1604 Newman Ave · Lakewood, OH 44107

$275,000

6 bd · 2.0 ba · 2,240 sqft · MultiFamily public records · 17 Days on market

Built 1898 7,161 sqft lot $123/sqft · 14% below area Est $318k · 14% under

---

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 +20.6/30.0
• ARV discount +13.6/15.0
• 1% rule +6.6/10.0
• DSCR +6.6/10.0
• Schools +5.5/10.0
• Livability +4.4/5.0
• 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

Investment opportunity in the heart of Lakewood’s Birdtown neighborhood. This fully occupied duplex offers immediate income with both 3-bedroom, 1-bath units currently rented at $1,400 per month, generating $2,800 in monthly income and $33,600 annually. With strong rental demand in a prime Lakewood location, this property presents an excellent opportunity for investors seeking a cash-flowing asset with upside potential. The left unit has already seen several key improvements, including new windows, a complete kitchen remodel, a complete bathroom remodel, all new flooring, fresh paint, and new drywall installed on the first floor. Whether you are looking to add to your portfolio or secure a value-add property with long-term potential, this duplex is one worth a closer look. Here’s a slightly more investor-focused version too: Turnkey cash-flow opportunity in Lakewood’s desirable Birdtown neighborhood. This fully occupied duplex features two 3-bedroom, 1-bath units, each currently rented for $1,400 per month, producing $33,600 in annual gross income. With strong rental demand and a sought-after location, this property offers investors immediate cash flow with additional upside through future improvements. The left unit has already been updated with new windows, a full kitchen remodel, a full bathroom remodel, all new flooring, fresh paint, and new drywall on the first floor. A solid addition to any investment portfolio, this property combines current income with value-add potential in one of Lakewood’s most popular rental areas.

Key facts

• Strong rental demand
• Immediate income
• New windows

Tags

• LAKEWOOD BIRDTOWN NEIGHBORHOOD
• FULLY OCCUPIED DUPLEX
• IMMEDIATE INCOME
• STRONG RENTAL DEMAND
• NEW WINDOWS
• COMPLETE KITCHEN REMODEL

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive. Per door: $185/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 2 comparable units currently listed for rent nearby; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $3,194/mo this rent would consume 56% 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 $8k 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

• It's been on market 17 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $160k; list at $275k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $270,875 (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 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.16% ✓
• Cap rate: 7.91%
• Cash-on-cash: 5.76%
• DSCR: 1.26
• GRM: 7.2

CMA / ARV

• ARV (median comp): $318,083
• List price: $275,000
• Delta: -13.54%
• 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
1473 Newman Ave	0.25mi	6/2.0	2,240 (0%)	2mo	$329,900	$147	87
1607 Cohassett Ave	0.35mi	5/2.5 (-1)	2,276 (+2%)	0mo	$411,000	$181	74
12511 Plover St	0.41mi	5/2.0 (-1)	2,244 (+0%)	2mo	$221,500	$99	74
1585 Newman Ave	0.05mi	6/2.0	2,520 (+12%)	6mo	$269,000	$107	72
2033 Robin St	0.24mi	6/2.0	2,008 (-10%)	4mo	$355,000	$177	68
1586 Coutant Ave	0.08mi	5/2.0 (-1)	2,500 (+12%)	8mo	$310,000	$124	65
1603 Cohassett Ave	0.35mi	5/2.0 (-1)	2,377 (+6%)	7mo	$320,000	$135	63
2026 Dowd Ave	0.35mi	5/2.5 (-1)	2,382 (+6%)	4mo	$360,000	$151	62
1557 Newman Ave	0.09mi	5/2.5 (-1)	1,980 (-12%)	8mo	$295,000	$149	62
1587 Cohassett Ave	0.35mi	5/3.0 (-1)	2,305 (+3%)	13mo	$372,500	$162	59
1556-1558 Cohassett Ave	0.40mi	6/3.0	2,308 (+3%)	16mo	$369,000	$160	58
2114 Chesterland Ave	0.72mi	6/2.0	2,556 (+14%)	8mo	$358,000	$140	36

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: -4.4%
• Equity multiple: 0.83×
• Total profit: $-12,943
• Equity at exit: $41,003

10-year hold

• IRR: 8.2%
• Equity multiple: 1.70×
• Total profit: $53,772
• Equity at exit: $23,777

Cash invested: $77,000 (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: 14.3×

Monthly cashflow live

• Estimated rent: $3,194 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$597 /mo · $7,161/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$671
• Net cashflow: $370

Break-even live

Break-even rent $2,726

Max offer price $275,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,194
Total (2 units)			$3,194

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11021 Western Ave Cleveland, OH	5.0	2.0	1776	$1,950	$1.10	1d	1	0.69mi
3222 West Blvd Unit 1496065P Cleveland, OH	3.0–6.0	1.5–3.0	3379	$6,649	$1.97	10d	2	1.25mi

Listing history 15 events

1. 2026-06-18
   days on market $275,000 Active 17 DOM
2. 2026-06-17
   status $275,000 Active 16 DOM
3. 2026-05-08
   status Pending 1579-char remark

   Show marketing remark (1579 chars)

   Investment opportunity in the heart of Lakewood’s Birdtown neighborhood. This fully occupied duplex offers immediate income with both 3-bedroom, 1-bath units currently rented at $1,400 per month, generating $2,800 in monthly income and $33,600 annually. With strong rental demand in a prime Lakewood location, this property presents an excellent opportunity for investors seeking a cash-flowing asset with upside potential. The left unit has already seen several key improvements, including new windows, a complete kitchen remodel, a complete bathroom remodel, all new flooring, fresh paint, and new drywall installed on the first floor. Whether you are looking to add to your portfolio or secure a value-add property with long-term potential, this duplex is one worth a closer look. Here’s a slightly more investor-focused version too: Turnkey cash-flow opportunity in Lakewood’s desirable Birdtown neighborhood. This fully occupied duplex features two 3-bedroom, 1-bath units, each currently rented for $1,400 per month, producing $33,600 in annual gross income. With strong rental demand and a sought-after location, this property offers investors immediate cash flow with additional upside through future improvements. The left unit has already been updated with new windows, a full kitchen remodel, a full bathroom remodel, all new flooring, fresh paint, and new drywall on the first floor. A solid addition to any investment portfolio, this property combines current income with value-add potential in one of Lakewood’s most popular rental areas.

4. 2026-04-22
   listed $275,000 Active 1579-char remark

   Show marketing remark (1579 chars)

   Investment opportunity in the heart of Lakewood’s Birdtown neighborhood. This fully occupied duplex offers immediate income with both 3-bedroom, 1-bath units currently rented at $1,400 per month, generating $2,800 in monthly income and $33,600 annually. With strong rental demand in a prime Lakewood location, this property presents an excellent opportunity for investors seeking a cash-flowing asset with upside potential. The left unit has already seen several key improvements, including new windows, a complete kitchen remodel, a complete bathroom remodel, all new flooring, fresh paint, and new drywall installed on the first floor. Whether you are looking to add to your portfolio or secure a value-add property with long-term potential, this duplex is one worth a closer look. Here’s a slightly more investor-focused version too: Turnkey cash-flow opportunity in Lakewood’s desirable Birdtown neighborhood. This fully occupied duplex features two 3-bedroom, 1-bath units, each currently rented for $1,400 per month, producing $33,600 in annual gross income. With strong rental demand and a sought-after location, this property offers investors immediate cash flow with additional upside through future improvements. The left unit has already been updated with new windows, a full kitchen remodel, a full bathroom remodel, all new flooring, fresh paint, and new drywall on the first floor. A solid addition to any investment portfolio, this property combines current income with value-add potential in one of Lakewood’s most popular rental areas.

5. 2024-04-19
   soldstatus $160,000
6. 2024-03-19
   soldstatus $125,000 Closed 303-char remark

   Show marketing remark (303 chars)

   Great investment property in need of rehab by cash buyer. Sold as-is. Tenants are not paying rent and have been asked to move so new buyer can rehab this house. Three (3) bedrooms per unit. Laundry room in each unit. Wonderful time to grab your 1st investment property or add to your existing portfolio.

7. 2024-03-19
   soldstatus $125,000

   Show marketing remark (303 chars)

   Great investment property in need of rehab by cash buyer. Sold as-is. Tenants are not paying rent and have been asked to move so new buyer can rehab this house. Three (3) bedrooms per unit. Laundry room in each unit. Wonderful time to grab your 1st investment property or add to your existing portfolio.

8. 2024-03-03
   status Pending 303-char remark

   Show marketing remark (303 chars)

   Great investment property in need of rehab by cash buyer. Sold as-is. Tenants are not paying rent and have been asked to move so new buyer can rehab this house. Three (3) bedrooms per unit. Laundry room in each unit. Wonderful time to grab your 1st investment property or add to your existing portfolio.

9. 2024-02-29
   listed $102,000 Active 303-char remark

   Show marketing remark (303 chars)

   Great investment property in need of rehab by cash buyer. Sold as-is. Tenants are not paying rent and have been asked to move so new buyer can rehab this house. Three (3) bedrooms per unit. Laundry room in each unit. Wonderful time to grab your 1st investment property or add to your existing portfolio.

10. 2020-06-19
    price $102,000
11. 2020-04-17
    status Active
12. 2020-04-01
    status Pending
13. 2020-03-23
    historical Contingent
14. 2020-03-18
    listed $129,900 Active
15. 1991-02-04
    soldstatus $41,000

ⓘ 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: $7,161 · $597/mo
• Projected year-2 tax: $7,161 · $597/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 · 18 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: $38,328
• − Mortgage interest: −$15,404
• − Property taxes: −$7,161
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,066
• − Management: −$3,066
• − Depreciation: −$8,000
• Taxable income: $255
• Est. tax owed @ 24.0%: −$61
• After-tax cash flow: $4,376/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

+570.7% since first listed

13 events — show timeline

• 2026-05-08 Pending — MLSNOW
• 2026-04-22 Listed $275,000 MLSNOW
• 2024-04-19 Sold (Public Records) $160,000 Public Records
• 2024-03-19 Sold (Public Records) $125,000 Public Records
• 2024-03-19 Sold (MLS) $125,000 MLSNOW
• 2024-03-03 Pending — MLSNOW
• 2024-02-29 Listed $102,000 MLSNOW
• 2020-06-19 Price Changed $102,000 MLSNOW
• 2020-04-17 Relisted — MLSNOW
• 2020-04-01 Pending — MLSNOW
• 2020-03-23 Contingent — MLSNOW
• 2020-03-18 Listed $129,900 MLSNOW
• 1991-02-04 Sold (Public Records) $41,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $7,161 · +46.9% YoY. Source: county tax records.