23831 David Dr #205 · North Olmsted, OH 44070

$75,000

2 bd · 1.0 ba · 756 sqft · Condo · 7 Days on market

Built 1964 $382/mo HOA · 28% of rent

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Why this score? — see what drove the B- 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 +25.2/30.0
• 1% rule +10.0/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.3/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this ooportunity to own your space. This 2 Bedroom, 1 bath unit in Northwoods Condos just needs a little TLC. Bring your own ideas and creativity to bring this unit back to life.

Key facts

• $382 HOA
• Garage
• Pool

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Kenwoods homeowners association; Monthly HOA fee; HOA covers association management, insurance, grounds maintenance, structure maintenance, and snow removal

Exterior

• Parking: On-site parking; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Brick construction; Entry level 2; Faces west; 1-story unit in a 2-story building
• Construction: Built with brick; Asphalt/fiberglass roof
• Exterior features: Private pool

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Hot water heating; Steam heating; Central air conditioning
• Interior features: Ceiling fan(s)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 9.0% vs local median 4.1% in North Olmsted — 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 86/100 on livability (#38 in OH, #372 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• North Olmsted City (suburban): math 51% / reading 57% proficiency, ranked #368 of 656 in OH (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.9%/yr); 162 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 33y 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 $38k; list at $75k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.80% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.54%
• DSCR: 1.42
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.85% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-2,810
• Equity at exit: $11,183

10-year hold

• IRR: 4.3%
• Equity multiple: 1.29×
• Total profit: $6,084
• Equity at exit: $6,485

Cash invested: $21,000 (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 44070

• Rents YoY: 1.9%
• Active inventory: 162
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,351 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$382
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $167

Break-even live

Break-even rent $1,140

Max offer price $75,000

Occupancy floor 83%

Sensitivity live

Price	-10% $219	-5% $193	+0% $167	+5% $141	+10% $115
Rent	-10% $60	-5% $114	+0% $167	+5% $220	+10% $274
Rate	-1.0pp $205	-0.5pp $186	base $167	+0.5pp $148	+1.0pp $128

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3951 Brendan Ln North Olmsted, OH	2.0–3.0	1.0–1.5	981	$1,050	$1.07	44d	1	0.27mi
23464 Lorain Rd Apt 255 North Olmsted, OH	1.0	1.0	655	$1,100	$1.68	21d	1	0.41mi
23464 Lorain Rd Unit 209 North Olmsted, OH	2.0	1.0	900	$1,300	$1.44	21d	1	0.41mi
23464 Lorain Rd North Olmsted, OH	1.0–2.0	1.0	777	$1,300	$1.67	5d	10	0.41mi
23691 Delmere Dr North Olmsted, OH	1.0–2.0	1.0	750	$1,200	$1.60	3d	3	0.46mi
4829 Columbia Rd North Olmsted, OH	1.0–2.0	1.0–1.5	847	$1,505	$1.78	2d	11	0.68mi
4789 Columbia Rd #206 North Olmsted, OH	2.0	1.0	796	$1,300	$1.63	3d	1	0.72mi
4122 Columbia Sq North Olmsted, OH	1.0	1.0	660	$1,054	$1.60	4d	2	0.75mi
4877 Columbia Rd North Olmsted, OH	2.0	1.0	775	$1,125	$1.45	44d	1	0.81mi
23000 Mastick Rd North Olmsted, OH	1.0	1.0	740	$1,145	$1.55	44d	1	0.83mi
23000 Mastick Rd North Olmsted, OH	1.0–2.0	1.0–2.0	880	$1,785	$2.03	2d	7	0.83mi
24635 Clareshire Dr #203 North Olmsted, OH	2.0	1.0	873	$1,350	$1.55	13d	1	0.99mi
25151 Brookpark Rd North Olmsted, OH	1.0–2.0	1.0	945	$1,617	$1.71	2d	1	1.10mi
22445 Lorain Rd Fairview Park, OH	1.0–2.0	1.0	732	$1,599	$2.18	2d	1	1.12mi
23246 Alexander Rd North Olmsted, OH	2.0	1.0	750	$1,100	$1.47	44d	1	1.13mi
5250 Columbia Rd North Olmsted, OH	2.0	1.0–1.5	665	$1,295	$1.95	44d	1	1.21mi
25735 Lorain Rd #306 North Olmsted, OH	1.0	1.0	616	$1,000	$1.62	44d	1	1.28mi

HOA detail condo

• Monthly dues: $382 · $4,584/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-05-20
   listed $75,000 Active
2. 1994-03-29
   soldstatus $38,000
3. 1994-01-12
   listed $39,900
4. 1993-12-27
   historical
5. 1993-11-01
   historical
6. 1993-10-27
   listed $39,900
7. 1993-08-09
   listed $39,900

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

Taxation est. · year 1

• Rental income: $16,212
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − HOA: −$4,584
• − Depreciation: −$2,182
• Taxable income: $1,151
• Est. tax owed @ 24.0%: −$276
• After-tax cash flow: $1,727/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: North Olmsted City
• NCES district ID: 3904452
• Math proficiency: 51% ▼ -17.00%
• Reading proficiency: 57% ▼ -7.00%
• Median HH income: $59,338
• Composite: 46.98/100
• National rank: #2353
• State rank: #368 of 656 in OH

Livability — North Olmsted

• Score: 86/100
• State rank: #38
• US rank: #372

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: North Olmsted, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 31,924
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 31,924
• Household income: $84,363
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 667.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 7% Two or more races 6% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 3% Other Indo-European 3% Arabic 3%

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: ▼ -243.21%
• Current HPI: 214.2257
• Rent YoY: ▲ 1.85%
• 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

+88.0% since first listed

7 events — show timeline

• 2026-05-20 Listed $75,000 MLSNOW
• 1994-03-29 Sold (MLS) $38,000 MLSNOW
• 1994-01-12 Listed $39,900 MLSNOW
• 1993-12-27 Listing Removed — MLSNOW
• 1993-11-01 Listing Removed — MLSNOW
• 1993-10-27 Listed $39,900 MLSNOW
• 1993-08-09 Listed $39,900 MLSNOW