5221 Cline Rd Unit A

Kent, OH 44240

$143,000D

2 bd · 1.5 ba · 1,088 sqft · Built 1974 · Condo · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,398/mo
• Mortgage (P&I): −$750
• Tax + insurance: −$238
• HOA: −$205
• Vac / Maint / Mgmt: −$294
• Net cashflow: $-89/mo
• Annual: $-1,066/yr
• Cap rate: 5.55%
• Cash-on-cash: -2.66%
• DSCR: 0.88
• 1% rule: 0.98%
• Cash to close: $40,040

Investor read

• This is a 2-bed/1.5-bath condo listed at $143k. Condition is rated good.
• At list price, monthly cash flow is $-89 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (9.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (2.2% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $130k (9.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $989 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#13 in OH, #129 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment F.
• Field Local (rural): math 65% / reading 66% proficiency, ranked #198 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.8%/yr); 140 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• Cap rate 5.5% vs local median 4.2% in Kent — 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 1974 — 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.