8746 Northstar Cir

Seville, OH 44273

$199,900D

2 bd · 1.0 ba · 1,120 sqft · Built 1994 · Condo · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,900/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$247
• HOA: −$245
• Vac / Maint / Mgmt: −$399
• Net cashflow: $-40/mo
• Annual: $-476/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.85%
• DSCR: 0.96
• 1% rule: 0.95%
• Cash to close: $55,972

Investor read

• This is a 2-bed/1.0-bath condo listed at $200k.
• At list price, monthly cash flow is $-40 ($-476/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (5.0% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $190k (5.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#225 in OH, #3,532 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Cloverleaf Local (rural): math 61% / reading 68% proficiency, ranked #205 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cloverleaf Elementary School (math 64% / reading 70%, grade B+, #456 of 1,584 statewide, top 31%, 1,075 students, 32% FRL); Cloverleaf Middle School (math 64% / reading 63%, grade B+, #228 of 654 statewide, top 35%, 540 students, 33% FRL); Cloverleaf High School (math 47% / reading 72%, grade C+, #243 of 781 statewide, top 33%, 591 students, 32% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 39 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 471 units permitted in Medina County in 2024 (0 in 5+ unit buildings).
• 5 sale attempts since 32y 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 $86k; list at $200k implies a 132% gain — meaningful room to come down on a strong offer.

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?
• 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.
• 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.