8557 N Akins Rd #103

North Royalton, OH 44133

$75,000B

1 bd · 1.0 ba · 658 sqft · Built 1973 · Condo · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,248/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$85
• HOA: −$262
• Vac / Maint / Mgmt: −$262
• Net cashflow: $246/mo
• Annual: $2,950/yr
• Cap rate: 10.23%
• Cash-on-cash: 14.05%
• DSCR: 1.63
• 1% rule: 1.66%
• Cash to close: $21,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $75k.
• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#199 in OH, #3,064 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• North Royalton City (suburban): math 74% / reading 81% proficiency, ranked #60 of 656 in OH (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: North Royalton Elementary School (math 84% / reading 77%, grade A+, #159 of 1,584 statewide, top 10%, 1,308 students, 20% FRL); North Royalton Middle School (math 72% / reading 82%, grade A, #70 of 654 statewide, top 11%, 1,132 students, 21% FRL); North Royalton High School (math 63% / reading 85%, grade B+, #83 of 781 statewide, top 11%, 1,314 students, 17% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: 151 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $32k; list at $75k implies a 138% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.2% vs local median 2.6% in North Royalton — 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.
• This rent is only 18% of the median local income ($84k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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 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.