117 Wymore Ave

Portage Lakes, OH 44319

$720,000C+

4 bd · 3.5 ba · 2,546 sqft · Built 1990 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,111/mo
• Mortgage (P&I): −$3,776
• Tax + insurance: −$1,275
• HOA: −$0
• Vac / Maint / Mgmt: −$2,333
• Net cashflow: $3,727/mo
• Annual: $44,721/yr
• Cap rate: 12.50%
• Cash-on-cash: 22.18%
• DSCR: 1.99
• 1% rule: 1.54%
• Cash to close: $201,600

Investor read

• This is a 4-bed/3.5-bath single-family listed at $720k.
• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $720k).
• It's been on market 38 days — a 3% lower offer ($698k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $698k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#772 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, schools D-, amenities F.
• Coventry Local (suburban): math 52% / reading 64% proficiency, ranked #315 of 656 in OH (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 90 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 4 sale attempts since 32y 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 $275k; list at $720k implies a 162% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $202k cash investment doubles in ~6 years — after that, you're playing with house money.
• At $11,111/mo this rent would consume 178% of the median local household income ($75k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.