632 Edmond Ave

Streetsboro, OH 44241

$179,900B

4 bd · 1.0 ba · 2,007 sqft · Built 1956 · SingleFamily · Active · 166 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,419/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$413
• HOA: −$0
• Vac / Maint / Mgmt: −$508
• Net cashflow: $555/mo
• Annual: $6,656/yr
• Cap rate: 9.99%
• Cash-on-cash: 13.21%
• DSCR: 1.59
• 1% rule: 1.34%
• Cash to close: $50,372

Investor read

• This is a 4-bed/1.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 166 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#194 in OH, #2,965 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Streetsboro City (suburban): math 44% / reading 56% proficiency, ranked #425 of 656 in OH (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 68 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• 7 sale attempts since 31y ago; this cycle's ask has dropped $60k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $133k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.0% vs local median 3.6% in Streetsboro — 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 runs 36% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 166 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1956 — 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?
• 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.