SL 10 Stillman Ln

Willoughby, OH 44094

$160,000F

None bd · None ba · — sqft · Built — · SingleFamily · Active · 156 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,370/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$267
• HOA: −$316
• Vac / Maint / Mgmt: −$288
• Net cashflow: $-339/mo
• Annual: $-4,069/yr
• Cap rate: 3.75%
• Cash-on-cash: -9.08%
• DSCR: 0.60
• 1% rule: 0.86%
• Cash to close: $44,800

Investor read

• This is a single-family listed at $160k. Condition is rated poor.
• At list price, monthly cash flow is $-339 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (30.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (14.3% below list).
• It's been on market 156 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (30.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#249 in OH, #3,972 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Willoughby-Eastlake City (suburban): math 42% / reading 58% proficiency, ranked #434 of 656 in OH (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising fast (+4.0%/yr); 187 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 13 sale attempts since 35y ago; this cycle's ask is 220% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $65k; list at $160k implies a 146% gain — meaningful room to come down on a strong offer.
• Cap rate 3.7% vs local median 2.8% in Willoughby — 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.

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?
• It's been on market 156 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: siding — The siding is visibly damaged and needs replacement.
• Major: roof — The roof appears old and possibly leaking, requiring replacement.
• Major: front porch — The front porch is in disrepair, with missing or damaged boards, requiring full replacement or repair.
• Major: flooring — The flooring is likely in poor condition and needs replacement or repair.
• Major: HVAC/mechanicals — The HVAC and mechanical systems are likely in poor condition and need replacement or repair.
• Major: landscaping — The landscaping is minimal and needs significant improvement to enhance curb appeal and attract potential buyers/tenants.