1351 Meadow Run

Akron, OH 44321

$195,000D-

2 bd · 1.5 ba · 1,071 sqft · Built 2002 · Condo · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,664/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$300
• HOA: −$120
• Vac / Maint / Mgmt: −$350
• Net cashflow: $-128/mo
• Annual: $-1,538/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.82%
• DSCR: 0.87
• 1% rule: 0.85%
• Cash to close: $54,600

Investor read

• This is a 2-bed/1.5-bath condo listed at $195k.
• At list price, monthly cash flow is $-128 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (14.6% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $166k (14.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#104 in OH, #1,591 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Copley-Fairlawn City (suburban): math 77% / reading 79% proficiency, ranked #58 of 656 in OH (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 75 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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.
• 3 sale attempts since 7y 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.
• This rent is only 17% of the median local income ($119k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.
• 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.