8031 Brichford Rd

Mentor, OH 44060

$259,000D-

2 bd · 1.0 ba · 1,240 sqft · Built 1944 · SingleFamily · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,394/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$251
• HOA: −$0
• Vac / Maint / Mgmt: −$293
• Net cashflow: $-508/mo
• Annual: $-6,093/yr
• Cap rate: 3.94%
• Cash-on-cash: -8.40%
• DSCR: 0.63
• 1% rule: 0.54%
• Cash to close: $72,520

Investor read

• This is a 2-bed/1.0-bath single-family listed at $259k.
• At list price, monthly cash flow is $-508 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (34.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (46.2% below list).
• It's been on market 50 days — a 3% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (46.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.5%/yr); 264 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 15y 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 $114k; list at $259k implies a 127% gain — meaningful room to come down on a strong offer.

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 50 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
• Built in 1944 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.