 students, 0% FRL); Shaw High School (math 2% / reading 27%, grade F, #706 of 781 statewide, top 92%, 541 students, 0% FRL) — zoned schools average 0% FRL vs 92% district-wide (92 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 100 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $1,232/mo this rent would consume 51% of the median local household income ($29k/yr) (locally 1702% 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 $864 of loan paydown is wiped out by about $4k 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 121 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 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 $38k; list at $125k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 8.15%
• Cash-on-cash: 6.63%
• DSCR: 1.29
• GRM: 8.5

CMA / ARV

• ARV (median comp): $32,694
• List price: $125,000
• Delta: 282.33%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1367 Shawview Ave	0.20mi	3/1.0	1,273 (+5%)	8mo	$22,000	$17	76
15801 Hazel Rd	0.54mi	3/1.0	1,246 (+2%)	4mo	$35,000	$28	67
16007 Elderwood Ave	0.54mi	3/1.0	1,200 (-1%)	9mo	$30,000	$25	65
14312 Scioto Ave	0.36mi	3/1.0	1,090 (-10%)	2mo	$23,500	$22	64
1524 E 133rd St	0.72mi	3/1.0	1,232 (+1%)	6mo	$30,000	$24	59
14629 Ardenall Ave	0.17mi	3/1.0	1,384 (+14%)	14mo	$59,000	$43	58
13500 Claiborne Rd	0.64mi	3/1.0	1,297 (+7%)	5mo	$44,500	$34	55
1273 E 135th St	0.74mi	4/1.0 (+1)	1,256 (+3%)	3mo	$65,000	$52	52
1278 E 152nd St	0.47mi	3/2.0	1,128 (-7%)	14mo	$31,000	$27	50
945 Dresden Rd	0.74mi	3/1.0	1,344 (+10%)	3mo	$85,000	$63	46
1929 Taylor Rd	0.39mi	4/2.0 (+1)	1,344 (+10%)	15mo	$128,000	$95	42
983 Brunswick Rd	0.75mi	3/1.5	1,308 (+8%)	15mo	$80,000	$61	38

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 · 5.16% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-5,243
• Equity at exit: $18,638

10-year hold

• IRR: 7.9%
• Equity multiple: 1.65×
• Total profit: $22,883
• Equity at exit: $10,808

Cash invested: $35,000 (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 44112

• Rents YoY: 5.2%
• Active inventory: 100
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,232 high
• Mortgage (P&I): −$656
• Tax from tax record: −$72 /mo · $870/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $193

Break-even live

Break-even rent $987

Max offer price $125,000

Occupancy floor 79%

Sensitivity live

Price	-10% $264	-5% $229	+0% $193	+5% $158	+10% $123
Rent	-10% $96	-5% $145	+0% $193	+5% $242	+10% $291
Rate	-1.0pp $256	-0.5pp $225	base $193	+0.5pp $161	+1.0pp $128

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15421 Plymouth Pl East Cleveland, OH	2.0	1.0	950	$972	$1.02	45d	1	0.15mi
1801 Stanwood Rd Unit 13 East Cleveland, OH	2.0	1.0	800	$900	$1.12	45d	1	0.16mi
1726 Taylor Rd East Cleveland, OH	2.0	1.0	900	$972	$1.08	45d	1	0.19mi
14835 Euclid Ave Cleveland, OH	1.0–2.0	1.0	712	$850	$1.19	45d	12	0.25mi
1867 N Taylor Rd Apt 309 Cleveland, OH	2.0	1.0	850	$700	$0.82	45d	1	0.34mi
14205 Savannah Ave Cleveland, OH	3.0	1.0	1160	$1,350	$1.16	18d	1	0.35mi
14312 Scioto Ave Cleveland, OH	3.0	1.0	1090	$1,300	$1.19	6d	1	0.35mi
14813 Alder Ave Cleveland, OH	3.0	1.0	1188	$1,150	$0.97	25d	1	0.36mi
14200 Scioto Ave Cleveland, OH	3.0	1.0	1256	$1,350	$1.07	18d	1	0.41mi
14005 Scioto Ave Cleveland, OH	3.0	1.0	1056	$1,570	$1.49	18d	1	0.45mi
14009 Mayfair Ave Unit 2 East Cleveland, OH	4.0	2.0	1144	$1,390	$1.22	45d	1	0.46mi
14009 Mayfair Ave Unit 1 East Cleveland, OH	2.0	1.0	764	$1,200	$1.57	45d	1	0.46mi
13900 Potomac Ave Cleveland, OH	3.0	1.0	1172	$1,355	$1.16	25d	1	0.47mi
16000 Terrace Rd Cleveland, OH	1.0–3.0	1.0–2.0	1000	$1,210	$1.21	3d	39	0.60mi
1459 E 134th St Unit up East Cleveland, OH	2.0	1.0	1150	$850	$0.74	12d	1	0.61mi
876 Eloise Dr Unit Upper Cleveland Heights, OH	2.0	1.0	1233	$1,200	$0.97	18d	1	0.79mi
12819 Edmonton Ave Cleveland, OH	4.0	1.0	1423	$1,795	$1.26	18d	1	0.88mi
886 Helmsdale Rd Cleveland Heights, OH	2.0	1.0	1037	$995	$0.96	18d	1	0.88mi
915 Nela View Rd Cleveland, OH	4.0	1.0	1300	$2,600	$2.00	18d	1	0.96mi
983 Greyton Rd Cleveland, OH	3.0	2.0	1457	$1,495	$1.03	18d	1	1.01mi
3337 Sylvanhurst Rd Cleveland, OH	3.0	1.0	1334	$1,800	$1.35	9d	1	1.04mi
953 Whitby Rd Cleveland, OH	3.0	2.0	1188	$1,575	$1.33	25d	1	1.07mi
963 Selwyn Rd Cleveland, OH	4.0	1.0	1300	$2,650	$2.04	3d	1	1.12mi
967 Selwyn Rd Cleveland, OH	3.0	1.5	1214	$1,595	$1.31	18d	1	1.12mi
13605 Terrace Rd Unit RD-5 East Cleveland, OH	2.0	1.0	700	$850	$1.21	45d	1	1.13mi
3406 Henderson Rd Cleveland, OH	4.0	1.5	1343	$2,250	$1.68	18d	1	1.18mi
14120 Superior Ave Unit 1 East Cleveland, OH	3.0	1.0	1400	$1,350	$0.96	12d	1	1.20mi
14120 Superior Ave Unit 4 East Cleveland, OH	3.0	1.0	1408	$1,350	$0.96	45d	1	1.20mi
13540 Superior Rd Cleveland, OH	1.0–2.0	1.0	655	$850	$1.30	18d	2	1.22mi
2270 Noble Rd Cleveland, OH	2.0	1.0	800	$850	$1.06	18d	1	1.24mi
13420 Euclid Ave Unit 1817-307 East Cleveland, OH	2.0	1.0	800	$850	$1.06	25d	1	1.27mi
13420 Euclid Ave Unit 13444-214 East Cleveland, OH	2.0	1.0	800	$850	$1.06	45d	1	1.27mi
1099 Woodview Rd Cleveland, OH	4.0	1.0	1500	$2,500	$1.67	3d	1	1.28mi
1007 Elbon Rd Cleveland, OH	3.0	1.0	1386	$1,400	$1.01	12d	1	1.29mi
1035 Elbon Rd Cleveland, OH	4.0	1.5	1304	$1,675	$1.28	18d	1	1.31mi
2401 N Taylor Rd Cleveland, OH	3.0	1.0	1347	$1,325	$0.98	9d	1	1.34mi
994 Yellowstone Rd Cleveland, OH	3.0	2.0	1475	$1,395	$0.95	4d	1	1.43mi
14120 Superior Rd Cleveland, OH	3.0	1.0	1390	$1,400	$1.01	45d	1	1.44mi
1545 Glenmont Rd Unit 1 East Cleveland, OH	2.0	1.0	1428	$800	$0.56	25d	1	1.45mi

Listing history 22 events

1. 2026-06-21
   days on market $125,000 Active 121 DOM
2. 2026-06-18
   days on market $125,000 Active 118 DOM
3. 2026-06-17
   days on market $125,000 Active 117 DOM
4. 2026-06-16
   days on market $125,000 Active 116 DOM
5. 2026-06-15
   days on market $125,000 Active 115 DOM
6. 2026-06-13
   days on market $125,000 Active 113 DOM
7. 2026-06-13
   days on market $125,000 Active 112 DOM
8. 2026-06-09
   days on market $125,000 Active 109 DOM
9. 2026-06-08
   days on market $125,000 Active 108 DOM
10. 2026-06-07
    days on market $125,000 Active 107 DOM
11. 2026-06-05
    days on market $125,000 Active 104 DOM
12. 2026-06-03
    days on market $125,000 Active 103 DOM
13. 2026-06-02
    days on market $125,000 Active 102 DOM
14. 2026-06-01
    days on market $125,000 Active 101 DOM
15. 2026-05-31
    days on market $125,000 Active 100 DOM
16. 2026-02-20
    listed $125,000 Active 830-char remark

    Show marketing remark (830 chars)

    Welcome to this beautifully renovated 3-bedroom, 1-bath Colonial in East Cleveland. This move-in-ready home blends classic charm with modern updates throughout. Recent renovations include fresh paint, updated flooring, and a refreshed kitchen and bathroom designed for today’s living. The spacious living and dining areas offer great natural light and a functional layout, perfect for everyday living or entertaining. Upstairs, you’ll find three comfortable bedrooms and a full updated bath. The home also features a full basement providing ample storage or potential additional living space. Conveniently located near schools, shopping, public transportation, and major highways. Whether you’re a homeowner or investor, this newly renovated Colonial is a fantastic opportunity—schedule your showing today.

17. 2009-02-01
    historical
18. 2008-08-01
    listed $2,150
19. 2008-06-30
    historical
20. 2008-01-04
    listed $8,556
21. 1988-01-07
    soldstatus $38,000
22. 1982-06-15
    soldstatus $25,500

ⓘ 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: $870 · $72/mo
• Projected year-2 tax: $1,410 · $117/mo
• Expected delta: +$540/yr (+$45/mo · 62.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $14,785
• − Mortgage interest: −$7,002
• − Property taxes: −$870
• − Insurance: −$625
• − Repairs & maintenance: −$1,183
• − Management: −$1,183
• − Depreciation: −$3,636
• Taxable income: $286
• Est. tax owed @ 24.0%: −$69
• After-tax cash flow: $2,251/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: East Cleveland City School District
• NCES district ID: 3904390
• Math proficiency: 4% ▼ -16.00%
• Reading proficiency: 17% ▼ -13.00%
• Median HH income: $22,726
• Composite: 7.38/100
• National rank: #9954
• State rank: #652 of 656 in OH

Livability — East Cleveland

• Score: 66/100
• State rank: #650
• US rank: #11510

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Cleveland, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 17,848
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 17,848
• Household income: $28,799
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1702.0

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 Black (89%)
• Race & ethnicity: Black 89% White 7% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · French/Haitian/Cajun 3% Spanish 2% Russian/Polish/Slavic 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: ▼ -115.61%
• Current HPI: 67.2162
• Rent YoY: ▲ 5.16%
• 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

+390.2% since first listed

7 events — show timeline

• 2026-02-20 Listed $125,000 MLSNOW
• 2009-02-01 Listing Removed — MLSNOW
• 2008-08-01 Listed $2,150 MLSNOW
• 2008-06-30 Listing Removed — MLSNOW
• 2008-01-04 Listed $8,556 MLSNOW
• 1988-01-07 Sold (Public Records) $38,000 Public Records
• 1982-06-15 Sold (Public Records) $25,500 Public Records

Property tax history

-3.6%/yr

Latest (2025): $870 · +0.0% YoY. Source: county tax records.