3 Lees Ln · Olmsted Falls, OH 44138

$139,900

2 bd · 2.0 ba · 1,708 sqft · SingleFamily · 29 Days on market

Built 1990 Good condition $82/sqft · 66% above area

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

No need to look any further. This is a real beauty! If you are looking for that homey but also roomy house with the flair of a luxury home plus landscaping to match, this is it! This home will not disappoint. Private fenced patio 10x20 3 season room. Most large items have ben replaced within the last few years. Don't let this slip away!

Key facts

• Private fenced patio
• Major updates
• 2 parking spots

Tags

• PRIVATE FENCED PATIO
• SPACIOUS THREE-SEASON ROOM
• MAJOR UPDATES

Property features AI

Finance

• Other: Land lease fee applies
• Financial info: Has land lease
• HOA & community: Senior community; Community clubhouse

Exterior

• Parking: Attached carport; 2-car carport; Driveway
• Utilities: Private water source; Private sewer
• Home design: Single-story home; Aluminum siding; Fiberglass roof; Permanent foundation
• Construction: Built (year per public records); Aluminum siding construction; Fiberglass roof; Permanent foundation
• Exterior features: Awning(s); Covered patio/deck/porch options including front porch and enclosed porch; Deck; Patio; Porch; Shed(s) and additional storage; Fenced yard; Corner lot with landscaping

Interior

• Kitchen: Eat-in kitchen; Laminate counters
• Bedrooms: 2 main-level bedrooms (first floor)
• Flooring: Carpet in living areas and bedrooms; Laminate flooring in kitchen and laundry
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating with heat pump; Central air conditioning
• Interior features: Blinds on windows; Chandelier; Cathedral ceilings; Eat-in kitchen; High ceilings; Laminate countertops; Open floorplan
• Laundry & utility: Laundry room with electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 4.2% in Olmsted Falls — 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 73/100 on livability (#343 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Olmsted Falls City (suburban): math 70% / reading 70% proficiency, ranked #134 of 656 in OH (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 183 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 $967 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $137,801 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.35% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.17%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (median comp): $84,324
• List price: $139,900
• Delta: 65.91%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27 Sycamore Dr	0.07mi	3/2.0 (+1)	1,716 (+0%)	6mo	$77,000	$45	86
7 Symphony St	0.14mi	2/2.0	1,624 (-5%)	7mo	$114,000	$70	80
2 Shuberts Aly	0.02mi	2/2.0	1,512 (-12%)	10mo	$92,000	$61	72
19 Pageant Ln	0.44mi	3/2.0 (+1)	1,680 (-2%)	11mo	$89,000	$53	63
11 Concert Ct	0.21mi	2/2.0	1,456 (-15%)	5mo	$79,900	$55	61
73 Periwinkle Dr	0.44mi	3/2.0 (+1)	1,568 (-8%)	1mo	$89,000	$57	60
44 Periwinkle Dr	0.37mi	3/2.0 (+1)	1,605 (-6%)	11mo	$116,750	$73	59
1 Matthews Cor	0.45mi	2/2.0	1,850 (+8%)	8mo	$120,000	$65	58
17 Oak Dr	0.19mi	2/2.0	1,456 (-15%)	10mo	$99,900	$69	58
3 Fiddlesticks	0.35mi	3/2.0 (+1)	1,456 (-15%)	6mo	$64,900	$45	49
8075 Olmway Ave	0.73mi	3/2.0 (+1)	1,598 (-6%)	8mo	$275,000	$172	43
7593 Columbia Rd	0.50mi	3/1.5 (+1)	1,457 (-15%)	4mo	$255,000	$175	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $6,786
• Equity at exit: $20,860

10-year hold

• IRR: 14.0%
• Equity multiple: 2.12×
• Total profit: $44,031
• Equity at exit: $12,096

Cash invested: $39,172 (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 44138

• Home prices YoY: -30.8%
• Active inventory: 183
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,892 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $461

Break-even live

Break-even rent $1,308

Max offer price $139,900

Occupancy floor 71%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26875 Bagley Rd Olmsted Twp, OH	1.0–3.0	1.0–2.0	890	$1,199	$1.35	2d	1	1.05mi
8450 Daylily DR Olmsted Falls, OH	2.0–3.0	2.5	1541	$2,410	$1.56	1d	10	1.36mi

Listing history 15 events

1. 2026-06-13
   statusdays on market $139,900 Pending 29 DOM
2. 2026-06-09
   days on market $139,900 Active 26 DOM
3. 2026-06-08
   days on market $139,900 Active 25 DOM
4. 2026-06-07
   days on market $139,900 Active 24 DOM
5. 2026-06-03
   days on market $139,900 Active 20 DOM
6. 2026-06-02
   days on market $139,900 Active 19 DOM
7. 2026-06-01
   days on market $139,900 Active 18 DOM
8. 2026-05-31
   days on market $139,900 Active 17 DOM
9. 2026-05-13
   listed $139,900 Active 624-char remark
10. 2025-06-11
    soldstatus $133,000 Closed 338-char remark

    Show marketing remark (338 chars)

    No need to look any further. This is a real beauty! If you are looking for that homey but also roomy house with the flair of a luxury home plus landscaping to match, this is it! This home will not disappoint. Private fenced patio 10x20 3 season room. Most large items have ben replaced within the last few years. Don't let this slip away!

11. 2025-05-27
    status Pending 338-char remark

    Show marketing remark (338 chars)

    No need to look any further. This is a real beauty! If you are looking for that homey but also roomy house with the flair of a luxury home plus landscaping to match, this is it! This home will not disappoint. Private fenced patio 10x20 3 season room. Most large items have ben replaced within the last few years. Don't let this slip away!

12. 2025-05-24
    listed $137,900 Active 338-char remark

    Show marketing remark (338 chars)

    No need to look any further. This is a real beauty! If you are looking for that homey but also roomy house with the flair of a luxury home plus landscaping to match, this is it! This home will not disappoint. Private fenced patio 10x20 3 season room. Most large items have ben replaced within the last few years. Don't let this slip away!

13. 2023-01-31
    soldstatus $74,900 Closed

    Show marketing remark (935 chars)

    COLUMBIA PARK IS A 55 YEAR AND OLDER CONCEPT OF LIVING and is Ohio's Premier Adult Land Lease Community. Amenities include Gatehouse managed entrance! On site Shopping Plaza! On site Management! Walking Path/Dog Walking Path! Shuffleboard! Bocce Ball! Library! Crafts and a Social Hall! WELCOME HOME to this Beautiful 1990 Schult manufactured home measuring 60 x 28 (1680 sqft. ) offering Two (2) Bedrooms plus a Den and two (2) full baths, formal living and dining room, large kitchen with morning room. Great sized Laundry/Mud Room. There is an awesome Master Suite with a large walk in closet and amazing Master Bath. This home is FABULOUS!!! This is HOME the moment you walk in the door beautifully maintained and decorated. The roof was replaced in 2020, windows replaced in 2013 and the hot water tank in 2005. The heat pump on furnace was replaced in 2012. Please don't miss out on this one, it is that stunning!!!!!!!!

14. 2023-01-01
    status Pending

    Show marketing remark (935 chars)

    COLUMBIA PARK IS A 55 YEAR AND OLDER CONCEPT OF LIVING and is Ohio's Premier Adult Land Lease Community. Amenities include Gatehouse managed entrance! On site Shopping Plaza! On site Management! Walking Path/Dog Walking Path! Shuffleboard! Bocce Ball! Library! Crafts and a Social Hall! WELCOME HOME to this Beautiful 1990 Schult manufactured home measuring 60 x 28 (1680 sqft. ) offering Two (2) Bedrooms plus a Den and two (2) full baths, formal living and dining room, large kitchen with morning room. Great sized Laundry/Mud Room. There is an awesome Master Suite with a large walk in closet and amazing Master Bath. This home is FABULOUS!!! This is HOME the moment you walk in the door beautifully maintained and decorated. The roof was replaced in 2020, windows replaced in 2013 and the hot water tank in 2005. The heat pump on furnace was replaced in 2012. Please don't miss out on this one, it is that stunning!!!!!!!!

15. 2022-12-30
    listed $74,900 Active

    Show marketing remark (935 chars)

    COLUMBIA PARK IS A 55 YEAR AND OLDER CONCEPT OF LIVING and is Ohio's Premier Adult Land Lease Community. Amenities include Gatehouse managed entrance! On site Shopping Plaza! On site Management! Walking Path/Dog Walking Path! Shuffleboard! Bocce Ball! Library! Crafts and a Social Hall! WELCOME HOME to this Beautiful 1990 Schult manufactured home measuring 60 x 28 (1680 sqft. ) offering Two (2) Bedrooms plus a Den and two (2) full baths, formal living and dining room, large kitchen with morning room. Great sized Laundry/Mud Room. There is an awesome Master Suite with a large walk in closet and amazing Master Bath. This home is FABULOUS!!! This is HOME the moment you walk in the door beautifully maintained and decorated. The roof was replaced in 2020, windows replaced in 2013 and the hot water tank in 2005. The heat pump on furnace was replaced in 2012. Please don't miss out on this one, it is that stunning!!!!!!!!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 15 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: $22,704
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$1,497
• − Repairs & maintenance: −$1,816
• − Management: −$1,816
• − Depreciation: −$4,070
• Taxable income: $3,569
• Est. tax owed @ 24.0%: −$857
• After-tax cash flow: $4,680/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained home offers a good balance of comfort and style, with minor repairs needed and potential for significant value increases through updates.

Repairs flagged

• Minor kitchen backsplash — slight discoloration
• Minor bathroom backsplash — slight discoloration

Value-add opportunities

• Resale paint interior walls — fresh paint enhances curb appeal
• Both install hardwood flooring — improves aesthetics and increases property value
• Both replace carpeted flooring — improves aesthetics and increases property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · slight discoloration	Minor	$500–3,000
bathroom backsplash · slight discoloration	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale paint interior walls — fresh paint enhances curb appeal ↑
• Both install hardwood flooring — improves aesthetics and increases property value ↑
• Both replace carpeted flooring — improves aesthetics and increases property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Olmsted Falls City
• NCES district ID: 3904657
• Math proficiency: 70% ▼ -14.00%
• Reading proficiency: 70% ▼ -10.00%
• Median HH income: $68,307
• Composite: 61.12/100
• National rank: #787
• State rank: #134 of 656 in OH

Livability — Olmsted Falls

• Score: 73/100
• State rank: #343
• US rank: #5595

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cuyahoga · 1,045,444 people
• Metro: Cleveland, OH
• Population (ZIP): 23,129
• Household income: $93,877
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 7.6

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% Hispanic / Latino 9% Two or more races 6% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 1%
• Foreign-born: 6% · Canada, Jamaica, China
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1% Arabic 1%

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: ▼ -89.76%
• Current HPI: 201.9716
• Rent YoY: —
• Metro: —
• 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

+86.8% since first listed

8 events — show timeline

• 2026-06-12 Pending — MLSNOW
• 2026-05-13 Listed $139,900 MLSNOW
• 2025-06-11 Sold (MLS) $133,000 MLSNOW
• 2025-05-27 Pending — MLSNOW
• 2025-05-24 Listed $137,900 MLSNOW
• 2023-01-31 Sold (MLS) $74,900 MLSNOW
• 2023-01-01 Pending — MLSNOW
• 2022-12-30 Listed $74,900 MLSNOW