24323 Smith Ave · Westlake, OH 44145

$389,900

4 bd · 2.0 ba · 2,045 sqft · SingleFamily public records · 2 Days on market

Built 1952 0.34 ac lot Est $395k · at est.

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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 +20.0/30.0
• ARV discount +8.0/15.0
• Schools +6.6/10.0
• DSCR +6.3/10.0
• 1% rule +4.8/10.0
• Livability +4.1/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this spacious and versatile 4-bedroom Cape Cod offering the perfect blend of comfort, updates, and multi-generational living! Situated in a convenient location with easy access to I-90 and I-480, this property provides exceptional flexibility with a fully equipped second-level in-law suite featuring 2 bedrooms, a full bathroom, a large living room, and a full kitchen—ideal for extended family, guests, or private living arrangements. The main level features 2 additional bedrooms, a beautifully remodeled full bathroom, main floor laundry with newer washer and dryer that stay, and an additional half bath for added convenience. The updated kitchen is sure to impress with g

Key facts

• In-law suite
• Granite countertops
• 0.34 acre lot

Tags

• IN-LAW SUITE
• GRANITE COUNTERTOPS
• WOOD-BURNING FIREPLACE
• HEATED ABOVE-GROUND POOL
• CUSTOM-BUILT TIKI BAR
• PRIVATE FULLY FENCED BACKYARD

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: 2-story home; Shingle and flat roof; Vinyl siding
• Construction: Built (year per public records); Vinyl siding construction; Shingle and flat roof
• Exterior features: Awning(s); Covered patio/front porch; Deck; Patio; Pergola; Chain link fencing; Above-ground heated private pool

Interior

• Kitchen: Dishwasher; Microwave; Range; Kitchen island; Granite counters
• Bedrooms: Two bedrooms on the second level
• Flooring: Carpet in upstairs bedrooms; Linoleum in upstairs bathroom
• Bathrooms: Two full bathrooms; One half bathroom; Two main-level bathrooms
• Heating & cooling: Central air; Window unit(s); Forced air heating; Fireplace(s)
• Interior features: Ceiling fans; Granite counters; In-law floorplan; Kitchen island; Crawl space basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $480 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $381k (2.2% below list).
• Recommended offer: $381k (2.2% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).
• This rent runs 41% of the median local income ($112k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $79k; list at $390k implies a 394% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $381,279 (2.2% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.98% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.27%
• DSCR: 1.23
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $394,685
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24336 Smith Ave	0.04mi	4/1.5	2,001 (-2%)	8mo	$401,500	$201	86
24255 Westwood Rd	0.14mi	4/3.0	1,987 (-3%)	0mo	$400,000	$201	84
2446 Walter Rd	0.11mi	3/2.0 (-1)	1,951 (-5%)	6mo	$335,000	$172	77
24275 Smith Ave	0.05mi	3/2.0 (-1)	1,881 (-8%)	12mo	$317,500	$169	70
24461 Westwood Rd	0.21mi	3/2.5 (-1)	1,930 (-6%)	9mo	$365,500	$189	67
24315 Hedgewood Ave	0.11mi	3/1.5 (-1)	1,841 (-10%)	8mo	$256,650	$139	64
1801 Kathryn Dr	0.73mi	4/2.0	2,027 (-1%)	3mo	$452,000	$223	62
23643 Stoneybrook Dr	0.57mi	4/2.5	1,944 (-5%)	5mo	$375,000	$193	59
2764 Walter Rd	0.21mi	3/2.0 (-1)	1,800 (-12%)	10mo	$359,900	$200	57
24667 Meadow Ln	0.60mi	3/2.0 (-1)	1,834 (-10%)	8mo	$425,000	$232	43
25715 Westwood Rd	0.70mi	4/1.5	1,756 (-14%)	7mo	$330,000	$188	36
2400 W Hedgewood Dr	0.75mi	4/3.0	2,294 (+12%)	8mo	$315,000	$137	34

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: -8.9%
• Equity multiple: 0.68×
• Total profit: $-35,268
• Equity at exit: $58,135

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-2,038
• Equity at exit: $33,711

Cash invested: $109,172 (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: 8.5×

Monthly cashflow live

• Estimated rent: $3,813 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$325 /mo · $3,905/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$801
• Net cashflow: $480

Break-even live

Break-even rent $3,206

Max offer price $389,900

Occupancy floor 82%

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22603 Center Ridge Rd Rocky River, OH	1.0–3.0	1.0–2.5	2190	$6,295	$2.87	1d	23	1.16mi
1278 Columbia Rd Westlake, OH	4.0	3.0	1638	$2,599	$1.59	1d	1	1.35mi
1278 Columbia Rd Westlake, OH	4.0	3.0	1638	$2,500	$1.53	19d	1	1.35mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $389,900 Pending 2 DOM
2. 2026-06-05
   remarks 693-char remark
3. 2026-06-05
   listed $389,900 Active 1 DOM

ⓘ 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: $3,905 · $325/mo
• Projected year-2 tax: $4,993 · $416/mo
• Expected delta: +$1,089/yr (+$91/mo · 27.9%)

ⓘ 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 2/10 Low 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: $45,753
• − Mortgage interest: −$21,840
• − Property taxes: −$3,905
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,660
• − Management: −$3,660
• − Depreciation: −$11,343
• Taxable loss: −$604
• Est. tax savings @ 24.0%: +$145
• After-tax cash flow: $5,900/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

+393.5% since first listed

2 events — show timeline

• 2026-06-04 Listed $389,900 MLSNOW
• 1987-08-24 Sold (Public Records) $79,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $3,905 · -1.4% YoY. Source: county tax records.