29468 Woodway Dr

Wickliffe, OH 44092

$185,000D-

3 bd · 1.0 ba · 896 sqft · Built 1959 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,442/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$303
• Net cashflow: $-56/mo
• Annual: $-675/yr
• Cap rate: 5.93%
• Cash-on-cash: -1.30%
• DSCR: 0.94
• 1% rule: 0.78%
• Cash to close: $51,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $-56 ($-675/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (22.0% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $144k (22.0% 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 82/100 on livability (#85 in OH, #1,236 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities C-, commute F.
• Wickliffe City (suburban): math 48% / reading 60% proficiency, ranked #386 of 656 in OH (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wickliffe Elementary School (math 62% / reading 57%, grade B-, #670 of 1,584 statewide, top 45%, 528 students, 32% FRL); Wickliffe Middle School (math 48% / reading 60%, grade B-, #352 of 654 statewide, top 55%, 377 students, 39% FRL); Wickliffe High School (math 32% / reading 72%, grade D+, #343 of 781 statewide, top 47%, 432 students, 31% FRL) — zoned schools at 34% FRL track the district average.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.0%/yr); 69 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 5.9% vs local median 4.7% in Wickliffe — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.