654 E 240 St · Euclid, OH 44123

$185,000

6 bd · 2.0 ba · 1,737 sqft · MultiFamily public records · 21 Days on market

Built 1956 6,969 sqft lot

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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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• 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 two family home offering multi-levels of living suited for many family dynamics. Live in one unit and rent the other or rent out both! Seller working to make home City of Euclid Violation Free. First floor unit offers beautiful front porch for relaxing, four bedrooms, and one full bath. Second floor unit offers two bedrooms and one bath. Updates include; double hung windows, framed in second story porch with heat and electric, 200 Amp meters and 100 Amp fuse boxes, PVC pipes in kitchens/bath and clean outs, dual power gas and electric for stoves/washer/dryer, new counter-tops and sink hardware, remodeled bathrooms, hot water tank for down unit, new lighting/ceiling fans, garage roof, and all new six panel doors with hardware 2011. Hot water tank up unit in 2017. Removed carpet to expose original hardwood floors in down unit 2018. Painted basement and floor in 2018. Both units set up for electric or gas. Great partially fenced private rear yard with grass area for entertaining. Tw

Key facts

• 6,969 sq ft lot
• 2 garage spots
• Built 1956

Property features AI

Finance

• Financial info: Owner pays water and sewer; tenants pay electricity and gas; One unit currently rented for $725/month

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Two-story building; Brick construction; Asphalt/fiberglass roof
• Construction: Brick construction; Asphalt/Fiberglass roof
• Exterior features: Partial fencing

Interior

• Bedrooms: Two 3-bedroom units (one down unit vacant, one up unit occupied month-to-month)
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced-air gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $636 ($8k/yr) — positive. Per door: $318/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 6.8% in Euclid — 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 77/100 on livability (#204 in OH, #3,149 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools C-, commute F, employment D-.
• Euclid City (suburban): math 14% / reading 28% proficiency, ranked #625 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.3%/yr); 93 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $2,553/mo this rent would consume 55% of the median local household income ($56k/yr) (locally 1085% 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 $1k of loan paydown is wiped out by about $6k 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 + 5.3% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $125k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $182,225 (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 1956 — 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. 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.
6. 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.
7. 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: 1.38% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.73%
• DSCR: 1.66
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.28% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.32×
• Total profit: $16,612
• Equity at exit: $27,584

10-year hold

• IRR: 19.2%
• Equity multiple: 2.79×
• Total profit: $92,780
• Equity at exit: $15,995

Cash invested: $51,800 (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 44123

• Home prices YoY: -25.0%
• Rents YoY: 5.3%
• Active inventory: 93
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,553 high
• Mortgage (P&I): −$970
• Tax from tax record: −$334 /mo · $4,005/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $636

Break-even live

Break-even rent $1,748

Max offer price $185,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,554
Total (2 units)			$2,553

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21000 Crystal Ave Euclid, OH	5.0	2.0	1512	$2,150	$1.42	17d	1	1.01mi
27151 Farringdon Ave Euclid, OH	5.0	2.0	1541	$1,800	$1.17	14d	1	1.19mi
20547 Fuller Ave Euclid, OH	5.0	3.0	1600	$1,800	$1.12	16d	1	1.19mi

Listing history 14 events

1. 2026-04-22
   status Pending
2. 2026-04-07
   historical Contingent
3. 2026-04-01
   listed $185,000 Active
4. 2019-06-27
   status Pending 1000-char remark

   Show marketing remark (1000 chars)

   Great two family home offering multi-levels of living suited for many family dynamics. Live in one unit and rent the other or rent out both! Seller working to make home City of Euclid Violation Free. First floor unit offers beautiful front porch for relaxing, four bedrooms, and one full bath. Second floor unit offers two bedrooms and one bath. Updates include; double hung windows, framed in second story porch with heat and electric, 200 Amp meters and 100 Amp fuse boxes, PVC pipes in kitchens/bath and clean outs, dual power gas and electric for stoves/washer/dryer, new counter-tops and sink hardware, remodeled bathrooms, hot water tank for down unit, new lighting/ceiling fans, garage roof, and all new six panel doors with hardware 2011. Hot water tank up unit in 2017. Removed carpet to expose original hardwood floors in down unit 2018. Painted basement and floor in 2018. Both units set up for electric or gas. Great partially fenced private rear yard with grass area for entertaining. Tw

5. 2019-06-27
   soldstatus $125,000 Closed 1000-char remark

   Show marketing remark (1000 chars)

   Great two family home offering multi-levels of living suited for many family dynamics. Live in one unit and rent the other or rent out both! Seller working to make home City of Euclid Violation Free. First floor unit offers beautiful front porch for relaxing, four bedrooms, and one full bath. Second floor unit offers two bedrooms and one bath. Updates include; double hung windows, framed in second story porch with heat and electric, 200 Amp meters and 100 Amp fuse boxes, PVC pipes in kitchens/bath and clean outs, dual power gas and electric for stoves/washer/dryer, new counter-tops and sink hardware, remodeled bathrooms, hot water tank for down unit, new lighting/ceiling fans, garage roof, and all new six panel doors with hardware 2011. Hot water tank up unit in 2017. Removed carpet to expose original hardwood floors in down unit 2018. Painted basement and floor in 2018. Both units set up for electric or gas. Great partially fenced private rear yard with grass area for entertaining. Tw

6. 2019-06-27
   soldstatus $125,000

   Show marketing remark (1000 chars)

   Great two family home offering multi-levels of living suited for many family dynamics. Live in one unit and rent the other or rent out both! Seller working to make home City of Euclid Violation Free. First floor unit offers beautiful front porch for relaxing, four bedrooms, and one full bath. Second floor unit offers two bedrooms and one bath. Updates include; double hung windows, framed in second story porch with heat and electric, 200 Amp meters and 100 Amp fuse boxes, PVC pipes in kitchens/bath and clean outs, dual power gas and electric for stoves/washer/dryer, new counter-tops and sink hardware, remodeled bathrooms, hot water tank for down unit, new lighting/ceiling fans, garage roof, and all new six panel doors with hardware 2011. Hot water tank up unit in 2017. Removed carpet to expose original hardwood floors in down unit 2018. Painted basement and floor in 2018. Both units set up for electric or gas. Great partially fenced private rear yard with grass area for entertaining. Tw

7. 2019-04-05
   historical Contingent 1000-char remark

   Show marketing remark (1000 chars)

   Great two family home offering multi-levels of living suited for many family dynamics. Live in one unit and rent the other or rent out both! Seller working to make home City of Euclid Violation Free. First floor unit offers beautiful front porch for relaxing, four bedrooms, and one full bath. Second floor unit offers two bedrooms and one bath. Updates include; double hung windows, framed in second story porch with heat and electric, 200 Amp meters and 100 Amp fuse boxes, PVC pipes in kitchens/bath and clean outs, dual power gas and electric for stoves/washer/dryer, new counter-tops and sink hardware, remodeled bathrooms, hot water tank for down unit, new lighting/ceiling fans, garage roof, and all new six panel doors with hardware 2011. Hot water tank up unit in 2017. Removed carpet to expose original hardwood floors in down unit 2018. Painted basement and floor in 2018. Both units set up for electric or gas. Great partially fenced private rear yard with grass area for entertaining. Tw

8. 2019-03-20
   listed $134,900 Active 1000-char remark

   Show marketing remark (1000 chars)

   Great two family home offering multi-levels of living suited for many family dynamics. Live in one unit and rent the other or rent out both! Seller working to make home City of Euclid Violation Free. First floor unit offers beautiful front porch for relaxing, four bedrooms, and one full bath. Second floor unit offers two bedrooms and one bath. Updates include; double hung windows, framed in second story porch with heat and electric, 200 Amp meters and 100 Amp fuse boxes, PVC pipes in kitchens/bath and clean outs, dual power gas and electric for stoves/washer/dryer, new counter-tops and sink hardware, remodeled bathrooms, hot water tank for down unit, new lighting/ceiling fans, garage roof, and all new six panel doors with hardware 2011. Hot water tank up unit in 2017. Removed carpet to expose original hardwood floors in down unit 2018. Painted basement and floor in 2018. Both units set up for electric or gas. Great partially fenced private rear yard with grass area for entertaining. Tw

9. 2011-03-11
   soldstatus $20,000 252-char remark

   Show marketing remark (252 chars)

   Great opportunity! Bring this property back to its full potential. All information approximate. Sold AS IS. Pre-approval or proof of funds must be faxed with offers. Seller will consider all offers. Buyer to assume any and all expenses for inspections.

10. 2011-03-11
    soldstatus $20,000

    Show marketing remark (252 chars)

    Great opportunity! Bring this property back to its full potential. All information approximate. Sold AS IS. Pre-approval or proof of funds must be faxed with offers. Seller will consider all offers. Buyer to assume any and all expenses for inspections.

11. 2010-10-08
    listed $24,900 252-char remark

    Show marketing remark (252 chars)

    Great opportunity! Bring this property back to its full potential. All information approximate. Sold AS IS. Pre-approval or proof of funds must be faxed with offers. Seller will consider all offers. Buyer to assume any and all expenses for inspections.

12. 1993-10-08
    soldstatus $90,000
13. 1993-10-04
    soldstatus $90,000
14. 1993-08-18
    listed $95,900

ⓘ 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: $4,005 · $334/mo
• Projected year-2 tax: $4,005 · $334/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 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,636
• − Mortgage interest: −$10,363
• − Property taxes: −$4,005
• − Insurance: −$925
• − Repairs & maintenance: −$2,451
• − Management: −$2,451
• − Depreciation: −$5,382
• Taxable income: $5,059
• Est. tax owed @ 24.0%: −$1,214
• After-tax cash flow: $6,416/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: Euclid City
• NCES district ID: 3904395
• Math proficiency: 14% ▼ -19.00%
• Reading proficiency: 28% ▼ -14.00%
• Median HH income: $36,385
• Composite: 17.39/100
• National rank: #9067
• State rank: #625 of 656 in OH

Livability — Euclid

• Score: 77/100
• State rank: #204
• US rank: #3149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Euclid, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 41,855
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 18,050
• Household income: $55,676
• Rent vs Own: 54.6% rent · 45.4% own
• Severe rent burden: 1085.0

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: Majority Black (65%)
• Race & ethnicity: Black 65% White 28% Two or more races 6% Hispanic / Latino 1%
• Common ancestry: Romanian 5%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Chinese 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: ▼ -62.82%
• Current HPI: 188.4932
• Rent YoY: ▲ 5.28%
• 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

+92.9% since first listed

14 events — show timeline

• 2026-04-22 Pending — MLSNOW
• 2026-04-07 Contingent — MLSNOW
• 2026-04-01 Listed $185,000 MLSNOW
• 2019-06-27 Pending — MLSNOW
• 2019-06-27 Sold (Public Records) $125,000 Public Records
• 2019-06-27 Sold (MLS) $125,000 MLSNOW
• 2019-04-05 Contingent — MLSNOW
• 2019-03-20 Listed $134,900 MLSNOW
• 2011-03-11 Sold (Public Records) $20,000 Public Records
• 2011-03-11 Sold (MLS) $20,000 MLSNOW
• 2010-10-08 Listed $24,900 MLSNOW
• 1993-10-08 Sold (MLS) $90,000 MLSNOW
• 1993-10-04 Sold (Public Records) $90,000 Public Records
• 1993-08-18 Listed $95,900 MLSNOW

Property tax history

+2.9%/yr

Latest (2025): $4,005 · -3.1% YoY. Source: county tax records.