21841 River Oaks Dr Unit B5 · Rocky River, OH 44116

$125,000

2 bd · 1.5 ba · 902 sqft · Condo public records · 17 Days on market

Built 1964 $389/mo HOA · 28% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +9.6/30.0
• ARV discount +7.5/15.0
• Schools +7.4/10.0
• 1% rule +6.2/10.0
• Livability +4.5/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Easy Condominium Living With Large Light Filled Rooms Fresh, Neutral Decor * Appliances Stay * Abundant Closet And Storage * Balcony, Assigned Parking In Garage * Maintenance Fee Covers Heat And A/C. Convenient Location, Easy To Show.

Key facts

• Secured entry doors
• Large living room
• Updated bathrooms

Tags

• LARGE LIVING ROOM
• UPDATED BATHROOMS
• PERSONAL STORAGE CLOSET
• 24 HOUR SECURITY CAMERAS
• SECURED ENTRY DOORS
• QUICK ACCESS TO HIGHWAY

Property features AI

Finance

• Financial info: Pets allowed: cats OK with limits
• HOA & community: Part of Golden Oaks Condo Association; Monthly association fee of $389.53; HOA fee covers heat, insurance, grounds and structure maintenance, parking, reserve fund, sewer, snow removal, trash, and water

Exterior

• Parking: Assigned detached garage; One garage space
• Utilities: Public water; Public sewer
• Home design: Condo/Unit; One entry level; Total of 1 story (unit); Building has 3 stories
• Construction: Brick construction; Asphalt fiberglass roof
• Exterior features: Shopping nearby

Interior

• Bedrooms: Two main-level bedrooms
• Bathrooms: One full bathroom; One half bathroom; Two main-level bathrooms
• Heating & cooling: Gas heating; Central air conditioning
• Interior features: Five total rooms; Entry level on first floor
• Laundry & utility: Laundry in common area; Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (12.1% below list).
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $110k (12.1% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 2.1% in Rocky River — 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.

Location & tenants

• Location reads 89/100 on livability (#9 in OH, #112 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Rocky River City (suburban): math 84% / reading 89% proficiency, ranked #26 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Kensington Intermediate Elementary School (math 88% / reading 88%, grade A+, #34 of 1,584 statewide, top 2%, 596 students, 13% FRL); Rocky River Middle School (math 81% / reading 89%, grade A+, #17 of 654 statewide, top 3%, 575 students, 10% FRL); Rocky River High School (math 82% / reading 91%, grade A, #8 of 781 statewide, top 1%, 855 students, 13% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: 116 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• This rent is only 18% of the median local income ($94k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 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 $52k; list at $125k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $109,875 (12.1% below list)

Questions for the listing agent

1. 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?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 5.47%
• Cash-on-cash: -2.94%
• DSCR: 0.87
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -21.0%
• Equity multiple: 0.27×
• Total profit: $-25,489
• Equity at exit: $18,638

10-year hold

• IRR: -13.9%
• Equity multiple: 0.19×
• Total profit: $-28,324
• Equity at exit: $10,808

Cash invested: $35,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44116

• Active inventory: 116
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,394 high
• Mortgage (P&I): −$656
• Tax from tax record: −$90 /mo · $1,086/yr
• Insurance: −$52
• HOA: −$389
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $-86

Break-even live

Break-even rent $1,503

Max offer price $109,875

Occupancy floor —

Sensitivity live

Price	-10% $-15	-5% $-50	+0% $-86	+5% $-121	+10% $-156
Rent	-10% $-196	-5% $-141	+0% $-86	+5% $-31	+10% $25
Rate	-1.0pp $-23	-0.5pp $-54	base $-86	+0.5pp $-118	+1.0pp $-151

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22081 River Oaks Dr Unit B8 Rocky River, OH	1.0	1.0	726	$1,245	$1.71	6d	1	0.16mi
22081 River Oaks Dr Rocky River, OH	1.0	1.0	726	$1,198	$1.65	19d	2	0.18mi
22603 Center Ridge Rd Rocky River, OH	1.0–3.0	1.0–2.5	2190	$4,095	$1.87	3d	23	0.55mi
21045 Southbend Cir Unit 9 Rocky River, OH	2.0	1.0	800	$1,500	$1.88	23d	1	0.75mi
21045 Southbend Cir Apt 8 Rocky River, OH	2.0	1.0	800	$1,500	$1.88	45d	1	0.75mi
21045 Southbend Cir Apt 2 Rocky River, OH	1.0	1.0	800	$1,300	$1.62	45d	1	0.75mi
3303 Linden Rd Rocky River, OH	2.0	1.0–1.5	645	$1,739	$2.70	3d	17	0.77mi
19875 Center Ridge Rd Rocky River, OH	1.0	1.0	678	$1,772	$2.61	3d	9	0.99mi
3400 Wooster Rd Rocky River, OH	1.0	1.0	780	$1,500	$1.92	25d	1	1.01mi
20588 Lorain Rd Unit 17 Fairview Park, OH	3.0	1.0	1066	$1,295	$1.21	25d	1	1.06mi
20586 Lorain Rd Fairview Park, OH	3.0	1.0	1066	$1,295	$1.21	45d	1	1.07mi
20580 Lorain Rd Cleveland, OH	3.0	1.0	1066	$1,345	$1.26	9d	4	1.08mi
20586 Lorain Rd Unit 11 Fairview Park, OH	3.0	1.0	1066	$1,395	$1.31	9d	1	1.10mi
20582 Lorain Rd Unit 28 Fairview Park, OH	3.0	1.0	1066	$1,295	$1.21	45d	1	1.10mi
20550 Detroit Rd Apt 6 Rocky River, OH	1.0	1.0	725	$1,025	$1.41	4d	1	1.24mi
20550 Detroit Rd Unit 8 Rocky River, OH	1.0	1.0	725	$1,080	$1.49	23d	1	1.24mi
20123 Lorain Rd Cleveland, OH	1.0–2.0	1.0–2.0	820	$1,595	$1.95	3d	1	1.26mi
19740 Lorain Rd Fairview Park, OH	1.0–2.0	1.0	800	$1,299	$1.62	18d	2	1.31mi
20333 Detroit Rd Unit 213 Rocky River, OH	2.0	1.5	800	$1,400	$1.75	45d	1	1.31mi
23246 Alexander Rd North Olmsted, OH	2.0	1.0	750	$1,100	$1.47	45d	1	1.45mi

HOA detail condo

• Monthly dues: $389 · $4,668/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   status $125,000 Pending 17 DOM
2. 2026-06-18
   days on market $125,000 Contingent 17 DOM
3. 2026-06-17
   days on market $125,000 Contingent 16 DOM
4. 2026-06-16
   days on market $125,000 Contingent 15 DOM
5. 2026-06-15
   days on market $125,000 Contingent 14 DOM
6. 2026-06-13
   days on market $125,000 Contingent 12 DOM
7. 2026-06-13
   statusdays on market $125,000 Contingent 11 DOM
8. 2026-06-09
   days on market $125,000 Active 8 DOM
9. 2026-06-08
   days on market $125,000 Active 7 DOM
10. 2026-06-07
    days on market $125,000 Active 6 DOM
11. 2026-06-05
    days on market $125,000 Active 3 DOM
12. 2026-06-03
    days on market $125,000 Active 2 DOM
13. 2026-06-01
    remarks 691-char remark
14. 2026-06-01
    listed $125,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $1,086 · $90/mo
• Projected year-2 tax: $1,518 · $126/mo
• Expected delta: +$432/yr (+$36/mo · 39.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,731
• − Mortgage interest: −$7,002
• − Property taxes: −$1,086
• − Insurance: −$625
• − Repairs & maintenance: −$1,338
• − Management: −$1,338
• − HOA: −$4,668
• − Depreciation: −$3,636
• Taxable loss: −$2,963
• Est. tax savings @ 24.0%: +$711
• After-tax cash flow: $-316/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rocky River City
• NCES district ID: 3904470
• Math proficiency: 84% ▼ -8.00%
• Reading proficiency: 89% ▼ -2.00%
• Median HH income: $64,592
• Composite: 74.43/100
• National rank: #159
• State rank: #26 of 656 in OH

Livability — Rocky River

• Score: 89/100
• State rank: #9
• US rank: #112

Category grades

Amenities A+ Commute F Cost of living A- Crime A+ Employment A+ Housing A+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rocky River, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 21,532
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 21,532
• Household income: $93,799
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 795.0

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Asian 2% Hispanic / Latino 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 3% Italian 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Other Indo-European 5% Arabic 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -180.15%
• Current HPI: 228.2256
• Rent YoY: —
• Metro: Cleveland-Elyria, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+140.8% since first listed

11 events — show timeline

• 2026-06-01 Listed $125,000 MLSNOW
• 1999-12-06 Sold (MLS) $52,500 MLSNOW
• 1999-11-30 Sold (Public Records) $52,500 Public Records
• 1999-08-11 Listed $54,900 MLSNOW
• 1996-12-30 Sold (MLS) $42,000 MLSNOW
• 1996-12-27 Sold (Public Records) $42,000 Public Records
• 1996-10-07 Listed $46,500 MLSNOW
• 1995-03-18 Listing Removed — MLSNOW
• 1994-06-17 Listed $49,500 MLSNOW
• 1991-09-30 Sold (Public Records) $35,000 Public Records
• 1983-01-27 Sold (Public Records) $51,900 Public Records

Property tax history

-2.2%/yr

Latest (2025): $1,086 · -2.1% YoY. Source: county tax records.