3604 Pennington Rd · Shaker Heights, OH 44120

$78,200

3 bd · 1.5 ba · 1,362 sqft · SingleFamily public records · 82 Days on market

Built 1925 4,599 sqft lot $57/sqft · 54% below area

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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 +7.5/15.0
• Schools +5.0/10.0
• Livability +4.5/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 3604 Pennington Rd, a classic Shaker Heights bungalo with timeless character and huge potential. Inside, you’ll find original architectural elements, generous room sizes, and a traditional layout ready for reimagining. The location brings strong value: tree-lined streets, historic charm, and close proximity to schools, parks, shopping, and the Van Aken District. Whether you’re planning a full renovation for resale, a long-term rental, or a personal project, this home offers the chance to create something special in one of Shaker’s sought-after neighborhoods.

Key facts

• Historic charm
• Traditional layout
• 4,599 sq ft lot

Tags

• TRADITIONAL LAYOUT
• HISTORIC CHARM
• CLOSE PROXIMITY TO SCHOOLS
• CLOSE PROXIMITY TO PARKS
• CLOSE PROXIMITY TO SHOPPING
• SOUGHT-AFTER NEIGHBORHOODS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $74k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.8% vs local median 2.5% in Shaker 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 (#15 in OH, #134 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F.
• Shaker Heights City (suburban): math 50% / reading 63% proficiency, ranked #309 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.3%/yr); 125 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).
• This rent runs 42% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $541 of loan paydown is wiped out by about $2k 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 + 3.3% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 32y ago; this cycle's ask has dropped $14k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,508 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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 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 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: 2.09% ✓
• Cap rate: 17.83%
• Cash-on-cash: 41.21%
• DSCR: 2.83
• GRM: 4.0

CMA / ARV

• ARV (median comp): $168,312
• List price: $78,200
• Delta: -53.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3666 Ludgate Rd	0.12mi	3/1.0	1,324 (-3%)	8mo	$100,000	$76	80
3596 Lindholm Rd	0.38mi	3/1.5	1,392 (+2%)	4mo	$193,000	$139	76
3348 Milverton Rd	0.51mi	3/1.5	1,384 (+2%)	6mo	$120,000	$87	69
3657 Ludgate Rd	0.13mi	3/2.0	1,512 (+11%)	7mo	$110,000	$73	68
16717 Lomond Blvd	0.44mi	3/1.5	1,304 (-4%)	8mo	$130,000	$100	66
3646 Lindholm Rd	0.39mi	4/2.5 (+1)	1,377 (+1%)	8mo	$135,000	$98	64
16721 Scottsdale Blvd	0.50mi	3/1.5	1,420 (+4%)	9mo	$148,050	$104	62
3340 Milverton Rd	0.53mi	3/1.0	1,268 (-7%)	7mo	$125,500	$99	56
3639 Lindholm Rd	0.41mi	4/2.5 (+1)	1,440 (+6%)	9mo	$168,000	$117	54
3702 Daleford Rd	0.70mi	4/1.5 (+1)	1,444 (+6%)	4mo	$200,000	$139	49
3722 Avalon Rd	0.66mi	3/1.5	1,536 (+13%)	9mo	$249,999	$163	41
3566 Avalon Rd	0.62mi	4/3.0 (+1)	1,526 (+12%)	1mo	$317,500	$208	39

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 · 3.34% rent growth · sell at horizon

5-year hold

• IRR: 38.2%
• Equity multiple: 2.64×
• Total profit: $35,803
• Equity at exit: $11,660

10-year hold

• IRR: 44.8%
• Equity multiple: 5.35×
• Total profit: $95,262
• Equity at exit: $6,761

Cash invested: $21,896 (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 44120

• Rents YoY: 3.3%
• Active inventory: 125
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$410
• Tax est. 1.5%: −$98 /mo · $1,173/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $752

Break-even live

Break-even rent $684

Max offer price $78,200

Occupancy floor 49%

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: $19,550
• Closing costs: $2,346
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3698 Menlo Rd Unit 3700 Shaker Heights, OH	2.0	1.0	1079	$1,360	$1.26	43d	1	0.15mi
3656 Chelton Rd Cleveland, OH	2.0	1.0	1200	$1,300	$1.08	43d	1	0.19mi
15602 Scottsdale Blvd Cleveland, OH	3.0	1.5	1162	$1,665	$1.43	43d	1	0.26mi
3710 Sudbury Rd Cleveland, OH	4.0	1.5	1665	$1,900	$1.14	43d	1	0.30mi
3650 Lindholm Rd Cleveland, OH	4.0	2.0	1327	$2,099	$1.58	16d	1	0.37mi
3650 Lindholm Rd Cleveland, OH	4.0	2.0	1327	$2,099	$1.58	2d	1	0.37mi
15810 Van Aken Blvd Unit 306 Shaker Heights, OH	2.0	1.0	980	$1,300	$1.33	4d	1	0.39mi
16015 Van Aken Blvd Cleveland, OH	2.0–4.0	2.0	1360	$1,295	$0.95	7d	4	0.45mi
3658 Strathavon Rd Unit 1 Shaker Heights, OH	2.0	1.0	1175	$1,685	$1.43	23d	1	0.49mi
3719 Rolliston Rd Cleveland, OH	3.0	2.0	1458	$1,910	$1.31	43d	1	0.49mi
16818 Kenyon Rd Unit 1 Shaker Heights, OH	2.0	1.0	1600	$1,750	$1.09	4d	1	0.50mi
17014 Kenyon Rd Unit Down Shaker Heights, OH	2.0	1.0	900	$1,200	$1.33	2d	1	0.55mi
3348 Colwyn Rd Cleveland, OH	3.0	1.0	1330	$1,199	$0.90	23d	1	0.57mi
3579 Riedham Rd Unit Up Shaker Heights, OH	4.0	2.0	1648	$1,600	$0.97	43d	1	0.58mi
3579 Riedham Rd Unit Down Shaker Heights, OH	2.0	1.0	1648	$1,200	$0.73	43d	1	0.58mi
3440 Avalon Rd Cleveland, OH	2.0	1.0	1247	$1,300	$1.04	43d	1	0.69mi
3524 Daleford Rd Cleveland, OH	3.0	1.0	1700	$2,200	$1.29	16d	1	0.69mi
3671 Daleford Rd Unit Up Shaker Heights, OH	3.0	2.0	1536	$1,675	$1.09	17d	1	0.70mi
3671 Daleford Rd Cleveland, OH	3.0	2.0	1536	$1,675	$1.09	21d	1	0.70mi
3580 Normandy Rd Cleveland, OH	2.0	1.0	1221	$1,375	$1.13	16d	1	0.73mi
3540 Normandy Rd Unit 1 Shaker Heights, OH	2.0	1.0	1200	$2,600	$2.17	43d	1	0.74mi
3536 Normandy Rd Unit Vacant Shaker Heights, OH	3.0	1.0	1216	$1,600	$1.32	23d	1	0.74mi
17408 Invermere Ave Cleveland, OH	4.0	1.5	1278	$1,900	$1.49	11d	1	0.75mi
17424 Winslow Rd Unit DN unit Shaker Heights, OH	2.0	1.0	1245	$1,700	$1.37	23d	1	0.78mi
17612 Winslow Rd Unit 1 Shaker Heights, OH	2.0	1.0	1150	$2,500	$2.17	43d	1	0.81mi
17612 Winslow Rd Apt 2 Shaker Heights, OH	2.0	1.0	1150	$2,700	$2.35	43d	1	0.81mi
3584 Palmerston Rd Unit down Shaker Heights, OH	3.0	1.0	1220	$1,600	$1.31	43d	1	0.86mi
17800 Winslow Rd Shaker Heights, OH	3.0	1.0	1120	$2,000	$1.79	11d	1	0.91mi
3609 Strandhill Rd Shaker Heights, OH	2.0	1.0	1080	$1,195	$1.11	23d	1	0.95mi
3636 Glencairn Rd Unit 2 Shaker Heights, OH	4.0	1.0	1612	$1,750	$1.09	23d	1	0.98mi
3634 Glencairn Rd Shaker Heights, OH	4.0	1.0	1612	$1,750	$1.09	23d	1	0.98mi
3538 Glencairn Rd Shaker Heights, OH	4.0	2.0	1204	$1,449	$1.20	19d	1	1.00mi
3538 Glencairn Rd Unit 2 Shaker Heights, OH	4.0	2.0	1204	$1,449	$1.20	21d	1	1.00mi
3538 Glencairn Rd Shaker Heights, OH	4.0	2.0	1204	$1,449	$1.20	16d	1	1.00mi
3625 Glencairn Rd Unit 1 Shaker Heights, OH	2.0	1.0	1450	$1,450	$1.00	43d	1	1.02mi
18033 Chagrin Blvd Unit 2 Shaker Heights, OH	2.0	1.0	1200	$2,750	$2.29	1d	1	1.02mi
18313 Newell Rd Beachwood, OH	3.0	1.0	1318	$1,395	$1.06	44d	1	1.05mi
18314 Chagrin Blvd Unit 1 Shaker Heights, OH	3.0	2.0	1670	$1,600	$0.96	17d	1	1.05mi
14108 Becket Rd Cleveland, OH	4.0	3.5	1660	$2,206	$1.33	43d	1	1.05mi
18231 Winslow Rd Unit Down Shaker Heights, OH	2.0	1.0	1192	$1,375	$1.15	17d	1	1.08mi

Listing history 23 events

1. 2026-06-17
   status $78,200 Pending 82 DOM
2. 2026-06-17
   days on market $78,200 Active 82 DOM
3. 2026-06-16
   days on market $78,200 Active 81 DOM
4. 2026-06-15
   days on market $78,200 Active 80 DOM
5. 2026-06-13
   days on market $78,200 Active 78 DOM
6. 2026-06-13
   days on market $78,200 Active 77 DOM
7. 2026-06-09
   days on market $78,200 Active 74 DOM
8. 2026-06-08
   days on market $78,200 Active 73 DOM
9. 2026-06-07
   pricedays on market $78,200 Active 72 DOM
10. 2026-06-03
    days on market $84,900 Active 68 DOM
11. 2026-06-02
    days on market $84,900 Active 67 DOM
12. 2026-06-01
    days on market $84,900 Active 66 DOM
13. 2026-05-31
    days on market $84,900 Active 65 DOM
14. 2026-05-04
    price $84,900 593-char remark

    Show marketing remark (593 chars)

    Welcome to 3604 Pennington Rd, a classic Shaker Heights bungalo with timeless character and huge potential. Inside, you’ll find original architectural elements, generous room sizes, and a traditional layout ready for reimagining. The location brings strong value: tree-lined streets, historic charm, and close proximity to schools, parks, shopping, and the Van Aken District. Whether you’re planning a full renovation for resale, a long-term rental, or a personal project, this home offers the chance to create something special in one of Shaker’s sought-after neighborhoods.

15. 2026-03-26
    listed $91,900 Active 593-char remark

    Show marketing remark (593 chars)

    Welcome to 3604 Pennington Rd, a classic Shaker Heights bungalo with timeless character and huge potential. Inside, you’ll find original architectural elements, generous room sizes, and a traditional layout ready for reimagining. The location brings strong value: tree-lined streets, historic charm, and close proximity to schools, parks, shopping, and the Van Aken District. Whether you’re planning a full renovation for resale, a long-term rental, or a personal project, this home offers the chance to create something special in one of Shaker’s sought-after neighborhoods.

16. 2025-12-15
    status Pending
17. 2025-12-15
    historical
18. 2025-11-17
    listed $99,750 Active
19. 1995-01-17
    soldstatus $55,000
20. 1995-01-17
    soldstatus $55,000
21. 1994-11-28
    historical
22. 1994-07-29
    listed $59,900
23. 1975-02-01
    soldstatus $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $19,630
• − Mortgage interest: −$4,380
• − Property taxes: −$1,173
• − Insurance: −$391
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$2,275
• Taxable income: $8,270
• Est. tax owed @ 24.0%: −$1,985
• After-tax cash flow: $7,038/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: Shaker Heights City
• NCES district ID: 3904475
• Math proficiency: 50% ▼ -16.00%
• Reading proficiency: 63% ▼ -6.00%
• Median HH income: $69,421
• Composite: 49.98/100
• National rank: #1928
• State rank: #309 of 656 in OH

Livability — Shaker Heights

• Score: 89/100
• State rank: #15
• US rank: #134

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shaker Heights, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 69,880
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 33,202
• Household income: $47,126
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 2289.0

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 (68%)
• Race & ethnicity: Black 68% White 21% Two or more races 6% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 2% Italian 1% Slovak 1%
• Foreign-born: 5% · China, Canada
• Languages at home: 93% English-only · Spanish 2% Chinese 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: ▼ -201.50%
• Current HPI: 108.2487
• Rent YoY: ▲ 3.34%
• 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

+239.6% since first listed

10 events — show timeline

• 2026-05-04 Price Changed $84,900 MLSNOW
• 2026-03-26 Listed $91,900 MLSNOW
• 2025-12-15 Pending — MLSNOW
• 2025-12-15 Listing Removed — MLSNOW
• 2025-11-17 Listed $99,750 MLSNOW
• 1995-01-17 Sold (Public Records) $55,000 Public Records
• 1995-01-17 Sold (MLS) $55,000 MLSNOW
• 1994-11-28 Listing Removed — MLSNOW
• 1994-07-29 Listed $59,900 MLSNOW
• 1975-02-01 Sold (Public Records) $25,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $5,069 · +13.4% YoY. Source: county tax records.