29347 Detroit Rd #2 · Westlake, OH 44145

$179,000

2 bd · 2.0 ba · 1,108 sqft · Condo public records · 3 Days on market

Built 1981 $350/mo HOA · 18% of rent

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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 +11.3/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• 1% rule +5.6/10.0
• Livability +4.1/5.0
• DSCR +3.3/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely remodeled, this unit is ready for you to move right in! New porcelain wood grain tile in main living areas; crown molding and high-end finishes throughout. Living room features built-in book shelves. All new kitchen, including stainless appliances, and quartz countertops. All new main bath. In-unit washer and dryer. Attached garage with automatic door opener includes one inside parking space; additional off-street parking. First floor unit with semi-private patio. Must see! HOA includes water, sewer, exterior insurance, yard maintenance, snow removal and exterior building maintenance. Affordable, carefree living. Close to Crocker Park and I90.

Key facts

• Attached garage
• Move in ready condo
• Own washer and dryer

Tags

• MOVE IN READY CONDO
• ATTACHED GARAGE
• OWN WASHER AND DRYER
• MINUTES FROM CROCKER PARK
• QUICK ACCESS TO MAJOR HIGHWAYS
• SHORT DRIVE TO LAKE ERIE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $179k.

Deal economics

• At list price, monthly cash flow is $-66 ($-789/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (6.5% below list).
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $167k (6.5% below list) — sets the bar for cash-flow.
• Cap rate 5.9% vs local median 3.4% in Westlake — 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 82/100 on livability (#79 in OH, #1,202 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Westlake City (suburban): math 71% / reading 79% proficiency, ranked #76 of 656 in OH (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Westlake Elementary School (math 80% / reading 75%, grade A, #213 of 1,584 statewide, top 14%, 1,217 students, 15% FRL); Lee Burneson Middle School (math 75% / reading 83%, grade A+, #54 of 654 statewide, top 9%, 498 students, 16% FRL); Westlake High School (math 56% / reading 81%, grade B, #130 of 781 statewide, top 17%, 1,066 students, 15% FRL) — zoned schools at 16% FRL track the district average.
• Market conditions: Rents rising (+2.3%/yr); 166 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 34y 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 $112k; list at $179k implies a 60% gain — meaningful room to come down on a strong offer.

Recommended offer $167,391 (6.5% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
7. 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.
8. 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.
9. 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: 1.06% ✓
• Cap rate: 5.85%
• Cash-on-cash: -1.57%
• DSCR: 0.93
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.32% rent growth · sell at horizon

5-year hold

• IRR: -19.7%
• Equity multiple: 0.32×
• Total profit: $-34,250
• Equity at exit: $26,689

10-year hold

• IRR: -14.1%
• Equity multiple: 0.21×
• Total profit: $-39,498
• Equity at exit: $15,477

Cash invested: $50,120 (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 44145

• Rents YoY: 2.3%
• Active inventory: 166
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,896 high
• Mortgage (P&I): −$939
• Tax from tax record: −$200 /mo · $2,401/yr
• Insurance: −$75
• HOA: −$350
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-66

Break-even live

Break-even rent $1,979

Max offer price $167,391

Occupancy floor 98%

Sensitivity live

Price	-10% $36	-5% $-15	+0% $-66	+5% $-116	+10% $-167
Rent	-10% $-215	-5% $-141	+0% $-66	+5% $9	+10% $84
Rate	-1.0pp $24	-0.5pp $-20	base $-66	+0.5pp $-112	+1.0pp $-159

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1500 Westford Cir Westlake, OH	1.0	1.0	696	$1,616	$2.32	3d	1	0.14mi
1575 Hunters Chase Dr Westlake, OH	1.0–2.0	1.0–2.0	838	$1,747	$2.08	3d	25	0.29mi
28600 Detroit Rd Westlake, OH	1.0–2.0	1.0–2.0	931	$1,900	$2.04	3d	17	0.40mi
177 Market St Westlake, OH	3.0	1.0–2.0	1034	$2,510	$2.43	3d	36	0.48mi
1630 Cedarwood Dr Westlake, OH	1.0–2.0	1.0–2.0	1037	$2,169	$2.09	3d	15	0.49mi
1660 Cedarwood Dr Westlake, OH	2.0	1.0	724	$1,375	$1.90	14d	1	0.66mi
27825 Detroit Rd Westlake, OH	1.0–2.0	1.0–1.5	950	$1,463	$1.54	3d	5	0.79mi
27701 Detroit Rd Westlake, OH	1.0–2.0	1.0–2.0	899	$2,229	$2.48	3d	12	0.81mi
27433 Detroit Rd Westlake, OH	1.0–2.0	1.0–2.0	937	$1,527	$1.63	3d	8	1.11mi
27652 Westchester Pkwy Westlake, OH	2.0	1.5	1000	$1,731	$1.73	3d	3	1.20mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: watersewersnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $179,000 Active 3 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $179,000 Active 1 DOM

ⓘ 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: $2,401 · $200/mo
• Projected year-2 tax: $2,597 · $216/mo
• Expected delta: +$196/yr (+$16/mo · 8.2%)

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

Taxation est. · year 1

• Rental income: $22,749
• − Mortgage interest: −$10,027
• − Property taxes: −$2,401
• − Insurance: −$895
• − Repairs & maintenance: −$1,820
• − Management: −$1,820
• − HOA: −$4,200
• − Depreciation: −$5,207
• Taxable loss: −$3,621
• Est. tax savings @ 24.0%: +$869
• After-tax cash flow: $80/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: Westlake City
• NCES district ID: 3904506
• Math proficiency: 71% ▼ -12.00%
• Reading proficiency: 79% ▼ -7.00%
• Median HH income: $74,709
• Composite: 65.85/100
• National rank: #451
• State rank: #76 of 656 in OH

Livability — Westlake

• Score: 82/100
• State rank: #79
• US rank: #1202

Category grades

Amenities F Commute F Cost of living B+ 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: Westlake, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 34,104
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 34,104
• Household income: $112,200
• Rent vs Own: 26.9% rent · 73.1% own
• Severe rent burden: 690.0

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 (85%)
• Race & ethnicity: White 85% Asian 7% Two or more races 5% Hispanic / Latino 4% Black 2%
• Common ancestry: Romanian 7% Lithuanian 3% Subsaharan African 2%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 84% English-only · Arabic 5% Other Indo-European 4% Russian/Polish/Slavic 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: ▼ -191.97%
• Current HPI: 202.4805
• Rent YoY: ▲ 2.32%
• 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

+203.9% since first listed

20 events — show timeline

• 2026-06-16 Listed $179,000 MLSNOW
• 2020-11-11 Sold (Public Records) $112,000 Public Records
• 2020-10-24 Pending — MLSNOW
• 2020-10-23 Sold (MLS) $120,000 MLSNOW
• 2020-09-14 Contingent — MLSNOW
• 2020-08-25 Listed $124,900 MLSNOW
• 2019-03-22 Listing Removed — MLSNOW
• 2019-03-07 Price Changed $119,900 MLSNOW
• 2019-02-19 Listed $124,900 MLSNOW
• 2018-12-27 Sold (Public Records) $59,500 Public Records
• 2002-11-06 Sold (Public Records) $77,000 Public Records
• 2002-11-06 Sold (MLS) $77,000 MLSNOW
• 2002-09-12 Listed $81,900 MLSNOW
• 1999-06-11 Sold (Public Records) $74,000 Public Records
• 1999-06-11 Sold (MLS) $74,000 MLSNOW
• 1999-04-06 Listed $79,900 MLSNOW
• 1993-05-20 Sold (Public Records) $55,000 Public Records
• 1993-05-20 Sold (Public Records) $55,000 Public Records
• 1992-12-16 Listing Removed — MLSNOW
• 1992-08-16 Listed $58,900 MLSNOW

Property tax history

+4.5%/yr

Latest (2025): $2,401 · -1.0% YoY. Source: county tax records.