3235 Oak Rd · Cleveland Heights, OH 44118

$329,000

6 bd · 2.0 ba · 3,789 sqft · MultiFamily public records · 201 Days on market

Built 1915 7,248 sqft lot Est $254k · 30% over

---

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).

• Cash flow +20.7/30.0
• DSCR +6.6/10.0
• 1% rule +6.3/10.0
• Livability +4.5/5.0
• Rent growth +3.9/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Great Investment Opportunity. Finished 3rd Floor On Both Sides. Being Sold as Is. Prequalification Letter And/Or Proof Of Funds Required With All Offers. This Property Is Approved For Homepath Financing. Please Contact Listing Agent For More Information.

Key facts

• New lvp flooring
• Granite countertops
• 7,248 sq ft lot

Tags

• CLEVELAND HEIGHTS DUPLEX
• GRANITE COUNTERTOPS
• WHITE SHAKER CABINETS
• STAINLESS STEEL APPLIANCES
• NEW LVP FLOORING
• REFINISHED HARDWOOD FLOORS

Property features AI

Finance

• Other: Above-grade finished area approximately 3,789 (assessor); Annual tax indicated (not included per instructions)
• Financial info: One building; Multifamily units: at least two units listed as four-bedroom+; one unit is leased with actual rent $1,750

Exterior

• Parking: Detached garage (2 car spaces)
• Utilities: Public water; Public sewer
• Home design: Three-story building; Wood siding exterior; Asphalt/fiberglass roof
• Construction: Built (year from public records); Wood siding construction; Asphalt/fiberglass roof; Unfinished basement foundation
• Exterior features: Public lot (0.1664 acres); Updated/remodeled condition

Interior

• Kitchen: Granite counters (kitchen)
• Bedrooms: Four or more bedrooms (units include 4 bedrooms each; one unit's third floor has one finished bedroom and a large unfinished attic space that could be converted)
• Bathrooms: Two full bathrooms total (listing indicates 2 full bathrooms and unit-level totals of 1 bath per unit)
• Heating & cooling: Forced-air gas heating
• Interior features: Granite counters; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $329k.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive. Per door: $224/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $329k).
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.4% 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 (+5.7%/yr); 253 active listings in the ZIP; solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $3,724/mo this rent would consume 58% of the median local household income ($78k/yr) (locally 1847% 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 $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.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $92k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 201 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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 $65k; list at $329k implies a 406% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $289,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.13% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $253,863
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1558 Ivydale Rd	0.15mi	7/3.0 (+1)	3,696 (-2%)	3mo	$249,000	$67	78
3239 Sycamore Rd	0.07mi	6/2.0	3,275 (-14%)	12mo	$277,000	$85	64
1695 Lee Rd	0.20mi	7/3.0 (+1)	3,454 (-9%)	6mo	$215,000	$62	62
3310 E Overlook Rd	0.62mi	5/3.0 (-1)	3,882 (+2%)	4mo	$190,000	$49	55
3326 E Overlook Rd	0.63mi	6/3.0	3,377 (-11%)	23mo	$285,000	$84	29
1534 Eddington Rd	0.70mi	7/3.0 (+1)	3,295 (-13%)	20mo	$120,000	$36	20

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 · 5.7% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-14,173
• Equity at exit: $49,055

10-year hold

• IRR: 8.8%
• Equity multiple: 1.76×
• Total profit: $70,271
• Equity at exit: $28,446

Cash invested: $92,120 (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 44118

• Rents YoY: 5.7%
• Active inventory: 253
• Price-to-rent: 14.7×

Monthly cashflow live

• Estimated rent: $3,724 high
• Mortgage (P&I): −$1,725
• Tax from tax record: −$631 /mo · $7,574/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$782
• Net cashflow: $448

Break-even live

Break-even rent $3,156

Max offer price $329,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$3,724
Total (2 units)			$3,724

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $329,000 Active 201 DOM
2. 2026-06-17
   days on market $329,000 Active 200 DOM
3. 2026-06-16
   days on market $329,000 Active 199 DOM
4. 2026-06-15
   days on market $329,000 Active 198 DOM
5. 2026-06-13
   days on market $329,000 Active 196 DOM
6. 2026-06-09
   days on market $329,000 Active 192 DOM
7. 2026-06-08
   days on market $329,000 Active 191 DOM
8. 2026-06-07
   days on market $329,000 Active 190 DOM
9. 2026-06-05
   days on market $329,000 Active 187 DOM
10. 2026-06-03
    days on market $329,000 Active 186 DOM
11. 2026-06-02
    days on market $329,000 Active 185 DOM
12. 2026-06-01
    days on market $329,000 Active 184 DOM
13. 2026-05-31
    days on market $329,000 Active 183 DOM
14. 2026-03-04
    status Active
15. 2026-02-24
    status Pending
16. 2025-12-28
    price $330,000
17. 2025-12-04
    price $335,000
18. 2025-11-21
    listed $345,000 Active
19. 2022-08-12
    price $1,200
20. 2015-05-04
    soldstatus $65,000
21. 2015-01-21
    soldstatus $95,000
22. 2009-01-30
    soldstatus $42,000 254-char remark

    Show marketing remark (254 chars)

    Great Investment Opportunity. Finished 3rd Floor On Both Sides. Being Sold as Is. Prequalification Letter And/Or Proof Of Funds Required With All Offers. This Property Is Approved For Homepath Financing. Please Contact Listing Agent For More Information.

23. 2008-12-01
    listed $39,900 254-char remark

    Show marketing remark (254 chars)

    Great Investment Opportunity. Finished 3rd Floor On Both Sides. Being Sold as Is. Prequalification Letter And/Or Proof Of Funds Required With All Offers. This Property Is Approved For Homepath Financing. Please Contact Listing Agent For More Information.

24. 1986-05-15
    soldstatus $76,000
25. 1981-01-06
    soldstatus $58,500

ⓘ 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: $7,574 · $631/mo
• Projected year-2 tax: $7,574 · $631/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: $44,688
• − Mortgage interest: −$18,429
• − Property taxes: −$7,574
• − Insurance: −$1,645
• − Repairs & maintenance: −$3,575
• − Management: −$3,575
• − Depreciation: −$9,571
• Taxable income: $319
• Est. tax owed @ 24.0%: −$77
• After-tax cash flow: $5,304/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): 40,715
• Household income: $77,555
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1847.0

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: White 57% Black 33% Two or more races 4% Asian 3% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Scotch-Irish 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Russian/Polish/Slavic 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: ▼ -319.62%
• Current HPI: 204.5504
• Rent YoY: ▲ 5.70%
• 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

+464.1% since first listed

12 events — show timeline

• 2026-03-04 Relisted — MLSNOW
• 2026-02-24 Pending — MLSNOW
• 2025-12-28 Price Changed $330,000 MLSNOW
• 2025-12-04 Price Changed $335,000 MLSNOW
• 2025-11-21 Listed $345,000 MLSNOW
• 2022-08-12 Price Changed $1,200 RENT.
• 2015-05-04 Sold (Public Records) $65,000 Public Records
• 2015-01-21 Sold (Public Records) $95,000 Public Records
• 2009-01-30 Sold (MLS) $42,000 MLSNOW
• 2008-12-01 Listed $39,900 MLSNOW
• 1986-05-15 Sold (Public Records) $76,000 Public Records
• 1981-01-06 Sold (Public Records) $58,500 Public Records

Property tax history

+2.0%/yr

Latest (2025): $7,574 · -11.2% YoY. Source: county tax records.