12520 Edgewater Dr #210 · Lakewood, OH 44107

$67,900

1 bd · 1.0 ba · 840 sqft · Condo public records · 86 Days on market

Built 1963 $81/sqft · 21% below area Est $86k · 21% under $1042/mo HOA · 82% of rent

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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).

• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• Schools +5.5/10.0
• Livability +4.4/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this spacious, one-of-a-kind one-bedroom condo on Lakewood’s sought-after Gold Coast, where breathtaking views of Lake Erie and the downtown Cleveland skyline set the tone for everyday living. This open-concept unit features a functional layout with a roomy kitchen, bright living space, and a generously sized bedroom with abundant storage and multiple closets. Enjoy resort-style amenities including a rooftop deck with panoramic views, penthouse party room, in-ground pool, picnic areas, and a fully fenced pet run in this pet-friendly building. Additional conveniences include secure entry with guest access, package services, a guest suite, conference room, and ample parking with optional garage spaces available. Marine Towers East also offers leasing flexibility (with approval) and an HOA that covers all utilities except electric and internet, providing added value and peace of mind. Ideally located near Edgewater Park, the Cleveland Metroparks Bikeway, and just minutes from downtown Cleveland, you’ll love easy access to Lakewood’s vibrant dining scene and the Detroit Shoreway/Gordon Square Arts District. Move right in and enjoy low-maintenance living by the lake!

Key facts

• Breathtaking views
• Rooftop deck
• In-ground pool

Tags

• BREATHTAKING VIEWS
• ROOFTOP DECK
• IN-GROUND POOL
• FULLY FENCED PET RUN
• SECURE ENTRY
• GUEST SUITE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $68k.

Deal economics

• At list price, monthly cash flow is $-553 ($-7k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Recommended offer: $64k (6.0% below list) — sets the bar for market timing.
• Cap rate -3.5% vs local median 2.6% in Lakewood — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 88/100 on livability (#29 in OH, #249 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, cost of living A+; Watch: commute F.
• Lakewood City (suburban): math 60% / reading 71% proficiency, ranked #213 of 656 in OH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.4%/yr); 204 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $469 of loan paydown is wiped out by about $2k 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

• It's been on market 86 days — a 6% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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: HOA is 82% of rent.

Recommended offer $63,826 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1963 — 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. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.86% ✓
• Cap rate: -3.48%
• Cash-on-cash: -34.91%
• DSCR: -0.55
• GRM: 4.5

CMA / ARV

• ARV (median comp): $85,665
• List price: $67,900
• Delta: -20.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.39% rent growth · sell at horizon

5-year hold

• IRR: -81.6%
• Equity multiple: -1.23×
• Total profit: $-42,430
• Equity at exit: $10,124

10-year hold

• IRR: —
• Equity multiple: -2.48×
• Total profit: $-66,111
• Equity at exit: $5,871

Cash invested: $19,012 (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 44107

• Rents YoY: 5.4%
• Active inventory: 204
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,264 high
• Mortgage (P&I): −$356
• Tax from tax record: −$125 /mo · $1,504/yr
• Insurance: −$28
• HOA: −$1,042
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-553

Break-even live

Break-even rent $1,964

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-515	-5% $-534	+0% $-553	+5% $-572	+10% $-591
Rent	-10% $-653	-5% $-603	+0% $-553	+5% $-503	+10% $-453
Rate	-1.0pp $-519	-0.5pp $-536	base $-553	+0.5pp $-571	+1.0pp $-589

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: $16,975
• Closing costs: $2,037
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12540 Edgewater Dr Lakewood, OH	2.0	1.0–2.0	929	$1,502	$1.62	4d	11	0.05mi
12530 Lake Ave Lakewood, OH	1.0–2.0	1.0	790	$1,175	$1.49	17d	2	0.06mi
12065 Edgewater Dr Apt 23 Lakewood, OH	1.0	1.0	800	$1,350	$1.69	45d	1	0.08mi
12065 Edgewater Dr Unit 5 Lakewood, OH	1.0	1.0	800	$1,400	$1.75	45d	1	0.08mi
12050 Lake Ave Lakewood, OH	2.0	1.0	850	$1,125	$1.32	16d	1	0.12mi
12021 Edgewater Dr Lakewood, OH	1.0–2.0	1.0	1020	$1,200	$1.18	11d	2	0.16mi
12030 Lake Ave Lakewood, OH	2.0	1.0–2.0	1050	$1,380	$1.31	17d	1	0.17mi
11900 Edgewater Dr Lakewood, OH	1.0	1.0	750	$1,492	$1.99	45d	1	0.17mi
12228 Clifton Blvd Lakewood, OH	1.0	1.0	650	$965	$1.48	4d	1	0.19mi
12002 Lake Ave Lakewood, OH	1.0	1.0	825	$1,165	$1.41	4d	3	0.22mi
11850 Edgewater Dr Lakewood, OH	1.0–2.0	1.0	784	$1,650	$2.10	8d	3	0.23mi
12231 Clifton Blvd Lakewood, OH	1.0	1.0	579	$1,050	$1.81	17d	1	0.24mi
12511 Clifton Blvd Lakewood, OH	1.0	1.0	598	$1,050	$1.75	22d	3	0.24mi
12231 Clifton Blvd Apt 21 Lakewood, OH	1.0	1.0	579	$1,050	$1.81	25d	1	0.24mi
1235 Donald Ave Lakewood, OH	2.0	1.0	950	$1,350	$1.42	17d	1	0.27mi
12943 Clifton Blvd Lakewood, OH	2.0	1.0	944	$1,300	$1.38	11d	2	0.28mi
12009 Clifton Blvd Unit 9 Lakewood, OH	2.0	1.0	1100	$1,400	$1.27	16d	1	0.30mi
11800 Edgewater Dr Lakewood, OH	3.0	1.0–2.0	1064	$1,392	$1.31	3d	10	0.33mi
1281 Clifton Prado Unit Up Lakewood, OH	2.0	1.0	900	$1,100	$1.22	25d	1	0.38mi
12810 Detroit Ave Unit 10 Lakewood, OH	1.0	1.0	600	$1,100	$1.83	45d	1	0.51mi
13513 Clifton Blvd Unit 3 Lakewood, OH	1.0	1.0	1000	$1,240	$1.24	45d	1	0.57mi
11821 Detroit Ave Lakewood, OH	1.0	1.0	600	$1,050	$1.75	13d	2	0.63mi
1548 Alameda Ave Lakewood, OH	1.0	1.0	650	$825	$1.27	8d	1	0.82mi
1510 Newman Ave Lakewood, OH	1.0–2.0	1.0	660	$925	$1.40	17d	1	0.82mi
1385 Manor Park Ave Lakewood, OH	1.0	1.0	750	$1,100	$1.47	11d	1	0.95mi
1622 Ridgewood Ave Lakewood, OH	2.0	1.0	700	$1,050	$1.50	45d	1	0.97mi
1615 Newman Ave Lakewood, OH	1.0	1.0	550	$985	$1.79	8d	2	0.99mi
1639 Alameda Ave Lakewood, OH	1.0	1.0	900	$2,000	$2.22	17d	1	1.00mi
1647 Waterbury Rd Unit Up Lakewood, OH	2.0	1.0	900	$1,100	$1.22	45d	1	1.02mi
1647 Waterbury Rd Unit Down Lakewood, OH	2.0	1.0	900	$1,300	$1.44	45d	1	1.02mi
1646 Waterbury Rd Lakewood, OH	2.0	1.0	1068	$1,600	$1.50	17d	1	1.04mi
1648 Waterbury Rd Lakewood, OH	2.0	1.0	1056	$1,600	$1.52	45d	1	1.04mi
2040 Robin St Lakewood, OH	1.0	1.0	800	$950	$1.19	13d	1	1.13mi
13389 Madison Ave Unit 12 Lakewood, OH	1.0	1.0	600	$825	$1.38	45d	1	1.15mi
1500 Lincoln Ave Lakewood, OH	2.0	1.0	1008	$1,395	$1.38	8d	1	1.18mi
2035 Chesterland Ave Unit down Lakewood, OH	2.0	1.0	850	$1,195	$1.41	13d	1	1.18mi
14650 Detroit Ave Unit 405 Lakewood, OH	1.0	1.0	745	$1,725	$2.32	25d	1	1.23mi
14650 Detroit Ave Unit 708 Lakewood, OH	2.0	1.0	1042	$2,350	$2.26	25d	1	1.23mi
14650 Detroit Ave Lakewood, OH	1.0–2.0	1.0	780	$1,550	$1.99	25d	13	1.23mi
14650 Detroit Ave Unit 709 Lakewood, OH	1.0	1.0	929	$2,225	$2.40	25d	1	1.23mi

HOA detail condo

• Monthly dues: $1,042 · $12,504/yr
• Likely covers: waterelectricinternetpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-21
   days on market $67,900 Active 86 DOM
2. 2026-06-18
   days on market $67,900 Active 83 DOM
3. 2026-06-17
   days on market $67,900 Active 82 DOM
4. 2026-06-16
   days on market $67,900 Active 81 DOM
5. 2026-06-15
   days on market $67,900 Active 80 DOM
6. 2026-06-13
   days on market $67,900 Active 78 DOM
7. 2026-06-13
   days on market $67,900 Active 77 DOM
8. 2026-06-09
   days on market $67,900 Active 74 DOM
9. 2026-06-08
   days on market $67,900 Active 73 DOM
10. 2026-06-07
    days on market $67,900 Active 72 DOM
11. 2026-06-05
    days on market $67,900 Active 69 DOM
12. 2026-06-03
    days on market $67,900 Active 68 DOM
13. 2026-06-02
    days on market $67,900 Active 67 DOM
14. 2026-06-01
    days on market $67,900 Active 66 DOM
15. 2026-05-31
    days on market $67,900 Active 65 DOM
16. 2026-05-15
    price $67,900 1214-char remark

    Show marketing remark (1214 chars)

    Welcome home to this spacious, one-of-a-kind one-bedroom condo on Lakewood’s sought-after Gold Coast, where breathtaking views of Lake Erie and the downtown Cleveland skyline set the tone for everyday living. This open-concept unit features a functional layout with a roomy kitchen, bright living space, and a generously sized bedroom with abundant storage and multiple closets. Enjoy resort-style amenities including a rooftop deck with panoramic views, penthouse party room, in-ground pool, picnic areas, and a fully fenced pet run in this pet-friendly building. Additional conveniences include secure entry with guest access, package services, a guest suite, conference room, and ample parking with optional garage spaces available. Marine Towers East also offers leasing flexibility (with approval) and an HOA that covers all utilities except electric and internet, providing added value and peace of mind. Ideally located near Edgewater Park, the Cleveland Metroparks Bikeway, and just minutes from downtown Cleveland, you’ll love easy access to Lakewood’s vibrant dining scene and the Detroit Shoreway/Gordon Square Arts District. Move right in and enjoy low-maintenance living by the lake!

17. 2026-03-27
    listed $69,900 Active 1214-char remark

    Show marketing remark (1214 chars)

    Welcome home to this spacious, one-of-a-kind one-bedroom condo on Lakewood’s sought-after Gold Coast, where breathtaking views of Lake Erie and the downtown Cleveland skyline set the tone for everyday living. This open-concept unit features a functional layout with a roomy kitchen, bright living space, and a generously sized bedroom with abundant storage and multiple closets. Enjoy resort-style amenities including a rooftop deck with panoramic views, penthouse party room, in-ground pool, picnic areas, and a fully fenced pet run in this pet-friendly building. Additional conveniences include secure entry with guest access, package services, a guest suite, conference room, and ample parking with optional garage spaces available. Marine Towers East also offers leasing flexibility (with approval) and an HOA that covers all utilities except electric and internet, providing added value and peace of mind. Ideally located near Edgewater Park, the Cleveland Metroparks Bikeway, and just minutes from downtown Cleveland, you’ll love easy access to Lakewood’s vibrant dining scene and the Detroit Shoreway/Gordon Square Arts District. Move right in and enjoy low-maintenance living by the lake!

18. 2026-02-09
    historical
19. 2025-08-25
    price $69,900
20. 2025-07-18
    listed $74,900 Active
21. 2022-07-21
    soldstatus $67,000
22. 2022-07-19
    soldstatus $67,000 Closed
23. 2022-06-22
    status Pending
24. 2022-06-16
    listed $68,000 Active
25. 2018-05-15
    status Pending
26. 2018-05-14
    soldstatus $54,900 Sold
27. 2018-05-14
    soldstatus $54,900
28. 2018-02-07
    historical Contingent
29. 2018-01-08
    listed $54,900 Active
30. 2017-12-08
    historical
31. 2017-08-10
    price $59,900
32. 2016-12-12
    listed $62,000 Active
33. 2008-07-03
    soldstatus $60,000
34. 2008-06-26
    soldstatus $60,000
35. 2008-04-11
    listed $65,000
36. 2008-01-06
    historical
37. 2007-07-06
    listed $69,000
38. 2007-02-16
    historical
39. 2006-08-16
    listed $79,000
40. 1985-07-01
    soldstatus $35,000

ⓘ 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: $1,504 · $125/mo
• Projected year-2 tax: $1,504 · $125/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,169
• − Mortgage interest: −$3,803
• − Property taxes: −$1,504
• − Insurance: −$340
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − HOA: −$12,504
• − Depreciation: −$1,975
• Taxable loss: −$7,384
• Est. tax savings @ 24.0%: +$1,772
• After-tax cash flow: $-4,864/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: Lakewood City
• NCES district ID: 3904419
• Math proficiency: 60% ▼ -11.00%
• Reading proficiency: 71% ▼ -3.00%
• Median HH income: $45,181
• Composite: 55.13/100
• National rank: #1282
• State rank: #213 of 656 in OH

Livability — Lakewood

• Score: 88/100
• State rank: #29
• US rank: #249

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakewood, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 50,018
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 50,018
• Household income: $68,970
• Rent vs Own: 55.6% rent · 44.4% own
• Severe rent burden: 2271.0

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: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 8% Lithuanian 2% Slovak 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Arabic 3% Other Indo-European 2% Spanish 2%

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: ▼ -347.35%
• Current HPI: 266.5337
• Rent YoY: ▲ 5.39%
• 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

+94.0% since first listed

25 events — show timeline

• 2026-05-15 Price Changed $67,900 MLSNOW
• 2026-03-27 Listed $69,900 MLSNOW
• 2026-02-09 Listing Removed — MLSNOW
• 2025-08-25 Price Changed $69,900 MLSNOW
• 2025-07-18 Listed $74,900 MLSNOW
• 2022-07-21 Sold (Public Records) $67,000 Public Records
• 2022-07-19 Sold (MLS) $67,000 MLSNOW
• 2022-06-22 Pending — MLSNOW
• 2022-06-16 Listed $68,000 MLSNOW
• 2018-05-15 Pending — MLSNOW
• 2018-05-14 Sold (Public Records) $54,900 Public Records
• 2018-05-14 Sold (MLS) $54,900 MLSNOW
• 2018-02-07 Contingent — MLSNOW
• 2018-01-08 Listed $54,900 MLSNOW
• 2017-12-08 Listing Removed — MLSNOW
• 2017-08-10 Price Changed $59,900 MLSNOW
• 2016-12-12 Listed $62,000 MLSNOW
• 2008-07-03 Sold (MLS) $60,000 MLSNOW
• 2008-06-26 Sold (Public Records) $60,000 Public Records
• 2008-04-11 Listed $65,000 MLSNOW
• 2008-01-06 Listing Removed — MLSNOW
• 2007-07-06 Listed $69,000 MLSNOW
• 2007-02-16 Listing Removed — MLSNOW
• 2006-08-16 Listed $79,000 MLSNOW
• 1985-07-01 Sold (Public Records) $35,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $1,504 · -0.2% YoY. Source: county tax records.