243 Portage Lakes Dr Unit E

Portage Lakes, OH 44319

$179,000B-

2 bd · 2.0 ba · 1,176 sqft · Built 1983 · Condo · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,788/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$298
• HOA: −$365
• Vac / Maint / Mgmt: −$796
• Net cashflow: $1,391/mo
• Annual: $16,689/yr
• Cap rate: 15.62%
• Cash-on-cash: 33.30%
• DSCR: 2.48
• 1% rule: 2.12%
• Cash to close: $50,120

Investor read

• This is a 2-bed/2.0-bath condo listed at $179k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $179k).
• It's been on market 61 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#772 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, amenities F, commute F.
• Coventry Local (suburban): math 52% / reading 64% proficiency, ranked #315 of 656 in OH (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Coventry Elementary School (math 72% / reading 67%, grade A-, #391 of 1,584 statewide, top 27%, 461 students, 50% FRL); Coventry Middle School (math 49% / reading 66%, grade B, #302 of 654 statewide, top 46%, 479 students, 0% FRL); Coventry High School (math 37% / reading 52%, grade F, #470 of 781 statewide, top 62%, 557 students, 43% FRL).
• Market conditions: 90 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 8 sale attempts since 18y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~4 years — after that, you're playing with house money.
• At $3,788/mo this rent would consume 61% of the median local household income ($75k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Cabinets appear old and worn, with no visible updates.
• Major: Kitchen countertops — Countertops appear old and worn, with no visible updates.
• Major: Bathroom fixtures — Fixtures appear old and worn, with no visible updates.
• Major: Flooring — Flooring appears old and worn, with no visible updates.
• Major: Interior walls — Interior walls appear old and worn, with no visible updates.
• Major: Exterior siding — Exterior siding appears old and worn, with no visible updates.