6135 Thistlewood Dr · Mentor, OH 44060

$179,900

3 bd · 1.5 ba · 1,504 sqft · SingleFamily public records · 5 Days on market

Built 1961 8,999 sqft lot Est $239k · 25% under

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Why this score? — see what drove the C 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).

• Cash flow +17.4/30.0
• ARV discount +15.0/15.0
• Schools +5.6/10.0
• DSCR +5.4/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Quaint and convenient one-floor living just a bike ride from the lake. Lots of curb appeal in the colonial design, with low-maintenance vinyl siding and windows. Living room features newer 45-degree laid LVT flooring, wood-paneled accent wall and plenty of space for relaxing. The eat-in kitchen toffee-and-cream granite countertops, tile backsplash, white appliances, and plenty of light through a sliding door to the rear patio. Three bedrooms and a 1.5 baths. Beautiful family room with large bay window, dry bar, and fabulous stone hearth and fireplace, along with built-in shelves. Main floor laundry room off family room. Central air. Exterior features include large, fenced yard, 2-car garage

Key facts

• 8,999 sq ft lot
• 2 garage spots
• Built 1961

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $136 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (5.4% below list).
• Recommended offer: $170k (5.4% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.7% in Mentor — 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 84/100 on livability (#53 in OH, #739 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, cost of living A+; Watch: amenities D, commute F.
• Mentor Exempted Village (suburban): math 58% / reading 70% proficiency, ranked #201 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.5%/yr); 264 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 448 units permitted in Lake County in 2024 (0 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.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $170,192 (5.4% below list)

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 7.20%
• Cash-on-cash: 3.24%
• DSCR: 1.14
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $239,136
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6135 Thistlewood Dr	0.00mi	3/1.5	1,504 (0%)	1mo	$192,000	$128	99
6168 Thistlewood Dr	0.07mi	4/1.5 (+1)	1,511 (+0%)	2mo	$240,000	$159	90
7416 Larkspur Dr	0.42mi	3/1.5	1,540 (+2%)	3mo	$259,900	$169	74
7634 Pinehurst Dr	0.52mi	3/2.0	1,488 (-1%)	1mo	$240,000	$161	71
7519 Miami Rd	0.45mi	3/1.0	1,416 (-6%)	1mo	$214,500	$151	66
7366 Primrose Dr	0.46mi	4/2.0 (+1)	1,456 (-3%)	2mo	$240,000	$165	64
6195 Thunderbird Dr	0.68mi	3/1.5	1,520 (+1%)	4mo	$260,000	$171	63
6035 Campbell Rd	0.63mi	3/1.5	1,584 (+5%)	1mo	$248,000	$157	61
6009 Campbell Rd	0.65mi	3/1.5	1,584 (+5%)	3mo	$240,000	$152	58
6289 Mentor Park Blvd	0.59mi	4/2.0 (+1)	1,548 (+3%)	5mo	$210,000	$136	57
5758 Beech Dr	0.71mi	3/1.5	1,350 (-10%)	0mo	$194,000	$144	50
6503 Brooks Blvd	0.73mi	3/1.5	1,683 (+12%)	4mo	$269,900	$160	43

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 · 5.54% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.68×
• Total profit: $-16,036
• Equity at exit: $26,824

10-year hold

• IRR: 4.0%
• Equity multiple: 1.33×
• Total profit: $16,473
• Equity at exit: $15,554

Cash invested: $50,372 (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 44060

• Rents YoY: 5.5%
• Active inventory: 264
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,702 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$190 /mo · $2,284/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $136

Break-even live

Break-even rent $1,530

Max offer price $179,900

Occupancy floor 87%

Sensitivity live

Price	-10% $238	-5% $187	+0% $136	+5% $85	+10% $34
Rent	-10% $1	-5% $69	+0% $136	+5% $203	+10% $270
Rate	-1.0pp $226	-0.5pp $182	base $136	+0.5pp $89	+1.0pp $42

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7701 Sharon Dr Mentor on the Lake, OH	2.0	1.5	1125	$1,300	$1.16	44d	1	0.69mi
5697 Chagrin Dr Mentor on the Lake, OH	3.0	1.0	1195	$1,879	$1.57	13d	1	0.88mi
6177 Iroquois Trl Mentor, OH	3.0	1.0	1116	$1,700	$1.52	2d	1	1.02mi

Listing history 2 events

1. 2026-03-31
   status Pending
2. 2026-03-26
   listed $179,900 Active

ⓘ 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: $2,284 · $190/mo
• Projected year-2 tax: $2,545 · $212/mo
• Expected delta: +$261/yr (+$22/mo · 11.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,423
• − Mortgage interest: −$10,077
• − Property taxes: −$2,284
• − Insurance: −$900
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$5,233
• Taxable loss: −$1,339
• Est. tax savings @ 24.0%: +$321
• After-tax cash flow: $1,951/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: Mentor Exempted Village
• NCES district ID: 3904549
• Math proficiency: 58% ▼ -17.00%
• Reading proficiency: 70% ▼ -9.00%
• Median HH income: $64,267
• Composite: 55.71/100
• National rank: #1221
• State rank: #201 of 656 in OH

Livability — Mentor

• Score: 84/100
• State rank: #53
• US rank: #739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mentor, OH
• County: Lake County · 204,927 people
• City population: 60,779
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 60,779
• Household income: $87,599
• Rent vs Own: 18.2% rent · 81.8% own
• Severe rent burden: 883.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Romanian 7% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 93% English-only · Other Indo-European 2% Russian/Polish/Slavic 2% Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.36%
• Current HPI: 188.9887
• Rent YoY: ▲ 5.54%
• 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

2 events — show timeline

• 2026-03-31 Pending — MLSNOW
• 2026-03-26 Listed $179,900 MLSNOW

Property tax history

+4.6%/yr

Latest (2025): $2,284 · -2.5% YoY. Source: county tax records.