1582 Lee Terrace Dr · Wickliffe, OH 44092

$120,000

3 bd · 1.5 ba · 1,152 sqft · Condo · 5 Days on market

Built 1979 Good condition $220/mo HOA · 15% of rent

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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 +18.0/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +5.6/10.0
• Schools +4.6/10.0
• Rent growth +4.5/5.0
• Livability +4.1/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

This townhouse-style condo at 1582 Lee Terrace Dr offers 1,152 sq ft in the Arlington Condo community of Wickliffe. The main level features a large updated kitchen, living room with built-in cabinets, coat closet, in-unit laundry, mud room, and a convenient half bath. Upstairs are three bedrooms and a full bath, with newer carpet and newer LVP flooring adding a fresh feel throughout key living areas. Central A/C, gas forced-air heat, and all appliances are included: washer, dryer, dishwasher, range, refrigerator, and microwave. The end-unit setting adds extra privacy and includes 2 reserved parking spaces next to the unit. Easy access to the park behind the community, see the photo! The $22

Key facts

• Half bath
• In-unit laundry
• Built-in cabinets

Tags

• UPDATED KITCHEN
• BUILT-IN CABINETS
• IN-UNIT LAUNDRY
• MUD ROOM
• HALF BATH
• FULL BATH

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Homeowners association (Barnett Management Group); Monthly association fee of $220.14; HOA covers management, insurance, grounds and structure maintenance, reserve fund, snow removal, and trash; Community amenities include laundry facilities, medical service, playground, park, restaurants, and shopping

Exterior

• Parking: Assigned parking in a parking lot (no garage)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: 2-story building; Entry level: 1; Attached property
• Construction: Brick construction; Asphalt/fiberglass roof; Slab foundation; Built (year source: public records)
• Exterior features: East-facing entry; Smoke detectors

Interior

• Kitchen: Eat-in kitchen; Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Three bedrooms on the second level (carpeted)
• Flooring: Carpet in bedrooms
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Central air; Ceiling fan(s); Forced-air heating (gas)
• Interior features: Ceiling fans; Eat-in kitchen; Updated/remodeled condition
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $120k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 7.3% vs local median 4.7% in Wickliffe — 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 82/100 on livability (#85 in OH, #1,236 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities C-, commute F.
• Wickliffe City (suburban): math 48% / reading 60% proficiency, ranked #386 of 656 in OH (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.0%/yr); 68 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lake 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 + 8.0% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 1.22% ✓
• Cap rate: 7.33%
• Cash-on-cash: 3.70%
• DSCR: 1.16
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.85×
• Total profit: $-4,970
• Equity at exit: $17,892

10-year hold

• IRR: 11.8%
• Equity multiple: 2.19×
• Total profit: $39,920
• Equity at exit: $10,375

Cash invested: $33,600 (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 44092

• Rents YoY: 8.0%
• Active inventory: 68
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,459 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$220
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $104

Break-even live

Break-even rent $1,328

Max offer price $120,000

Occupancy floor 88%

Sensitivity live

Price	-10% $187	-5% $145	+0% $104	+5% $62	+10% $21
Rent	-10% $-12	-5% $46	+0% $104	+5% $161	+10% $219
Rate	-1.0pp $164	-0.5pp $134	base $104	+0.5pp $73	+1.0pp $41

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30050 Euclid Ave Unit A2 Wickliffe, OH	2.0	1.0	1036	$1,350	$1.30	44d	1	0.10mi
30446 Euclid Ave Wickliffe, OH	2.0	1.5	1044	$1,350	$1.29	44d	1	0.47mi
30620 Euclid Ave Wickliffe, OH	2.0	1.0	1500	$1,500	$1.00	4d	1	0.75mi
31621 N Marginal Dr Unit B Willowick, OH	3.0	1.5	1200	$1,550	$1.29	4d	1	0.98mi
29103 Barjode Rd Willowick, OH	3.0	2.0	1116	$1,950	$1.75	20d	1	1.08mi
459 Clarmont Rd Willowick, OH	4.0	2.0	1488	$1,875	$1.26	44d	1	1.09mi
2250 Par Ln Willoughby Hills, OH	2.0–3.0	2.0–2.5	1375	$2,430	$1.77	2d	15	1.14mi
2252 Par Ln Willoughby Hills, OH	1.0–3.0	1.0–2.0	1046	$1,600	$1.53	2d	36	1.18mi
29210 Green Dr Willowick, OH	3.0	1.0	1002	$1,700	$1.70	2d	1	1.31mi

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-08
   status $120,000 Pending 5 DOM
2. 2026-06-07
   days on market $120,000 Active 5 DOM
3. 2026-06-05
   days on market $120,000 Active 2 DOM
4. 2026-06-02
   remarks 699-char remark
5. 2026-06-02
   listed $120,000 Active 1 DOM

ⓘ 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,514
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,401
• − Management: −$1,401
• − HOA: −$2,640
• − Depreciation: −$3,491
• Taxable loss: −$541
• Est. tax savings @ 24.0%: +$130
• After-tax cash flow: $1,374/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This townhouse-style condo is in good condition with updated kitchen and new flooring. Minor updates to paint and carpet would further enhance its value.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace ceiling fan — Modern ceiling fan improves functionality and aesthetics
• Both Replace carpet in bedrooms — Newer carpet in bedrooms improves comfort and appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace ceiling fan — Modern ceiling fan improves functionality and aesthetics ↑
• Both Replace carpet in bedrooms — Newer carpet in bedrooms improves comfort and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Wickliffe City
• NCES district ID: 3904508
• Math proficiency: 48% ▼ -14.00%
• Reading proficiency: 60% ▼ -8.00%
• Median HH income: $48,233
• Composite: 45.89/100
• National rank: #2551
• State rank: #386 of 656 in OH

Livability — Wickliffe

• Score: 82/100
• State rank: #85
• US rank: #1236

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wickliffe, OH
• County: Lake County · 204,927 people
• City population: 17,587
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 17,587
• Household income: $70,801
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 572.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 12% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 4% Scotch-Irish 2% Iranian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Russian/Polish/Slavic 3% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.67%
• Current HPI: 161.3288
• Rent YoY: ▲ 8.03%
• 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

1 event — show timeline

• 2026-06-02 Listed $120,000 MLSNOW