29828 Center Ridge Dr #217 · Westlake, OH 44145

$159,900

2 bd · 2.0 ba · 1,233 sqft · Condo · 3 Days on market

Built 1999 Poor condition $290/mo HOA · 15% of rent

---

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 +18.7/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +6.6/10.0
• DSCR +5.9/10.0
• Livability +4.1/5.0
• Rent growth +3.1/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

SUPER OPPORTUNITY on Meadowood Golf Course near Crocker Park! Estate Fixer Upper for a great price in Lenox Greens! 2 BR/2BATH Ranch condo with in-suite laundry and gas fireplace! Large Balcony Deck over looking golf course! $290 HOA fee. No leasing. Close to 480/90 and Westlake Rec Center!

Key facts

• $290 HOA
• Garage
• Built 1999

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Homeowners association (Lenox Greens Condos) with a monthly fee of $290; HOA covers management, common area maintenance, insurance, grounds and structure maintenance, parking, roof, snow removal and trash; Community amenities include golf and shopping

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Condo/unit in a multi-story building; Entry level: 2; 1 story for the unit; building has 3 total stories; Property listed as fixer
• Construction: Frame and concrete construction; Asphalt/fiberglass roof; Built according to public records
• Exterior features: Covered patio/porch; Deck; North-facing

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Concrete flooring in living room, dining room, bedrooms, and kitchen; Laminate flooring in laundry
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Central air conditioning; Forced-air gas heating
• Interior features: Fireplace in living room (gas log); Has view; Total of 5 rooms
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 7.5% vs local median 3.3% 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: schools A+, crime A+, employment 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.
• Market conditions: Rents rising (+2.3%/yr); 163 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $5k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $159,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.23% ✓
• Cap rate: 7.47%
• Cash-on-cash: 4.22%
• DSCR: 1.19
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.32% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-17,007
• Equity at exit: $23,842

10-year hold

• IRR: -2.2%
• Equity multiple: 0.86×
• Total profit: $-6,454
• Equity at exit: $13,825

Cash invested: $44,772 (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: 163
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,965 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$290
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $157

Break-even live

Break-even rent $1,766

Max offer price $159,900

Occupancy floor 87%

Sensitivity live

Price	-10% $268	-5% $213	+0% $157	+5% $102	+10% $47
Rent	-10% $2	-5% $80	+0% $157	+5% $235	+10% $313
Rate	-1.0pp $238	-0.5pp $198	base $157	+0.5pp $116	+1.0pp $74

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29842 Lenox Dr #225 Westlake, OH	2.0	2.0	1233	$1,850	$1.50	44d	1	0.02mi
29822 Lenox Dr #325 Westlake, OH	2.0	2.0	1215	$2,000	$1.65	19d	1	0.04mi
29826 Center Ridge Rd Unit 216 Westlake, OH	2.0	2.0	1307	$1,800	$1.38	2d	1	0.04mi
4238 Porter Rd North Olmsted, OH	3.0	1.0	1240	$1,980	$1.60	44d	1	0.72mi
27484 Hollywood Dr Westlake, OH	3.0	2.0	1160	$2,299	$1.98	2d	1	1.30mi

HOA detail condo

• Monthly dues: $290 · $3,480/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-04-27
   listed $159,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,583
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,887
• − Management: −$1,887
• − HOA: −$3,480
• − Depreciation: −$4,652
• Taxable loss: −$477
• Est. tax savings @ 24.0%: +$114
• After-tax cash flow: $2,004/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations, including kitchen and bathroom updates, painting, and landscaping. The extensive work needed makes it a great opportunity for an investor to create a move-in-ready home.

Repairs flagged

• Major Exposed wiring in kitchen and bath — Safety hazard
• Major Missing cabinets and countertops in kitchen — Aesthetic and functionality
• Major Missing fixtures in bath — Aesthetic and functionality
• Major Exposed concrete floors — Safety hazard and aesthetic

Value-add opportunities

• Both Kitchen renovation — Modern kitchen with updated appliances would attract buyers and renters
• Both Bathroom renovation — Modern bathroom with updated fixtures would attract buyers and renters
• Both Landscaping — Landscaping would improve curb appeal and attract buyers
• Both Painting — Painting would improve the overall appearance and attract buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed wiring in kitchen and bath · Safety hazard	Major	$15,000–50,000
Missing cabinets and countertops in kitchen · Aesthetic and functionality	Major	$15,000–50,000
Missing fixtures in bath · Aesthetic and functionality	Major	$15,000–50,000
Exposed concrete floors · Safety hazard and aesthetic	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Kitchen renovation — Modern kitchen with updated appliances would attract buyers and renters ↑
• Both Bathroom renovation — Modern bathroom with updated fixtures would attract buyers and renters ↑
• Both Landscaping — Landscaping would improve curb appeal and attract buyers ↑
• Both Painting — Painting would improve the overall appearance and attract buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

2 events — show timeline

• 2026-05-01 Pending — MLSNOW
• 2026-04-27 Listed $159,900 MLSNOW