1461 Newman Ave · Lakewood, OH 44107

$245,000

4 bd · 2.0 ba · 1,758 sqft · MultiFamily public records · 193 Days on market

Built 1893 5,201 sqft lot Est $357k · 31% under

---

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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.9/10.0
• Schools +5.5/10.0
• 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: 2 units. confirmed

Listing remarks MLS

This charming Victorian-style duplex in Lakewood, Ohio offers timeless character paired with exceptional convenience. The property features a 2-bedroom, 1-bath upper unit and a 2-bedroom, 1-bath lower unit. Located just minutes from Lake Erie, Edgewater Park, and downtown Cleveland, the duplex sits within walking distance to numerous restaurants, cafés, shops, and everyday amenities. With its desirable location, strong rental potential, and historic curb appeal, this Lakewood duplex is an ideal opportunity for both investors and owner-occupants seeking charm and convenience. Needs TLC *

Key facts

• Waterproofed
• 5,201 sq ft lot
• Garage

Tags

• VICTORIAN-STYLE DUPLEX
• WATERPROOFED
• WALKING DISTANCE TO SHOPS
• WALKING DISTANCE TO AMENITIES
• MINUTES FROM LAKE ERIE
• MINUTES FROM EDGEWATER PARK

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive. Per door: $132/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• 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; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $2,665/mo this rent would consume 46% 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 $7k 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 193 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 35y 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 $22k; list at $245k implies a 1014% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 days. Have you received any prior offers? Is the seller open to a 12% 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 1893 — 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: 1.09% ✓
• Cap rate: 7.58%
• Cash-on-cash: 4.60%
• DSCR: 1.20
• GRM: 7.7

CMA / ARV

• ARV (median comp): $356,958
• List price: $245,000
• Delta: -31.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1535 Lakewood Ave	0.26mi	4/2.5	1,740 (-1%)	0mo	$420,000	$241	84
1603 Ridgewood Ave	0.30mi	4/2.0	1,784 (+2%)	9mo	$300,000	$168	76
1518 Ridgewood Ave	0.21mi	4/2.0	1,868 (+6%)	17mo	$290,000	$155	66
1646 Grace Ave	0.55mi	4/2.0	1,832 (+4%)	2mo	$283,575	$155	65
1598 Alameda Ave	0.40mi	4/2.0	1,872 (+6%)	7mo	$280,000	$150	65
2064 Halstead Ave	0.63mi	5/2.0 (+1)	1,728 (-2%)	3mo	$220,000	$127	61
2054 Magee St	0.49mi	4/2.0	1,930 (+10%)	5mo	$149,900	$78	57
1557 Newman Ave	0.18mi	5/2.5 (+1)	1,980 (+13%)	8mo	$295,000	$149	56
1295 Fry Ave	0.34mi	4/2.0	1,934 (+10%)	22mo	$371,000	$192	49
2076 Dowd Ave	0.62mi	5/3.0 (+1)	1,768 (+1%)	19mo	$350,000	$198	45
2016 Clarence Ave	0.69mi	4/2.0	1,652 (-6%)	21mo	$285,000	$173	40
2113 Halstead Ave	0.69mi	4/4.0	1,961 (+12%)	23mo	$255,000	$130	21

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: -6.2%
• Equity multiple: 0.76×
• Total profit: $-16,243
• Equity at exit: $36,530

10-year hold

• IRR: 6.3%
• Equity multiple: 1.53×
• Total profit: $36,253
• Equity at exit: $21,183

Cash invested: $68,600 (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: 15.3×

Monthly cashflow live

• Estimated rent: $2,665 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$455 /mo · $5,463/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $263

Break-even live

Break-even rent $2,332

Max offer price $245,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,666
Total (2 units)			$2,665

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1446 Hopkins Ave Lakewood, OH	4.0	4.0	1880	$1,950	$1.04	43d	1	0.08mi
12206 Detroit Ave Lakewood, OH	3.0	2.0	1554	$2,500	$1.61	17d	1	0.20mi
1328 Fry Ave Lakewood, OH	3.0	1.0	1255	$1,350	$1.08	16d	1	0.28mi
1574 Cohassett Ave Lakewood, OH	4.0	1.5	1825	$2,275	$1.25	17d	1	0.42mi
11843 Edgewater Dr Lakewood, OH	1.0–3.0	1.0	1600	$1,690	$1.06	23d	1	0.58mi
12050 Lake Ave Lakewood, OH	3.0	2.0	1500	$1,965	$1.31	43d	1	0.62mi
11800 Edgewater Dr Lakewood, OH	3.0	1.0–2.0	1064	$2,179	$2.05	2d	10	0.62mi
2010 Chesterland Ave Unit 1496099P Lakewood, OH	4.0	2.5	1463	$7,556	$5.16	12d	1	0.75mi
2082 Lewis Dr Unit 2082 Lakewood, OH	3.0	1.0	1600	$1,750	$1.09	43d	1	0.87mi
11021 Western Ave Cleveland, OH	5.0	2.0	1776	$1,950	$1.10	1d	1	0.93mi
2180 Elbur Ave Lakewood, OH	3.0	1.0	1226	$2,200	$1.79	16d	1	1.04mi
1962 W 96th St Cleveland, OH	4.0	2.5	2534	$4,500	$1.78	3d	1	1.18mi
1265 Marlowe Ave Lakewood, OH	4.0	1.0	1690	$1,750	$1.04	14d	1	1.30mi
3222 West Blvd Unit 1496065P Cleveland, OH	3.0–6.0	1.5–3.0	3379	$4,724	$1.40	10d	2	1.46mi
11408 Headley Ave Cleveland, OH	4.0	2.0	1700	$1,975	$1.16	7d	1	1.49mi
11408 Headley Ave Cleveland, OH	4.0	2.0	1700	$1,975	$1.16	23d	1	1.49mi

Listing history 39 events

1. 2026-06-13
   statusdays on market $245,000 Pending 193 DOM
2. 2026-06-09
   days on market $245,000 Active 191 DOM
3. 2026-06-08
   days on market $245,000 Active 190 DOM
4. 2026-06-07
   days on market $245,000 Active 189 DOM
5. 2026-06-05
   days on market $245,000 Active 186 DOM
6. 2026-06-03
   days on market $245,000 Active 185 DOM
7. 2026-06-02
   days on market $245,000 Active 184 DOM
8. 2026-06-01
   days on market $245,000 Active 183 DOM
9. 2026-05-31
   days on market $245,000 Active 182 DOM
10. 2026-02-07
    status Active 600-char remark

    Show marketing remark (600 chars)

    This charming Victorian-style duplex in Lakewood, Ohio offers timeless character paired with exceptional convenience. The property features a 2-bedroom, 1-bath upper unit and a 2-bedroom, 1-bath lower unit. Located just minutes from Lake Erie, Edgewater Park, and downtown Cleveland, the duplex sits within walking distance to numerous restaurants, cafés, shops, and everyday amenities. With its desirable location, strong rental potential, and historic curb appeal, this Lakewood duplex is an ideal opportunity for both investors and owner-occupants seeking charm and convenience. Needs TLC *

11. 2026-01-22
    status Pending 600-char remark

    Show marketing remark (600 chars)

    This charming Victorian-style duplex in Lakewood, Ohio offers timeless character paired with exceptional convenience. The property features a 2-bedroom, 1-bath upper unit and a 2-bedroom, 1-bath lower unit. Located just minutes from Lake Erie, Edgewater Park, and downtown Cleveland, the duplex sits within walking distance to numerous restaurants, cafés, shops, and everyday amenities. With its desirable location, strong rental potential, and historic curb appeal, this Lakewood duplex is an ideal opportunity for both investors and owner-occupants seeking charm and convenience. Needs TLC *

12. 2025-11-13
    listed $245,000 Active 600-char remark

    Show marketing remark (600 chars)

    This charming Victorian-style duplex in Lakewood, Ohio offers timeless character paired with exceptional convenience. The property features a 2-bedroom, 1-bath upper unit and a 2-bedroom, 1-bath lower unit. Located just minutes from Lake Erie, Edgewater Park, and downtown Cleveland, the duplex sits within walking distance to numerous restaurants, cafés, shops, and everyday amenities. With its desirable location, strong rental potential, and historic curb appeal, this Lakewood duplex is an ideal opportunity for both investors and owner-occupants seeking charm and convenience. Needs TLC *

13. 2017-04-25
    historical
14. 2016-04-27
    listed $110,000 Active
15. 2011-05-18
    soldstatus $22,000
16. 2011-05-18
    soldstatus $22,000
17. 2011-03-11
    listed $26,600
18. 2008-02-01
    historical
19. 2007-05-11
    listed $100,000
20. 2004-12-31
    historical
21. 2004-06-04
    listed $110,000
22. 2004-04-30
    historical
23. 2003-10-07
    listed $119,900
24. 2003-09-30
    historical
25. 2003-05-15
    listed $119,900
26. 2002-07-11
    soldstatus $127,500
27. 2002-07-11
    soldstatus $127,500
28. 2002-05-01
    listed $134,400
29. 1997-09-29
    soldstatus $73,800
30. 1997-09-26
    soldstatus $73,800
31. 1997-08-30
    historical
32. 1997-02-17
    listed $75,500
33. 1991-07-26
    soldstatus $57,500
34. 1991-07-25
    soldstatus $57,500
35. 1991-06-07
    listed $61,900
36. 1988-09-30
    soldstatus $38,500
37. 1988-05-12
    soldstatus $25,000
38. 1988-05-11
    soldstatus $25,000
39. 1980-04-28
    soldstatus $45,000

ⓘ 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: $5,463 · $455/mo
• Projected year-2 tax: $5,463 · $455/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: $31,980
• − Mortgage interest: −$13,724
• − Property taxes: −$5,463
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,558
• − Management: −$2,558
• − Depreciation: −$7,127
• Taxable loss: −$676
• Est. tax savings @ 24.0%: +$162
• After-tax cash flow: $3,321/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

+444.4% since first listed

30 events — show timeline

• 2026-02-07 Relisted — MLSNOW
• 2026-01-22 Pending — MLSNOW
• 2025-11-13 Listed $245,000 MLSNOW
• 2017-04-25 Listing Removed — MLSNOW
• 2016-04-27 Listed $110,000 MLSNOW
• 2011-05-18 Sold (Public Records) $22,000 Public Records
• 2011-05-18 Sold (MLS) $22,000 MLSNOW
• 2011-03-11 Listed $26,600 MLSNOW
• 2008-02-01 Listing Removed — MLSNOW
• 2007-05-11 Listed $100,000 MLSNOW
• 2004-12-31 Listing Removed — MLSNOW
• 2004-06-04 Listed $110,000 MLSNOW
• 2004-04-30 Listing Removed — MLSNOW
• 2003-10-07 Listed $119,900 MLSNOW
• 2003-09-30 Listing Removed — MLSNOW
• 2003-05-15 Listed $119,900 MLSNOW
• 2002-07-11 Sold (Public Records) $127,500 Public Records
• 2002-07-11 Sold (MLS) $127,500 MLSNOW
• 2002-05-01 Listed $134,400 MLSNOW
• 1997-09-29 Sold (MLS) $73,800 MLSNOW
• 1997-09-26 Sold (Public Records) $73,800 Public Records
• 1997-08-30 Listing Removed — MLSNOW
• 1997-02-17 Listed $75,500 MLSNOW
• 1991-07-26 Sold (MLS) $57,500 MLSNOW
• 1991-07-25 Sold (Public Records) $57,500 Public Records
• 1991-06-07 Listed $61,900 MLSNOW
• 1988-09-30 Sold (Public Records) $38,500 Public Records
• 1988-05-12 Sold (Public Records) $25,000 Public Records
• 1988-05-11 Sold (Public Records) $25,000 Public Records
• 1980-04-28 Sold (Public Records) $45,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $5,463 · -0.2% YoY. Source: county tax records.