1231 E 346th St · Eastlake, OH 44095

$49,900

2 bd · 1.0 ba · 939 sqft · SingleFamily public records · 17 Days on market

Built 1920 4,878 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Rent growth +3.7/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Many Updates * Move Right In * Front * Rear Decks Storage Shed & Large Storage Attic

Key facts

• Vaulted ceiling
• Large living room
• Prime location

Tags

• LARGE LIVING ROOM
• VAULTED CEILING
• PRIME LOCATION
• CLOSE PROXIMITY TO SHOPPING
• GREAT SCHOOL SYSTEM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $812 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 25.8% vs local median 4.7% in Eastlake — 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 68/100 on livability (#550 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: employment D+, amenities F, commute F.
• Willoughby-Eastlake City (suburban): math 42% / reading 58% proficiency, ranked #434 of 656 in OH (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.8%/yr); 132 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Lake 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 + 4.8% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 30y 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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 B-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: 2.93% ✓
• Cap rate: 25.81%
• Cash-on-cash: 69.72%
• DSCR: 4.10
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $160,569
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1270 E 348th St	0.07mi	3/1.0 (+1)	1,020 (+9%)	4mo	$160,000	$157	74
1278 Hulett Ave	0.33mi	2/1.0	902 (-4%)	5mo	$135,000	$150	73
1041 E 349th St	0.32mi	2/1.0	887 (-6%)	8mo	$166,000	$187	70
1380 E 345th St	0.26mi	2/1.0	858 (-9%)	5mo	$100,000	$117	70
1262 E 346th St	0.05mi	3/1.5 (+1)	1,056 (+12%)	3mo	$171,900	$163	67
1316 E 362nd St	0.60mi	2/1.0	952 (+1%)	9mo	$160,000	$168	62
483 E 330th St	0.64mi	3/1.0 (+1)	1,047 (+12%)	0mo	$179,000	$171	46
1470 E 332nd	0.71mi	3/1.0 (+1)	1,046 (+11%)	1mo	$135,000	$129	42
34682 Iris Ln	0.63mi	3/1.5 (+1)	1,032 (+10%)	8mo	$220,000	$213	41
460 E 329th St	0.74mi	2/2.0	1,048 (+12%)	7mo	$200,000	$191	36
34633 Glen Dr	0.59mi	3/1.5 (+1)	1,078 (+15%)	8mo	$230,000	$213	35
35517 Glen Dr	0.68mi	3/2.0 (+1)	1,066 (+14%)	8mo	$275,000	$258	30

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 · 4.81% rent growth · sell at horizon

5-year hold

• IRR: 71.3%
• Equity multiple: 4.32×
• Total profit: $46,354
• Equity at exit: $7,440

10-year hold

• IRR: 75.8%
• Equity multiple: 9.49×
• Total profit: $118,588
• Equity at exit: $4,314

Cash invested: $13,972 (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 44095

• Rents YoY: 4.8%
• Active inventory: 132
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,464 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $812

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 40%

Sensitivity live

Price	-10% $846	-5% $829	+0% $812	+5% $795	+10% $777
Rent	-10% $696	-5% $754	+0% $812	+5% $870	+10% $927
Rate	-1.0pp $837	-0.5pp $824	base $812	+0.5pp $799	+1.0pp $786

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33201 Vine St Willowick, OH	1.0–2.0	1.0	621	$1,200	$1.93	21d	1	0.59mi
1323 E 360th St Eastlake, OH	3.0	1.0	1036	$1,599	$1.54	17d	1	0.61mi
360 E 326th St Willowick, OH	2.0	2.0	1053	$1,447	$1.37	3d	1	0.97mi

Listing history 6 events

1. 2026-04-20
   status Pending
2. 2026-04-03
   listed $49,900 Active
3. 1996-07-17
   soldstatus $69,900 94-char remark

   Show marketing remark (94 chars)

   Many Updates * Move Right In * Front * Rear Decks Storage Shed & Large Storage Attic

4. 1996-07-15
   soldstatus $69,900
5. 1996-05-01
   listed $69,900 94-char remark

   Show marketing remark (94 chars)

   Many Updates * Move Right In * Front * Rear Decks Storage Shed & Large Storage Attic

6. 1989-06-06
   soldstatus $21,500

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,569
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,406
• − Management: −$1,406
• − Depreciation: −$1,452
• Taxable income: $9,513
• Est. tax owed @ 24.0%: −$2,283
• After-tax cash flow: $7,458/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: Willoughby-Eastlake City
• NCES district ID: 3904510
• Math proficiency: 42% ▼ -21.00%
• Reading proficiency: 58% ▼ -11.00%
• Median HH income: $52,500
• Composite: 42.96/100
• National rank: #3110
• State rank: #434 of 656 in OH

Livability — Eastlake

• Score: 68/100
• State rank: #550
• US rank: #9388

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eastlake, OH
• County: Lake County · 204,927 people
• City population: 32,363
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 32,363
• Household income: $71,543
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 590.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Black 5% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Russian/Polish/Slavic 3% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.78%
• Current HPI: 171.8121
• Rent YoY: ▲ 4.81%
• 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

+132.1% since first listed

6 events — show timeline

• 2026-04-20 Pending — MLSNOW
• 2026-04-03 Listed $49,900 MLSNOW
• 1996-07-17 Sold (MLS) $69,900 MLSNOW
• 1996-07-15 Sold (Public Records) $69,900 Public Records
• 1996-05-01 Listed $69,900 MLSNOW
• 1989-06-06 Sold (Public Records) $21,500 Public Records

Property tax history

+5.9%/yr

Latest (2025): $4,513 · +32.0% YoY. Source: county tax records.