1811 Lakeview Ave

East Cleveland, OH 44112

$250,000B+

9 bd · 3.9 ba · — sqft · Built 1912 · MultiFamily · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,302/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$417
• HOA: −$0
• Vac / Maint / Mgmt: −$903
• Net cashflow: $1,671/mo
• Annual: $20,051/yr
• Cap rate: 14.31%
• Cash-on-cash: 28.64%
• DSCR: 2.27
• 1% rule: 1.72%
• Cash to close: $70,000

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $250k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $557/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• It's been on market 108 days — a 9% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (9.0% below list) — sets the bar for market timing.
• 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.
• Location reads 66/100 on livability (#650 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools F, crime F, employment F.
• East Cleveland City School District (suburban): math 4% / reading 17% proficiency, ranked #652 of 656 in OH (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 92% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.2%/yr); 99 active listings in the ZIP; lower-income renter base — watch delinquency; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 11 sale attempts since 14y ago; this cycle's ask is 24900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $150k; list at $250k implies a 67% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $70k cash investment doubles in ~4 years — after that, you're playing with house money.
• At $4,302/mo this rent would consume 179% of the median local household income ($29k/yr) (locally 1702% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering and peeling
• Major: roof — No visible damage, but the independent image suggests it may be older
• Major: flooring — No visible flooring, but the independent image suggests it may be older
• Major: interior walls/paint — No visible interior, but the independent image suggests it may be older
• Major: systems — No visible systems, but the independent image suggests it may be older