7224 Burridge Ave · Mentor, OH 44060

$389,999

6 bd · 2.5 ba · 2,824 sqft · MultiFamily public records · 114 Days on market

Built 1905 0.44 ac lot Est $359k · 9% over

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Why this score? — see what drove the D 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 +15.4/30.0
• Schools +5.6/10.0
• DSCR +4.7/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 1% rule +3.8/10.0
• ARV discount +3.6/15.0
• 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

Opportunity knocks at this charming, historic, side-by-side duplex. Located in a quiet neighborhood in Mentor, this very well maintained income property, is boasting with potential. Step into the first unit, new vinyl floor stretches from the living room, to the dining room and continues throughout the kitchen. The kitchen includes new white shaker cabinets, a built in microwave, stove and refrigerator. Just off of the kitchen is the perfect space for an office, play room, hobby room or small first floor bedroom (4th). The main 3 bedrooms are located up stairs and all have lovely, wood floors. One bedroom even has its own private covered balcony. The bathroom has been fully renovated and is equipped with a granite counter-top and a smart mirror. Enter the second unit through the back sun room. You could easily transform this space to a comfortable bonus seating area, green house, hobby room or just use it for storage. Inside the home, the kitchen has tall, retro, wooden cabinets that reach the ceiling. The second unit also comes with a refrigerator, oven and a mobile dishwasher. The large dining room and living room have new vinyl flooring. Again, all 3 bedrooms are located upstairs and all have wood floors. The attic has high ceilings and a bonus room (bedroom #4) and would make the coolest addition to transform this duplex to a triplex. A third boiler is already waiting to be installed! The basement is dry and has plenty of space for storage and 2 separate laundry areas. This house comes with 2 sets of working washers and dryers. The roof is 5 years young. And almost every room in the house has been freshly painted. The garage on the property could potentially be converted to another unit or just used for parking or storage. Hurry, this is a one of a kind opportunity!

Key facts

• Built in microwave
• New vinyl floor
• Quiet neighborhood

Tags

• HISTORIC SIDE BY SIDE DUPLEX
• QUIET NEIGHBORHOOD
• NEW VINYL FLOOR
• NEW WHITE SHAKER CABINETS
• BUILT IN MICROWAVE
• PRIVATE COVERED BALCONY

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive. Per door: $76/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $341k (12.5% below list).
• Recommended offer: $341k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.7% in Mentor — 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 84/100 on livability (#53 in OH, #739 nationally) — a professional / high-income tenant draw. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities D, commute F.
• Mentor Exempted Village (suburban): math 58% / reading 70% proficiency, ranked #201 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Hopkins Elementary School (math 83% / reading 80%, grade A+, #149 of 1,584 statewide, top 10%, 491 students, 10% FRL); Memorial Middle School (math 62% / reading 70%, grade A-, #179 of 654 statewide, top 28%, 897 students, 21% FRL); Mentor High School (math 48% / reading 76%, grade B-, #202 of 781 statewide, top 29%, 2,405 students, 20% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 267 active listings in the ZIP; solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• At $3,413/mo this rent would consume 47% of the median local household income ($88k/yr) (locally 883% 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 $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $106k; list at $390k implies a 269% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $341,300 (12.5% below list)

Questions for the listing agent

1. It's been on market 114 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 1905 — 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 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.88% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.67%
• DSCR: 1.07
• GRM: 9.5

CMA / ARV

• ARV (median comp): $358,559
• List price: $389,999
• Delta: 8.77%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.54% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.59×
• Total profit: $-44,629
• Equity at exit: $58,150

10-year hold

• IRR: 1.4%
• Equity multiple: 1.11×
• Total profit: $12,078
• Equity at exit: $33,720

Cash invested: $109,200 (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 44060

• Rents YoY: 5.5%
• Active inventory: 267
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $3,413 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$337 /mo · $4,042/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$717
• Net cashflow: $152

Break-even live

Break-even rent $3,221

Max offer price $389,999

Occupancy floor 91%

Sensitivity live

Price	-10% $373	-5% $262	+0% $152	+5% $41	+10% $-69
Rent	-10% $-118	-5% $17	+0% $152	+5% $287	+10% $421
Rate	-1.0pp $348	-0.5pp $251	base $152	+0.5pp $51	+1.0pp $-52

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.2	$3,414
Total (2 units)			$3,413

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $389,999 Active 114 DOM
2. 2026-06-18
   days on market $389,999 Active 111 DOM
3. 2026-06-17
   pricedays on market $389,999 Active 110 DOM
4. 2026-06-16
   days on market $399,999 Active 109 DOM
5. 2026-06-15
   days on market $399,999 Active 108 DOM
6. 2026-06-13
   days on market $399,999 Active 106 DOM
7. 2026-06-09
   days on market $399,999 Active 102 DOM
8. 2026-06-08
   days on market $399,999 Active 101 DOM
9. 2026-06-07
   days on market $399,999 Active 100 DOM
10. 2026-06-05
    days on market $399,999 Active 97 DOM
11. 2026-06-03
    days on market $399,999 Active 96 DOM
12. 2026-06-02
    days on market $399,999 Active 95 DOM
13. 2026-06-01
    days on market $399,999 Active 94 DOM
14. 2026-05-31
    days on market $399,999 Active 93 DOM
15. 2026-02-27
    historical

    Show marketing remark (1800 chars)

    Opportunity knocks at this charming, historic, side-by-side duplex. Located in a quiet neighborhood in Mentor, this very well maintained income property, is boasting with potential. Step into the first unit, new vinyl floor stretches from the living room, to the dining room and continues throughout the kitchen. The kitchen includes new white shaker cabinets, a built in microwave, stove and refrigerator. Just off of the kitchen is the perfect space for an office, play room, hobby room or small first floor bedroom (4th). The main 3 bedrooms are located up stairs and all have lovely, wood floors. One bedroom even has its own private covered balcony. The bathroom has been fully renovated and is equipped with a granite counter-top and a smart mirror. Enter the second unit through the back sun room. You could easily transform this space to a comfortable bonus seating area, green house, hobby room or just use it for storage. Inside the home, the kitchen has tall, retro, wooden cabinets that reach the ceiling. The second unit also comes with a refrigerator, oven and a mobile dishwasher. The large dining room and living room have new vinyl flooring. Again, all 3 bedrooms are located upstairs and all have wood floors. The attic has high ceilings and a bonus room (bedroom #4) and would make the coolest addition to transform this duplex to a triplex. A third boiler is already waiting to be installed! The basement is dry and has plenty of space for storage and 2 separate laundry areas. This house comes with 2 sets of working washers and dryers. The roof is 5 years young. And almost every room in the house has been freshly painted. The garage on the property could potentially be converted to another unit or just used for parking or storage. Hurry, this is a one of a kind opportunity!

16. 2026-02-27
    listed $399,999 Active 1800-char remark

    Show marketing remark (1800 chars)

    Opportunity knocks at this charming, historic, side-by-side duplex. Located in a quiet neighborhood in Mentor, this very well maintained income property, is boasting with potential. Step into the first unit, new vinyl floor stretches from the living room, to the dining room and continues throughout the kitchen. The kitchen includes new white shaker cabinets, a built in microwave, stove and refrigerator. Just off of the kitchen is the perfect space for an office, play room, hobby room or small first floor bedroom (4th). The main 3 bedrooms are located up stairs and all have lovely, wood floors. One bedroom even has its own private covered balcony. The bathroom has been fully renovated and is equipped with a granite counter-top and a smart mirror. Enter the second unit through the back sun room. You could easily transform this space to a comfortable bonus seating area, green house, hobby room or just use it for storage. Inside the home, the kitchen has tall, retro, wooden cabinets that reach the ceiling. The second unit also comes with a refrigerator, oven and a mobile dishwasher. The large dining room and living room have new vinyl flooring. Again, all 3 bedrooms are located upstairs and all have wood floors. The attic has high ceilings and a bonus room (bedroom #4) and would make the coolest addition to transform this duplex to a triplex. A third boiler is already waiting to be installed! The basement is dry and has plenty of space for storage and 2 separate laundry areas. This house comes with 2 sets of working washers and dryers. The roof is 5 years young. And almost every room in the house has been freshly painted. The garage on the property could potentially be converted to another unit or just used for parking or storage. Hurry, this is a one of a kind opportunity!

17. 2025-12-04
    price $439,999
18. 2025-10-24
    listed $449,999 Active
19. 2014-03-05
    soldstatus $105,555

ⓘ 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: $4,042 · $337/mo
• Projected year-2 tax: $5,063 · $422/mo
• Expected delta: +$1,021/yr (+$85/mo · 25.3%)

ⓘ 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 ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,956
• − Mortgage interest: −$21,846
• − Property taxes: −$4,042
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,276
• − Management: −$3,276
• − Depreciation: −$11,345
• Taxable loss: −$4,780
• Est. tax savings @ 24.0%: +$1,147
• After-tax cash flow: $2,968/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: Mentor Exempted Village
• NCES district ID: 3904549
• Math proficiency: 58% ▼ -17.00%
• Reading proficiency: 70% ▼ -9.00%
• Median HH income: $64,267
• Composite: 55.71/100
• National rank: #1221
• State rank: #201 of 656 in OH

Livability — Mentor

• Score: 84/100
• State rank: #53
• US rank: #739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mentor, OH
• County: Lake County · 204,927 people
• City population: 60,779
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 60,779
• Household income: $87,599
• Rent vs Own: 18.2% rent · 81.8% own
• Severe rent burden: 883.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Romanian 7% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 93% English-only · Other Indo-European 2% Russian/Polish/Slavic 2% Spanish 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: ▼ -203.36%
• Current HPI: 188.9887
• Rent YoY: ▲ 5.54%
• 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

+278.9% since first listed

5 events — show timeline

• 2026-02-27 Listed $399,999 MLSNOW
• 2026-02-27 Listing Removed — MLSNOW
• 2025-12-04 Price Changed $439,999 MLSNOW
• 2025-10-24 Listed $449,999 MLSNOW
• 2014-03-05 Sold (Public Records) $105,555 Public Records

Property tax history

+1.1%/yr

Latest (2025): $4,042 · -0.2% YoY. Source: county tax records.