3066 Kent Rd #2

Stow, OH 44224

$70,000D

1 bd · 1.0 ba · 753 sqft · Built 1966 · Condo · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,182/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$541
• Vac / Maint / Mgmt: −$248
• Net cashflow: $-91/mo
• Annual: $-1,090/yr
• Cap rate: 4.74%
• Cash-on-cash: -5.56%
• DSCR: 0.75
• 1% rule: 1.69%
• Cash to close: $19,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $70k. Condition is rated fair.
• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $57k (18.8% below list).
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $57k (18.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#217 in OH, #3,390 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F.
• Stow-Munroe Falls City School District (suburban): math 58% / reading 64% proficiency, ranked #247 of 656 in OH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Stow-Munroe Falls High School (math 41% / reading 70%, grade C, #296 of 781 statewide, top 39%, 1,721 students, 21% FRL) — zoned schools at 21% FRL track the district average.
• Watch-outs: HOA is 46% of rent.
• Market conditions: Rents rising fast (+8.6%/yr); 114 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Cap rate 4.7% vs local median 3.5% in Stow — 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 15% of the median local income ($94k/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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1966 — 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?

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn and dated
• Minor: Kitchen countertops — Scratches visible