23237 S Melrose Dr · Westlake, OH 44145

$360,000

3 bd · 1.5 ba · 2,279 sqft · SingleFamily public records · 6 Days on market

Built 1954 0.46 ac lot $158/sqft · 23% below area Est $470k · 23% 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 +16.8/30.0
• ARV discount +15.0/15.0
• Schools +6.6/10.0
• DSCR +5.2/10.0
• 1% rule +4.7/10.0
• Livability +4.1/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Location, Location, Location! Looking to be in one of the most desirable areas of Westlake? Then come see this charming home with its traditional curb appeal and a side-entry garage! Plus there is NO HOA in this development! This 3-beroom, 2 full bath Cape Cod brick home has had the most important mechanics updated: Roof: 2013, HWT: 2020, Driveway: 2011, Furnace & C/A: 2018. The perfect home to add your own personal touch! There are hardwood floors under the carpet in the living room, back hallway and 2 first floor bedrooms. The upstairs bedroom has 2 cedar closets & built in drawers & shelves. There is a loft and access to attic storage. The living room is perfect for all

Key facts

• Side entry garage
• Built in drawers
• Cedar closets

Tags

• SIDE ENTRY GARAGE
• NO HOA
• HARDWOOD FLOORS
• CEDAR CLOSETS
• BUILT IN DRAWERS
• BUILT IN SHELVES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $348k (3.4% below list).
• Recommended offer: $348k (3.4% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• This rent runs 37% of the median local income ($112k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $347,932 (3.4% below list)

Questions for the listing agent

1. Built in 1954 — 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: 0.97% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.76%
• DSCR: 1.12
• GRM: 8.6

CMA / ARV

• ARV (median comp): $470,264
• List price: $360,000
• Delta: -23.45%
• 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
23237 S Melrose Dr	0.00mi	3/2.0	2,279 (0%)	0mo	$380,000	$167	98
1787 Donna Dr	0.53mi	3/2.5	2,304 (+1%)	8mo	$255,000	$111	63
2694 Goldwood Dr	0.31mi	4/2.5 (+1)	2,409 (+6%)	6mo	$535,000	$222	62
22590 Hilliard Blvd	0.46mi	4/2.5 (+1)	2,236 (-2%)	5mo	$457,000	$204	62
23782 Cornwell Dr	0.44mi	3/1.0	2,519 (+10%)	6mo	$260,000	$103	55
22576 Peach Tree Ln	0.63mi	3/2.5	2,396 (+5%)	7mo	$564,000	$235	52
2743 W Asplin Dr	0.53mi	4/2.5 (+1)	2,112 (-7%)	7mo	$512,000	$242	48
1801 Kathryn Dr	0.58mi	4/2.0 (+1)	2,027 (-11%)	3mo	$452,000	$223	45
1840 Hunters Point Ln	0.35mi	4/3.5 (+1)	2,528 (+11%)	9mo	$600,000	$237	45
1789 Clague Rd	0.40mi	4/3.5 (+1)	1,980 (-13%)	5mo	$384,000	$194	42
2761 Gibson Dr	0.44mi	4/3.0 (+1)	2,016 (-12%)	10mo	$480,000	$238	40
2021 Hunter's Point Ln	0.51mi	4/3.5 (+1)	2,534 (+11%)	13mo	$610,000	$241	34

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: -12.7%
• Equity multiple: 0.55×
• Total profit: $-45,858
• Equity at exit: $53,677

10-year hold

• IRR: -4.7%
• Equity multiple: 0.70×
• Total profit: $-30,197
• Equity at exit: $31,126

Cash invested: $100,800 (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: 8.6×

Monthly cashflow live

• Estimated rent: $3,479 high
• Mortgage (P&I): −$1,888
• Tax from tax record: −$479 /mo · $5,746/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$731
• Net cashflow: $232

Break-even live

Break-even rent $3,186

Max offer price $360,000

Occupancy floor 88%

Sensitivity live

Price	-10% $436	-5% $334	+0% $232	+5% $130	+10% $28
Rent	-10% $-43	-5% $94	+0% $232	+5% $369	+10% $507
Rate	-1.0pp $413	-0.5pp $323	base $232	+0.5pp $139	+1.0pp $44

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22603 Center Ridge Rd Rocky River, OH	1.0–3.0	1.0–2.5	2190	$6,295	$2.87	3d	23	0.66mi
24000 Knickerbocker Rd Bay Village, OH	3.0	1.0	1800	$1,950	$1.08	45d	1	1.00mi
1278 Columbia Rd Westlake, OH	4.0	3.0	1638	$2,599	$1.59	3d	1	1.33mi
1278 Columbia Rd Westlake, OH	4.0	3.0	1638	$2,500	$1.53	21d	1	1.33mi
2761 Forestview Ave Rocky River, OH	3.0	1.5	1684	$2,295	$1.36	45d	1	1.41mi

Listing history 2 events

1. 2026-05-13
   listed $360,000 Active 1304-char remark
2. 1973-05-01
   soldstatus $40,000

ⓘ 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: $5,746 · $479/mo
• Projected year-2 tax: $5,746 · $479/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 ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,752
• − Mortgage interest: −$20,166
• − Property taxes: −$5,746
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,340
• − Management: −$3,340
• − Depreciation: −$10,473
• Taxable loss: −$3,113
• Est. tax savings @ 24.0%: +$747
• After-tax cash flow: $3,530/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

+850.0% since first listed

4 events — show timeline

• 2026-06-12 Sold (MLS) $380,000 MLSNOW
• 2026-05-19 Pending — MLSNOW
• 2026-05-13 Listed $360,000 MLSNOW
• 1973-05-01 Sold (Public Records) $40,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $5,746 · -1.3% YoY. Source: county tax records.