2948 Pease Dr #204 · Rocky River, OH 44116

$119,000

1 bd · 1.0 ba · 765 sqft · Condo public records · 177 Days on market

Built 1964 $156/sqft · at area comps Est $124k · at est. $302/mo HOA · 24% of rent

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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).

• ARV discount +9.3/15.0
• Cash flow +7.4/30.0
• Schools +7.4/10.0
• 1% rule +5.6/10.0
• Livability +4.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Pointing you home to this inviting one-bedroom condo in the heart of Rocky River! This desirable second-floor unit offers peaceful views overlooking the beautifully maintained courtyard. The spacious living room features a charming bay window and flows effortlessly into the attached dining area, creating a warm and welcoming space. The light and bright kitchen offers classic white cabinetry, ample storage, and all appliances included. The generously sized bedroom features neutral décor, a large closet, and convenient access to the full bath. Additional perks include a private storage cabinet located on the same floor, a first-floor laundry room for the building, and one detached garage parking space. Residents can enjoy the outdoor pool and party room, and you’ll appreciate the low HOA fees that cover all utilities except electric. A wonderful opportunity for comfortable, carefree living and close to restaurants, shops & more! Enjoy Rocky River's beautiful rec center & parks! Must see!

Key facts

• Outdoor pool
• Attached dining area
• Ample storage

Tags

• ATTACHED DINING AREA
• CLASSIC WHITE CABINETRY
• AMPLE STORAGE
• PRIVATE STORAGE CABINET
• FIRST-FLOOR LAUNDRY ROOM
• OUTDOOR POOL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $119k.

Deal economics

• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $92k (22.6% below list).
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $92k (22.6% below list) — sets the bar for cash-flow.
• Cap rate 4.8% vs local median 2.1% in Rocky River — 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 89/100 on livability (#9 in OH, #112 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Rocky River City (suburban): math 84% / reading 89% proficiency, ranked #26 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 116 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• This rent is only 16% of the median local income ($94k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k 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

• It's been on market 177 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $42k; list at $119k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $92,102 (22.6% 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. It's been on market 177 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.06% ✓
• Cap rate: 4.76%
• Cash-on-cash: -5.48%
• DSCR: 0.76
• GRM: 7.9

CMA / ARV

• ARV (median comp): $123,818
• List price: $119,000
• Delta: -3.89%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -25.4%
• Equity multiple: 0.14×
• Total profit: $-28,763
• Equity at exit: $17,743

10-year hold

• IRR: -20.9%
• Equity multiple: -0.10×
• Total profit: $-36,647
• Equity at exit: $10,289

Cash invested: $33,320 (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 44116

• Active inventory: 116
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,259 high
• Mortgage (P&I): −$624
• Tax from tax record: −$171 /mo · $2,052/yr
• Insurance: −$50
• HOA: −$302
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $-152

Break-even live

Break-even rent $1,451

Max offer price $92,102

Occupancy floor —

Sensitivity live

Price	-10% $-85	-5% $-119	+0% $-152	+5% $-186	+10% $-220
Rent	-10% $-252	-5% $-202	+0% $-152	+5% $-103	+10% $-53
Rate	-1.0pp $-92	-0.5pp $-122	base $-152	+0.5pp $-183	+1.0pp $-214

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22081 River Oaks Dr Unit B8 Rocky River, OH	1.0	1.0	726	$1,245	$1.71	5d	1	0.32mi
22081 River Oaks Dr Rocky River, OH	1.0	1.0	726	$1,198	$1.65	18d	2	0.33mi
3303 Linden Rd Rocky River, OH	2.0	1.0–1.5	645	$1,374	$2.13	3d	17	0.61mi
22603 Center Ridge Rd Rocky River, OH	1.0–3.0	1.0–2.5	2190	$1,895	$0.87	3d	23	0.69mi
21045 Southbend Cir Unit 9 Rocky River, OH	2.0	1.0	800	$1,500	$1.88	22d	1	0.71mi
21045 Southbend Cir Apt 8 Rocky River, OH	2.0	1.0	800	$1,500	$1.88	45d	1	0.71mi
21045 Southbend Cir Apt 2 Rocky River, OH	1.0	1.0	800	$1,300	$1.62	45d	1	0.71mi
19875 Center Ridge Rd Rocky River, OH	1.0	1.0	678	$1,772	$2.61	3d	9	0.84mi
3400 Wooster Rd Rocky River, OH	1.0	1.0	780	$1,500	$1.92	25d	1	0.85mi
20123 Lorain Rd Cleveland, OH	1.0–2.0	1.0–2.0	820	$920	$1.12	3d	1	1.14mi
20550 Detroit Rd Apt 6 Rocky River, OH	1.0	1.0	725	$1,025	$1.41	4d	1	1.17mi
20550 Detroit Rd Unit 8 Rocky River, OH	1.0	1.0	725	$1,080	$1.49	22d	1	1.17mi
19740 Lorain Rd Fairview Park, OH	1.0–2.0	1.0	800	$1,099	$1.37	17d	2	1.17mi
20333 Detroit Rd Unit 213 Rocky River, OH	2.0	1.5	800	$1,400	$1.75	45d	1	1.23mi
19290 Lorain Rd Unit 5 Fairview Park, OH	1.0	1.0	900	$1,150	$1.28	45d	1	1.39mi
18975 Hilliard Blvd Rocky River, OH	1.0	1.0	875	$995	$1.14	17d	1	1.49mi
18963 Hilliard Blvd Unit 2 Rocky River, OH	1.0	1.0	750	$1,150	$1.53	21d	1	1.50mi

HOA detail condo

• Monthly dues: $302 · $3,624/yr
• Likely covers: electricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $119,000 Active 177 DOM
2. 2026-06-18
   days on market $119,000 Active 174 DOM
3. 2026-06-17
   days on market $119,000 Active 173 DOM
4. 2026-06-13
   days on market $119,000 Active 172 DOM
5. 2026-06-13
   days on market $119,000 Active 171 DOM
6. 2026-06-09
   days on market $119,000 Active 168 DOM
7. 2026-06-08
   days on market $119,000 Active 167 DOM
8. 2026-06-07
   days on market $119,000 Active 166 DOM
9. 2026-06-05
   days on market $119,000 Active 163 DOM
10. 2026-06-03
    days on market $119,000 Active 162 DOM
11. 2026-06-02
    days on market $119,000 Active 161 DOM
12. 2026-06-01
    days on market $119,000 Active 160 DOM
13. 2026-05-31
    days on market $119,000 Active 159 DOM
14. 2026-04-10
    price $119,000 1025-char remark

    Show marketing remark (1025 chars)

    Pointing you home to this inviting one-bedroom condo in the heart of Rocky River! This desirable second-floor unit offers peaceful views overlooking the beautifully maintained courtyard. The spacious living room features a charming bay window and flows effortlessly into the attached dining area, creating a warm and welcoming space. The light and bright kitchen offers classic white cabinetry, ample storage, and all appliances included. The generously sized bedroom features neutral décor, a large closet, and convenient access to the full bath. Additional perks include a private storage cabinet located on the same floor, a first-floor laundry room for the building, and one detached garage parking space. Residents can enjoy the outdoor pool and party room, and you’ll appreciate the low HOA fees that cover all utilities except electric. A wonderful opportunity for comfortable, carefree living and close to restaurants, shops & more! Enjoy Rocky River's beautiful rec center & parks! Must see!

15. 2026-02-24
    price $122,000 1025-char remark

    Show marketing remark (1025 chars)

    Pointing you home to this inviting one-bedroom condo in the heart of Rocky River! This desirable second-floor unit offers peaceful views overlooking the beautifully maintained courtyard. The spacious living room features a charming bay window and flows effortlessly into the attached dining area, creating a warm and welcoming space. The light and bright kitchen offers classic white cabinetry, ample storage, and all appliances included. The generously sized bedroom features neutral décor, a large closet, and convenient access to the full bath. Additional perks include a private storage cabinet located on the same floor, a first-floor laundry room for the building, and one detached garage parking space. Residents can enjoy the outdoor pool and party room, and you’ll appreciate the low HOA fees that cover all utilities except electric. A wonderful opportunity for comfortable, carefree living and close to restaurants, shops & more! Enjoy Rocky River's beautiful rec center & parks! Must see!

16. 2025-12-23
    listed $124,900 Active 1025-char remark

    Show marketing remark (1025 chars)

    Pointing you home to this inviting one-bedroom condo in the heart of Rocky River! This desirable second-floor unit offers peaceful views overlooking the beautifully maintained courtyard. The spacious living room features a charming bay window and flows effortlessly into the attached dining area, creating a warm and welcoming space. The light and bright kitchen offers classic white cabinetry, ample storage, and all appliances included. The generously sized bedroom features neutral décor, a large closet, and convenient access to the full bath. Additional perks include a private storage cabinet located on the same floor, a first-floor laundry room for the building, and one detached garage parking space. Residents can enjoy the outdoor pool and party room, and you’ll appreciate the low HOA fees that cover all utilities except electric. A wonderful opportunity for comfortable, carefree living and close to restaurants, shops & more! Enjoy Rocky River's beautiful rec center & parks! Must see!

17. 1991-09-27
    soldstatus $41,500
18. 1986-07-21
    soldstatus $44,900

ⓘ 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: $2,052 · $171/mo
• Projected year-2 tax: $2,052 · $171/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,104
• − Mortgage interest: −$6,666
• − Property taxes: −$2,052
• − Insurance: −$595
• − Repairs & maintenance: −$1,208
• − Management: −$1,208
• − HOA: −$3,624
• − Depreciation: −$3,462
• Taxable loss: −$3,711
• Est. tax savings @ 24.0%: +$891
• After-tax cash flow: $-937/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: Rocky River City
• NCES district ID: 3904470
• Math proficiency: 84% ▼ -8.00%
• Reading proficiency: 89% ▼ -2.00%
• Median HH income: $64,592
• Composite: 74.43/100
• National rank: #159
• State rank: #26 of 656 in OH

Livability — Rocky River

• Score: 89/100
• State rank: #9
• US rank: #112

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rocky River, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 21,532
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 21,532
• Household income: $93,799
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 795.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Asian 2% Hispanic / Latino 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 3% Italian 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Other Indo-European 5% Arabic 3% Russian/Polish/Slavic 1%

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: ▼ -180.15%
• Current HPI: 228.2256
• Rent YoY: —
• 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

+165.0% since first listed

5 events — show timeline

• 2026-04-10 Price Changed $119,000 MLSNOW
• 2026-02-24 Price Changed $122,000 MLSNOW
• 2025-12-23 Listed $124,900 MLSNOW
• 1991-09-27 Sold (Public Records) $41,500 Public Records
• 1986-07-21 Sold (Public Records) $44,900 Public Records

Property tax history

+2.9%/yr

Latest (2025): $2,052 · -0.3% YoY. Source: county tax records.