1166 Lafayette Rd Unit F38

Medina, OH 44256

$39,900D+

2 bd · 1.0 ba · 1,050 sqft · Built 1986 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,664/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$66
• HOA: −$488
• Vac / Maint / Mgmt: −$349
• Net cashflow: $551/mo
• Annual: $6,609/yr
• Cap rate: 22.86%
• Cash-on-cash: 59.15%
• DSCR: 3.63
• 1% rule: 4.17%
• Cash to close: $11,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $40k. Condition is rated fair.
• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• It's been on market 17 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#209 in OH, #3,302 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Medina City SD (suburban): math 70% / reading 74% proficiency, ranked #115 of 656 in OH (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising fast (+4.2%/yr); 370 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 471 units permitted in Medina County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.9% vs local median 2.9% in Medina — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Minor: exterior siding — The exterior siding has some discoloration and wear, which can be addressed with minor repairs.
• Minor: flooring — The flooring has some wear and tear, which can be addressed with minor repairs.
• Minor: interior walls — The interior walls have some discoloration and wear, which can be addressed with minor repairs.
• Minor: bathrooms — The bathrooms have some wear and tear, which can be addressed with minor repairs.
• Minor: HVAC and mechanical systems — The HVAC and mechanical systems have some wear and tear, which can be addressed with minor repairs.