4423 Grantwood Dr

Parma, OH 44134

$202,000D

3 bd · 1.0 ba · 1,210 sqft · Built 1948 · SingleFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,727/mo
• Mortgage (P&I): −$1,059
• Tax + insurance: −$378
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $-73/mo
• Annual: $-873/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• 1% rule: 0.86%
• Cash to close: $56,560

Investor read

• This is a 3-bed/1.0-bath single-family listed at $202k.
• At list price, monthly cash flow is $-73 ($-873/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (14.5% below list).
• It's been on market 62 days — a 6% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (14.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#84 in OH, #1,232 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: employment C-, commute F.
• Parma City (suburban): math 43% / reading 52% proficiency, ranked #469 of 656 in OH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Thoreau Park Elementary School (math 37% / reading 42%, grade F, #1,055 of 1,584 statewide, top 68%, 409 students, 60% FRL); Shiloh Middle School (math 27% / reading 46%, grade F, #539 of 654 statewide, top 83%, 511 students, 65% FRL); Parma High School (math 32% / reading 47%, grade F, #528 of 781 statewide, top 71%, 1,233 students, 55% FRL) — zoned schools average 60% FRL vs 41% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.6%/yr); 120 active listings in the ZIP; 18 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.
• 3 sale attempts since 2y 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.
• This rent runs 30% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 62 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1948 — 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 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?
• 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.