6813 Chaffee Ct

Brecksville, OH 44141

$299,900C-

3 bd · 3.0 ba · 2,403 sqft · Built 1990 · Condo · Pending · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,318/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$405
• Vac / Maint / Mgmt: −$697
• Net cashflow: $144/mo
• Annual: $1,727/yr
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• 1% rule: 1.11%
• Cash to close: $83,972

Investor read

• This is a 3-bed/3.0-bath condo listed at $300k. Condition is rated good.
• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• It's been on market 24 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#183 in OH, #2,852 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Brecksville-Broadview Heights City (suburban): math 85% / reading 85% proficiency, ranked #23 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Brecksville-Broadview Heights Middle School (math 86% / reading 86%, grade A+, #13 of 654 statewide, top 2%, 796 students, 10% FRL); Brecksville-Broadview Heights High School (math 76% / reading 83%, grade A-, #35 of 781 statewide, top 6%, 1,232 students, 10% FRL) — zoned schools at 10% FRL track the district average.
• Market conditions: 99 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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.
• Cap rate 6.9% vs local median 2.8% in Brecksville — 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 runs 31% of the median local income ($127k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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.