1296 Cook Ave · Lakewood, OH 44107

$489,000

4 bd · 2.0 ba · 1,980 sqft · MultiFamily public records · 30 Days on market

Built 1962 5,118 sqft lot Est $356k · 37% over

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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 +23.7/30.0
• DSCR +7.6/10.0
• 1% rule +5.7/10.0
• Schools +5.5/10.0
• Livability +4.4/5.0
• Rent growth +3.8/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Great Rental Property. .. .beautiful natural Woodwork. .. .Welcoming front porches. .. .Built ins in Dining Room. .. Glass Block windows in basement and much more. .. .. Seller mandates no offers will be accepted on days 1-3, only offers from owner occupants or public entities (and their designated partners) will be considered from days 4 thru 15 of it being on the market. All other offers will be considered on the 16th day. This is a Fannie Mae HomePath Property. Purchase This Property For As Little As 3% Down! This Property Is Approved For HomePath Mortgage Financing. This Property Is Approved For HomePath Renovation Mortgage Financing.

Key facts

• Triplex
• Prime location
• 5,118 sq ft lot

Tags

• TRIPLEX
• PRIME LOCATION
• MULTI-FAMILY PROPERTY

Property features AI

Finance

• Other: Annual taxes listed (2025)
• Financial info: One two-bedroom unit is leased month-to-month at $1,200 (lease expires June 22, 2026)

Exterior

• Parking: Off-street parking; Detached 2-car garage
• Utilities: Public water service; Public sewer service
• Home design: Multi-unit building (1 building)
• Construction: Slate roof; Above-grade finished area approximately 2,050; Lot size approximately 0.1175 acres
• Exterior features: Public water; Public sewer

Interior

• Bedrooms: One-bedroom unit; Two-bedroom units (two distinct units)
• Bathrooms: Three full bathrooms (building total); individual units have one bath each
• Heating & cooling: Gas heating with baseboard units; Window cooling units
• Interior features: Full common basement with storage space

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $489k.

Deal economics

• At list price, monthly cash flow is $927 ($11k/yr) — positive. Per door: $309/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $489k).
• Recommended offer: $482k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 2.6% in Lakewood — 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 88/100 on livability (#29 in OH, #249 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, cost of living A+; Watch: commute F.
• Lakewood City (suburban): math 60% / reading 71% proficiency, ranked #213 of 656 in OH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.4%/yr); 204 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $5,250/mo this rent would consume 91% of the median local household income ($69k/yr) (locally 2271% 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 $3k of loan paydown is wiped out by about $15k 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 + 5.4% rent growth), your $137k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($482k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y 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 $58k; list at $489k implies a 748% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $481,665 (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 1962 — 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: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $356,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1305 Virginia Ave	0.20mi	4/2.0	2,028 (+2%)	4mo	$370,000	$182	84
1284 Warren Rd	0.06mi	4/2.0	2,082 (+5%)	8mo	$315,000	$151	82
1313 Saint Charles Ave	0.15mi	4/2.0	2,080 (+5%)	6mo	$409,100	$197	80
1278 Gladys Ave	0.05mi	4/2.0	2,138 (+8%)	8mo	$366,000	$171	77
1429-1431 Orchard Grove Ave	0.50mi	4/2.0	1,936 (-2%)	2mo	$399,000	$206	71
1578-1580 Mars Ave	0.58mi	4/2.0	2,066 (+4%)	2mo	$240,000	$116	64
1249 Cranford Ave	0.46mi	4/2.0	2,128 (+8%)	3mo	$315,000	$148	64
1542 Westwood Ave	0.59mi	4/3.0	2,040 (+3%)	1mo	$420,000	$206	62
1300 Ethel Ave	0.64mi	4/2.0	2,152 (+9%)	11mo	$300,000	$139	46
1590 Lakeland Ave	0.64mi	4/2.0	2,277 (+15%)	5mo	$336,500	$148	41
1505 Wagar Ave	0.72mi	4/2.0	1,684 (-15%)	2mo	$358,475	$213	40
1617 Westwood Ave	0.70mi	4/2.0	2,248 (+14%)	6mo	$405,000	$180	40

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 · 5.39% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-7,299
• Equity at exit: $72,911

10-year hold

• IRR: 10.6%
• Equity multiple: 1.92×
• Total profit: $125,286
• Equity at exit: $42,280

Cash invested: $136,920 (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 44107

• Rents YoY: 5.4%
• Active inventory: 204
• Price-to-rent: 23.3×

Monthly cashflow live

• Estimated rent: $5,250 medium
• Mortgage (P&I): −$2,564
• Tax from tax record: −$453 /mo · $5,430/yr
• Insurance: −$204
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,102
• Net cashflow: $927

Break-even live

Break-even rent $4,077

Max offer price $489,000

Occupancy floor 77%

Sensitivity live

Price	-10% $1,204	-5% $1,065	+0% $927	+5% $788	+10% $650
Rent	-10% $512	-5% $719	+0% $927	+5% $1,134	+10% $1,342
Rate	-1.0pp $1,173	-0.5pp $1,051	base $927	+0.5pp $800	+1.0pp $671

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,250
Total (3 units)			$5,250

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: $122,250
• Closing costs: $14,670
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1303 Lakeland Ave Lakewood, OH	3.0	1.5	2000	$1,750	$0.88	44d	1	0.25mi
1265 Marlowe Ave Lakewood, OH	4.0	1.0	1690	$1,750	$1.04	15d	1	0.31mi
1252 Summit Ave Lakewood, OH	3.0	1.5	1632	$2,650	$1.62	44d	1	0.35mi
1533 Mars Ave Unit 1533 Lakewood, OH	3.0	1.0	1500	$1,725	$1.15	44d	1	0.47mi
1657 Wagar Ave Unit 2 Lakewood, OH	4.0	2.0	1992	$2,280	$1.14	22d	1	0.91mi
2125 Mars Ave Lakewood, OH	4.0	2.0	1650	$2,000	$1.21	24d	1	0.99mi
17844 Cannon Ave Lakewood, OH	4.0	2.5	1700	$2,800	$1.65	44d	1	1.10mi
2010 Chesterland Ave Unit 1496099P Lakewood, OH	4.0	2.5	1463	$7,556	$5.16	13d	1	1.16mi
2082 Lewis Dr Unit 2082 Lakewood, OH	3.0	1.0	1600	$1,750	$1.09	44d	1	1.21mi
1574 Cohassett Ave Lakewood, OH	4.0	1.5	1825	$2,275	$1.25	18d	1	1.26mi
2180 Elbur Ave Lakewood, OH	3.0	1.0	1226	$2,200	$1.79	17d	1	1.34mi
12050 Lake Ave Lakewood, OH	3.0	2.0	1500	$1,965	$1.31	44d	1	1.40mi
12206 Detroit Ave Lakewood, OH	3.0	2.0	1554	$2,500	$1.61	18d	1	1.41mi
1328 Fry Ave Lakewood, OH	3.0	1.0	1255	$1,350	$1.08	17d	1	1.47mi
1446 Hopkins Ave Lakewood, OH	4.0	4.0	1880	$1,950	$1.04	44d	1	1.48mi

Listing history 24 events

1. 2026-06-21
   days on market $489,000 Active 30 DOM
2. 2026-06-18
   days on market $489,000 Active 27 DOM
3. 2026-06-17
   days on market $489,000 Active 26 DOM
4. 2026-06-16
   days on market $489,000 Active 25 DOM
5. 2026-06-15
   days on market $489,000 Active 24 DOM
6. 2026-06-13
   days on market $489,000 Active 22 DOM
7. 2026-06-13
   days on market $489,000 Active 21 DOM
8. 2026-06-09
   days on market $489,000 Active 18 DOM
9. 2026-06-08
   days on market $489,000 Active 17 DOM
10. 2026-06-07
    days on market $489,000 Active 16 DOM
11. 2026-06-05
    days on market $489,000 Active 13 DOM
12. 2026-06-03
    days on market $489,000 Active 12 DOM
13. 2026-06-02
    days on market $489,000 Active 11 DOM
14. 2026-06-01
    days on market $489,000 Active 10 DOM
15. 2026-05-31
    days on market $489,000 Active 9 DOM
16. 2026-05-22
    listed $489,000 Active
17. 2012-08-09
    soldstatus $57,650 648-char remark

    Show marketing remark (648 chars)

    Great Rental Property. .. .beautiful natural Woodwork. .. .Welcoming front porches. .. .Built ins in Dining Room. .. Glass Block windows in basement and much more. .. .. Seller mandates no offers will be accepted on days 1-3, only offers from owner occupants or public entities (and their designated partners) will be considered from days 4 thru 15 of it being on the market. All other offers will be considered on the 16th day. This is a Fannie Mae HomePath Property. Purchase This Property For As Little As 3% Down! This Property Is Approved For HomePath Mortgage Financing. This Property Is Approved For HomePath Renovation Mortgage Financing.

18. 2012-03-25
    listed $72,100 648-char remark

    Show marketing remark (648 chars)

    Great Rental Property. .. .beautiful natural Woodwork. .. .Welcoming front porches. .. .Built ins in Dining Room. .. Glass Block windows in basement and much more. .. .. Seller mandates no offers will be accepted on days 1-3, only offers from owner occupants or public entities (and their designated partners) will be considered from days 4 thru 15 of it being on the market. All other offers will be considered on the 16th day. This is a Fannie Mae HomePath Property. Purchase This Property For As Little As 3% Down! This Property Is Approved For HomePath Mortgage Financing. This Property Is Approved For HomePath Renovation Mortgage Financing.

19. 2003-08-28
    soldstatus $185,000 217-char remark

    Show marketing remark (217 chars)

    Beautiful Natural Woodwork! Nice Front Porches! Leaded Glass Cabinets! Glass Block Windows In Basement! Beautiful Fireplace Down Suite! Wood Columns In 1st & 2nd Dining Room. Separate Utilities! Great Condition!

20. 2003-08-28
    soldstatus $185,000

    Show marketing remark (217 chars)

    Beautiful Natural Woodwork! Nice Front Porches! Leaded Glass Cabinets! Glass Block Windows In Basement! Beautiful Fireplace Down Suite! Wood Columns In 1st & 2nd Dining Room. Separate Utilities! Great Condition!

21. 2003-05-30
    listed $195,000 217-char remark

    Show marketing remark (217 chars)

    Beautiful Natural Woodwork! Nice Front Porches! Leaded Glass Cabinets! Glass Block Windows In Basement! Beautiful Fireplace Down Suite! Wood Columns In 1st & 2nd Dining Room. Separate Utilities! Great Condition!

22. 2000-09-01
    soldstatus $170,117
23. 2000-07-25
    listed $169,000
24. 1971-01-01
    soldstatus $17,500

ⓘ 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: $5,430 · $453/mo
• Projected year-2 tax: $6,529 · $544/mo
• Expected delta: +$1,099/yr (+$92/mo · 20.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,000
• − Mortgage interest: −$27,392
• − Property taxes: −$5,430
• − Insurance: −$2,445
• − Repairs & maintenance: −$5,040
• − Management: −$5,040
• − Depreciation: −$14,225
• Taxable income: $3,428
• Est. tax owed @ 24.0%: −$823
• After-tax cash flow: $10,300/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: Lakewood City
• NCES district ID: 3904419
• Math proficiency: 60% ▼ -11.00%
• Reading proficiency: 71% ▼ -3.00%
• Median HH income: $45,181
• Composite: 55.13/100
• National rank: #1282
• State rank: #213 of 656 in OH

Livability — Lakewood

• Score: 88/100
• State rank: #29
• US rank: #249

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakewood, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 50,018
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 50,018
• Household income: $68,970
• Rent vs Own: 55.6% rent · 44.4% own
• Severe rent burden: 2271.0

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 (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 8% Lithuanian 2% Slovak 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Arabic 3% Other Indo-European 2% Spanish 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: ▼ -347.35%
• Current HPI: 266.5337
• Rent YoY: ▲ 5.39%
• 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

+2694.3% since first listed

9 events — show timeline

• 2026-05-22 Listed $489,000 MLSNOW
• 2012-08-09 Sold (MLS) $57,650 MLSNOW
• 2012-03-25 Listed $72,100 MLSNOW
• 2003-08-28 Sold (Public Records) $185,000 Public Records
• 2003-08-28 Sold (MLS) $185,000 MLSNOW
• 2003-05-30 Listed $195,000 MLSNOW
• 2000-09-01 Sold (MLS) $170,117 MLSNOW
• 2000-07-25 Listed $169,000 MLSNOW
• 1971-01-01 Sold (Public Records) $17,500 Public Records

Property tax history

+9.6%/yr

Latest (2025): $5,430 · -0.2% YoY. Source: county tax records.