18990 Raymond St

Maple Heights, OH 44137

$136,900C

3 bd · 1.0 ba · 1,116 sqft · Built 1954 · SingleFamily · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,691/mo
• Mortgage (P&I): −$718
• Tax + insurance: −$296
• HOA: −$0
• Vac / Maint / Mgmt: −$355
• Net cashflow: $322/mo
• Annual: $3,867/yr
• Cap rate: 9.12%
• Cash-on-cash: 10.09%
• DSCR: 1.45
• 1% rule: 1.24%
• Cash to close: $38,332

Investor read

• This is a 3-bed/1.0-bath single-family listed at $137k.
• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $137k).
• It's been on market 93 days — a 9% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $946 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#470 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety A-; Watch: schools D+, crime D, employment D.
• Maple Heights City (suburban): math 14% / reading 25% proficiency, ranked #630 of 656 in OH (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+14.8%/yr); 84 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $28k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $137k implies a 128% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~8 years — after that, you're playing with house money.
• This rent runs 38% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.