2662 Queenston Rd · Cleveland Heights, OH 44118

$375,000

6 bd · 2.5 ba · 3,784 sqft · MultiFamily public records · 2 Days on market

Built 1922 5,780 sqft lot Est $329k · 14% 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 +16.2/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.5/5.0
• Rent growth +3.9/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• ARV discount +1.2/15.0
• 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

Location, location, location! Incredible opportunity to own one of the few side-by-side duplexes in the Royal Heights neighborhood of Cleveland Heights. Situated on Queenston Road, one of the notable “Royal Streets, ” this home is adjacent to the Fairmount Taylor retail district. Just steps away is the award winning European-style bakery, On the Rise Artisan Breads, and the highly regarded bistro, Gigi’s on Fairmount. Take full advantage of the close proximity to Shaker Lakes and its historic and scenic parkland. This front porch colonial, 2-family is full of space and character, with beautiful woodwork, hardwood floors, natural details, and original charm. Step inside an

Key facts

• Queenston road
• Front porch colonial
• Finished 3rd floor

Tags

• SIDE BY SIDE DUPLEX
• ROYAL HEIGHTS NEIGHBORHOOD
• QUEENSTON ROAD
• FRONT PORCH COLONIAL
• FINISHED 3RD FLOOR
• OUTDOOR FENCED PATIO AREAS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive. Per door: $100/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Cap rate 6.9% vs local median 4.4% in Cleveland 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 (#12 in OH, #124 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Cleveland Heights-University Heights City (suburban): math 23% / reading 41% proficiency, ranked #568 of 656 in OH (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.7%/yr); 253 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $3,755/mo this rent would consume 58% of the median local household income ($78k/yr) (locally 1847% 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 $11k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $375,000

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 1922 — 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. 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?
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 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: 1.00% ✓
• Cap rate: 6.93%
• Cash-on-cash: 2.28%
• DSCR: 1.10
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $329,208
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2591 Idlewood Rd	0.22mi	6/2.0	3,694 (-2%)	12mo	$320,000	$87	74
2641 Idlewood Rd	0.17mi	7/3.0 (+1)	4,007 (+6%)	21mo	$344,900	$86	58
2675 Idlewood Rd	0.17mi	6/5.0	4,208 (+11%)	20mo	$305,000	$72	47
3311 E Fairfax Rd	0.48mi	5/3.0 (-1)	3,336 (-12%)	7mo	$405,400	$122	45

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 · 5.7% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.64×
• Total profit: $-37,402
• Equity at exit: $55,914

10-year hold

• IRR: 3.5%
• Equity multiple: 1.28×
• Total profit: $29,920
• Equity at exit: $32,423

Cash invested: $105,000 (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 44118

• Rents YoY: 5.7%
• Active inventory: 253
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $3,755 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$644 /mo · $7,727/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$789
• Net cashflow: $200

Break-even live

Break-even rent $3,502

Max offer price $375,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,756
Total (2 units)			$3,755

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2975 Claremont Rd Shaker Heights, OH	5.0	3.0	3241	$3,200	$0.99	11d	1	0.88mi

Listing history 3 events

1. 2026-06-18
   days on market $375,000 Active 2 DOM
2. 2026-06-17
   remarks 681-char remark
3. 2026-06-17
   listed $375,000 Active 1 DOM

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $7,727 · $644/mo
• Projected year-2 tax: $7,727 · $644/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 2/10 Low 7 d/yr ≥96°F today · 16 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: $45,060
• − Mortgage interest: −$21,006
• − Property taxes: −$7,727
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,605
• − Management: −$3,605
• − Depreciation: −$10,909
• Taxable loss: −$3,666
• Est. tax savings @ 24.0%: +$880
• After-tax cash flow: $3,277/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: Cleveland Heights-University Heights City
• NCES district ID: 3904379
• Math proficiency: 23% ▼ -22.00%
• Reading proficiency: 41% ▼ -12.00%
• Median HH income: $53,451
• Composite: 28.12/100
• National rank: #6822
• State rank: #568 of 656 in OH

Livability — Cleveland Heights

• Score: 89/100
• State rank: #12
• US rank: #124

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cleveland Heights, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 32,312
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 40,715
• Household income: $77,555
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1847.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 57% Black 33% Two or more races 4% Asian 3% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Scotch-Irish 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Russian/Polish/Slavic 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: ▼ -319.62%
• Current HPI: 204.5504
• Rent YoY: ▲ 5.70%
• 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

+557.9% since first listed

5 events — show timeline

• 2026-06-13 Listed $375,000 MLSNOW
• 2012-07-16 Sold (Public Records) $476,500 Public Records
• 1998-12-21 Sold (Public Records) $380,000 Public Records
• 1990-03-27 Sold (Public Records) $67,000 Public Records
• 1990-03-27 Sold (Public Records) $57,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $7,727 · -2.0% YoY. Source: county tax records.