9640 Cove Dr Unit A-36 · North Royalton, OH 44133

$139,000

2 bd · 1.5 ba · 987 sqft · Condo public records · 64 Days on market

Built 1975 $421/mo HOA · 25% of rent

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Why this score? — see what drove the D+ 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 +11.9/30.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +6.7/10.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don’t miss one of the most desirable lakeview/ lakefront units in the complex—views like this are hard to find. This condo has been meticulously maintained, is very clean, and truly move-in ready. 2 bedrooms | 1.5 baths Fresh paint throughout + neutral décor All appliances included: refrigerator, stove, microwave In-suite washer & dryer + garbage disposal Covered garage parking with remote garage door opener Community amenities include: Pool Party center Basketball court Tennis court HOA/maintenance fee includes water, sewer, trash, snow removal, and more. Electric is the only separate utility. Schedule a private showing today. Prime location a true must see!

Key facts

• Lakefront
• Community amenities
• Lakeview

Tags

• LAKEVIEW
• LAKEFRONT
• IN-SUITE WASHER
• COVERED GARAGE PARKING
• COMMUNITY AMENITIES
• POOL

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $139k.

Deal economics

• At list price, monthly cash flow is $-36 ($-429/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (4.5% below list).
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $131k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.0% 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.

Location & tenants

• 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).
• Market conditions: 152 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y ago; this cycle's ask has dropped $11k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $139k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $130,659 (6.0% below list)

Questions for the listing agent

1. 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?
2. 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?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 1.21% ✓
• Cap rate: 5.98%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.9%
• Equity multiple: 0.37×
• Total profit: $-24,526
• Equity at exit: $20,725

10-year hold

• IRR: -9.6%
• Equity multiple: 0.40×
• Total profit: $-23,168
• Equity at exit: $12,018

Cash invested: $38,920 (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 44133

• Active inventory: 152
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,687 high
• Mortgage (P&I): −$729
• Tax from tax record: −$161 /mo · $1,926/yr
• Insurance: −$58
• HOA: −$421
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $-36

Break-even live

Break-even rent $1,732

Max offer price $132,683

Occupancy floor 97%

Sensitivity live

Price	-10% $43	-5% $4	+0% $-36	+5% $-75	+10% $-114
Rent	-10% $-169	-5% $-102	+0% $-36	+5% $31	+10% $97
Rate	-1.0pp $34	-0.5pp $0	base $-36	+0.5pp $-72	+1.0pp $-108

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11560 Somerset Dr North Royalton, OH	1.0–2.0	1.0–2.0	1075	$1,600	$1.49	0d	1	0.63mi
13774 Oakbrook Dr North Royalton, OH	2.0	1.0	705	$1,229	$1.74	0d	15	0.95mi
9185 Traditions Way North Royalton, OH	1.0–2.0	1.0–2.0	980	$1,914	$1.95	0d	4	0.95mi
8290 Royalton Rd North Royalton, OH	1.0–2.0	1.0–2.0	894	$1,882	$2.11	0d	19	1.26mi
7475 Glenmont Dr North Royalton, OH	1.0–2.0	1.0–2.0	860	$1,647	$1.91	0d	27	1.38mi

HOA detail condo

• Monthly dues: $421 · $5,052/yr
• Likely covers: watersewertrashelectricsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-05-06
   status Pending 722-char remark

   Show marketing remark (722 chars)

   Don’t miss one of the most desirable lakeview/ lakefront units in the complex—views like this are hard to find. This condo has been meticulously maintained, is very clean, and truly move-in ready. 2 bedrooms | 1.5 baths Fresh paint throughout + neutral décor All appliances included: refrigerator, stove, microwave In-suite washer & dryer + garbage disposal Covered garage parking with remote garage door opener Community amenities include: Pool Party center Basketball court Tennis court HOA/maintenance fee includes water, sewer, trash, snow removal, and more. Electric is the only separate utility. Schedule a private showing today. Prime location a true must see!

2. 2026-04-25
   price $139,000 722-char remark

   Show marketing remark (722 chars)

   Don’t miss one of the most desirable lakeview/ lakefront units in the complex—views like this are hard to find. This condo has been meticulously maintained, is very clean, and truly move-in ready. 2 bedrooms | 1.5 baths Fresh paint throughout + neutral décor All appliances included: refrigerator, stove, microwave In-suite washer & dryer + garbage disposal Covered garage parking with remote garage door opener Community amenities include: Pool Party center Basketball court Tennis court HOA/maintenance fee includes water, sewer, trash, snow removal, and more. Electric is the only separate utility. Schedule a private showing today. Prime location a true must see!

3. 2026-03-02
   listed $150,000 Active 722-char remark

   Show marketing remark (722 chars)

   Don’t miss one of the most desirable lakeview/ lakefront units in the complex—views like this are hard to find. This condo has been meticulously maintained, is very clean, and truly move-in ready. 2 bedrooms | 1.5 baths Fresh paint throughout + neutral décor All appliances included: refrigerator, stove, microwave In-suite washer & dryer + garbage disposal Covered garage parking with remote garage door opener Community amenities include: Pool Party center Basketball court Tennis court HOA/maintenance fee includes water, sewer, trash, snow removal, and more. Electric is the only separate utility. Schedule a private showing today. Prime location a true must see!

4. 2018-11-09
   soldstatus $65,000 Sold 483-char remark

   Show marketing remark (483 chars)

   ALL PLAY & NO WORK * * * * THAT'S HOW YOU'LL FEEL ABOUT THIS SPACIOUS 2 BEDROOM, 2 BATH THIRD FLOOR RANCH CONDO WITH VIEW OF THE LAKE OFF THE BALCONY * * A MARVEL OF SUN, LIGHT & SPACE * * * BEAUTIFUL REMODELED EAT IN KITCHEN WITH CERAMIC FLOORING, GLASS BACKSPLASH AND ALL APPLIANCES * * * IN SUITE LAUNDRY ROOM WITH WASHER AND DRYER * * * REMODELED BATH * * * NEW FURNACE & A/C 2014 * * * ENJOY THE POOL, TENNIS COURTS, CLUBHOUSE AND LAKE * * *

5. 2018-11-09
   soldstatus $65,000

   Show marketing remark (483 chars)

   ALL PLAY & NO WORK * * * * THAT'S HOW YOU'LL FEEL ABOUT THIS SPACIOUS 2 BEDROOM, 2 BATH THIRD FLOOR RANCH CONDO WITH VIEW OF THE LAKE OFF THE BALCONY * * A MARVEL OF SUN, LIGHT & SPACE * * * BEAUTIFUL REMODELED EAT IN KITCHEN WITH CERAMIC FLOORING, GLASS BACKSPLASH AND ALL APPLIANCES * * * IN SUITE LAUNDRY ROOM WITH WASHER AND DRYER * * * REMODELED BATH * * * NEW FURNACE & A/C 2014 * * * ENJOY THE POOL, TENNIS COURTS, CLUBHOUSE AND LAKE * * *

6. 2018-09-17
   status Pending 483-char remark

   Show marketing remark (483 chars)

   ALL PLAY & NO WORK * * * * THAT'S HOW YOU'LL FEEL ABOUT THIS SPACIOUS 2 BEDROOM, 2 BATH THIRD FLOOR RANCH CONDO WITH VIEW OF THE LAKE OFF THE BALCONY * * A MARVEL OF SUN, LIGHT & SPACE * * * BEAUTIFUL REMODELED EAT IN KITCHEN WITH CERAMIC FLOORING, GLASS BACKSPLASH AND ALL APPLIANCES * * * IN SUITE LAUNDRY ROOM WITH WASHER AND DRYER * * * REMODELED BATH * * * NEW FURNACE & A/C 2014 * * * ENJOY THE POOL, TENNIS COURTS, CLUBHOUSE AND LAKE * * *

7. 2018-09-02
   listed $68,900 Active 483-char remark

   Show marketing remark (483 chars)

   ALL PLAY & NO WORK * * * * THAT'S HOW YOU'LL FEEL ABOUT THIS SPACIOUS 2 BEDROOM, 2 BATH THIRD FLOOR RANCH CONDO WITH VIEW OF THE LAKE OFF THE BALCONY * * A MARVEL OF SUN, LIGHT & SPACE * * * BEAUTIFUL REMODELED EAT IN KITCHEN WITH CERAMIC FLOORING, GLASS BACKSPLASH AND ALL APPLIANCES * * * IN SUITE LAUNDRY ROOM WITH WASHER AND DRYER * * * REMODELED BATH * * * NEW FURNACE & A/C 2014 * * * ENJOY THE POOL, TENNIS COURTS, CLUBHOUSE AND LAKE * * *

8. 2006-07-19
   soldstatus $68,000
9. 2006-07-19
   soldstatus $68,000
10. 2006-05-31
    listed $69,900
11. 1999-02-01
    soldstatus $62,500
12. 1998-06-09
    listed $64,900
13. 1998-05-16
    historical
14. 1998-02-16
    listed $69,900
15. 1997-02-14
    historical
16. 1996-10-14
    listed $64,900
17. 1992-11-16
    soldstatus $54,000
18. 1987-07-01
    soldstatus $48,000
19. 1985-06-28
    soldstatus $43,500
20. 1979-05-09
    soldstatus $43,000
21. 1978-01-01
    soldstatus $36,900

ⓘ 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: $1,926 · $161/mo
• Projected year-2 tax: $2,047 · $171/mo
• Expected delta: +$121/yr (+$10/mo · 6.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $20,242
• − Mortgage interest: −$7,786
• − Property taxes: −$1,926
• − Insurance: −$695
• − Repairs & maintenance: −$1,619
• − Management: −$1,619
• − HOA: −$5,052
• − Depreciation: −$4,044
• Taxable loss: −$2,500
• Est. tax savings @ 24.0%: +$600
• After-tax cash flow: $171/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 Royalton City
• NCES district ID: 3904454
• Math proficiency: 74% ▼ -11.00%
• Reading proficiency: 81% ▼ -4.00%
• Median HH income: $69,090
• Composite: 67.39/100
• National rank: #381
• State rank: #60 of 656 in OH

Livability — North Royalton

• Score: 77/100
• State rank: #199
• US rank: #3064

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Royalton, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 31,018
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 31,018
• Household income: $83,717
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 406.0

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Asian 5% Hispanic / Latino 4% Black 1%
• Common ancestry: Romanian 12% Subsaharan African 6% Lithuanian 2%
• Foreign-born: 12% · Canada
• Languages at home: 83% English-only · Russian/Polish/Slavic 7% Other Indo-European 3% Spanish 2%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.75%
• Current HPI: 199.4398
• 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

+276.7% since first listed

21 events — show timeline

• 2026-05-06 Pending — MLSNOW
• 2026-04-25 Price Changed $139,000 MLSNOW
• 2026-03-02 Listed $150,000 MLSNOW
• 2018-11-09 Sold (Public Records) $65,000 Public Records
• 2018-11-09 Sold (MLS) $65,000 MLSNOW
• 2018-09-17 Pending — MLSNOW
• 2018-09-02 Listed $68,900 MLSNOW
• 2006-07-19 Sold (Public Records) $68,000 Public Records
• 2006-07-19 Sold (MLS) $68,000 MLSNOW
• 2006-05-31 Listed $69,900 MLSNOW
• 1999-02-01 Sold (MLS) $62,500 MLSNOW
• 1998-06-09 Listed $64,900 MLSNOW
• 1998-05-16 Listing Removed — MLSNOW
• 1998-02-16 Listed $69,900 MLSNOW
• 1997-02-14 Listing Removed — MLSNOW
• 1996-10-14 Listed $64,900 MLSNOW
• 1992-11-16 Sold (Public Records) $54,000 Public Records
• 1987-07-01 Sold (Public Records) $48,000 Public Records
• 1985-06-28 Sold (Public Records) $43,500 Public Records
• 1979-05-09 Sold (Public Records) $43,000 Public Records
• 1978-01-01 Sold (Public Records) $36,900 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,926 · -5.9% YoY. Source: county tax records.