1318 Warrensville Center Rd · Cleveland Heights, OH 44121

$450,000

2 bd · 4.0 ba · 5,040 sqft · MultiFamily · 40 Days on market

Built 1924 4,560 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Livability +4.5/5.0
• Rent growth +4.2/5.0
• Schools +2.8/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Fabulous opportunity for this mixed use property. Full. y functional and ready to operate kitchen that was formerly a bar. Lots of potential with a game room, space for a band and dance floor. Two (1 br) apartments (approx 740 sq ft) and Two efficiences (approx 660 sq ft)above the space. Full basement. 4 garage spaces plus driveway & street parking.

Key facts

• Functional kitchen
• Full basement
• Garage spaces

Tags

• FUNCTIONAL KITCHEN
• GAME ROOM
• FULL BASEMENT
• GARAGE SPACES
• STREET PARKING

Property features AI

Finance

• Other: Above-grade finished area reported as 5,040 (source: assessor)
• Financial info: Multiple rental units with recorded rents (examples: $750 and $500 for two of the units)

Exterior

• Parking: Four-car garage; Indoor and paved parking; some on-street parking available
• Utilities: Public water; Public sewer
• Home design: Two-story building; Brick construction; Flat roof
• Construction: Built according to public records; Brick construction; Flat roof; Full basement
• Exterior features: Public water; Public sewer

Interior

• Bedrooms: Four separate one-bedroom units
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Hot water heating; Steam heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/4.0-bath multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 4.3% 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 (+6.8%/yr); 150 active listings in the ZIP; solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $6,095/mo this rent would consume 95% of the median local household income ($77k/yr) (locally 672% 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 $14k 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 + 6.8% rent growth), your $126k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 31y ago 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.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $436,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.35% ✓
• Cap rate: 10.84%
• Cash-on-cash: 16.24%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.85% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.48×
• Total profit: $60,301
• Equity at exit: $67,096

10-year hold

• IRR: 23.4%
• Equity multiple: 3.39×
• Total profit: $301,674
• Equity at exit: $38,908

Cash invested: $126,000 (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 44121

• Rents YoY: 6.8%
• Active inventory: 150
• Price-to-rent: 24.6×

Monthly cashflow live

• Estimated rent: $6,095 high
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,280
• Net cashflow: $1,705

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 67%

Sensitivity live

Price	-10% $2,016	-5% $1,861	+0% $1,705	+5% $1,550	+10% $1,394
Rent	-10% $1,224	-5% $1,464	+0% $1,705	+5% $1,946	+10% $2,187
Rate	-1.0pp $1,932	-0.5pp $1,820	base $1,705	+0.5pp $1,589	+1.0pp $1,470

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$6,096
Total (4 units)			$6,095

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $450,000 Active 40 DOM
2. 2026-06-18
   days on market $450,000 Active 37 DOM
3. 2026-06-17
   days on market $450,000 Active 36 DOM
4. 2026-06-16
   days on market $450,000 Active 35 DOM
5. 2026-06-15
   days on market $450,000 Active 34 DOM
6. 2026-06-13
   days on market $450,000 Active 32 DOM
7. 2026-06-09
   days on market $450,000 Active 28 DOM
8. 2026-06-08
   days on market $450,000 Active 27 DOM
9. 2026-06-07
   days on market $450,000 Active 26 DOM
10. 2026-06-05
    days on market $450,000 Active 23 DOM
11. 2026-06-03
    days on market $450,000 Active 22 DOM
12. 2026-06-02
    days on market $450,000 Active 21 DOM
13. 2026-06-01
    days on market $450,000 Active 20 DOM
14. 2026-05-31
    days on market $450,000 Active 19 DOM
15. 2026-05-08
    listed $450,000 Active
16. 1997-02-14
    historical
17. 1995-08-14
    listed $170,000

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

Taxation est. · year 1

• Rental income: $73,140
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,851
• − Management: −$5,851
• − Depreciation: −$13,091
• Taxable income: $14,140
• Est. tax owed @ 24.0%: −$3,394
• After-tax cash flow: $17,069/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): 32,312
• Household income: $76,767
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 672.0

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: Black 55% White 36% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 3% Italian 2% Scotch-Irish 2%
• Foreign-born: 5% · Canada, China, India
• Languages at home: 92% 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: ▼ -180.15%
• Current HPI: 173.7405
• Rent YoY: ▲ 6.85%
• 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

+164.7% since first listed

3 events — show timeline

• 2026-05-08 Listed $450,000 MLSNOW
• 1997-02-14 Listing Removed — MLSNOW
• 1995-08-14 Listed $170,000 MLSNOW