10436 N Church Dr #202

Parma Heights, OH 44130

$90,900D

1 bd · 1.0 ba · 722 sqft · Built 1961 · Condo · Pending · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $994/mo
• Mortgage (P&I): −$477
• Tax + insurance: −$154
• HOA: −$217
• Vac / Maint / Mgmt: −$209
• Net cashflow: $-62/mo
• Annual: $-748/yr
• Cap rate: 5.47%
• Cash-on-cash: -2.94%
• DSCR: 0.87
• 1% rule: 1.09%
• Cash to close: $25,452

Investor read

• This is a 1-bed/1.0-bath condo listed at $91k.
• At list price, monthly cash flow is $-62 ($-748/yr) — negative.
• To cash-flow at today's rent, offer at most $80k (12.1% below list).
• Meets the 1% rule at list price ($994 rent vs $91k).
• It's been on market 52 days — a 3% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (12.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $628 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#362 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities D-, 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: Pleasant Valley Elementary School (math 55% / reading 49%, grade C-, #851 of 1,584 statewide, top 56%, 722 students, 51% FRL); Greenbriar Middle School (math 39% / reading 50%, grade D, #477 of 654 statewide, top 74%, 800 students, 61% FRL); Valley Forge High School (math 32% / reading 44%, grade F, #560 of 781 statewide, top 72%, 1,409 students, 52% FRL).
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents rising (+2.7%/yr); 155 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 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 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 $65k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• This rent is only 17% of the median local income ($70k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 52 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?