1651 Mentor Ave #212 · Painesville, OH 44077

$85,000

3 bd · 2.0 ba · 1,116 sqft · Condo public records · 5 Days on market

Built 1978 $263/mo HOA · 18% of rent

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.4/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this spacious 3-bedroom, 2-bathroom condo located in the center of Painesville, Ohio. This property is offering an incredible opportunity for buyers looking to live in a home they can customize to their own liking. Whether you're a first-time buyer, or a savvy investor, or even someone seeking their own space, this condo has the potential to meet your needs. One of the standout features of this condo is the outdoor space. Step out onto your private patio, where you can enjoy morning coffee, relax with a good book, or entertain friends during warm summer evenings. This outdoor area provides a connection to the beautiful surroundings. This property is being sold as-is, presenting a

Key facts

• Shopping centers
• Private patio
• Dining options

Tags

• OUTDOOR SPACE
• PRIVATE PATIO
• LOCAL PARKS
• SHOPPING CENTERS
• DINING OPTIONS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 10.2% vs local median 2.9% in Painesville — 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.

Location & tenants

• Location reads 72/100 on livability (#360 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Riverside Local (suburban): math 58% / reading 67% proficiency, ranked #217 of 656 in OH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.7%/yr); 267 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $60k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.67% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.80%
• DSCR: 1.61
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.20×
• Total profit: $4,823
• Equity at exit: $12,674

10-year hold

• IRR: 15.5%
• Equity multiple: 2.32×
• Total profit: $31,469
• Equity at exit: $7,349

Cash invested: $23,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44077

• Rents YoY: 3.7%
• Active inventory: 267
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,423 high
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$263
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $274

Break-even live

Break-even rent $1,076

Max offer price $85,000

Occupancy floor 76%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Normandy Dr Painesville, OH	2.0	1.0	713	$895	$1.26	7d	1	0.26mi
224 Pepper Tree Ln Painesville, OH	2.0	1.5	1000	$1,250	$1.25	17d	1	0.59mi
9880 Old Johnnycake Ridge Rd Concord Township, OH	2.0	1.5	1100	$1,550	$1.41	21d	1	1.08mi
425 Station 44 Pl Painesville, OH	3.0	1.0	1198	$1,450	$1.21	16d	1	1.09mi
842 Cobblestone Cir Painesville, OH	1.0–3.0	1.0–2.0	1175	$2,205	$1.88	1d	29	1.40mi
1380 Legacy Dr Painesville, OH	1.0–3.0	1.0–2.0	1224	$2,655	$2.17	1d	14	1.46mi

HOA detail condo

• Monthly dues: $263 · $3,156/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-02-18
   soldstatus $60,000
2. 2026-01-19
   status Pending
3. 2026-01-14
   listed $85,000 Active
4. 2004-01-16
   soldstatus $71,900
5. 1989-11-21
   soldstatus $36,000
6. 1985-03-18
   soldstatus $31,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,075
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − HOA: −$3,156
• − Depreciation: −$2,473
• Taxable income: $2,253
• Est. tax owed @ 24.0%: −$541
• After-tax cash flow: $2,744/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Riverside Local
• NCES district ID: 3910014
• Math proficiency: 58% ▼ -15.00%
• Reading proficiency: 67% ▼ -7.00%
• Median HH income: $69,717
• Composite: 55.0/100
• National rank: #1297
• State rank: #217 of 656 in OH

Livability — Painesville

• Score: 72/100
• State rank: #360
• US rank: #5785

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment D+ Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake County · 204,927 people
• City population: 57,325
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 57,325
• Household income: $85,056
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1333.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 12% Two or more races 7% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -183.05%
• Current HPI: 181.2976
• Rent YoY: ▲ 3.68%
• Metro: Cleveland-Elyria, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+93.5% since first listed

6 events — show timeline

• 2026-02-18 Sold (Public Records) $60,000 Public Records
• 2026-01-19 Pending — MLSNOW
• 2026-01-14 Listed $85,000 MLSNOW
• 2004-01-16 Sold (Public Records) $71,900 Public Records
• 1989-11-21 Sold (Public Records) $36,000 Public Records
• 1985-03-18 Sold (Public Records) $31,000 Public Records

Property tax history

-16.1%/yr

Latest (2025): $147 · -79.3% YoY. Source: county tax records.