5240 State Rd · Parma, OH 44134

$240,000

4 bd · 2.0 ba · 2,232 sqft · MultiFamily public records · 3 Days on market

Built 1926 6,067 sqft lot $108/sqft · 16% below area Est $285k · 16% under

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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 +28.8/30.0
• ARV discount +14.6/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +5.0/5.0
• Schools +4.1/10.0
• Livability +4.1/5.0
• 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

Calling all investors! Don't miss this awesome opportunity to own a multi-family home in a great location! The possibilities are endless! Purchase this home and live in the the beautiful lower unit and generate income from occupied upper unit or Lower unit is ready to move right in for a new tenant with occupied upper unit! This property is located near all major conveniences and highways, making it very accessible to you and potential renters. This home has newer windows (within 5 years) and a freshly painted exterior (1 year). Hot water tanks are within 5 years old. The lower unit has been recently remodeled within the last year. LVP flooring throughout, new kitchen cabinetry, sink/faucet and countertop, new light fixtures. Sunroom can be used as an extra room space. Freshy painted throughout first floor. Schedule your showing today!

Key facts

• Spacious porches
• Refreshed bathrooms
• New roof

Tags

• WELL MAINTAINED DUPLEX
• SPACIOUS UNITS
• SPACIOUS PORCHES
• NEW ROOF
• UPGRADED ELECTRICAL SYSTEM
• REFRESHED BATHROOMS

Property features AI

Exterior

• Parking: Parking pad
• Utilities: Public water; Public sewer
• Home design: 2-story building
• Construction: Wood siding; Asphalt shingle roof; Built in (public records)
• Exterior features: Parking pad

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Gas heating; Fireplace heating
• Interior features: Partially finished basement; Fireplace(s)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $807 ($10k/yr) — positive. Per door: $403/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 10.3% vs local median 5.0% in Parma — 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 82/100 on livability (#84 in OH, #1,232 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: employment C-, commute F.
• Parma City (suburban): math 43% / reading 52% proficiency, ranked #469 of 656 in OH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+10.6%/yr); 118 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $3,126/mo this rent would consume 55% of the median local household income ($69k/yr) (locally 668% 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 $2k of loan paydown is wiped out by about $7k 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 + 8.0% rent growth), your $67k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 33y 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $240,000

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 1926 — 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 B-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. 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.
7. 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.
8. 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: 1.30% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.41%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $284,949
• List price: $240,000
• Delta: -15.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5240 State Rd	0.00mi	4/2.0	2,232 (0%)	0mo	$265,000	$119	100
4202 Milford Ave	0.47mi	4/2.0	2,160 (-3%)	12mo	$220,000	$102	63
5521 W 48th St	0.60mi	5/3.0 (+1)	2,408 (+8%)	7mo	$362,000	$150	44
5406-5408 Merkle Ave	0.64mi	4/3.0	1,904 (-15%)	2mo	$290,000	$152	40
2506 Fortune Ave	0.69mi	5/2.0 (+1)	1,952 (-12%)	8mo	$227,000	$116	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.43×
• Total profit: $29,064
• Equity at exit: $35,785

10-year hold

• IRR: 23.2%
• Equity multiple: 3.48×
• Total profit: $166,866
• Equity at exit: $20,751

Cash invested: $67,200 (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 44134

• Rents YoY: 10.6%
• Active inventory: 118
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $3,126 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$304 /mo · $3,650/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $807

Break-even live

Break-even rent $2,105

Max offer price $240,000

Occupancy floor 69%

Sensitivity live

Price	-10% $943	-5% $875	+0% $807	+5% $739	+10% $671
Rent	-10% $560	-5% $683	+0% $807	+5% $930	+10% $1,054
Rate	-1.0pp $928	-0.5pp $868	base $807	+0.5pp $745	+1.0pp $681

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,126
Total (2 units)			$3,126

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4407 Woodway Ave Cleveland, OH	3.0	2.0	1728	$1,750	$1.01	24d	1	0.24mi
4606 Lincoln Ave Cleveland, OH	3.0	2.0	1418	$1,995	$1.41	2d	1	0.44mi
5606 Theota Ave Cleveland, OH	3.0	1.5	1676	$1,400	$0.84	8d	1	0.76mi
5606 Theota Ave Cleveland, OH	3.0	1.5	1676	$1,400	$0.84	5d	1	0.76mi
2915 Snow Rd Unit 2/UP Parma, OH	3.0	1.5	2378	$1,550	$0.65	24d	1	0.98mi
6511 Luelda Ave Unit Na Parma, OH	3.0	2.0	1577	$1,975	$1.25	44d	1	0.98mi
2001 Tampa Ave Unit 1496127P Cleveland, OH	3.0	2.5	1840	$6,450	$3.51	8d	1	1.29mi

Listing history 25 events

1. 2026-05-04
   status Pending 553-char remark
2. 2026-05-01
   listed $240,000 Active 553-char remark
3. 2026-04-30
   historical
4. 2026-03-19
   price $255,000
5. 2026-02-04
   status Active
6. 2026-01-26
   status Pending
7. 2026-01-07
   status Active
8. 2025-11-10
   price $265,000
9. 2025-10-21
   listed $284,900 Active
10. 2025-08-09
    historical $1,150
11. 2025-08-09
    listed $1,150
12. 2025-08-04
    historical $1,150
13. 2025-07-25
    listed $1,150
14. 2023-07-13
    soldstatus $240,000 Closed

    Show marketing remark (851 chars)

    Calling all investors! Don't miss this awesome opportunity to own a multi-family home in a great location! The possibilities are endless! Purchase this home and live in the the beautiful lower unit and generate income from occupied upper unit or Lower unit is ready to move right in for a new tenant with occupied upper unit! This property is located near all major conveniences and highways, making it very accessible to you and potential renters. This home has newer windows (within 5 years) and a freshly painted exterior (1 year). Hot water tanks are within 5 years old. The lower unit has been recently remodeled within the last year. LVP flooring throughout, new kitchen cabinetry, sink/faucet and countertop, new light fixtures. Sunroom can be used as an extra room space. Freshy painted throughout first floor. Schedule your showing today!

15. 2023-07-13
    soldstatus $240,000

    Show marketing remark (851 chars)

    Calling all investors! Don't miss this awesome opportunity to own a multi-family home in a great location! The possibilities are endless! Purchase this home and live in the the beautiful lower unit and generate income from occupied upper unit or Lower unit is ready to move right in for a new tenant with occupied upper unit! This property is located near all major conveniences and highways, making it very accessible to you and potential renters. This home has newer windows (within 5 years) and a freshly painted exterior (1 year). Hot water tanks are within 5 years old. The lower unit has been recently remodeled within the last year. LVP flooring throughout, new kitchen cabinetry, sink/faucet and countertop, new light fixtures. Sunroom can be used as an extra room space. Freshy painted throughout first floor. Schedule your showing today!

16. 2023-05-26
    status Pending

    Show marketing remark (851 chars)

    Calling all investors! Don't miss this awesome opportunity to own a multi-family home in a great location! The possibilities are endless! Purchase this home and live in the the beautiful lower unit and generate income from occupied upper unit or Lower unit is ready to move right in for a new tenant with occupied upper unit! This property is located near all major conveniences and highways, making it very accessible to you and potential renters. This home has newer windows (within 5 years) and a freshly painted exterior (1 year). Hot water tanks are within 5 years old. The lower unit has been recently remodeled within the last year. LVP flooring throughout, new kitchen cabinetry, sink/faucet and countertop, new light fixtures. Sunroom can be used as an extra room space. Freshy painted throughout first floor. Schedule your showing today!

17. 2023-05-24
    status Active

    Show marketing remark (851 chars)

    Calling all investors! Don't miss this awesome opportunity to own a multi-family home in a great location! The possibilities are endless! Purchase this home and live in the the beautiful lower unit and generate income from occupied upper unit or Lower unit is ready to move right in for a new tenant with occupied upper unit! This property is located near all major conveniences and highways, making it very accessible to you and potential renters. This home has newer windows (within 5 years) and a freshly painted exterior (1 year). Hot water tanks are within 5 years old. The lower unit has been recently remodeled within the last year. LVP flooring throughout, new kitchen cabinetry, sink/faucet and countertop, new light fixtures. Sunroom can be used as an extra room space. Freshy painted throughout first floor. Schedule your showing today!

18. 2023-05-19
    status Pending

    Show marketing remark (851 chars)

    Calling all investors! Don't miss this awesome opportunity to own a multi-family home in a great location! The possibilities are endless! Purchase this home and live in the the beautiful lower unit and generate income from occupied upper unit or Lower unit is ready to move right in for a new tenant with occupied upper unit! This property is located near all major conveniences and highways, making it very accessible to you and potential renters. This home has newer windows (within 5 years) and a freshly painted exterior (1 year). Hot water tanks are within 5 years old. The lower unit has been recently remodeled within the last year. LVP flooring throughout, new kitchen cabinetry, sink/faucet and countertop, new light fixtures. Sunroom can be used as an extra room space. Freshy painted throughout first floor. Schedule your showing today!

19. 2023-05-09
    price $249,000

    Show marketing remark (851 chars)

    Calling all investors! Don't miss this awesome opportunity to own a multi-family home in a great location! The possibilities are endless! Purchase this home and live in the the beautiful lower unit and generate income from occupied upper unit or Lower unit is ready to move right in for a new tenant with occupied upper unit! This property is located near all major conveniences and highways, making it very accessible to you and potential renters. This home has newer windows (within 5 years) and a freshly painted exterior (1 year). Hot water tanks are within 5 years old. The lower unit has been recently remodeled within the last year. LVP flooring throughout, new kitchen cabinetry, sink/faucet and countertop, new light fixtures. Sunroom can be used as an extra room space. Freshy painted throughout first floor. Schedule your showing today!

20. 2023-04-12
    listed $269,000 Active

    Show marketing remark (851 chars)

    Calling all investors! Don't miss this awesome opportunity to own a multi-family home in a great location! The possibilities are endless! Purchase this home and live in the the beautiful lower unit and generate income from occupied upper unit or Lower unit is ready to move right in for a new tenant with occupied upper unit! This property is located near all major conveniences and highways, making it very accessible to you and potential renters. This home has newer windows (within 5 years) and a freshly painted exterior (1 year). Hot water tanks are within 5 years old. The lower unit has been recently remodeled within the last year. LVP flooring throughout, new kitchen cabinetry, sink/faucet and countertop, new light fixtures. Sunroom can be used as an extra room space. Freshy painted throughout first floor. Schedule your showing today!

21. 2001-10-02
    soldstatus $110,000
22. 1993-09-22
    soldstatus $76,500
23. 1993-09-02
    soldstatus $76,500
24. 1993-06-24
    listed $79,500
25. 1988-03-23
    soldstatus $45,000

ⓘ 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: $3,650 · $304/mo
• Projected year-2 tax: $3,697 · $308/mo
• Expected delta: +$47/yr (+$4/mo · 1.3%)

ⓘ 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 ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,512
• − Mortgage interest: −$13,444
• − Property taxes: −$3,650
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,001
• − Management: −$3,001
• − Depreciation: −$6,982
• Taxable income: $6,234
• Est. tax owed @ 24.0%: −$1,496
• After-tax cash flow: $8,185/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: Parma City
• NCES district ID: 3904463
• Math proficiency: 43% ▼ -18.00%
• Reading proficiency: 52% ▼ -10.00%
• Median HH income: $50,371
• Composite: 40.72/100
• National rank: #3662
• State rank: #469 of 656 in OH

Livability — Parma

• Score: 82/100
• State rank: #84
• US rank: #1232

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Parma, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 66,574
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 37,774
• Household income: $68,625
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 668.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 5% Black 3% Asian 3%
• Common ancestry: Romanian 14% Subsaharan African 6% Slovak 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 84% English-only · Russian/Polish/Slavic 7% Spanish 3% Other Indo-European 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: ▼ -215.17%
• Current HPI: 184.0553
• Rent YoY: ▲ 10.56%
• 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

+488.9% since first listed

26 events — show timeline

• 2026-06-08 Sold (MLS) $265,000 MLSNOW
• 2026-05-04 Pending — MLSNOW
• 2026-05-01 Listed $240,000 MLSNOW
• 2026-04-30 Listing Removed — MLSNOW
• 2026-03-19 Price Changed $255,000 MLSNOW
• 2026-02-04 Relisted — MLSNOW
• 2026-01-26 Pending — MLSNOW
• 2026-01-07 Relisted — MLSNOW
• 2025-11-10 Price Changed $265,000 MLSNOW
• 2025-10-21 Listed $284,900 MLSNOW
• 2025-08-09 Rental Removed $1,150 RENTALBEAST
• 2025-08-09 Listed for Rent $1,150 RENTALBEAST
• 2025-08-04 Rental Removed $1,150 RENTALBEAST
• 2025-07-25 Listed for Rent $1,150 RENTALBEAST
• 2023-07-13 Sold (Public Records) $240,000 Public Records
• 2023-07-13 Sold (MLS) $240,000 MLSNOW
• 2023-05-26 Pending — MLSNOW
• 2023-05-24 Relisted — MLSNOW
• 2023-05-19 Pending — MLSNOW
• 2023-05-09 Price Changed $249,000 MLSNOW
• 2023-04-12 Listed $269,000 MLSNOW
• 2001-10-02 Sold (Public Records) $110,000 Public Records
• 1993-09-22 Sold (MLS) $76,500 MLSNOW
• 1993-09-02 Sold (Public Records) $76,500 Public Records
• 1993-06-24 Listed $79,500 MLSNOW
• 1988-03-23 Sold (Public Records) $45,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $3,650 · -4.1% YoY. Source: county tax records.