6310 Greenwood #105

Brecksville, OH 44067

$172,500D

2 bd · 2.0 ba · 1,206 sqft · Built 1970 · Condo · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,854/mo
• Mortgage (P&I): −$905
• Tax + insurance: −$276
• HOA: −$350
• Vac / Maint / Mgmt: −$389
• Net cashflow: $-66/mo
• Annual: $-797/yr
• Cap rate: 5.83%
• Cash-on-cash: -1.65%
• DSCR: 0.93
• 1% rule: 1.07%
• Cash to close: $48,300

Investor read

• This is a 2-bed/2.0-bath condo listed at $172k.
• At list price, monthly cash flow is $-66 ($-797/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (6.8% below list).
• Meets the 1% rule at list price ($2k rent vs $172k).
• It's been on market 19 days — a 2% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (6.8% below list) — sets the bar for cash-flow.
• 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 77/100 on livability (#183 in OH, #2,852 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety 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.
• Zoned schools: Rushwood Elementary School (math 82% / reading 77%, grade A, #173 of 1,584 statewide, top 12%, 343 students, 17% FRL); Lee Eaton Intermediate School (math 77% / reading 86%, grade A+, #36 of 654 statewide, top 6%, 525 students, 22% FRL); Nordonia High School (math 58% / reading 80%, grade B, #129 of 781 statewide, top 16%, 1,278 students, 18% FRL) — zoned schools at 19% FRL track the district average.
• Market conditions: 72 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.
• 6 sale attempts since 25y 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 $88k; list at $172k implies a 96% gain — meaningful room to come down on a strong offer.
• Cap rate 5.8% vs local median 2.8% in Brecksville — 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

• 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?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.