2089 Wooster Rd #43

Rocky River, OH 44116

$115,000D

1 bd · 1.0 ba · 764 sqft · Built 1963 · Condo · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,168/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$170
• HOA: −$410
• Vac / Maint / Mgmt: −$245
• Net cashflow: $-260/mo
• Annual: $-3,116/yr
• Cap rate: 3.58%
• Cash-on-cash: -9.68%
• DSCR: 0.57
• 1% rule: 1.02%
• Cash to close: $32,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $115k.
• At list price, monthly cash flow is $-260 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $69k (39.9% below list).
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 115 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (39.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#9 in OH, #112 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Rocky River City (suburban): math 84% / reading 89% proficiency, ranked #26 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 35% of rent.
• Market conditions: 112 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $41k; list at $115k implies a 179% gain — meaningful room to come down on a strong offer.
• Cap rate 3.6% vs local median 2.1% in Rocky River — 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 is only 15% of the median local income ($94k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• It's been on market 115 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?