28180 Detroit Rd Unit A-2

Westlake, OH 44145

$168,000D+

2 bd · 1.5 ba · 960 sqft · Built 1983 · Condo · Pending · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,884/mo
• Mortgage (P&I): −$881
• Tax + insurance: −$248
• HOA: −$326
• Vac / Maint / Mgmt: −$396
• Net cashflow: $34/mo
• Annual: $406/yr
• Cap rate: 6.53%
• Cash-on-cash: 0.86%
• DSCR: 1.04
• 1% rule: 1.12%
• Cash to close: $47,040

Investor read

• This is a 2-bed/1.5-bath condo listed at $168k.
• At list price, monthly cash flow is $34 ($406/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• It's been on market 110 days — a 9% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (9.0% below list) — sets the bar for market timing.
• 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.
• Location reads 82/100 on livability (#79 in OH, #1,202 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Westlake City (suburban): math 71% / reading 79% proficiency, ranked #76 of 656 in OH (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.3%/yr); 163 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• 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 $85k; list at $168k implies a 98% gain — meaningful room to come down on a strong offer.
• Cap rate 6.5% vs local median 3.3% in Westlake — 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.

Questions for listing agent

• It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.