7427 Spafford Road is a tenant‑occupied bungalow in Cleveland’s Slavic Village neighborhood offering an immediate income stream and a compact, manageable footprint. Built in 1880, the one‑story home provides approximately 800 square feet of living area on a 0.1165‑acre (5,075 sq ft) lot. Exterior details documented in public records include vinyl siding, an asphalt shingle roof, a paved driveway sized for two vehicles, and a backyard with a deck.
The interior is arranged as a 2‑bedroom, 1‑bath floor plan with basic mechanicals and an unfinished basement. Heating is forced‑air gas; there is no central air conditioning listed. Construction is wood frame and the property condition is recorded as average. The home sits on a level lot with roughly 35 feet of frontage on Spafford Road and standard driveway ingress from the street.
From an investment standpoint the property is occupied by a long‑standing tenant paying $720 per month; the tenant has expressed a desire to remain, and current rental estimates support about $720/month (estimated rent per sf ~ $0.90). Recent nearby sales and rental comparables within 0.5 miles show sale prices and rents that informed a valuation range of $50,000–$60,000 (midpoint $55,000) and lease comparables with monthly rents around $700–$750. The tax record shows a low annual property tax bill of $574 (assessment year 2025).
Slavic Village is experiencing revitalization and investor interest, with convenient access to the Slavic Village Historic District and the Fleet Avenue retail corridor for local shops and dining. The Cleveland Metroparks Zoo sits about 2.5 miles away and Downtown Cleveland about 4 miles by car. Local schools are in the Cleveland Metropolitan School District; recorded ratings in the research are Albert Bushnell Hart School (elementary, 6/10), Mound Elementary School (middle, 3/10), and John Adams High School (3/10). Market indicators in the area show a buyer’s market with moderate inventory (about 3.2 months), average days on market near 54, and recent appreciation data of roughly 5% year‑over‑year and 15% over five years.
Key due diligence items are documented in the audit: confirm roof age and condition, review the tenant’s lease and payment history, verify compliance with local rental regulations, and perform a professional home inspection to assess aging infrastructure. Documented risks include aging systems (built 1880), lack of central air, and the need to confirm tenant retention terms. The property’s 2F (Two‑Family Residential) zoning allows single‑ or two‑family use and may offer flexibility for future planning.