2131 Wascana Ave · Lakewood, OH 44107

$299,900

4 bd · 2.0 ba · 2,252 sqft · MultiFamily public records · 10 Days on market

Built 1923 6,534 sqft lot Est $340k · 12% 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 +19.1/30.0
• ARV discount +12.8/15.0
• DSCR +6.0/10.0
• Schools +5.5/10.0
• 1% rule +5.2/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

Key facts

• Full walk up attic
• Updated kitchens
• 6,534 sq ft lot

Tags

• GLEAMING HARDWOOD FLOORS
• UPDATED KITCHENS
• BUILT IN WINDOW SEATS
• FULL WALK UP ATTIC
• FULL UNFINISHED BASEMENT
• SEPARATE LAUNDRY AREAS

Property features AI

Finance

• Financial info: Owner pays exterior maintenance, snow removal, sewer, and water; Tenants pay cable TV, electricity, gas, heat, insurance, and internet; Two rental units: each currently renting for $1,300 (unit areas ~1118 and 1134); One building (multifamily)
• HOA & community: Community features include pool, playground, park, medical service, restaurant, shopping

Exterior

• Parking: Driveway; Parking pad; No garage (see remarks)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: 2-story building
• Construction: Block and wood siding construction; Asphalt/fiberglass roof; Full basement (below-grade finished area present)
• Exterior features: Private entrance; Private yard; Partial wood privacy fencing; City lot, landscaped with few trees; Community pool; Curbs, street lights, nearby park and playground; Nearby lake and shopping

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: Two-bedroom units (2 bedrooms each) — Unit 1 leased through Aug 31, 2026; Two-bedroom units (2 bedrooms each)
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Forced air gas heating; Ceiling fans for cooling
• Interior features: Breakfast bar; Built-in features; Ceiling fan(s); Crown molding; Entrance foyer; Eat-in kitchen; Storm windows; Wood window frames; Window treatments
• Laundry & utility: Washer; Dryer; Laundry inside in basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Cap rate 7.6% 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; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $3,069/mo this rent would consume 53% 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 $9k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 9y 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 $142k; list at $300k implies a 112% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,900

Questions for the listing agent

1. Built in 1923 — 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 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: 1.02% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.54%
• DSCR: 1.20
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $340,052
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2131 Wascana Ave	0.00mi	4/2.0	2,252 (0%)	1mo	$299,900	$133	99
2186 Bunts Rd	0.14mi	4/2.0	2,276 (+1%)	3mo	$316,500	$139	89
14311 Delaware Ave	0.35mi	4/2.0	2,264 (+0%)	3mo	$335,000	$148	80
2114 Elbur Ave	0.08mi	4/2.0	2,046 (-9%)	1mo	$300,000	$147	80
14420 Delaware Ave	0.43mi	4/2.0	2,268 (+1%)	1mo	$390,000	$172	78
14330 Lakewood Heights Blvd	0.40mi	4/2.0	2,160 (-4%)	1mo	$295,000	$137	74
2115 Wascana Ave	0.03mi	4/2.0	1,916 (-15%)	3mo	$369,900	$193	71
2099 Waterbury Rd	0.27mi	4/2.0	2,042 (-9%)	3mo	$334,900	$164	69
1618 Parkwood Rd	0.41mi	5/3.0 (+1)	2,306 (+2%)	3mo	$485,000	$210	65
12511 Plover St	0.61mi	5/2.0 (+1)	2,244 (-0%)	2mo	$221,500	$99	64
1607 Cohassett Ave	0.62mi	5/2.5 (+1)	2,276 (+1%)	0mo	$411,000	$181	62
2026 Dowd Ave	0.55mi	5/2.5 (+1)	2,382 (+6%)	4mo	$360,000	$151	54

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: -6.5%
• Equity multiple: 0.75×
• Total profit: $-20,747
• Equity at exit: $44,716

10-year hold

• IRR: 5.9%
• Equity multiple: 1.49×
• Total profit: $40,815
• Equity at exit: $25,930

Cash invested: $83,972 (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 44107

• Rents YoY: 5.4%
• Active inventory: 201
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $3,069 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$409 /mo · $4,911/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$644
• Net cashflow: $318

Break-even live

Break-even rent $2,667

Max offer price $299,900

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,068
Total (2 units)			$3,069

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2082 Lewis Dr Unit 2082 Lakewood, OH	3.0	1.0	1600	$1,750	$1.09	43d	1	0.16mi
1574 Cohassett Ave Lakewood, OH	4.0	1.5	1825	$2,275	$1.25	17d	1	0.64mi
2125 Mars Ave Lakewood, OH	4.0	2.0	1650	$2,000	$1.21	23d	1	0.78mi
1446 Hopkins Ave Lakewood, OH	4.0	4.0	1880	$1,950	$1.04	43d	1	1.01mi
3457 W 128th St Unit 1496115P Cleveland, OH	3.0	2.0	1732	$5,104	$2.95	12d	1	1.15mi
1265 Marlowe Ave Lakewood, OH	4.0	1.0	1690	$1,750	$1.04	14d	1	1.17mi
11021 Western Ave Cleveland, OH	5.0	2.0	1776	$1,950	$1.10	1d	1	1.28mi
1657 Wagar Ave Unit 2 Lakewood, OH	4.0	2.0	1992	$2,280	$1.14	21d	1	1.32mi
1303 Lakeland Ave Lakewood, OH	3.0	1.5	2000	$1,750	$0.88	43d	1	1.38mi
11408 Headley Ave Cleveland, OH	4.0	2.0	1700	$1,975	$1.16	7d	1	1.39mi
11408 Headley Ave Cleveland, OH	4.0	2.0	1700	$1,975	$1.16	23d	1	1.39mi
16806 Pilgrim Ave Unit 1496036P Cleveland, OH	4.0	2.5	1937	$6,179	$3.19	1d	1	1.42mi
11843 Edgewater Dr Lakewood, OH	1.0–3.0	1.0	1600	$1,690	$1.06	23d	1	1.47mi

Listing history 15 events

1. 2026-05-01
   status Pending
2. 2026-04-28
   status Active
3. 2026-04-23
   status Pending
4. 2026-04-20
   status Active
5. 2026-04-12
   status Pending
6. 2026-04-08
   listed $299,900 Active
7. 2017-11-29
   soldstatus $141,500 Sold 498-char remark

   Show marketing remark (498 chars)

   Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

8. 2017-11-29
   soldstatus $141,500

   Show marketing remark (498 chars)

   Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

9. 2017-11-08
   status Pending 498-char remark

   Show marketing remark (498 chars)

   Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

10. 2017-10-25
    historical Contingent 498-char remark

    Show marketing remark (498 chars)

    Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

11. 2017-10-02
    status Active 498-char remark

    Show marketing remark (498 chars)

    Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

12. 2017-09-20
    status Pending 498-char remark

    Show marketing remark (498 chars)

    Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

13. 2017-09-08
    historical Contingent 498-char remark

    Show marketing remark (498 chars)

    Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

14. 2017-08-25
    listed $143,000 Active 498-char remark

    Show marketing remark (498 chars)

    Fantastic Income Opportunity! This Lakewood duplex supplies 2 up and down units; each with 2 bedrooms, 1 full bath, kitchen with included appliances, conjoined dining & living rooms, sprawling front porches and back decks. Included washers, dryers and storage units in the basement & huge, unfinished attic great for storage or can be finished for additional living space. Conveniently located near shopping, restaurants & quick interstate access. Call today for more information!

15. 1980-02-15
    soldstatus $48,700

ⓘ 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: $4,911 · $409/mo
• Projected year-2 tax: $4,911 · $409/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: $36,828
• − Mortgage interest: −$16,799
• − Property taxes: −$4,911
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,946
• − Management: −$2,946
• − Depreciation: −$8,724
• Taxable loss: −$999
• Est. tax savings @ 24.0%: +$240
• After-tax cash flow: $4,051/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

+515.8% since first listed

15 events — show timeline

• 2026-05-01 Pending — MLSNOW
• 2026-04-28 Relisted — MLSNOW
• 2026-04-23 Pending — MLSNOW
• 2026-04-20 Relisted — MLSNOW
• 2026-04-12 Pending — MLSNOW
• 2026-04-08 Listed $299,900 MLSNOW
• 2017-11-29 Sold (Public Records) $141,500 Public Records
• 2017-11-29 Sold (MLS) $141,500 MLSNOW
• 2017-11-08 Pending — MLSNOW
• 2017-10-25 Contingent — MLSNOW
• 2017-10-02 Relisted — MLSNOW
• 2017-09-20 Pending — MLSNOW
• 2017-09-08 Contingent — MLSNOW
• 2017-08-25 Listed $143,000 MLSNOW
• 1980-02-15 Sold (Public Records) $48,700 Public Records

Property tax history

+1.7%/yr

Latest (2025): $4,911 · -0.2% YoY. Source: county tax records.