6354 Forest Park Dr · North Ridgeville, OH 44039

$175,000

3 bd · 1.5 ba · 1,300 sqft · Condo public records · 64 Days on market

Built 1979 $135/sqft · at area comps Est $176k · at est. $175/mo HOA · 8% of rent

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Why this score? — see what drove the C+ 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 +24.0/30.0
• ARV discount +7.9/15.0
• DSCR +7.7/10.0
• 1% rule +7.2/10.0
• Schools +4.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A rare opportunity to get into North Ridgeville for well under 200k with this THREE bedrooms and TWO FULL bath condo! (One on full bath on each level). First floor laundry. This END UNIT has an open grassy common area to the one side! Step inside to LVP wood flooring on the main level. Updated kitchen with solid surface countertops and a large breakfast nook. All appliances remain including the washer and dryer. Walk in showers in both bathrooms with custom tilework throughout! Spacious primary bedroom with double closet. Rear patio overlooks the treeline. Attached garage is great for storage. The home does has the air ducting for central air conditioning present, however the exterior a/c unit will need replaced and reconnected. Located just down the street from the North Ridgeville Academic campus and several restaurants and daily conveniences.

Key facts

• Lvp wood flooring
• Custom tilework
• Large breakfast nook

Tags

• LVP WOOD FLOORING
• UPDATED KITCHEN
• SOLID SURFACE COUNTERTOPS
• LARGE BREAKFAST NOOK
• WALK IN SHOWERS
• CUSTOM TILEWORK

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.3% in North Ridgeville — 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 74/100 on livability (#305 in OH, #4,924 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• North Ridgeville City (suburban): math 49% / reading 61% proficiency, ranked #339 of 656 in OH (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 206 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).

Forward outlook

• 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.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 32y 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.
• Current owner paid $135k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.39%
• DSCR: 1.37
• GRM: 6.8

CMA / ARV

• ARV (median comp): $176,445
• List price: $175,000
• Delta: -0.82%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-6,408
• Equity at exit: $26,093

10-year hold

• IRR: 6.3%
• Equity multiple: 1.47×
• Total profit: $23,007
• Equity at exit: $15,131

Cash invested: $49,000 (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 44039

• Active inventory: 206
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,139 high
• Mortgage (P&I): −$918
• Tax from tax record: −$181 /mo · $2,173/yr
• Insurance: −$73
• HOA: −$175
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $343

Break-even live

Break-even rent $1,705

Max offer price $175,000

Occupancy floor 79%

Sensitivity live

Price	-10% $442	-5% $392	+0% $343	+5% $293	+10% $244
Rent	-10% $174	-5% $258	+0% $343	+5% $427	+10% $512
Rate	-1.0pp $431	-0.5pp $387	base $343	+0.5pp $297	+1.0pp $251

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6401 Forest Park Dr North Ridgeville, OH	2.0	2.0	1180	$1,900	$1.61	8d	1	0.16mi
6528 Rosebelle Ave North Ridgeville, OH	3.0	1.0	1200	$2,275	$1.90	20d	1	0.31mi
5922 Albert Ave North Ridgeville, OH	3.0	1.5	1588	$2,125	$1.34	2d	1	0.44mi
35143 Bainbridge Rd North Ridgeville, OH	3.0	1.0	1096	$1,979	$1.81	5d	1	0.83mi
6610 Lear Nagle Rd #157 North Ridgeville, OH	3.0	2.0	1344	$1,549	$1.15	44d	1	1.19mi
5498 Broad Blvd North Ridgeville, OH	3.0	1.5	1300	$1,895	$1.46	44d	1	1.41mi

HOA detail condo

• Monthly dues: $175 · $2,100/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $175,000 Active 64 DOM
2. 2026-06-17
   days on market $175,000 Active 63 DOM
3. 2026-06-16
   days on market $175,000 Active 62 DOM
4. 2026-06-15
   days on market $175,000 Active 61 DOM
5. 2026-06-13
   days on market $175,000 Active 59 DOM
6. 2026-06-09
   days on market $175,000 Active 55 DOM
7. 2026-06-08
   days on market $175,000 Active 54 DOM
8. 2026-06-07
   days on market $175,000 Active 53 DOM
9. 2026-06-05
   days on market $175,000 Active 50 DOM
10. 2026-06-03
    days on market $175,000 Active 49 DOM
11. 2026-06-02
    days on market $175,000 Active 48 DOM
12. 2026-06-01
    days on market $175,000 Active 47 DOM
13. 2026-05-31
    days on market $175,000 Active 46 DOM
14. 2026-04-15
    listed $175,000 Active 857-char remark

    Show marketing remark (857 chars)

    A rare opportunity to get into North Ridgeville for well under 200k with this THREE bedrooms and TWO FULL bath condo! (One on full bath on each level). First floor laundry. This END UNIT has an open grassy common area to the one side! Step inside to LVP wood flooring on the main level. Updated kitchen with solid surface countertops and a large breakfast nook. All appliances remain including the washer and dryer. Walk in showers in both bathrooms with custom tilework throughout! Spacious primary bedroom with double closet. Rear patio overlooks the treeline. Attached garage is great for storage. The home does has the air ducting for central air conditioning present, however the exterior a/c unit will need replaced and reconnected. Located just down the street from the North Ridgeville Academic campus and several restaurants and daily conveniences.

15. 2021-07-01
    soldstatus $135,000
16. 2021-06-30
    soldstatus $135,000 Closed 773-char remark

    Show marketing remark (773 chars)

    Check this one out! Convenient First Floor FULL Bathroom, Laundry, and access to attached Garage. Second floor has an extra large Main Bedroom, Two more bedrooms with large closets, and a full Bath. Many major updates completed: Windows, Doors, Lighting, Closet & Interior Doors (1 exception), Flooring, Central Air & Heating, Hot Water Tank (80 gal. ), Plumbing and Electrical. Open-concept Living Room, Dining, and Kitchen (includes pantry). All appliances stay EXCEPT Refrigerator and Fireplace. Thru the sliding doors, you'll find a private, relaxing patio. Located close to shopping, restaurants, and highways, yet a peaceful neighborhood. North Ridgeville School District. Home Warranty included. Tastefully decorated and ready for you to move right in!

17. 2021-05-01
    status Pending 773-char remark

    Show marketing remark (773 chars)

    Check this one out! Convenient First Floor FULL Bathroom, Laundry, and access to attached Garage. Second floor has an extra large Main Bedroom, Two more bedrooms with large closets, and a full Bath. Many major updates completed: Windows, Doors, Lighting, Closet & Interior Doors (1 exception), Flooring, Central Air & Heating, Hot Water Tank (80 gal. ), Plumbing and Electrical. Open-concept Living Room, Dining, and Kitchen (includes pantry). All appliances stay EXCEPT Refrigerator and Fireplace. Thru the sliding doors, you'll find a private, relaxing patio. Located close to shopping, restaurants, and highways, yet a peaceful neighborhood. North Ridgeville School District. Home Warranty included. Tastefully decorated and ready for you to move right in!

18. 2021-04-30
    listed $135,000 Active 773-char remark

    Show marketing remark (773 chars)

    Check this one out! Convenient First Floor FULL Bathroom, Laundry, and access to attached Garage. Second floor has an extra large Main Bedroom, Two more bedrooms with large closets, and a full Bath. Many major updates completed: Windows, Doors, Lighting, Closet & Interior Doors (1 exception), Flooring, Central Air & Heating, Hot Water Tank (80 gal. ), Plumbing and Electrical. Open-concept Living Room, Dining, and Kitchen (includes pantry). All appliances stay EXCEPT Refrigerator and Fireplace. Thru the sliding doors, you'll find a private, relaxing patio. Located close to shopping, restaurants, and highways, yet a peaceful neighborhood. North Ridgeville School District. Home Warranty included. Tastefully decorated and ready for you to move right in!

19. 1997-10-31
    soldstatus $70,000
20. 1994-06-20
    soldstatus $59,500
21. 1994-06-13
    soldstatus $59,500
22. 1994-03-29
    listed $61,500
23. 1987-08-27
    soldstatus $38,900

ⓘ 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: $2,173 · $181/mo
• Projected year-2 tax: $2,452 · $204/mo
• Expected delta: +$278/yr (+$23/mo · 12.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,664
• − Mortgage interest: −$9,803
• − Property taxes: −$2,173
• − Insurance: −$875
• − Repairs & maintenance: −$2,053
• − Management: −$2,053
• − HOA: −$2,100
• − Depreciation: −$5,091
• Taxable income: $1,516
• Est. tax owed @ 24.0%: −$364
• After-tax cash flow: $3,750/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: North Ridgeville City
• NCES district ID: 3904453
• Math proficiency: 49% ▼ -21.00%
• Reading proficiency: 61% ▼ -11.00%
• Median HH income: $66,437
• Composite: 48.46/100
• National rank: #2130
• State rank: #339 of 656 in OH

Livability — North Ridgeville

• Score: 74/100
• State rank: #305
• US rank: #4924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Ridgeville, OH
• County: Lorain County · 219,437 people
• City population: 36,780
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 36,780
• Household income: $96,485
• Rent vs Own: 10.1% rent · 89.9% own
• Severe rent burden: 207.0

Population outlook (Lorain County) Hauer SSP2

• Today (2025): 314,924 people
• By 2030: 317,546 · +0.8%
• By 2040: 317,962 · +1.0%
• By 2050: 312,872 · -0.7%
• By 2075: 301,806 · -4.2%
• By 2100: 278,271 · -11.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 9% Slovak 3% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Lorain

• 2024 margin: Lean R (+5.7) · D 46.7% · R 52.4%
• 2008→2024 swing: -23.6pp toward R · 2008: 17.9pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+2.5 2016: R+0.3 2012: D+14.4 2008: D+17.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.14%
• Current HPI: 210.6074
• Rent YoY: —
• Metro: Cleveland-Elyria, OH
• 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

+349.9% since first listed

10 events — show timeline

• 2026-04-15 Listed $175,000 MLSNOW
• 2021-07-01 Sold (Public Records) $135,000 Public Records
• 2021-06-30 Sold (MLS) $135,000 MLSNOW
• 2021-05-01 Pending — MLSNOW
• 2021-04-30 Listed $135,000 MLSNOW
• 1997-10-31 Sold (Public Records) $70,000 Public Records
• 1994-06-20 Sold (MLS) $59,500 MLSNOW
• 1994-06-13 Sold (Public Records) $59,500 Public Records
• 1994-03-29 Listed $61,500 MLSNOW
• 1987-08-27 Sold (Public Records) $38,900 Public Records

Property tax history

+2.7%/yr

Latest (2025): $2,173 · -4.4% YoY. Source: county tax records.