3625 Glencairn Rd · Shaker Heights, OH 44122

$350,000

4 bd · 3.0 ba · 3,570 sqft · MultiFamily public records · 21 Days on market

Built 1937 6,150 sqft lot Est $353k · at est.

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Why this score? — see what drove the C- 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 +17.3/30.0
• ARV discount +7.9/15.0
• 1% rule +5.7/10.0
• DSCR +5.4/10.0
• Schools +5.0/10.0
• Livability +4.5/5.0
• Rent growth +2.8/5.0
• 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

Old World Charm with beautiful updates make this Brick two family property very special in Shaker Heights. Central air and in-Suite Laundry in both units. Both first floor and second floor units have remodeled bathrooms and kitchens. Hardwood floors throughout. Second and third floor unit boasts four bedrooms and two full baths. It is available for occupancy at title transfer. 1st floor unit is leased until September 30. Two car detached garage. Easy Commute to restaurants, shopping, Shaker Square, Cleveland Clinic, university Hospitals, and University Circle.

Key facts

• In-suite laundry
• Remodeled kitchens
• Central air

Tags

• CENTRAL AIR
• IN-SUITE LAUNDRY
• REMODELED BATHROOMS
• REMODELED KITCHENS
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $255 ($3k/yr) — positive. Per door: $127/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 2.5% in Shaker 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 (#15 in OH, #134 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F.
• Shaker Heights City (suburban): math 50% / reading 63% proficiency, ranked #309 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.1%/yr); 177 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• This rent runs 44% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 21 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.
• Current owner paid $35k; list at $350k implies a 900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $344,750 (1.5% below list)

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 1937 — 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. 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: 1.07% ✓
• Cap rate: 7.17%
• Cash-on-cash: 3.12%
• DSCR: 1.14
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $353,430
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18717 Winslow Rd	0.38mi	5/3.0 (+1)	3,454 (-3%)	11mo	$341,750	$99	63
18722 Newell Rd	0.27mi	4/3.5	3,075 (-14%)	23mo	$205,000	$67	43
19226 Winslow Rd	0.50mi	4/4.0	3,952 (+11%)	15mo	$389,900	$99	42

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 · 1.15% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.52×
• Total profit: $-47,106
• Equity at exit: $52,186

10-year hold

• IRR: -8.3%
• Equity multiple: 0.53×
• Total profit: $-46,253
• Equity at exit: $30,262

Cash invested: $98,000 (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 44122

• Rents YoY: 1.1%
• Active inventory: 177
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $3,745 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$723 /mo · $8,671/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$786
• Net cashflow: $255

Break-even live

Break-even rent $3,423

Max offer price $350,000

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$3,744
Total (2 units)			$3,745

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19601 Van Aken Blvd Shaker Heights, OH	1.0–4.0	1.0–4.0	1977	$4,400	$2.23	21d	1	0.65mi
2975 Claremont Rd Shaker Heights, OH	5.0	3.0	3241	$3,200	$0.99	11d	1	1.00mi
2868 Lee Rd Cleveland, OH	4.0	2.5	3390	$4,100	$1.21	44d	1	1.48mi

Listing history 19 events

1. 2026-06-18
   days on market $350,000 Active 21 DOM
2. 2026-06-17
   days on market $350,000 Active 20 DOM
3. 2026-06-16
   days on market $350,000 Active 19 DOM
4. 2026-06-15
   days on market $350,000 Active 18 DOM
5. 2026-06-13
   days on market $350,000 Active 16 DOM
6. 2026-06-13
   days on market $350,000 Active 15 DOM
7. 2026-06-09
   days on market $350,000 Active 12 DOM
8. 2026-06-08
   days on market $350,000 Active 11 DOM
9. 2026-06-07
   days on market $350,000 Active 10 DOM
10. 2026-06-03
    days on market $350,000 Active 6 DOM
11. 2026-06-02
    days on market $350,000 Active 5 DOM
12. 2026-06-01
    days on market $350,000 Active 4 DOM
13. 2026-05-31
    days on market $350,000 Active 3 DOM
14. 2026-05-28
    listed $350,000 Active
15. 2009-01-31
    historical
16. 2008-09-25
    listed $40,900
17. 2008-03-01
    historical
18. 2007-08-30
    listed $239,900
19. 1971-03-01
    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: $8,671 · $723/mo
• Projected year-2 tax: $8,671 · $723/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 ≥95°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: $44,940
• − Mortgage interest: −$19,605
• − Property taxes: −$8,671
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,595
• − Management: −$3,595
• − Depreciation: −$10,182
• Taxable loss: −$2,459
• Est. tax savings @ 24.0%: +$590
• After-tax cash flow: $3,646/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: Shaker Heights City
• NCES district ID: 3904475
• Math proficiency: 50% ▼ -16.00%
• Reading proficiency: 63% ▼ -6.00%
• Median HH income: $69,421
• Composite: 49.98/100
• National rank: #1928
• State rank: #309 of 656 in OH

Livability — Shaker Heights

• Score: 89/100
• State rank: #15
• US rank: #134

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shaker Heights, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 69,880
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 36,678
• Household income: $101,230
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1294.0

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 0.59)
• Race & ethnicity: White 56% Black 29% Asian 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Scotch-Irish 5% Italian 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 85% English-only · Spanish 3% Other Indo-European 3% Chinese 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: ▼ -268.81%
• Current HPI: 200.5087
• Rent YoY: ▲ 1.15%
• 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

+900.0% since first listed

6 events — show timeline

• 2026-05-28 Listed $350,000 MLSNOW
• 2009-01-31 Listing Removed — MLSNOW
• 2008-09-25 Listed $40,900 MLSNOW
• 2008-03-01 Listing Removed — MLSNOW
• 2007-08-30 Listed $239,900 MLSNOW
• 1971-03-01 Sold (Public Records) $35,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $8,671 · +13.2% YoY. Source: county tax records.