4179 Columbia Rd #213

North Olmsted, OH 44070

$88,900D

1 bd · 1.0 ba · 826 sqft · Built 1972 · Condo · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,201/mo
• Mortgage (P&I): −$466
• Tax + insurance: −$154
• HOA: −$360
• Vac / Maint / Mgmt: −$252
• Net cashflow: $-31/mo
• Annual: $-374/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• 1% rule: 1.35%
• Cash to close: $24,892

Investor read

• This is a 1-bed/1.0-bath condo listed at $89k.
• At list price, monthly cash flow is $-31 ($-374/yr) — negative.
• To cash-flow at today's rent, offer at most $83k (6.2% below list).
• Meets the 1% rule at list price ($1k rent vs $89k).
• It's been on market 115 days — a 9% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#38 in OH, #372 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• North Olmsted City (suburban): math 51% / reading 57% proficiency, ranked #368 of 656 in OH (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Maple Elementary School (math 57% / reading 57%, grade C+, #729 of 1,584 statewide, top 48%, 387 students, 40% FRL); North Olmsted Middle School (math 55% / reading 52%, grade C+, #362 of 654 statewide, top 57%, 818 students, 38% FRL); North Olmsted High School (math 25% / reading 66%, grade D-, #466 of 781 statewide, top 60%, 1,163 students, 35% FRL) — zoned schools at 37% FRL track the district average.
• Watch-outs: HOA is 30% of rent.
• Market conditions: Rents rising (+1.9%/yr); 160 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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.
• 3 sale attempts since 28y ago; this cycle's ask has dropped $36k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $59k; list at $89k implies a 51% gain — meaningful room to come down on a strong offer.
• Cap rate 5.9% vs local median 4.1% in North Olmsted — 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 17% of the median local income ($84k/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 9% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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 B-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?