2261 Warren Rd · Lakewood, OH 44107

$300,000

4 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 6 Days on market

Built 1944 6,969 sqft lot $160/sqft · 15% below area Est $352k · 15% under

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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).

• ARV discount +14.1/15.0
• Cash flow +12.8/30.0
• Schools +5.5/10.0
• Livability +4.4/5.0
• 1% rule +4.0/10.0
• DSCR +3.8/10.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• 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

Call Down Tenant, Then Use Elec Lb Side Door For Both Units * Up Unit Is Vacant * Home Warr!! Newer Kit. And C/A Down

Key facts

• All brick duplex
• 6,969 sq ft lot
• 2 garage spots

Tags

• ALL BRICK DUPLEX
• EACH UNIT BACK PORCH BALCONY
• UPSTAIRS UNIT WALK UP ATTIC
• SHARED TWO CAR GARAGE

Property features AI

Exterior

• Parking: Detached 2-car garage; Concrete driveway; Off-street parking; Parking pad; On-street parking available
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer
• Home design: 2-story building; Single building (multi-unit property); Above-grade finished living area of 1,872
• Construction: Brick construction; Asphalt/fiberglass roof; Block foundation; Built according to public records
• Exterior features: Balcony; Front yard; Back yard

Interior

• Kitchen: Range; Microwave; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Two 2-bedroom units (both vacant)
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating (gas); Central air conditioning; Ceiling fans
• Interior features: Updated/remodeled condition; Full unfinished concrete basement
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry tub and sink; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $-28 ($-341/yr) — negative. Per door: $-14/mo.
• To cash-flow at today's rent, offer at most $295k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $270k (10.0% below list).
• Recommended offer: $270k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.5% 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); 201 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $2,699/mo this rent would consume 47% 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 $2k of loan paydown is wiped out by about $9k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 31y 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 $300k implies a 168% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $269,900 (10.0% 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. 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 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.90% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.41%
• DSCR: 0.98
• GRM: 9.3

CMA / ARV

• ARV (median comp): $351,846
• List price: $300,000
• Delta: -14.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14217 Athens Ave	0.32mi	4/2.0	1,868 (-0%)	2mo	$315,000	$169	83
2209 Alger Rd	0.15mi	5/2.0 (+1)	1,958 (+5%)	7mo	$305,000	$156	75
14924 Delaware Ave	0.21mi	4/2.0	1,996 (+7%)	7mo	$367,000	$184	73
2115 Wascana Ave	0.52mi	4/2.0	1,916 (+2%)	3mo	$369,900	$193	70
2204 Lewis Dr	0.60mi	4/2.0	1,848 (-1%)	7mo	$330,000	$179	64
2148 Wyandotte Ave	0.52mi	4/2.0	1,962 (+5%)	12mo	$334,900	$171	58
15519 Delaware Ave	0.42mi	4/2.0	2,030 (+8%)	12mo	$390,000	$192	57
2114 Elbur Ave	0.59mi	4/2.0	2,046 (+9%)	1mo	$300,000	$147	56
2036 Reveley Ave	0.42mi	4/2.0	2,128 (+14%)	11mo	$325,000	$153	48
1578-1580 Mars Ave	0.72mi	4/2.0	2,066 (+10%)	2mo	$240,000	$116	48
2100 Wascana Ave	0.51mi	5/2.0 (+1)	2,096 (+12%)	7mo	$400,000	$191	46
2079-2081 Wascana Ave	0.55mi	5/3.0 (+1)	2,132 (+14%)	9mo	$435,000	$204	35

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: -14.2%
• Equity multiple: 0.48×
• Total profit: $-43,682
• Equity at exit: $44,731

10-year hold

• IRR: -1.8%
• Equity multiple: 0.86×
• Total profit: $-11,346
• Equity at exit: $25,939

Cash invested: $84,000 (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: 201
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $2,699 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$462 /mo · $5,548/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $-28

Break-even live

Break-even rent $2,735

Max offer price $294,983

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,700
Total (2 units)			$2,699

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2125 Mars Ave Lakewood, OH	4.0	2.0	1650	$2,000	$1.21	23d	1	0.37mi
2180 Elbur Ave Lakewood, OH	3.0	1.0	1226	$2,200	$1.79	16d	1	0.53mi
2082 Lewis Dr Unit 2082 Lakewood, OH	3.0	1.0	1600	$1,750	$1.09	43d	1	0.64mi
2010 Chesterland Ave Unit 1496099P Lakewood, OH	4.0	2.5	1463	$7,556	$5.16	12d	1	0.75mi
1533 Mars Ave Unit 1533 Lakewood, OH	3.0	1.0	1500	$1,725	$1.15	43d	1	0.79mi
16806 Pilgrim Ave Unit 1496036P Cleveland, OH	4.0	2.5	1937	$6,179	$3.19	1d	1	0.93mi
1657 Wagar Ave Unit 2 Lakewood, OH	4.0	2.0	1992	$2,280	$1.14	21d	1	0.95mi
1574 Cohassett Ave Lakewood, OH	4.0	1.5	1825	$2,275	$1.25	17d	1	1.09mi
1303 Lakeland Ave Lakewood, OH	3.0	1.5	2000	$1,750	$0.88	43d	1	1.25mi
1265 Marlowe Ave Lakewood, OH	4.0	1.0	1690	$1,750	$1.04	14d	1	1.25mi
3457 W 128th St Unit 1496115P Cleveland, OH	3.0	2.0	1732	$5,104	$2.95	12d	1	1.34mi
1252 Summit Ave Lakewood, OH	3.0	1.5	1632	$2,650	$1.62	43d	1	1.37mi
3629 W 130th St Cleveland, OH	3.0	2.0	1536	$1,800	$1.17	23d	1	1.43mi
1446 Hopkins Ave Lakewood, OH	4.0	4.0	1880	$1,950	$1.04	43d	1	1.47mi
12206 Detroit Ave Lakewood, OH	3.0	2.0	1554	$2,500	$1.61	17d	1	1.50mi

Listing history 6 events

1. 2026-05-13
   listed $300,000 Active 1364-char remark
2. 1995-12-30
   soldstatus $112,000 117-char remark

   Show marketing remark (117 chars)

   Call Down Tenant, Then Use Elec Lb Side Door For Both Units * Up Unit Is Vacant * Home Warr!! Newer Kit. And C/A Down

3. 1995-12-19
   soldstatus $112,000
4. 1995-11-22
   historical 117-char remark

   Show marketing remark (117 chars)

   Call Down Tenant, Then Use Elec Lb Side Door For Both Units * Up Unit Is Vacant * Home Warr!! Newer Kit. And C/A Down

5. 1995-05-22
   listed $119,900 117-char remark

   Show marketing remark (117 chars)

   Call Down Tenant, Then Use Elec Lb Side Door For Both Units * Up Unit Is Vacant * Home Warr!! Newer Kit. And C/A Down

6. 1986-08-14
   soldstatus $36,000

ⓘ 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: $5,548 · $462/mo
• Projected year-2 tax: $5,548 · $462/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 ≥94°F today · 17 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: $32,388
• − Mortgage interest: −$16,805
• − Property taxes: −$5,548
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,591
• − Management: −$2,591
• − Depreciation: −$8,727
• Taxable loss: −$5,375
• Est. tax savings @ 24.0%: +$1,290
• After-tax cash flow: $949/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

+733.3% since first listed

7 events — show timeline

• 2026-05-19 Pending — MLSNOW
• 2026-05-13 Listed $300,000 MLSNOW
• 1995-12-30 Sold (MLS) $112,000 MLSNOW
• 1995-12-19 Sold (Public Records) $112,000 Public Records
• 1995-11-22 Listing Removed — MLSNOW
• 1995-05-22 Listed $119,900 MLSNOW
• 1986-08-14 Sold (Public Records) $36,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $5,548 · -0.2% YoY. Source: county tax records.