8253 Summit Dr · Bainbridge, OH 44023

$250,000

4 bd · 3.0 ba · 1,803 sqft · SingleFamily public records · 5 Days on market

Built 1948 0.51 ac lot $139/sqft · 35% below area Est $382k · 35% under $204/mo HOA · 7% 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 +21.5/30.0
• ARV discount +15.0/15.0
• Schools +7.5/10.0
• 1% rule +7.1/10.0
• DSCR +6.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don’t miss your chance to own this lovely home in one of the area’s most sought-after lake communities. It’s not just a place to live, it’s a place to love! This classic 1948 elevated ranch was one of the first cottages built when Lake Lucerne was just beginning as a resort community. It’s been in the same family since 1983, and you can really feel how much care and thought has gone into evolving it from a simple cottage into a comfortable, functional 4 bedroom home with 3 full baths. The versatile floor plan offers so many options, currently featuring a Living room with gas fireplace, a Library with bookshelves with sliders to the rear deck, an Eat-in Kitchen,

Key facts

• Lake community
• Private lakes
• 0.51 acre lot

Tags

• LAKE COMMUNITY
• PRIVATE LAKES
• AWARD WINNING SCHOOLS

Property features AI

Finance

• Other: Above-grade finished area reported by assessor; Annual taxes reported
• HOA & community: Part of Lake Lucerne homeowners association; Annual association fee; HOA covers common area maintenance, recreation facilities, reserve fund, and water; Community amenities include common grounds, fishing, lake access, playground, park, and tennis courts

Exterior

• Parking: Attached garage with one garage space; Driveway; Garage door opener; Garage has electricity and drain
• Utilities: Public sewer; Well water
• Home design: Two-story home; Faces west
• Construction: Vinyl siding exterior; Asphalt roof; Has basement (storage, unfinished, walk-out access); Built as recorded in public records
• Exterior features: Garden; Exterior lighting; Deck; Front porch; Front yard; Landscaped grounds; Many trees; Wooded setting; Property offers views

Interior

• Kitchen: Laminate and stone counters
• Bedrooms: Four main-level bedrooms; Primary bedroom located downstairs
• Bathrooms: Three full bathrooms (all on main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Entrance foyer; Laminate counters; Stone counters; Recessed lighting; Storage; Soaking tub; Natural woodwork; Drapes; Shutters
• Laundry & utility: Laundry room on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $375 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 8.1% vs local median 2.1% in Bainbridge — 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 68/100 on livability (#546 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Kenston Local (suburban): math 82% / reading 84% proficiency, ranked #24 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 94 active listings in the ZIP; high-income renter base; 220 units permitted in Geauga County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Geauga County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $250,000

Questions for the listing agent

1. Built in 1948 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 8.09%
• Cash-on-cash: 6.42%
• DSCR: 1.29
• GRM: 6.9

CMA / ARV

• ARV (median comp): $382,089
• List price: $250,000
• Delta: 2.07%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17083 Woodmere Dr	0.09mi	3/2.0 (-1)	1,720 (-5%)	3mo	$320,000	$186	77

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-16,438
• Equity at exit: $37,276

10-year hold

• IRR: 3.4%
• Equity multiple: 1.25×
• Total profit: $17,289
• Equity at exit: $21,615

Cash invested: $70,000 (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 44023

• Active inventory: 94
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,016 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$389 /mo · $4,671/yr
• Insurance: −$104
• HOA: −$204
• Vacancy / Maint / Mgmt: −$633
• Net cashflow: $375

Break-even live

Break-even rent $2,542

Max offer price $250,000

Occupancy floor 83%

Sensitivity live

Price	-10% $516	-5% $445	+0% $375	+5% $304	+10% $233
Rent	-10% $136	-5% $255	+0% $375	+5% $494	+10% $613
Rate	-1.0pp $500	-0.5pp $438	base $375	+0.5pp $310	+1.0pp $244

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $204 · $2,448/yr
• Likely covers: gas

Listing history 9 events

1. 2026-06-05
   statusdays on market $250,000 Pending 5 DOM
2. 2026-06-03
   days on market $250,000 Active 4 DOM
3. 2026-06-02
   days on market $250,000 Active 3 DOM
4. 2026-06-01
   days on market $250,000 Active 2 DOM
5. 2026-05-31
   pricestatusdays on marketlisting id $250,000 Active 1 DOM
6. 2026-05-11
   historical Contingent
7. 2026-04-20
   price $390,000
8. 2026-04-10
   listed $425,000 Active
9. 1986-10-14
   soldstatus $72,000

ⓘ 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: $4,671 · $389/mo
• Projected year-2 tax: $4,671 · $389/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,197
• − Mortgage interest: −$14,004
• − Property taxes: −$4,671
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,896
• − Management: −$2,896
• − HOA: −$2,448
• − Depreciation: −$7,273
• Taxable income: $760
• Est. tax owed @ 24.0%: −$182
• After-tax cash flow: $4,312/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: Kenston Local
• NCES district ID: 3904719
• Math proficiency: 82% ▼ -7.00%
• Reading proficiency: 84% ▼ -6.00%
• Median HH income: $98,273
• Composite: 74.76/100
• National rank: #150
• State rank: #24 of 656 in OH

Livability — Bainbridge

• Score: 68/100
• State rank: #546
• US rank: #9170

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bainbridge, OH
• County: Geauga · 90,510 people
• Metro: Cleveland, OH
• Population (ZIP): 18,905
• Household income: $130,452
• Rent vs Own: 12.9% rent · 87.1% own
• Severe rent burden: 2.0

Population outlook (Geauga County) Hauer SSP2

• Today (2025): 94,919 people
• By 2030: 94,804 · -0.1%
• By 2040: 92,641 · -2.4%
• By 2050: 88,198 · -7.1%
• By 2075: 79,080 · -16.7%
• By 2100: 60,856 · -35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Black 2% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 9% Slovak 3% Scotch-Irish 2%
• Foreign-born: 3% · Canada, Vietnam, Jamaica
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1% Tagalog/Filipino 1%

Political lean MEDSL · Geauga

• 2024 margin: Strong R (+24.1) · D 37.5% · R 61.7%
• 2008→2024 swing: -8.8pp toward R · 2008: -15.4pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.1 2016: R+25.5 2012: R+21.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.84%
• Current HPI: 196.7428
• Rent YoY: —
• Metro: —
• 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

+226.4% since first listed

7 events — show timeline

• 2026-06-18 Sold (MLS) $235,000 MLSNOW
• 2026-06-04 Pending — MLSNOW
• 2026-05-30 Listed $250,000 MLSNOW
• 2026-05-11 Contingent — MLSNOW
• 2026-04-20 Price Changed $390,000 MLSNOW
• 2026-04-10 Listed $425,000 MLSNOW
• 1986-10-14 Sold (Public Records) $72,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $4,671 · +0.3% YoY. Source: county tax records.