1440 Cedarwood Dr

Westlake, OH 44145

$198,000D+

3 bd · 3.0 ba · 1,078 sqft · Built 1982 · Condo · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,185/mo
• Mortgage (P&I): −$1,038
• Tax + insurance: −$330
• HOA: −$270
• Vac / Maint / Mgmt: −$459
• Net cashflow: $88/mo
• Annual: $1,057/yr
• Cap rate: 6.83%
• Cash-on-cash: 1.91%
• DSCR: 1.08
• 1% rule: 1.10%
• Cash to close: $55,440

Investor read

• This is a 3-bed/3.0-bath condo listed at $198k. Condition is rated fair.
• At list price, monthly cash flow is $88 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).
• It's been on market 39 days — a 3% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $192k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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); 165 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 22y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $127k; list at $198k implies a 56% gain — meaningful room to come down on a strong offer.
• Cap rate 6.8% 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.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen countertops — Significant wear and tear observed.
• Major: Bathroom fixtures — Outdated and worn appearance.
• Major: Flooring — Worn and in need of replacement or refinishing.
• Major: Paint — Significant discoloration and wear.
• Major: Exterior siding — Signs of wear and discoloration.
• Major: Windows — Old and may need replacement or caulking.