691 Jaystone Pl

Macedonia, OH 44056

$349,900F

2 bd · 2.0 ba · 1,816 sqft · Built 2002 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,551/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$575
• HOA: −$220
• Vac / Maint / Mgmt: −$326
• Net cashflow: $-1,405/mo
• Annual: $-16,859/yr
• Cap rate: 1.47%
• Cash-on-cash: -17.21%
• DSCR: 0.23
• 1% rule: 0.44%
• Cash to close: $97,972

Investor read

• This is a 2-bed/2.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (70.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (55.7% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $103k (70.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#117 in OH, #1,729 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Nordonia Hills City (suburban): math 72% / reading 79% proficiency, ranked #71 of 656 in OH (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 29 active listings in the ZIP; solid renter incomes; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 1.5% vs local median 3.4% in Macedonia — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent is only 17% of the median local income ($108k/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?
• 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.