9187 Wallings Rd

North Royalton, OH 44133

$155,000C

2 bd · 1.0 ba · 1,060 sqft · Built 1956 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,714/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$358
• HOA: −$0
• Vac / Maint / Mgmt: −$360
• Net cashflow: $184/mo
• Annual: $2,207/yr
• Cap rate: 7.72%
• Cash-on-cash: 5.08%
• DSCR: 1.23
• 1% rule: 1.11%
• Cash to close: $43,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Only 2 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 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).
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $26k; list at $155k implies a 496% gain — meaningful room to come down on a strong offer.
• Cap rate 7.7% 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.

Questions for listing agent

• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.