58 New Castle Ln · Mentor, OH 44060

$150,000

3 bd · 1.5 ba · 1,264 sqft · Condo public records · 39 Days on market

Built 1977 $280/mo HOA · 16% of rent ↓ 6% since listing

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Why this score? — see what drove the C- 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 +15.5/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +5.6/10.0
• DSCR +4.8/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home! Privately located at the end of the street, this condo boasts of a a convenient layout for day to day living, an oversized attached one car garage, ample storage space, and close proximity to all of the essentials nearby. The first floor houses the laundry, the half bath, and an open layout for the kitchen, dining, and living spaces. Upstairs you will find the three bedrooms with generously sized closets and a full bath. Don't miss this opportunity to purchase this single owner condo in the highly desired Concord Commons Community, just in time to enjoy the lovely community pool for summer! PROPERTY BEING SOLD "AS IS".

Key facts

• Ample storage space
• Community pool
• Open layout

Tags

• CONVENIENT LAYOUT
• AMPLE STORAGE SPACE
• OPEN LAYOUT
• GENEROUSLY SIZED CLOSETS
• COMMUNITY POOL

Property features AI

Finance

• HOA & community: Part of Concord Commons Condominiums; Monthly HOA fee of $280; HOA covers association management, common area maintenance, insurance, grounds and structure maintenance, reserve fund, snow removal and trash

Exterior

• Parking: Attached garage (1 car); Additional parking with direct garage access
• Utilities: Public water; Public sewer
• Home design: Two-story home; Entry level is main level
• Construction: Vinyl siding; Asphalt/fiberglass roof
• Exterior features: Lot approximately 0.32 acres

Interior

• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating (gas); Central air conditioning; Ceiling fans
• Interior features: Unfinished basement; Main-level laundry
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $61 ($734/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 3.7% in Mentor — 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 84/100 on livability (#53 in OH, #739 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, cost of living A+; Watch: amenities D, commute F.
• Mentor Exempted Village (suburban): math 58% / reading 70% proficiency, ranked #201 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.5%/yr); 264 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lake 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 39 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.54% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.63×
• Total profit: $-15,669
• Equity at exit: $22,365

10-year hold

• IRR: 3.4%
• Equity multiple: 1.28×
• Total profit: $11,826
• Equity at exit: $12,969

Cash invested: $42,000 (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 44060

• Rents YoY: 5.5%
• Active inventory: 264
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,736 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$181 /mo · $2,175/yr
• Insurance: −$62
• HOA: −$280
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $61

Break-even live

Break-even rent $1,659

Max offer price $150,000

Occupancy floor 91%

Sensitivity live

Price	-10% $146	-5% $104	+0% $61	+5% $19	+10% $-24
Rent	-10% $-76	-5% $-7	+0% $61	+5% $130	+10% $198
Rate	-1.0pp $137	-0.5pp $99	base $61	+0.5pp $22	+1.0pp $-17

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9880 Old Johnnycake Ridge Rd Concord Township, OH	2.0	1.5	1100	$1,550	$1.41	22d	1	0.23mi
9765 Johnnycake Ridge Rd Unit 1 Mentor, OH	3.0	1.5	1800	$1,475	$0.82	2d	1	0.61mi

HOA detail condo

• Monthly dues: $280 · $3,360/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-09
   days on market $150,000 Active 39 DOM
2. 2026-06-08
   days on market $150,000 Active 38 DOM
3. 2026-06-07
   days on market $150,000 Active 37 DOM
4. 2026-06-05
   days on market $150,000 Active 34 DOM
5. 2026-06-03
   days on market $150,000 Active 33 DOM
6. 2026-06-02
   days on market $150,000 Active 32 DOM
7. 2026-06-01
   days on market $150,000 Active 31 DOM
8. 2026-05-31
   days on market $150,000 Active 30 DOM
9. 2026-05-11
   price $150,000 650-char remark
10. 2026-04-30
    listed $160,000 Active 650-char remark

ⓘ 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: $2,175 · $181/mo
• Projected year-2 tax: $2,258 · $188/mo
• Expected delta: +$82/yr (+$7/mo · 3.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,833
• − Mortgage interest: −$8,402
• − Property taxes: −$2,175
• − Insurance: −$750
• − Repairs & maintenance: −$1,667
• − Management: −$1,667
• − HOA: −$3,360
• − Depreciation: −$4,364
• Taxable loss: −$1,551
• Est. tax savings @ 24.0%: +$372
• After-tax cash flow: $1,106/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: Mentor Exempted Village
• NCES district ID: 3904549
• Math proficiency: 58% ▼ -17.00%
• Reading proficiency: 70% ▼ -9.00%
• Median HH income: $64,267
• Composite: 55.71/100
• National rank: #1221
• State rank: #201 of 656 in OH

Livability — Mentor

• Score: 84/100
• State rank: #53
• US rank: #739

Category grades

Amenities D 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

• County: Lake County · 204,927 people
• City population: 60,779
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 60,779
• Household income: $87,599
• Rent vs Own: 18.2% rent · 81.8% own
• Severe rent burden: 883.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Romanian 7% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 93% English-only · Other Indo-European 2% Russian/Polish/Slavic 2% Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.36%
• Current HPI: 188.9887
• Rent YoY: ▲ 5.54%
• 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

-6.2% since first listed

2 events — show timeline

• 2026-05-11 Price Changed $150,000 MLSNOW
• 2026-04-30 Listed $160,000 MLSNOW

Property tax history

+1.9%/yr

Latest (2025): $2,175 · -2.2% YoY. Source: county tax records.