654 Treadway Blvd

Sheffield Lake, OH 44054

$205,000D-

2 bd · 1.0 ba · 956 sqft · Built 2023 · SingleFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,660/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$243
• HOA: −$142
• Vac / Maint / Mgmt: −$348
• Net cashflow: $-149/mo
• Annual: $-1,787/yr
• Cap rate: 5.42%
• Cash-on-cash: -3.11%
• DSCR: 0.86
• 1% rule: 0.81%
• Cash to close: $57,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $205k. Condition is rated excellent.
• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (19.0% below list).
• It's been on market 75 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (19.0% 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 68/100 on livability (#541 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Sheffield-Sheffield Lake City (suburban): math 48% / reading 59% proficiency, ranked #381 of 656 in OH (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Brookside Intermediate School (math 53% / reading 57%, grade C, #778 of 1,584 statewide, top 50%, 471 students, 44% FRL); Brookside Middle School (math 46% / reading 58%, grade C+, #386 of 654 statewide, top 61%, 251 students, 41% FRL); Brookside High School (math 27% / reading 72%, grade D, #390 of 781 statewide, top 54%, 476 students, 39% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 4 sale attempts since 3y 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.

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 75 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• 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?
• 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.