24193 Hedgewood Ave · Westlake, OH 44145

$274,900

3 bd · 1.0 ba · 1,155 sqft · SingleFamily public records · 12 Days on market

Built 1951 0.33 ac lot Est $259k · 6% over

---

Why this score? — see what drove the D- 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 +12.2/30.0
• Schools +6.6/10.0
• ARV discount +4.7/15.0
• Livability +4.1/5.0
• DSCR +3.6/10.0
• Rent growth +3.1/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming ranch located on a quiet side street in Westlake! Offering 3 bedrooms, 1 bath, and a one-car detached garage this home is waiting for its new owner in this desirable area! New carpet has been added throughout the entire home, as well as new laminate flooring and was recently professionally painted. Air conditioning and furnace were recently updated in 2020 for peace of mind. Don't rent when you can buy this great home!

Key facts

• Laundry room
• New appliances
• New roof

Tags

• NEW ROOF
• NEW HALF BATH
• LAUNDRY ROOM
• FULLY FENCED BACKYARD
• LARGE ATTIC
• NEW APPLIANCES

Property features AI

Exterior

• Parking: Detached garage; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-story home; Updated/remodeled
• Construction: Aluminum siding; Asphalt roof; Block and brick/mortar foundation; Built according to public records
• Exterior features: Private yard; Patio; Back yard fencing

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 bathrooms on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s)
• Laundry & utility: Washer; Dryer; Laundry located in a main-level bathroom

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-56 ($-669/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (20.5% below list).
• Recommended offer: $218k (20.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $8k 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 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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 $150k; list at $275k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $218,475 (20.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.79% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.87%
• DSCR: 0.96
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $258,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24193 Hedgewood Ave	0.00mi	3/1.5	1,155 (0%)	1mo	$305,000	$264	98
24152 Hedgewood Ave	0.05mi	3/1.0	1,117 (-3%)	6mo	$250,000	$224	88
24217 Vincent Dr	0.36mi	3/1.5	1,131 (-2%)	8mo	$180,500	$160	71
24456 Noreen Dr	0.48mi	3/1.5	1,102 (-5%)	0mo	$290,000	$263	67
2138 Hawkins Rd	0.27mi	3/2.0	1,229 (+6%)	9mo	$330,000	$269	66
23413 Clifford Dr	0.62mi	3/1.0	1,200 (+4%)	5mo	$170,000	$142	60
23205 Clifford Dr	0.72mi	3/1.0	1,170 (+1%)	7mo	$180,000	$154	59
24363 Smith Rd	0.17mi	2/1.0 (-1)	1,322 (+14%)	8mo	$247,500	$187	56
24207 Lebern Dr	0.43mi	3/1.5	1,306 (+13%)	2mo	$245,000	$188	54
23856 Lebern Dr	0.44mi	3/1.5	1,024 (-11%)	6mo	$239,400	$234	53
3160 Twin Circle Dr	0.72mi	3/2.0	1,128 (-2%)	8mo	$206,500	$183	51
2375 Clague Rd	0.32mi	2/2.0 (-1)	1,014 (-12%)	5mo	$279,000	$275	51

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: -18.5%
• Equity multiple: 0.36×
• Total profit: $-49,622
• Equity at exit: $40,988

10-year hold

• IRR: -12.2%
• Equity multiple: 0.30×
• Total profit: $-53,954
• Equity at exit: $23,768

Cash invested: $76,972 (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 44145

• Rents YoY: 2.3%
• Active inventory: 166
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,185 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$226 /mo · $2,707/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $-56

Break-even live

Break-even rent $2,255

Max offer price $265,049

Occupancy floor 98%

Sensitivity live

Price	-10% $100	-5% $22	+0% $-56	+5% $-134	+10% $-211
Rent	-10% $-228	-5% $-142	+0% $-56	+5% $31	+10% $117
Rate	-1.0pp $83	-0.5pp $14	base $-56	+0.5pp $-127	+1.0pp $-199

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23246 Alexander Rd North Olmsted, OH	2.0	1.0	750	$1,100	$1.47	45d	1	0.80mi
25312 Hall Dr Westlake, OH	4.0	1.5	1260	$2,280	$1.81	45d	1	0.91mi
22603 Center Ridge Rd Rocky River, OH	1.0–3.0	1.0–2.5	2190	$6,295	$2.87	3d	23	1.02mi
23691 Delmere Dr North Olmsted, OH	1.0–2.0	1.0	750	$1,200	$1.60	4d	3	1.23mi
3653 Beaumont Dr North Olmsted, OH	3.0	1.0	1128	$1,600	$1.42	5d	1	1.26mi
23464 Lorain Rd North Olmsted, OH	1.0–2.0	1.0	777	$1,300	$1.67	6d	10	1.31mi
23464 Lorain Rd Unit 209 North Olmsted, OH	2.0	1.0	900	$1,300	$1.44	22d	1	1.32mi
2557 Jackie Ln Westlake, OH	2.0	2.0	1200	$1,500	$1.25	25d	1	1.37mi
22445 Lorain Rd Fairview Park, OH	1.0–2.0	1.0	732	$1,599	$2.18	3d	1	1.40mi

Listing history 16 events

1. 2026-05-06
   status Pending
2. 2026-04-27
   historical Contingent
3. 2026-04-24
   listed $274,900 Active
4. 2021-10-01
   soldstatus $150,000
5. 2021-10-01
   soldstatus $150,000
6. 2021-09-30
   soldstatus $150,000 Closed 449-char remark

   Show marketing remark (449 chars)

   Welcome to this charming ranch located on a quiet side street in Westlake! Offering 3 bedrooms, 1 bath, and a one-car detached garage this home is waiting for its new owner in this desirable area! New carpet has been added throughout the entire home, as well as new laminate flooring and was recently professionally painted. Air conditioning and furnace were recently updated in 2020 for peace of mind. Don't rent when you can buy this great home!

7. 2021-08-31
   status Pending 449-char remark

   Show marketing remark (449 chars)

   Welcome to this charming ranch located on a quiet side street in Westlake! Offering 3 bedrooms, 1 bath, and a one-car detached garage this home is waiting for its new owner in this desirable area! New carpet has been added throughout the entire home, as well as new laminate flooring and was recently professionally painted. Air conditioning and furnace were recently updated in 2020 for peace of mind. Don't rent when you can buy this great home!

8. 2021-08-27
   price $169,000 449-char remark

   Show marketing remark (449 chars)

   Welcome to this charming ranch located on a quiet side street in Westlake! Offering 3 bedrooms, 1 bath, and a one-car detached garage this home is waiting for its new owner in this desirable area! New carpet has been added throughout the entire home, as well as new laminate flooring and was recently professionally painted. Air conditioning and furnace were recently updated in 2020 for peace of mind. Don't rent when you can buy this great home!

9. 2021-08-24
   price $174,900 449-char remark

   Show marketing remark (449 chars)

   Welcome to this charming ranch located on a quiet side street in Westlake! Offering 3 bedrooms, 1 bath, and a one-car detached garage this home is waiting for its new owner in this desirable area! New carpet has been added throughout the entire home, as well as new laminate flooring and was recently professionally painted. Air conditioning and furnace were recently updated in 2020 for peace of mind. Don't rent when you can buy this great home!

10. 2021-08-20
    price $179,000 449-char remark

    Show marketing remark (449 chars)

    Welcome to this charming ranch located on a quiet side street in Westlake! Offering 3 bedrooms, 1 bath, and a one-car detached garage this home is waiting for its new owner in this desirable area! New carpet has been added throughout the entire home, as well as new laminate flooring and was recently professionally painted. Air conditioning and furnace were recently updated in 2020 for peace of mind. Don't rent when you can buy this great home!

11. 2021-08-09
    price $189,000 449-char remark

    Show marketing remark (449 chars)

    Welcome to this charming ranch located on a quiet side street in Westlake! Offering 3 bedrooms, 1 bath, and a one-car detached garage this home is waiting for its new owner in this desirable area! New carpet has been added throughout the entire home, as well as new laminate flooring and was recently professionally painted. Air conditioning and furnace were recently updated in 2020 for peace of mind. Don't rent when you can buy this great home!

12. 2021-07-30
    listed $199,000 Active 449-char remark

    Show marketing remark (449 chars)

    Welcome to this charming ranch located on a quiet side street in Westlake! Offering 3 bedrooms, 1 bath, and a one-car detached garage this home is waiting for its new owner in this desirable area! New carpet has been added throughout the entire home, as well as new laminate flooring and was recently professionally painted. Air conditioning and furnace were recently updated in 2020 for peace of mind. Don't rent when you can buy this great home!

13. 2014-12-16
    soldstatus $97,500 991-char remark

    Show marketing remark (991 chars)

    Welcome to 24193 Hedgewood Drive in Westlake. This home is situated on a 1/3 acre lot on a tree lined street and is just waiting for its new owner! This is a great alternative to condo living, is a great first time home and also appeals to those buyers looking to downsize. As you approach the home, you can immediately see that it's been well maintained. The aluminum siding is in good shape and the roof has recently been tuned up. As you walk inside, you are greeted by a cozy vestibule w/ ceramic tile flooring, a guest closet and brick accents. The spacious and open floor plan includes a nice sized living room that spills into the dining area. There are hardwood floors under the carpet (see bedrooms), that would give this space any feel your lifestyle requires. The kitchen is off the dining room and is galley style. It opens into a mud/laundry/utility room that offers easy access to the yard and detached garage via a side door. This is the perfect space to kick off your shoes

14. 2014-12-16
    soldstatus $97,600

    Show marketing remark (991 chars)

    Welcome to 24193 Hedgewood Drive in Westlake. This home is situated on a 1/3 acre lot on a tree lined street and is just waiting for its new owner! This is a great alternative to condo living, is a great first time home and also appeals to those buyers looking to downsize. As you approach the home, you can immediately see that it's been well maintained. The aluminum siding is in good shape and the roof has recently been tuned up. As you walk inside, you are greeted by a cozy vestibule w/ ceramic tile flooring, a guest closet and brick accents. The spacious and open floor plan includes a nice sized living room that spills into the dining area. There are hardwood floors under the carpet (see bedrooms), that would give this space any feel your lifestyle requires. The kitchen is off the dining room and is galley style. It opens into a mud/laundry/utility room that offers easy access to the yard and detached garage via a side door. This is the perfect space to kick off your shoes

15. 2014-11-27
    historical 991-char remark

    Show marketing remark (991 chars)

    Welcome to 24193 Hedgewood Drive in Westlake. This home is situated on a 1/3 acre lot on a tree lined street and is just waiting for its new owner! This is a great alternative to condo living, is a great first time home and also appeals to those buyers looking to downsize. As you approach the home, you can immediately see that it's been well maintained. The aluminum siding is in good shape and the roof has recently been tuned up. As you walk inside, you are greeted by a cozy vestibule w/ ceramic tile flooring, a guest closet and brick accents. The spacious and open floor plan includes a nice sized living room that spills into the dining area. There are hardwood floors under the carpet (see bedrooms), that would give this space any feel your lifestyle requires. The kitchen is off the dining room and is galley style. It opens into a mud/laundry/utility room that offers easy access to the yard and detached garage via a side door. This is the perfect space to kick off your shoes

16. 2014-11-03
    listed $109,900 991-char remark

    Show marketing remark (991 chars)

    Welcome to 24193 Hedgewood Drive in Westlake. This home is situated on a 1/3 acre lot on a tree lined street and is just waiting for its new owner! This is a great alternative to condo living, is a great first time home and also appeals to those buyers looking to downsize. As you approach the home, you can immediately see that it's been well maintained. The aluminum siding is in good shape and the roof has recently been tuned up. As you walk inside, you are greeted by a cozy vestibule w/ ceramic tile flooring, a guest closet and brick accents. The spacious and open floor plan includes a nice sized living room that spills into the dining area. There are hardwood floors under the carpet (see bedrooms), that would give this space any feel your lifestyle requires. The kitchen is off the dining room and is galley style. It opens into a mud/laundry/utility room that offers easy access to the yard and detached garage via a side door. This is the perfect space to kick off your shoes

ⓘ 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: $2,707 · $226/mo
• Projected year-2 tax: $3,498 · $291/mo
• Expected delta: +$791/yr (+$66/mo · 29.2%)

ⓘ 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 · 16 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: $26,217
• − Mortgage interest: −$15,399
• − Property taxes: −$2,707
• − Insurance: −$1,374
• − Repairs & maintenance: −$2,097
• − Management: −$2,097
• − Depreciation: −$7,997
• Taxable loss: −$5,455
• Est. tax savings @ 24.0%: +$1,309
• After-tax cash flow: $640/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

+150.1% since first listed

16 events — show timeline

• 2026-05-06 Pending — MLSNOW
• 2026-04-27 Contingent — MLSNOW
• 2026-04-24 Listed $274,900 MLSNOW
• 2021-10-01 Sold (Public Records) $150,000 Public Records
• 2021-10-01 Sold (Public Records) $150,000 Public Records
• 2021-09-30 Sold (MLS) $150,000 MLSNOW
• 2021-08-31 Pending — MLSNOW
• 2021-08-27 Price Changed $169,000 MLSNOW
• 2021-08-24 Price Changed $174,900 MLSNOW
• 2021-08-20 Price Changed $179,000 MLSNOW
• 2021-08-09 Price Changed $189,000 MLSNOW
• 2021-07-30 Listed $199,000 MLSNOW
• 2014-12-16 Sold (Public Records) $97,600 Public Records
• 2014-12-16 Sold (MLS) $97,500 MLSNOW
• 2014-11-27 Listing Removed — MLSNOW
• 2014-11-03 Listed $109,900 MLSNOW

Property tax history

+3.6%/yr

Latest (2025): $2,707 · +4.9% YoY. Source: county tax records.