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$345,000

For Sale - Active
3081 E Derbyshire Rd, Cleveland Heights, OH 44118
8 Beds
4 Baths
3,399 Square Feet
0.00 Acres Lot
Built in 1925
For Sale - Active
2 Units
Checked: 5 hours ago
Updated: Jun 18, 2025 at 03:19AM

Investment Summary


Monthly Cash Flow
-$1,526
Cap Rate
1.0%
Cash-on-Cash Return
-23.1%
Debt Coverage Ratio
0.16
Internal Rate of Return (5 years)
-18.3%

Property Description


0.00 Acres Lot
Built in 1925
For Sale - Active
2 Units

Beautifully remodeled and movein ready, this sidebyside duplex in Cleveland Heights offers the perfect blend of charm, space, and modern updates. Each unit features an open-concept main floor with a fully updated kitchen, including granite countertops and all new stainless steel appliances—ideal for comfortable living and entertaining. The left unit (3081) includes three second floor bedrooms and a fully updated bathroom, plus a third floor owner’s suite with a private full bathroom. The right unit (3083) also offers three bedrooms and a stylish updated bathroom on the second floor, with a fourth bedroom and additional full bath on the third floor—perfect for guests, home office, or extended family. Each unit has its own private basement with laundry hookups and lots of storage space. The property also includes a detached 3 car garage. Recent major updates include a brand new roof (Nov. 2024), 35 brand new energy efficient vinyl windows (2025), fresh exterior paint (2025), and new waterproof vinyl flooring throughout! Mechanicals in the left unit include a brand new 2025 hot water tank and 2011 boiler, and a brand new 2025 hot water tank with a newer 2022 boiler in the right unit. LOCATION!!!!!! This property is ideally situated close to schools, shopping centers, restaurants, museums, and is less than a 10 minute drive to Cleveland Clinic Main Campus, Case Western Reserve, and the whole University Circle area! Whether you're looking for a new home or an investment property, this duplex offers the perfect blend of modern living and convenience. The property will be delivered POS COMPLIANT!!! Come see it today!

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Location


Property Details


Parking

  • Description: Detached, Garage
  • Details: Driveway, Detached, Garage Faces Front, Garage, Paved, On Street
  • Garage Spaces: 3
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 8

Bathroom Information

  • # of Baths (Full): 4
  • # of Baths (Partial): 2
  • # of Baths (Total): 4.0

Interior Features

  • # of Rooms: 14
  • # of Stories: 2
  • Attic: Yes
  • Basement: Yes
  • Basement Description: Interior Entry

Exterior Features

  • Roof Type: Gable
  • Roof Material: Asphalt, Fiberglass

Land Information

  • Land Use: Residential Income
  • Land Use Subtype: Duplex

Lot Information

  • Parcel ID: 68422046
  • Lot Size: 0 sqft

Property Information

  • Property Type: Duplex
  • Year Built: 1925

Tax Information

  • Annual Tax: $8,219

Utilities

  • Water & Sewer: Public
  • Heating: Hot Water, Steam
  • Cooling: Ceiling Fan(s), None

Location

  • County: Cuyahoga

Listing Details


Listed by:
Michael A Ferrante
Century 21 Homestar
(216) 373-7727

Source:
MLS Now
MLS#: 5119276
MLS Now

Investment Summary


Monthly Cash Flow
-$1,526
Cap Rate
1.0%
Cash-on-Cash Return
-23.1%
Debt Coverage Ratio
0.16
Internal Rate of Return (5 years)
-18.3%

Purchase Details

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Purchase price:
$345,000
Amount financed:
-$276,000
Down payment:
$69,000
Closing costs:
$10,350
Rehab costs:
$0
Initial cash invested:
$79,350
Square feet:
3,399
Cost per square foot:
$102
Monthly rent per square foot:
$0.41

Financing Details

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Loan amount:
$276,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.840%
Principal & interest:
$1,807
Property tax:
$685
Insurance:
$98
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,590

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,400 $16,800
Vacancy loss: (6%)
6% -$84 -$1,008
Operating income:
$1,316 $15,792

Operating Expenses


% Rent Monthly Yearly
Property taxes: (49%)
49%-$685-$8,219
Insurance: (7%)
7%-$98-$1,176
Property management: (8%)
8%-$112-$1,344
Repairs & maintenance: (5%)
5%-$70-$840
Capital expenditures: (5%)
5%-$70-$840
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (74%)
74%-$1,035-$12,419

Cash Flow


Monthly Yearly
Net operating income:
$281 $3,372
Mortgage payments:
-$1,807 -$21,684
Cash flow:
$1,526 $18,312