Income-Producing Ranch Home in Cleveland: A Detailed Look at This Turnkey Rental Opportunity

Welcome to This Income-Producing Cleveland Ranch

Welcome to 12505 Arlington Avenue, Cleveland, Ohio 44108, an updated three-bedroom, two-bath ranch property that presents an interesting opportunity for buyers looking for an income-producing residential investment.

Unlike a traditional vacant property, this home already has tenants in place, with the current tenants paying $1,500 per month according to the listing information. For an investor, an existing tenant arrangement can provide an immediate starting point for evaluating rental income, operating expenses, and the property’s potential contribution to a broader portfolio.

The home combines a practical one-story floor plan with three bedrooms, two full bathrooms, a finished basement, a detached two-car garage, and approximately 977 square feet of above-ground living space. Built in 1968 and subsequently updated/remodeled, the property offers a blend of established construction and more contemporary interior improvements.

For investors, the appeal goes beyond the monthly rental figure. The property offers several features that can influence tenant demand and long-term usability, including an updated kitchen, spacious bedrooms, basement space, dedicated laundry area, off-street parking, and public utilities.

A Turnkey Rental With a Tenant Already in Place

One of the most notable aspects of this property is its existing rental arrangement. The listing states that current tenants are paying $1,500 per month, making the home particularly relevant to buyers evaluating income-producing real estate.

A property with an established tenant can reduce some of the uncertainty associated with purchasing a vacant rental. Instead of immediately beginning a search for occupants, an investor may be able to continue an existing tenancy, subject to reviewing the lease, rental terms, deposits, payment history, local regulations, and other applicable requirements.

At $1,500 per month, the stated gross scheduled rent would equal approximately $18,000 per year before expenses if the tenancy remains at that rate for a full twelve months.

Investors should remember that rental income is only one part of the financial equation. Property taxes, insurance, maintenance, repairs, utilities paid by the owner, vacancy periods, management costs, capital expenditures, and financing expenses can all affect actual returns.

A Practical Three-Bedroom Layout

The home offers three bedrooms and two full bathrooms, with all three bedrooms located on the main level.

This arrangement can be particularly attractive for tenants who prefer a straightforward one-story floor plan. Having all bedrooms on the same level can also make the property easier to navigate and can appeal to a wide variety of household configurations.

The three-bedroom layout provides flexibility for tenants. Depending on their needs, one room could function as a primary bedroom, another as a children’s room, and another as a guest room or home office.

For rental-property owners, flexibility is valuable because different tenants may use the same space in very different ways over time.

Two Full Bathrooms Add Rental Appeal

The property includes two full bathrooms, with one located on the main level.

For a three-bedroom rental, having two bathrooms can be an important convenience. It allows multiple occupants to use the home without relying on a single bathroom for all household routines.

Two bathrooms may also make the property more attractive to families, roommates, or other households looking for additional convenience.

From an investment perspective, features that improve everyday usability can contribute to tenant satisfaction and potentially support the property’s rental appeal.

Bright and Inviting Living Space

The listing describes the home as featuring a bright and inviting living area. The living room provides a central space where residents can relax, watch television, entertain guests, or simply spend time together.

Because the property is a ranch-style home, the living spaces are arranged across a single primary floor rather than being distributed across multiple full stories.

This can create a practical flow between the living room, bedrooms, bathroom, and kitchen. It also gives the home a familiar residential layout that many renters find easy to use.

The living room includes a fireplace, adding another focal point to the interior.

A Fireplace Adds Character

The home features one fireplace, providing an architectural element that can help distinguish the property from other rental homes.

A fireplace can contribute warmth and visual interest to a living room, particularly during the colder months. For tenants, features such as fireplaces can add personality to an otherwise practical rental property.

As with any fireplace, buyers should confirm its condition and safety through appropriate inspection and maintenance procedures. The listing’s inclusion of a fireplace nevertheless adds another distinctive feature to the home’s interior.

Updated Kitchen With Modern Appeal

The property includes an updated kitchen with modern cabinetry and countertops, according to the listing description.

The kitchen is often one of the most important areas when renters evaluate a home. A clean, updated kitchen can make a property feel more contemporary and functional while potentially reducing the immediate need for cosmetic improvements.

Modern cabinetry provides organized storage for dishes, cookware, and food supplies, while updated countertops can create a cleaner and more attractive workspace.

For tenants, the kitchen can serve as both a functional cooking area and a gathering point. For investors, an updated kitchen can be an important part of maintaining a property’s competitiveness within the local rental market.

Finished Basement With Additional Potential

One of the property’s most interesting features is its finished basement.

The listing identifies the basement as a common basement and finished space, while the property description highlights its additional potential. This provides the home with more usable area beyond the approximately 977 square feet of above-ground living space.

The basement could potentially be used for recreation, storage, a home office, hobby activities, or another flexible purpose, depending on the existing configuration and applicable local requirements.

The listing also suggests the possibility of using the additional basement space for a fourth bedroom, although buyers should independently verify whether any proposed bedroom use meets applicable building, safety, egress, and occupancy requirements.

This distinction is particularly important for investors. A room should not be represented as a legal bedroom simply because it could potentially function as one. Professional evaluation and local code verification should be completed before making such a designation.

Potential Flex Space for Modern Tenants

Flexible living areas have become increasingly useful in residential properties.

A finished basement can provide space for activities that may not fit comfortably into the main floor. Tenants may use such an area for remote work, entertainment, exercise, storage, hobbies, or recreation.

The possibility of creating a dedicated office or flex area can be especially useful for renters who work from home.

For an investor, flexible space can broaden the types of tenants who may find the property appealing. Rather than viewing the basement only as additional square footage, it can be considered a resource that supports different lifestyles.

Laundry in the Basement

The property’s laundry area is located in the basement.

Dedicated laundry space is an important practical feature for many renters. Having laundry facilities within the property eliminates the need for residents to rely on an off-site laundromat or shared community facility.

The basement location also keeps laundry functions separate from the primary living areas, which can help maintain a more organized main floor.

Buyers should verify the condition and ownership status of any included laundry equipment and confirm which appliances, if any, are included with the sale.

Two-Car Detached Garage

Parking is another significant feature of this Cleveland rental property.

The home offers two total parking spaces and a detached two-car garage, along with driveway parking. For renters, off-street parking can be an important consideration, particularly in areas where convenient parking is not always guaranteed.

A two-car garage also provides additional covered space for vehicles, bicycles, tools, seasonal items, and other belongings, subject to the garage’s condition and available storage area.

From an investment standpoint, garage space can add functional value because it gives tenants an amenity that may not be available in competing rental properties.

A Manageable 4,639-Square-Foot Lot

The property sits on approximately 4,639 square feet of land.

A lot of this size provides enough outdoor space for typical residential use while remaining relatively manageable from a maintenance perspective.

For a rental property, manageable landscaping requirements can be advantageous. A smaller lot can reduce the amount of time and expense associated with lawn care and general exterior maintenance compared with a significantly larger property.

At the same time, the lot provides outdoor space that can complement the home’s indoor living areas.

Classic Ranch-Style Architecture

The property is classified as a single-family ranch-style residence.

Ranch homes are known for their practical layouts and single-story design. With the main living functions concentrated on one level, ranch properties can be appealing to a wide range of residents.

The home’s one-story configuration is particularly useful for tenants who prefer to avoid stairs. It can also make everyday cleaning, maintenance, and movement throughout the house relatively straightforward.

The architectural style fits naturally within the established residential landscape of Cleveland and gives the property a familiar, approachable character.

Brick Exterior and Established Construction

The home was built in 1968 and features brick construction.

Brick exteriors can provide a classic appearance and contribute to the established character of older residential neighborhoods. The material can also offer a visually substantial exterior that remains attractive across changing design trends.

The property has a slab foundation and an asphalt/fiberglass roof according to the listing information.

Because the house was constructed several decades ago, buyers should conduct thorough due diligence regarding the roof, foundation, electrical system, plumbing, HVAC equipment, windows, and other major components.

Forced-Air Heating and Ceiling Fan Cooling

The property uses forced-air heating, while cooling is listed as ceiling fan(s).

Heating is an especially important consideration for Cleveland properties because the region experiences cold winters. Buyers should review the age, condition, maintenance history, and operating efficiency of the heating system.

Ceiling fans can provide air circulation during warmer periods, although they are not equivalent to a conventional central air-conditioning system. Prospective buyers should verify the property’s current cooling setup and assess whether it meets their intended rental-market expectations.

Public Water and Sewer

The property is connected to public water and public sewer.

Municipal utility connections can simplify certain aspects of property ownership compared with private well and septic systems. Investors should nevertheless determine which utility costs are paid by the tenant and which remain the landlord’s responsibility.

Understanding utility arrangements is essential when calculating the property’s true operating expenses and estimating net rental income.

No HOA Fees

The property does not have an HOA, according to the listing details.

For an investor, the absence of an HOA can simplify ownership by eliminating association dues and certain community restrictions that may apply to rental properties elsewhere.

However, investors should still review all applicable municipal regulations, rental licensing requirements, inspection requirements, and local ordinances before operating the property as a rental.

Located in Cleveland

The property is located in Cleveland, Ohio, within the Frst Hill Pkwy subdivision.

Cleveland has a diverse residential real estate market that includes historic neighborhoods, established single-family communities, multifamily properties, and investment opportunities at a variety of price points.

For rental investors, neighborhood-level research is particularly important. Factors such as local employment, transportation, schools, nearby amenities, rental demand, property taxes, insurance costs, and comparable rents can all influence investment performance.

The property’s location should therefore be evaluated alongside the physical characteristics of the home.

Investment Perspective: Looking Beyond Gross Rent

The stated $1,500 monthly rent is an important starting point, but investors should look beyond gross rental income when analyzing this opportunity.

At the listed rental rate, annual gross rent would be approximately $18,000 before accounting for expenses.

A complete investment analysis should consider:

• Property taxes
• Landlord insurance
• Maintenance and repairs
• Capital expenditures
• Vacancy and turnover
• Property management
• Utilities paid by the owner
• Legal and administrative expenses
• Financing costs
• Leasing costs
• Potential future renovations

The property’s current tenant situation can provide useful information, but buyers should verify the lease terms, security deposit, payment history, tenant responsibilities, lease expiration date, and any other relevant documentation before closing.

Potential for Long-Term Rental Appeal

Several features may support the property’s rental appeal, including its three-bedroom layout, two bathrooms, updated kitchen, finished basement, garage, driveway parking, and one-story design.

These features address many of the practical needs renters consider when comparing homes.

The finished basement can provide additional flexibility, while the detached two-car garage offers a meaningful parking and storage advantage.

The updated kitchen can also help the home present well to prospective renters.

Ultimately, rental demand depends heavily on the specific neighborhood, market conditions, rental pricing, property condition, and tenant expectations. Investors should compare this property with similar rentals in the immediate area before determining its long-term income potential.

Updated and Remodeled Condition

The property is described as updated/remodeled, which can be attractive to buyers who want to minimize immediate cosmetic renovation work.

An updated property may also be easier to market to prospective tenants, particularly when kitchens, bathrooms, flooring, and other visible areas are in good condition.

However, “updated” does not necessarily mean that every major system has been recently replaced. Investors should obtain a professional inspection and determine the actual age and condition of major components before making assumptions about future maintenance costs.

Important Property Facts at a Glance

Here are the key details associated with this Cleveland rental property:

• Property type: Single-family residence
• Architectural style: Ranch
• Year built: 1968
• Bedrooms: 3
• Bathrooms: 2
• Full bathrooms: 2
• Main-level bedrooms: 3
• Main-level bathrooms: 1
• Interior livable area: Approximately 977 square feet
• Finished above-ground area: Approximately 977 square feet
• Basement: Finished/common basement
• Fireplace: 1
• Heating: Forced air
• Cooling: Ceiling fans
• Laundry: Basement
• Kitchen: Updated
• Garage: Detached
• Garage spaces: 2
• Total parking spaces: 2
• Parking: Driveway and garage
• Lot size: Approximately 4,639 square feet
• Construction: Brick
• Foundation: Slab
• Roof: Asphalt/fiberglass
• Water: Public
• Sewer: Public sewer
• HOA: None
• Subdivision: Frst Hill Pkwy
• Region: Cleveland
• Price per square foot: $138 per square foot
• Tax assessed value: $39,300
• Annual tax amount: $920
• Date on market: August 19, 2026
• Listing terms: Cash and conventional financing

Why the Finished Basement Matters

For a property with only 977 square feet of above-ground living space, the finished basement adds an important dimension.

Although basement space should be evaluated carefully for ceiling height, egress, moisture, heating, electrical systems, and legal occupancy, finished lower-level space can provide valuable flexibility.

A future owner could potentially use the area as a recreation room, office, storage zone, workout area, hobby room, or another non-bedroom living function.

If an investor wants to explore the possibility of a fourth bedroom, professional verification is essential. Local regulations may require specific window dimensions, emergency exits, ceiling heights, smoke detectors, and other safety features.

A Property With Multiple Uses

Although currently positioned as an income-producing rental, the home’s layout gives it broader potential.

A future owner could continue operating it as a long-term rental, subject to applicable laws and lease arrangements. Another buyer might eventually choose to occupy the property themselves.

The three-bedroom configuration could work for a family, couple, roommates, or other household arrangement. The finished basement provides additional flexibility, while the garage offers useful storage and parking.

This versatility can be valuable because real estate investment goals may change over time.

Due Diligence Is Essential for Investors

Any investment property should be evaluated through careful due diligence.

Potential buyers should review the existing lease, confirm the stated monthly rent, examine payment records where appropriate, verify property taxes, obtain insurance estimates, inspect the home’s major systems, and research comparable rental properties.

Investors should also confirm whether the property requires any local rental registration, inspection, licensing, or compliance documentation.

A professional inspection can help identify issues that may not be obvious from a visual walkthrough, particularly in a home built in 1968.

Final Thoughts

12505 Arlington Avenue in Cleveland presents an interesting opportunity for buyers searching for an established single-family rental with a tenant already in place.

The property offers three bedrooms, two full bathrooms, a finished basement, an updated kitchen, a one-story ranch layout, a detached two-car garage, driveway parking, and approximately 977 square feet of above-ground living space.

The current tenants are reported to be paying $1,500 per month, creating a stated gross rental income of approximately $18,000 per year before operating expenses.

Beyond the income potential, the property includes several features that may contribute to tenant appeal. The updated kitchen provides a modern focal point, the two full bathrooms improve household convenience, the finished basement adds flexible space, and the two-car garage provides valuable parking and storage.

The brick ranch architecture and established 1968 construction give the property a traditional residential character, while the updated/remodeled condition offers a more contemporary living environment.

For an investor, however, the most important question is not simply how much rent the property collects. The real evaluation involves determining the relationship between rental income, operating expenses, property condition, financing, taxes, insurance, maintenance, and future capital needs.

With proper due diligence, this Cleveland ranch could be an appealing addition to a rental portfolio or an interesting opportunity for a buyer looking for a property that combines existing rental income with practical residential features.

As always, prospective buyers should independently verify all listing information, lease terms, rental income, property condition, taxes, zoning, and legal requirements before making an investment or purchasing decision.

 

 

 

 

 

 

From Zillow