934 Hampton Ridge Dr

Cuyahoga Falls, OH 44313

$157,000C-

3 bd · 1.5 ba · 1,176 sqft · Built 1976 · Condo · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,864/mo
• Mortgage (P&I): −$823
• Tax + insurance: −$260
• HOA: −$325
• Vac / Maint / Mgmt: −$392
• Net cashflow: $65/mo
• Annual: $781/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.78%
• DSCR: 1.08
• 1% rule: 1.19%
• Cash to close: $43,960

Investor read

• This is a 3-bed/1.5-bath condo listed at $157k.
• At list price, monthly cash flow is $65 ($781/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $157k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 83/100 on livability (#60 in OH, #870 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Woodridge Local (rural): math 49% / reading 59% proficiency, ranked #379 of 656 in OH (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Woodridge Elementary School (math 53% / reading 59%, grade C+, #766 of 1,584 statewide, top 49%, 861 students, 48% FRL); Woodridge Middle School (math 40% / reading 54%, grade D+, #451 of 654 statewide, top 70%, 424 students, 47% FRL); Woodridge High School (math 57% / reading 77%, grade B, #137 of 781 statewide, top 19%, 637 students, 28% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: Rents rising fast (+8.0%/yr); 128 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 9 sale attempts since 34y 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 $95k; list at $157k implies a 65% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $44k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 6.8% vs local median 4.5% in Cuyahoga Falls — 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

• Built in 1976 — 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?
• 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?
• 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.