521 Tollis Pkwy #288

Broadview Heights, OH 44147

$114,000D

1 bd · 1.0 ba · 706 sqft · Built 1969 · Condo · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,204/mo
• Mortgage (P&I): −$598
• Tax + insurance: −$161
• HOA: −$247
• Vac / Maint / Mgmt: −$253
• Net cashflow: $-55/mo
• Annual: $-658/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.06%
• DSCR: 0.91
• 1% rule: 1.06%
• Cash to close: $31,920

Investor read

• This is a 1-bed/1.0-bath condo listed at $114k.
• At list price, monthly cash flow is $-55 ($-658/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (8.5% below list).
• Meets the 1% rule at list price ($1k rent vs $114k).
• It's been on market 39 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (8.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $788 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#150 in OH, #2,291 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Brecksville-Broadview Heights City (suburban): math 85% / reading 85% proficiency, ranked #23 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Brecksville-Broadview Heights Middle School (math 86% / reading 86%, grade A+, #13 of 654 statewide, top 2%, 796 students, 10% FRL); Brecksville-Broadview Heights High School (math 76% / reading 83%, grade A-, #35 of 781 statewide, top 6%, 1,232 students, 10% FRL) — zoned schools at 10% FRL track the district average.
• Watch-outs: HOA is 21% of rent.
• Market conditions: 106 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 26y 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 $45k; list at $114k implies a 153% gain — meaningful room to come down on a strong offer.
• Cap rate 5.7% vs local median 2.6% in Broadview Heights — 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.
• This rent is only 14% of the median local income ($103k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?