4717 Summer Ln

Brooklyn, OH 44144

$255,019F

3 bd · 1.5 ba · 1,534 sqft · Built 1956 · SingleFamily · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,578/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$485
• HOA: −$0
• Vac / Maint / Mgmt: −$331
• Net cashflow: $-576/mo
• Annual: $-6,910/yr
• Cap rate: 3.58%
• Cash-on-cash: -9.68%
• DSCR: 0.57
• 1% rule: 0.62%
• Cash to close: $71,405

Investor read

• This is a 3-bed/1.5-bath single-family listed at $255k.
• At list price, monthly cash flow is $-576 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (39.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (38.1% below list).
• It's been on market 33 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (39.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#132 in OH, #1,880 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety B; Watch: employment C-.
• Brooklyn City (suburban): math 26% / reading 45% proficiency, ranked #560 of 656 in OH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Current owner paid $172k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 3.6% vs local median 4.5% in Brooklyn — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 31% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 33 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.