3650 Dover Center Rd · Westlake, OH 44145

$240,000

3 bd · 1.5 ba · 1,828 sqft · SingleFamily public records · 1 Days on market

Built 1949 0.28 ac lot Est $327k · 27% 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).

• Cash flow +17.7/30.0
• ARV discount +15.0/15.0
• Schools +6.6/10.0
• DSCR +5.5/10.0
• 1% rule +5.2/10.0
• Livability +4.1/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Starter-corner Lot-pine Paneled 2nd Flr-1.5 Baths On 1st-spacious Family Rm-attached 2 Car Gar-alum Siding New Storm Windows-beautiful Oak Floors-checklist

Key facts

• Hardwood flooring
• Side-entry driveway
• Westlake location

Tags

• WESTLAKE LOCATION
• CORNER LOT
• SIDE-ENTRY DRIVEWAY
• HARDWOOD FLOORING
• OVERSIZED FAMILY ROOM
• SPACIOUS LIVING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $240k).
• Cap rate 7.3% vs local median 3.3% 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: schools A+, crime A+, employment 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.
• Market conditions: Rents rising (+2.3%/yr); 163 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $7k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $85k; list at $240k implies a 182% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $240,000

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.27%
• Cash-on-cash: 3.48%
• DSCR: 1.15
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $327,212
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26454 Strawberry Ln	0.38mi	3/2.0	1,858 (+2%)	4mo	$396,000	$213	74
27680 Dunford Rd	0.33mi	4/2.0 (+1)	1,876 (+3%)	10mo	$320,000	$171	65
3974 Winton Park Dr	0.30mi	3/2.0	2,040 (+12%)	2mo	$369,500	$181	63
27158 Rose Rd	0.29mi	3/1.5	1,628 (-11%)	9mo	$335,000	$206	61
26716 Chapel Hill Dr	0.33mi	3/2.0	2,048 (+12%)	6mo	$342,500	$167	58
26358 Rose Rd	0.57mi	4/2.0 (+1)	1,902 (+4%)	3mo	$393,263	$207	57
26864 Sweetbriar Dr	0.51mi	4/2.5 (+1)	1,890 (+3%)	8mo	$205,000	$108	55
26839 Fairfax Ln	0.49mi	3/2.0	2,044 (+12%)	3mo	$365,000	$179	53
26725 Sweetbriar Dr	0.58mi	3/2.0	1,972 (+8%)	7mo	$240,000	$122	52
26501 Waterbury Cir	0.54mi	3/1.5	2,044 (+12%)	7mo	$342,000	$167	50
26646 Sweetbriar Dr	0.56mi	4/2.5 (+1)	1,960 (+7%)	5mo	$345,100	$176	48
4075 Brewster Dr	0.70mi	4/2.5 (+1)	2,002 (+10%)	12mo	$420,000	$210	32

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 · 2.32% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.58×
• Total profit: $-28,061
• Equity at exit: $35,785

10-year hold

• IRR: -3.4%
• Equity multiple: 0.78×
• Total profit: $-14,837
• Equity at exit: $20,751

Cash invested: $67,200 (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: 163
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,437 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$372 /mo · $4,459/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$512
• Net cashflow: $195

Break-even live

Break-even rent $2,190

Max offer price $240,000

Occupancy floor 87%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28310 Center Ridge Rd Westlake, OH	3.0	2.0	2120	$2,300	$1.08	1d	1	0.77mi
4238 Porter Rd North Olmsted, OH	3.0	1.0	1240	$1,980	$1.60	44d	1	0.86mi
29395 Hummingbird Cir Westlake, OH	3.0	2.0	1846	$3,200	$1.73	10d	1	1.14mi
25312 Hall Dr Westlake, OH	4.0	1.5	1260	$2,280	$1.81	44d	1	1.29mi
29842 Lenox Dr #225 Westlake, OH	2.0	2.0	1233	$1,850	$1.50	44d	1	1.48mi
29826 Center Ridge Rd Unit 216 Westlake, OH	2.0	2.0	1307	$1,800	$1.38	1d	1	1.50mi

Listing history 3 events

1. 2026-06-19
   status $240,000 Pending 1 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $240,000 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: $4,459 · $372/mo
• Projected year-2 tax: $4,459 · $372/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,240
• − Mortgage interest: −$13,444
• − Property taxes: −$4,459
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,339
• − Management: −$2,339
• − Depreciation: −$6,982
• Taxable loss: −$1,523
• Est. tax savings @ 24.0%: +$366
• After-tax cash flow: $2,703/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

+154.0% since first listed

5 events — show timeline

• 2026-06-17 Listed $240,000 MLSNOW
• 1992-07-16 Sold (Public Records) $85,000 Public Records
• 1992-07-16 Sold (Public Records) $85,000 Public Records
• 1992-07-16 Sold (MLS) $85,000 MLSNOW
• 1992-04-29 Listed $94,500 MLSNOW

Property tax history

+4.7%/yr

Latest (2025): $4,459 · -1.0% YoY. Source: county tax records.