2203 Bunts Rd · Lakewood, OH 44107

$508,500

7 bd · 3.0 ba · 2,714 sqft · MultiFamily public records · 110 Days on market

Built 1920 5,802 sqft lot $187/sqft · 43% above area Est $356k · 43% over

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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 +23.1/30.0
• DSCR +7.4/10.0
• 1% rule +6.3/10.0
• Schools +5.5/10.0
• Livability +4.4/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Welcome to 2203 Bunts Road, a beautiful three-family home in move-right-in condition! Over $100k in updates. Great investment property for a savvy investor or live in one unit and rent the others! First-floor unit with a living room, dining room, beautiful fully remodeled kitchen with white shaker cabinets, quartz countertops, glass black splash, and stainless-steel appliances; all included. Two bedrooms and on suite that could be used as a third bedroom and a full bath complete this unit. second floor unit with a living room, dining room, fully remodeled kitchen; all appliances included, two bedrooms and a full bathroom. Third-floor unit with a living room, kitchen with stove and fridge; included, one bedroom, and a full bathroom complete this unit. First and Second-floor units with LVT flooring throughout. Full unfinished basement with glass block windows throughout, laundry, and storage area. Detached two-car garage. Great location close to many local restaurants, parks, and minutes to downtown Cleveland. Do not miss out on this opportunity call us today to schedule a time to see it.

Key facts

• Quartz countertops
• Great location
• Glass block windows

Tags

• FULLY REMODELED KITCHEN
• WHITE SHAKER CABINETS
• QUARTZ COUNTERTOPS
• GLASS BLOCK WINDOWS
• DETACHED TWO-CAR GARAGE
• GREAT LOCATION

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $508k.

Deal economics

• At list price, monthly cash flow is $912 ($11k/yr) — positive. Per door: $304/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $508k).
• Recommended offer: $463k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.6% 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); 204 active listings in the ZIP; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $5,728/mo this rent would consume 100% 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 $4k of loan paydown is wiped out by about $15k 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 + 5.4% rent growth), your $142k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($463k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 8y ago; this cycle's ask has dropped $39k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $388k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $462,735 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.13% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.69%
• DSCR: 1.34
• GRM: 7.4

CMA / ARV

• ARV (median comp): $355,623
• List price: $508,500
• Delta: 42.99%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2114 Chesterland Ave	0.29mi	6/2.0 (-1)	2,556 (-6%)	8mo	$358,000	$140	61
2167 Bunts Rd	0.07mi	6/2.0 (-1)	2,427 (-11%)	12mo	$320,000	$132	60
14511 Garfield Ave	0.36mi	6/2.0 (-1)	2,844 (+5%)	20mo	$420,000	$148	50
1552 Parkwood Rd	0.67mi	6/2.0 (-1)	2,736 (+1%)	12mo	$425,000	$155	49
1646 Alameda Ave	0.73mi	7/2.0	2,600 (-4%)	13mo	$371,100	$143	44

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-10,037
• Equity at exit: $75,819

10-year hold

• IRR: 10.4%
• Equity multiple: 1.90×
• Total profit: $127,462
• Equity at exit: $43,966

Cash invested: $142,380 (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: 204
• Price-to-rent: 22.2×

Monthly cashflow live

• Estimated rent: $5,728 medium
• Mortgage (P&I): −$2,667
• Tax from tax record: −$734 /mo · $8,810/yr
• Insurance: −$212
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,203
• Net cashflow: $912

Break-even live

Break-even rent $4,573

Max offer price $508,500

Occupancy floor 79%

Sensitivity live

Price	-10% $1,200	-5% $1,056	+0% $912	+5% $768	+10% $625
Rent	-10% $460	-5% $686	+0% $912	+5% $1,139	+10% $1,365
Rate	-1.0pp $1,169	-0.5pp $1,042	base $912	+0.5pp $781	+1.0pp $647

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,727
Total (3 units)			$5,728

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: $127,125
• Closing costs: $15,255
• Reserves months: —
• Total cash needed: —

Listing history 48 events

1. 2026-06-21
   days on market $508,500 Active 110 DOM
2. 2026-06-18
   price $508,500 Active 107 DOM
3. 2026-06-18
   days on market $524,900 Active 107 DOM
4. 2026-06-17
   days on market $524,900 Active 106 DOM
5. 2026-06-16
   days on market $524,900 Active 105 DOM
6. 2026-06-15
   days on market $524,900 Active 104 DOM
7. 2026-06-13
   days on market $524,900 Active 102 DOM
8. 2026-06-13
   days on market $524,900 Active 101 DOM
9. 2026-06-09
   days on market $524,900 Active 98 DOM
10. 2026-06-08
    days on market $524,900 Active 97 DOM
11. 2026-06-07
    days on market $524,900 Active 96 DOM
12. 2026-06-05
    days on market $524,900 Active 93 DOM
13. 2026-06-03
    days on market $524,900 Active 92 DOM
14. 2026-06-02
    days on market $524,900 Active 91 DOM
15. 2026-06-01
    days on market $524,900 Active 90 DOM
16. 2026-05-31
    days on market $524,900 Active 89 DOM
17. 2026-05-11
    price $530,000 1103-char remark

    Show marketing remark (1103 chars)

    Welcome to 2203 Bunts Road, a beautiful three-family home in move-right-in condition! Over $100k in updates. Great investment property for a savvy investor or live in one unit and rent the others! First-floor unit with a living room, dining room, beautiful fully remodeled kitchen with white shaker cabinets, quartz countertops, glass black splash, and stainless-steel appliances; all included. Two bedrooms and on suite that could be used as a third bedroom and a full bath complete this unit. second floor unit with a living room, dining room, fully remodeled kitchen; all appliances included, two bedrooms and a full bathroom. Third-floor unit with a living room, kitchen with stove and fridge; included, one bedroom, and a full bathroom complete this unit. First and Second-floor units with LVT flooring throughout. Full unfinished basement with glass block windows throughout, laundry, and storage area. Detached two-car garage. Great location close to many local restaurants, parks, and minutes to downtown Cleveland. Do not miss out on this opportunity call us today to schedule a time to see it.

18. 2026-04-13
    price $539,900 1103-char remark

    Show marketing remark (1103 chars)

    Welcome to 2203 Bunts Road, a beautiful three-family home in move-right-in condition! Over $100k in updates. Great investment property for a savvy investor or live in one unit and rent the others! First-floor unit with a living room, dining room, beautiful fully remodeled kitchen with white shaker cabinets, quartz countertops, glass black splash, and stainless-steel appliances; all included. Two bedrooms and on suite that could be used as a third bedroom and a full bath complete this unit. second floor unit with a living room, dining room, fully remodeled kitchen; all appliances included, two bedrooms and a full bathroom. Third-floor unit with a living room, kitchen with stove and fridge; included, one bedroom, and a full bathroom complete this unit. First and Second-floor units with LVT flooring throughout. Full unfinished basement with glass block windows throughout, laundry, and storage area. Detached two-car garage. Great location close to many local restaurants, parks, and minutes to downtown Cleveland. Do not miss out on this opportunity call us today to schedule a time to see it.

19. 2026-03-26
    price $542,000 1103-char remark

    Show marketing remark (1103 chars)

    Welcome to 2203 Bunts Road, a beautiful three-family home in move-right-in condition! Over $100k in updates. Great investment property for a savvy investor or live in one unit and rent the others! First-floor unit with a living room, dining room, beautiful fully remodeled kitchen with white shaker cabinets, quartz countertops, glass black splash, and stainless-steel appliances; all included. Two bedrooms and on suite that could be used as a third bedroom and a full bath complete this unit. second floor unit with a living room, dining room, fully remodeled kitchen; all appliances included, two bedrooms and a full bathroom. Third-floor unit with a living room, kitchen with stove and fridge; included, one bedroom, and a full bathroom complete this unit. First and Second-floor units with LVT flooring throughout. Full unfinished basement with glass block windows throughout, laundry, and storage area. Detached two-car garage. Great location close to many local restaurants, parks, and minutes to downtown Cleveland. Do not miss out on this opportunity call us today to schedule a time to see it.

20. 2026-03-03
    listed $547,900 Active 1103-char remark

    Show marketing remark (1103 chars)

    Welcome to 2203 Bunts Road, a beautiful three-family home in move-right-in condition! Over $100k in updates. Great investment property for a savvy investor or live in one unit and rent the others! First-floor unit with a living room, dining room, beautiful fully remodeled kitchen with white shaker cabinets, quartz countertops, glass black splash, and stainless-steel appliances; all included. Two bedrooms and on suite that could be used as a third bedroom and a full bath complete this unit. second floor unit with a living room, dining room, fully remodeled kitchen; all appliances included, two bedrooms and a full bathroom. Third-floor unit with a living room, kitchen with stove and fridge; included, one bedroom, and a full bathroom complete this unit. First and Second-floor units with LVT flooring throughout. Full unfinished basement with glass block windows throughout, laundry, and storage area. Detached two-car garage. Great location close to many local restaurants, parks, and minutes to downtown Cleveland. Do not miss out on this opportunity call us today to schedule a time to see it.

21. 2025-10-02
    listed $549,999 Active
22. 2023-10-17
    historical $1,500
23. 2023-10-08
    price $1,500
24. 2023-09-15
    listed $1,800
25. 2023-07-19
    soldstatus $387,500
26. 2023-07-18
    status Pending
27. 2023-07-18
    soldstatus $387,500 Closed
28. 2023-06-13
    historical Contingent
29. 2023-06-08
    status Active
30. 2023-05-07
    historical Contingent
31. 2023-05-02
    price $399,900
32. 2023-04-21
    listed $425,000 Active
33. 2020-12-01
    soldstatus $374,900
34. 2020-11-18
    status Pending
35. 2020-11-10
    soldstatus $374,900 Closed
36. 2020-09-18
    historical Contingent
37. 2020-08-25
    listed $379,900 Active
38. 2020-06-06
    historical
39. 2020-04-17
    historical Contingent
40. 2020-04-04
    status Active
41. 2020-03-30
    historical Contingent
42. 2020-03-26
    listed $329,900 Active
43. 2018-07-05
    soldstatus $121,000 Sold
44. 2018-06-21
    status Pending
45. 2018-06-21
    historical
46. 2018-06-08
    listed $109,000 Active
47. 1978-06-01
    soldstatus $65,000
48. 1978-06-01
    soldstatus $65,000

ⓘ 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: $8,810 · $734/mo
• Projected year-2 tax: $8,810 · $734/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 · 17 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: $68,736
• − Mortgage interest: −$28,484
• − Property taxes: −$8,810
• − Insurance: −$2,542
• − Repairs & maintenance: −$5,499
• − Management: −$5,499
• − Depreciation: −$14,793
• Taxable income: $3,109
• Est. tax owed @ 24.0%: −$746
• After-tax cash flow: $10,203/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

+715.4% since first listed

32 events — show timeline

• 2026-05-11 Price Changed $530,000 MLSNOW
• 2026-04-13 Price Changed $539,900 MLSNOW
• 2026-03-26 Price Changed $542,000 MLSNOW
• 2026-03-03 Listed $547,900 MLSNOW
• 2025-10-02 Listed $549,999 MLSNOW
• 2023-10-17 Rental Removed $1,500 APPFOLIO
• 2023-10-08 Price Changed $1,500 APPFOLIO
• 2023-09-15 Listed for Rent $1,800 APPFOLIO
• 2023-07-19 Sold (Public Records) $387,500 Public Records
• 2023-07-18 Pending — MLSNOW
• 2023-07-18 Sold (MLS) $387,500 MLSNOW
• 2023-06-13 Contingent — MLSNOW
• 2023-06-08 Relisted — MLSNOW
• 2023-05-07 Contingent — MLSNOW
• 2023-05-02 Price Changed $399,900 MLSNOW
• 2023-04-21 Listed $425,000 MLSNOW
• 2020-12-01 Sold (Public Records) $374,900 Public Records
• 2020-11-18 Pending — MLSNOW
• 2020-11-10 Sold (MLS) $374,900 MLSNOW
• 2020-09-18 Contingent — MLSNOW
• 2020-08-25 Listed $379,900 MLSNOW
• 2020-06-06 Listing Removed — MLSNOW
• 2020-04-17 Contingent — MLSNOW
• 2020-04-04 Relisted — MLSNOW
• 2020-03-30 Contingent — MLSNOW
• 2020-03-26 Listed $329,900 MLSNOW
• 2018-07-05 Sold (MLS) $121,000 MLSNOW
• 2018-06-21 Pending — MLSNOW
• 2018-06-21 Listing Removed — MLSNOW
• 2018-06-08 Listed $109,000 MLSNOW
• 1978-06-01 Sold (Public Records) $65,000 Public Records
• 1978-06-01 Sold (Public Records) $65,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $8,810 · -0.2% YoY. Source: county tax records.