10362 Independence Dr Unit 19B · North Royalton, OH 44133

$174,900

2 bd · 2.0 ba · 1,240 sqft · Townhouse public records · 6 Days on market

Built 1973 Est $185k · 5% under $324/mo HOA · 19% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +9.9/15.0
• Cash flow +7.7/30.0
• Schools +6.7/10.0
• 1% rule +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this spacious and inviting all electric townhouse in the heart of North Royalton! Offering 1,244 square feet of comfortable living space, this 3-bedroom, 2 full bath home blends everyday convenience with cozy character in all the right places. The open-concept living and dining area creates an easy, connected flow that feels perfect for everything from holiday gatherings to quiet nights at home. The galley kitchen keeps everyone connected with a convenient pass-thru and breakfast bar — ideal for casual meals, morning coffee, or serving guests without missing a moment of the conversation. One of the home’s standout features is the first-floor primary bedroom compl

Key facts

• $324 HOA
• Garage
• Pool

Property features AI

Finance

• HOA & community: Homeowners association with monthly dues; Association dues approximately $324.81 per month; Association covers common area maintenance, insurance, grounds and structure maintenance, pools, recreation facilities, roof, snow removal, and trash; Community amenities include clubhouse, playground, and pool

Exterior

• Parking: Assigned parking; Attached garage with 1 garage space; Concrete surface; Direct access; Garage door opener; Inside entrance; Garage faces side; Electricity available in parking area
• Utilities: Public water; Public sewer
• Home design: 2-story property; Entry level on main floor; Asphalt/fiberglass roof
• Construction: Concrete and vinyl siding construction; Slab foundation; Home warranty included; Built (year per public records)
• Exterior features: Patio; Private in-ground pool (association/community); Has a view

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 1 main level bedroom
• Bathrooms: 2 full bathrooms; 1 bathroom on the main level
• Heating & cooling: Heat pump; Electric heating; Fireplace heating option; Ceiling fans for cooling
• Interior features: Breakfast bar; Built-in features; Ceiling fan(s); Chandelier; Insulated windows; Window treatments; Wood-burning fireplace in a bedroom
• Laundry & utility: Washer hookup (main level); Electric dryer hookup (main level); Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $175k.

Deal economics

• At list price, monthly cash flow is $-199 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (20.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (2.6% below list).
• Recommended offer: $140k (20.1% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 2.6% in North Royalton — 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.

Location & tenants

• Location reads 77/100 on livability (#199 in OH, #3,064 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• North Royalton City (suburban): math 74% / reading 81% proficiency, ranked #60 of 656 in OH (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: North Royalton Elementary School (math 84% / reading 77%, grade A+, #159 of 1,584 statewide, top 10%, 1,308 students, 20% FRL); North Royalton Middle School (math 72% / reading 82%, grade A, #70 of 654 statewide, top 11%, 1,132 students, 21% FRL); North Royalton High School (math 63% / reading 85%, grade B+, #83 of 781 statewide, top 11%, 1,314 students, 17% FRL).
• Market conditions: 151 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 32y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $77k; list at $175k implies a 127% gain — meaningful room to come down on a strong offer.

Recommended offer $139,677 (20.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 4.92%
• Cash-on-cash: -4.89%
• DSCR: 0.78
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $184,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10362 Independence Dr Unit 19B	0.00mi	3/2.0 (+1)	1,240 (0%)	0mo	$184,500	$149	95
11426 Harbour Light Dr	0.22mi	2/1.5	1,236 (-0%)	3mo	$165,000	$133	85
10055 Independence Dr Unit 9B	0.17mi	3/1.5 (+1)	1,186 (-4%)	0mo	$185,000	$156	78
9831 Sunrise Blvd Unit P27	0.06mi	2/2.0	1,056 (-15%)	1mo	$160,000	$152	71
9761 Sunrise Blvd	0.04mi	2/2.0	1,056 (-15%)	3mo	$135,000	$128	71
9721 Sunrise Blvd Unit l-1	0.06mi	2/2.0	1,056 (-15%)	2mo	$110,000	$104	70
9620 Cove Dr Unit A-1	0.11mi	2/2.0	1,056 (-15%)	3mo	$158,500	$150	68
9821 Sunrise Blvd Unit o1	0.13mi	2/2.0	1,056 (-15%)	3mo	$169,900	$161	67
11826 Harbour Light Dr	0.45mi	3/1.5 (+1)	1,269 (+2%)	1mo	$160,000	$126	67
9840 Sunrise Blvd Unit S27	0.18mi	2/2.0	1,056 (-15%)	1mo	$154,500	$146	66
9501 Sunrise Blvd Unit J34	0.18mi	2/2.0	1,056 (-15%)	3mo	$159,900	$151	65
11686 Clubhouse Dr	0.38mi	3/2.0 (+1)	1,400 (+13%)	2mo	$202,000	$144	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -24.4%
• Equity multiple: 0.17×
• Total profit: $-40,808
• Equity at exit: $26,078

10-year hold

• IRR: -19.4%
• Equity multiple: -0.04×
• Total profit: $-50,943
• Equity at exit: $15,122

Cash invested: $48,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44133

• Active inventory: 151
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,704 high
• Mortgage (P&I): −$917
• Tax from tax record: −$231 /mo · $2,774/yr
• Insurance: −$73
• HOA: −$324
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $-199

Break-even live

Break-even rent $1,956

Max offer price $139,677

Occupancy floor —

Sensitivity live

Price	-10% $-100	-5% $-150	+0% $-199	+5% $-249	+10% $-298
Rent	-10% $-334	-5% $-267	+0% $-199	+5% $-132	+10% $-65
Rate	-1.0pp $-111	-0.5pp $-155	base $-199	+0.5pp $-245	+1.0pp $-291

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11560 Somerset Dr North Royalton, OH	1.0–2.0	1.0–2.0	1075	$1,600	$1.49	3d	1	0.52mi
9185 Traditions Way North Royalton, OH	1.0–2.0	1.0–2.0	1029	$2,045	$1.99	3d	4	0.94mi
13774 Oakbrook Dr North Royalton, OH	2.0	1.0	705	$1,229	$1.74	3d	15	0.96mi
8290 Royalton Rd North Royalton, OH	1.0–2.0	1.0–2.0	894	$1,882	$2.11	3d	20	1.27mi
7475 Glenmont Dr North Royalton, OH	1.0–2.0	1.0–2.0	860	$1,647	$1.91	3d	29	1.43mi

HOA detail

• Monthly dues: $324 · $3,888/yr
• Likely covers: electric

Listing history 10 events

1. 2026-05-13
   status Pending
2. 2026-05-07
   listed $174,900 Active
3. 1995-04-18
   soldstatus $77,000
4. 1995-04-18
   soldstatus $77,000
5. 1995-04-16
   historical
6. 1994-10-16
   listed $78,500
7. 1994-07-01
   soldstatus $76,500
8. 1994-06-27
   soldstatus $76,500
9. 1994-04-25
   listed $79,900
10. 1990-11-23
    soldstatus $64,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,774 · $231/mo
• Projected year-2 tax: $2,774 · $231/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $20,443
• − Mortgage interest: −$9,797
• − Property taxes: −$2,774
• − Insurance: −$874
• − Repairs & maintenance: −$1,635
• − Management: −$1,635
• − HOA: −$3,888
• − Depreciation: −$5,088
• Taxable loss: −$5,249
• Est. tax savings @ 24.0%: +$1,260
• After-tax cash flow: $-1,133/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: North Royalton City
• NCES district ID: 3904454
• Math proficiency: 74% ▼ -11.00%
• Reading proficiency: 81% ▼ -4.00%
• Median HH income: $69,090
• Composite: 67.39/100
• National rank: #381
• State rank: #60 of 656 in OH

Livability — North Royalton

• Score: 77/100
• State rank: #199
• US rank: #3064

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B+ Housing A+ Health & safety A- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Royalton, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 31,018
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 31,018
• Household income: $83,717
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 406.0

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Asian 5% Hispanic / Latino 4% Black 1%
• Common ancestry: Romanian 12% Subsaharan African 6% Lithuanian 2%
• Foreign-born: 12% · Canada
• Languages at home: 83% English-only · Russian/Polish/Slavic 7% Other Indo-European 3% Spanish 2%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.75%
• Current HPI: 199.4398
• Rent YoY: —
• Metro: Cleveland-Elyria, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+173.3% since first listed

10 events — show timeline

• 2026-05-13 Pending — MLSNOW
• 2026-05-07 Listed $174,900 MLSNOW
• 1995-04-18 Sold (Public Records) $77,000 Public Records
• 1995-04-18 Sold (MLS) $77,000 MLSNOW
• 1995-04-16 Listing Removed — MLSNOW
• 1994-10-16 Listed $78,500 MLSNOW
• 1994-07-01 Sold (MLS) $76,500 MLSNOW
• 1994-06-27 Sold (Public Records) $76,500 Public Records
• 1994-04-25 Listed $79,900 MLSNOW
• 1990-11-23 Sold (Public Records) $64,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $2,774 · -5.9% YoY. Source: county tax records.