8225 Lancaster Dr · Mentor, OH 44060

$169,000

3 bd · 1.5 ba · 1,272 sqft · Condo · 17 Days on market

Built 1978 Good condition $215/mo HOA · 12% of rent

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +5.6/10.0
• DSCR +4.6/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Why rent when 8225 Lancaster Drive is available and affordable for you to buy? This townhouse condo is move-in ready. It offers 3 spacious bedrooms, 1.5 baths, updated flooring and stainless steel appliances, and a partially finished lower level. Located in the heart of Mentor and conveniently close to Rt. 2.

Key facts

• $215 HOA
• Garage
• Built 1978

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Monthly association fee of $215; Association fee covers management, grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: 3 stories; Entry level at 5
• Construction: Built (year per public records); Brick, shake siding, and vinyl siding exterior; Asphalt/fiberglass roof; Partially finished below-grade living area
• Exterior features: Patio

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: Total of 6 rooms (bedrooms/other rooms not itemized)
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Forced air gas heating; Central air conditioning; Ceiling fan(s)
• Interior features: Partially finished basement with storage space; Has view
• Laundry & utility: Washer; Dryer; Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $169k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $54 ($644/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $166k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 3.7% in Mentor — 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 84/100 on livability (#53 in OH, #739 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, cost of living A+; Watch: amenities D, commute F.
• Mentor Exempted Village (suburban): math 58% / reading 70% proficiency, ranked #201 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.5%/yr); 264 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $166,465 (1.5% below list)

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. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 6.67%
• Cash-on-cash: 1.36%
• DSCR: 1.06
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.54% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.60×
• Total profit: $-19,042
• Equity at exit: $25,198

10-year hold

• IRR: 2.4%
• Equity multiple: 1.19×
• Total profit: $9,069
• Equity at exit: $14,612

Cash invested: $47,320 (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 44060

• Rents YoY: 5.5%
• Active inventory: 264
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,818 medium
• Mortgage (P&I): −$886
• Tax est. 1.5%: −$211 /mo · $2,535/yr
• Insurance: −$70
• HOA: −$215
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $54

Break-even live

Break-even rent $1,751

Max offer price $169,000

Occupancy floor 92%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7155 Hart St Mentor, OH	2.0–3.0	1.5	1150	$1,550	$1.35	1d	2	0.88mi

HOA detail condo

• Monthly dues: $215 · $2,580/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   price $169,000 Active 17 DOM
2. 2026-06-18
   days on market $179,000 Active 17 DOM
3. 2026-06-17
   days on market $179,000 Active 16 DOM
4. 2026-06-16
   days on market $179,000 Active 15 DOM
5. 2026-06-15
   days on market $179,000 Active 14 DOM
6. 2026-06-13
   days on market $179,000 Active 12 DOM
7. 2026-06-09
   days on market $179,000 Active 8 DOM
8. 2026-06-08
   days on market $179,000 Active 7 DOM
9. 2026-06-07
   days on market $179,000 Active 6 DOM
10. 2026-06-05
    days on market $179,000 Active 3 DOM
11. 2026-06-03
    days on market $179,000 Active 2 DOM
12. 2026-06-01
    remarks 310-char remark
13. 2026-06-01
    listed $179,000 Active 1 DOM

ⓘ 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 3/10 Moderate 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: $21,822
• − Mortgage interest: −$9,467
• − Property taxes: −$2,535
• − Insurance: −$845
• − Repairs & maintenance: −$1,746
• − Management: −$1,746
• − HOA: −$2,580
• − Depreciation: −$4,916
• Taxable loss: −$2,013
• Est. tax savings @ 24.0%: +$483
• After-tax cash flow: $1,127/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This move-in ready townhouse condo is in good condition with updated flooring and stainless steel appliances. It offers 3 spacious bedrooms, 1.5 baths, and a partially finished lower level. The home is conveniently located in the heart of Mentor and close to Rt. 2.

Value-add opportunities

• Both paint interior walls — Fresh paint can make a significant difference in the home's appearance and value
• Both update flooring in bathrooms — Updated flooring can enhance the home's curb appeal and value
• Both install new window treatments — New window treatments can improve the home's curb appeal and energy efficiency
• Both install new light fixtures — New light fixtures can improve the home's curb appeal and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both paint interior walls — Fresh paint can make a significant difference in the home's appearance and value ↑
• Both update flooring in bathrooms — Updated flooring can enhance the home's curb appeal and value ↑
• Both install new window treatments — New window treatments can improve the home's curb appeal and energy efficiency ↑
• Both install new light fixtures — New light fixtures can improve the home's curb appeal and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mentor Exempted Village
• NCES district ID: 3904549
• Math proficiency: 58% ▼ -17.00%
• Reading proficiency: 70% ▼ -9.00%
• Median HH income: $64,267
• Composite: 55.71/100
• National rank: #1221
• State rank: #201 of 656 in OH

Livability — Mentor

• Score: 84/100
• State rank: #53
• US rank: #739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mentor, OH
• County: Lake County · 204,927 people
• City population: 60,779
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 60,779
• Household income: $87,599
• Rent vs Own: 18.2% rent · 81.8% own
• Severe rent burden: 883.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Romanian 7% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 93% English-only · Other Indo-European 2% Russian/Polish/Slavic 2% Spanish 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: ▼ -203.36%
• Current HPI: 188.9887
• Rent YoY: ▲ 5.54%
• 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

+67.3% since first listed

3 events — show timeline

• 2026-06-01 Listed $179,000 MLSNOW
• 2003-08-17 Listing Removed — MLSNOW
• 2003-05-17 Listed $107,000 MLSNOW