2313 Grandview Ave

Cleveland Heights, OH 44106

$379,900F

5 bd · 3.0 ba · 2,488 sqft · Built 1920 · MultiFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,851/mo
• Mortgage (P&I): −$1,992
• Tax + insurance: −$1,114
• HOA: −$0
• Vac / Maint / Mgmt: −$809
• Net cashflow: $-64/mo
• Annual: $-769/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• 1% rule: 1.01%
• Cash to close: $106,372

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $380k.
• At list price, monthly cash flow is $-64 ($-769/yr) — negative. Per door: $-21/mo.
• To cash-flow at today's rent, offer at most $369k (3.0% below list).
• Meets the 1% rule at list price ($4k rent vs $380k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $369k (3.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• 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.
• Watch-outs: property tax is 3.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.2%/yr); 34 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 22y 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 $310k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.1% 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.
• At $3,851/mo this rent would consume 107% of the median local household income ($43k/yr) (locally 2268% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?