15610 Van Aken Blvd #18

Shaker Heights, OH 44120

$49,900A-

2 bd · 1.0 ba · 1,014 sqft · Built 1930 · Condo · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,420/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$155
• HOA: −$462
• Vac / Maint / Mgmt: −$298
• Net cashflow: $243/mo
• Annual: $2,917/yr
• Cap rate: 12.14%
• Cash-on-cash: 20.88%
• DSCR: 1.93
• 1% rule: 2.85%
• Cash to close: $13,972

Investor read

• This is a 2-bed/1.0-bath condo listed at $50k.
• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 72 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#15 in OH, #134 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F.
• Shaker Heights City (suburban): math 50% / reading 63% proficiency, ranked #309 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fernway Elementary School (math 77% / reading 77%, grade A, #221 of 1,584 statewide, top 16%, 303 students, 22% FRL); Shaker Hts Middle School (math 49% / reading 56%, grade C+, #378 of 654 statewide, top 59%, 651 students, 30% FRL); Shaker Hts High School (math 34% / reading 70%, grade D+, #343 of 781 statewide, top 47%, 1,498 students, 24% FRL).
• Watch-outs: property tax is 3.2% of price; HOA is 33% of rent; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.3%/yr); 128 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 32y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.1% vs local median 2.5% in Shaker Heights — 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.
• This rent runs 36% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?