32635 Jefferson Dr #35 · Solon, OH 44139

$260,000

3 bd · 2.0 ba · 1,584 sqft · Condo public records · 3 Days on market

Built 1978 $324/mo HOA · 14% 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 +8.7/30.0
• Schools +8.1/10.0
• ARV discount +7.5/15.0
• Livability +4.5/5.0
• 1% rule +4.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this spacious, and well maintained condo in the Solon Liberty Hill community. With multiple living areas, a finished basement, and low maintenance living, this home provides the perfect blend of both comfort and flexibility! Step inside to a welcoming foyer that seamlessly connects the living and dining areas, creating a natural flow for everyday living. The dining space opens into the kitchen, making the layout both functional and inviting. The cozy living room features a fireplace and sliding glass doors that lead to the patio, ideal for relaxing or casual entertaining. A convenient half bath completes the main level. Upstairs, you’ll find three bedrooms, including a g

Key facts

• Second fireplace
• Own balcony
• Large rec room

Tags

• FINISHED BASEMENT
• PRIVATE BATHROOM
• WALK-IN SHOWER
• OWN BALCONY
• SECOND FIREPLACE
• LARGE REC ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $260k.

Deal economics

• At list price, monthly cash flow is $-220 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (8.4% below list).
• Recommended offer: $221k (14.9% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 2.3% in Solon — 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 91/100 on livability (#5 in OH, #42 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+.
• Solon City (suburban): math 89% / reading 93% proficiency, ranked #1 of 656 in OH (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 101 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $8k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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 $110k; list at $260k implies a 136% gain — meaningful room to come down on a strong offer.

Recommended offer $221,186 (14.9% 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. Built in 1978 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.92% ✗
• Cap rate: 5.28%
• Cash-on-cash: -3.62%
• DSCR: 0.84
• GRM: 9.1

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: -22.3%
• Equity multiple: 0.23×
• Total profit: $-55,903
• Equity at exit: $38,767

10-year hold

• IRR: -16.1%
• Equity multiple: 0.10×
• Total profit: $-65,795
• Equity at exit: $22,480

Cash invested: $72,800 (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 44139

• Active inventory: 101
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,381 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$305 /mo · $3,655/yr
• Insurance: −$108
• HOA: −$324
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $-220

Break-even live

Break-even rent $2,659

Max offer price $221,186

Occupancy floor —

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32450 Cromwell Dr Solon, OH	1.0–2.0	1.0–2.0	970	$1,675	$1.73	1d	23	0.12mi
6569 Brookland Ave Solon, OH	3.0	2.0	1832	$2,450	$1.34	3d	1	1.25mi
32740 Parkway Dr Solon, OH	3.0	1.0	1064	$2,280	$2.14	23d	1	1.39mi
7101 Liberty Rd Solon, OH	4.0	2.0	1344	$2,200	$1.64	12d	1	1.40mi
34500 Brookmeade Pl Solon, OH	1.0–3.0	1.0–2.5	1378	$3,640	$2.64	1d	13	1.45mi

HOA detail condo

• Monthly dues: $324 · $3,888/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-04-19
   status Pending
2. 2026-04-16
   listed $260,000 Active
3. 2006-08-05
   historical
4. 2006-08-03
   historical
5. 2006-03-31
   listed $168,900
6. 2006-02-03
   listed $178,900
7. 1990-11-14
   soldstatus $110,000

ⓘ 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: $3,655 · $305/mo
• Projected year-2 tax: $3,856 · $321/mo
• Expected delta: +$200/yr (+$17/mo · 5.5%)

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

Taxation est. · year 1

• Rental income: $28,567
• − Mortgage interest: −$14,564
• − Property taxes: −$3,655
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,285
• − Management: −$2,285
• − HOA: −$3,888
• − Depreciation: −$7,564
• Taxable loss: −$6,974
• Est. tax savings @ 24.0%: +$1,674
• After-tax cash flow: $-963/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: Solon City
• NCES district ID: 3904660
• Math proficiency: 89% ▼ -7.00%
• Reading proficiency: 93% ▼ -1.00%
• Median HH income: $95,909
• Composite: 81.16/100
• National rank: #42
• State rank: #1 of 656 in OH

Livability — Solon

• Score: 91/100
• State rank: #5
• US rank: #42

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Solon, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 24,706
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 24,706
• Household income: $138,425
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 368.0

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: Majority White (65%)
• Race & ethnicity: White 65% Asian 14% Black 12% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Scotch-Irish 3% Italian 2%
• Foreign-born: 18% · China, Canada, Vietnam
• Languages at home: 77% English-only · Chinese 6% Russian/Polish/Slavic 5% Other Indo-European 4%

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: ▼ -196.10%
• Current HPI: 191.8418
• 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

+136.4% since first listed

7 events — show timeline

• 2026-04-19 Pending — MLSNOW
• 2026-04-16 Listed $260,000 MLSNOW
• 2006-08-05 Listing Removed — MLSNOW
• 2006-08-03 Listing Removed — MLSNOW
• 2006-03-31 Listed $168,900 MLSNOW
• 2006-02-03 Listed $178,900 MLSNOW
• 1990-11-14 Sold (Public Records) $110,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $3,655 · +0.0% YoY. Source: county tax records.