24 Washington Sq #15 · Euclid, OH 44143

$87,900

2 bd · 1.5 ba · 1,068 sqft · Condo · 91 Days on market

Built 1966 Fair condition $193/mo HOA · 13% of rent

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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
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Unit 15 at 24 Washington Square—a delightful 2-bedroom, 1.5-bathroom condo offering 1,068 square feet of comfortable living space. Built in 1966, this single-story brick townhouse-style condo blends classic charm with modern updates. Step inside to find a spacious living area and an updated kitchen featuring luxury vinyl tile flooring, shaker cabinets, and granite countertops. The entire unit has been freshly painted and includes brand-new carpet. Recent upgrades also include a new furnace and hot water tank, giving you peace of mind for years to come. The bedrooms provide cozy retreats, and in-unit laundry adds convenience. Central air ensures year-round comfort, and a private balcony offers a perfect spot to unwind. Residents enjoy a low-maintenance lifestyle with a monthly HOA fee of $193, which covers water, sewer, trash, snow removal, and grounds maintenance. The community is pet-friendly and provides easy access to downtown Euclid, local parks, and public transportation. Whether you're a first-time homebuyer, downsizing, or seeking an investment opportunity, this move-in-ready condo is a must-see. Don’t miss your chance to make Unit 15 your new home!

Key facts

• Private balcony
• Shaker cabinets
• Updated kitchen

Tags

• UPDATED KITCHEN
• LUXURY VINYL TILE FLOORING
• SHAKER CABINETS
• GRANITE COUNTERTOPS
• IN UNIT LAUNDRY
• PRIVATE BALCONY

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $88k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $80k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 6.7% in Euclid — 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 77/100 on livability (#204 in OH, #3,149 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: commute F, employment D-.
• Euclid City (suburban): math 14% / reading 28% proficiency, ranked #625 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bluestone Elementary School (math 8% / reading 22%, grade F, #1,382 of 1,584 statewide, top 88%, 319 students, 0% FRL); Euclid Middle School (math 10% / reading 22%, grade F, #624 of 654 statewide, top 96%, 934 students, 0% FRL); Euclid High School (math 7% / reading 33%, grade F, #675 of 781 statewide, top 87%, 1,618 students, 0% FRL) — zoned schools average 0% FRL vs 70% district-wide (70 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 98 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $608 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($80k) is reasonable based on typical stale-listing flexibility.

Recommended offer $79,989 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.74% ✓
• Cap rate: 11.83%
• Cash-on-cash: 19.77%
• DSCR: 1.88
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.0%
• Equity multiple: 1.48×
• Total profit: $11,723
• Equity at exit: $13,106

10-year hold

• IRR: 21.0%
• Equity multiple: 2.79×
• Total profit: $44,037
• Equity at exit: $7,600

Cash invested: $24,612 (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 44143

• Active inventory: 98
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,526 high
• Mortgage (P&I): −$461
• Tax est. 1.5%: −$110 /mo · $1,318/yr
• Insurance: −$37
• HOA: −$193
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $405

Break-even live

Break-even rent $1,013

Max offer price $87,900

Occupancy floor 68%

Sensitivity live

Price	-10% $466	-5% $436	+0% $405	+5% $375	+10% $345
Rent	-10% $285	-5% $345	+0% $405	+5% $466	+10% $526
Rate	-1.0pp $450	-0.5pp $428	base $405	+0.5pp $383	+1.0pp $360

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: $21,975
• Closing costs: $2,637
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Trenton Sq Unit T54 Cleveland, OH	3.0	2.0	1324	$1,500	$1.13	18d	1	0.09mi
20051 Green Oak Dr Euclid, OH	3.0	1.5	1092	$1,550	$1.42	16d	1	0.37mi
2081 E 224th St Euclid, OH	3.0	1.5	1450	$1,800	$1.24	0d	1	0.56mi
22050 Chardon Rd Euclid, OH	3.0	1.5	1209	$1,500	$1.24	45d	1	0.69mi
21253 Chardon Rd Unit 203 Euclid, OH	1.0	1.0	800	$995	$1.24	25d	1	0.76mi
1541 E 191st St Euclid, OH	2.0	1.0–1.5	624	$925	$1.48	45d	1	0.88mi
22140 Euclid Ave Euclid, OH	1.0	1.0	675	$929	$1.38	45d	3	0.96mi
22250 Euclid Ave Euclid, OH	1.0	1.0	695	$995	$1.43	25d	2	1.01mi
18231 Euclid Ave Cleveland, OH	1.0–2.0	1.0	767	$1,818	$2.37	0d	1	1.05mi
22550 Euclid Ave Unit 207 Euclid, OH	2.0	1.0	888	$1,279	$1.44	45d	1	1.10mi
376 Royal Oak Blvd Cleveland, OH	3.0	1.5	1420	$1,740	$1.23	22d	1	1.43mi

HOA detail condo

• Monthly dues: $193 · $2,316/yr
• Likely covers: watersewertrashlandscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-15
   status Pending 1197-char remark

   Show marketing remark (1197 chars)

   Welcome to Unit 15 at 24 Washington Square—a delightful 2-bedroom, 1.5-bathroom condo offering 1,068 square feet of comfortable living space. Built in 1966, this single-story brick townhouse-style condo blends classic charm with modern updates. Step inside to find a spacious living area and an updated kitchen featuring luxury vinyl tile flooring, shaker cabinets, and granite countertops. The entire unit has been freshly painted and includes brand-new carpet. Recent upgrades also include a new furnace and hot water tank, giving you peace of mind for years to come. The bedrooms provide cozy retreats, and in-unit laundry adds convenience. Central air ensures year-round comfort, and a private balcony offers a perfect spot to unwind. Residents enjoy a low-maintenance lifestyle with a monthly HOA fee of $193, which covers water, sewer, trash, snow removal, and grounds maintenance. The community is pet-friendly and provides easy access to downtown Euclid, local parks, and public transportation. Whether you're a first-time homebuyer, downsizing, or seeking an investment opportunity, this move-in-ready condo is a must-see. Don’t miss your chance to make Unit 15 your new home!

2. 2026-02-12
   listed $87,900 Active 1197-char remark

   Show marketing remark (1197 chars)

   Welcome to Unit 15 at 24 Washington Square—a delightful 2-bedroom, 1.5-bathroom condo offering 1,068 square feet of comfortable living space. Built in 1966, this single-story brick townhouse-style condo blends classic charm with modern updates. Step inside to find a spacious living area and an updated kitchen featuring luxury vinyl tile flooring, shaker cabinets, and granite countertops. The entire unit has been freshly painted and includes brand-new carpet. Recent upgrades also include a new furnace and hot water tank, giving you peace of mind for years to come. The bedrooms provide cozy retreats, and in-unit laundry adds convenience. Central air ensures year-round comfort, and a private balcony offers a perfect spot to unwind. Residents enjoy a low-maintenance lifestyle with a monthly HOA fee of $193, which covers water, sewer, trash, snow removal, and grounds maintenance. The community is pet-friendly and provides easy access to downtown Euclid, local parks, and public transportation. Whether you're a first-time homebuyer, downsizing, or seeking an investment opportunity, this move-in-ready condo is a must-see. Don’t miss your chance to make Unit 15 your new home!

ⓘ 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
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low

Taxation est. · year 1

• Rental income: $18,318
• − Mortgage interest: −$4,924
• − Property taxes: −$1,318
• − Insurance: −$440
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − HOA: −$2,316
• − Depreciation: −$2,557
• Taxable income: $3,832
• Est. tax owed @ 24.0%: −$920
• After-tax cash flow: $3,946/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 · 1 photo

Fair 45/100 Moderate rehab

This 2-bedroom, 1.5-bathroom condo has good updates and a good condition, but some minor landscaping and painting could further enhance its curb appeal and value.

Repairs flagged

• Minor landscaping — some areas of the lawn appear slightly overgrown

Value-add opportunities

• Both landscaping and curb appeal improvements — enhances the home's curb appeal and can attract more buyers
• Both minor landscaping and painting — improves the home's appearance and can increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
landscaping · some areas of the lawn appear slightly overgrown	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both landscaping and curb appeal improvements — enhances the home's curb appeal and can attract more buyers ↑
• Both minor landscaping and painting — improves the home's appearance and can increase its value ↑

ⓘ 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: Euclid City
• NCES district ID: 3904395
• Math proficiency: 14% ▼ -19.00%
• Reading proficiency: 28% ▼ -14.00%
• Median HH income: $36,385
• Composite: 17.39/100
• National rank: #9067
• State rank: #625 of 656 in OH

Livability — Euclid

• Score: 77/100
• State rank: #204
• US rank: #3149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Euclid, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 41,855
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 24,597
• Household income: $81,268
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 656.0

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 0.57)
• Race & ethnicity: White 56% Black 34% Two or more races 5% Asian 3% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Scotch-Irish 2% Subsaharan African 2%
• Foreign-born: 9% · Canada
• Languages at home: 86% English-only · Russian/Polish/Slavic 3% Other Indo-European 3% Spanish 3%

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: ▼ -123.55%
• Current HPI: 167.6083
• Rent YoY: —
• 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

2 events — show timeline

• 2026-05-15 Pending — MLSNOW
• 2026-02-12 Listed $87,900 MLSNOW