675 E 305th St

Willowick, OH 44095

$82,500B

2 bd · 1.0 ba · 1,246 sqft · Built 1950 · SingleFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,534/mo
• Mortgage (P&I): −$433
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$322
• Net cashflow: $642/mo
• Annual: $7,702/yr
• Cap rate: 15.63%
• Cash-on-cash: 33.34%
• DSCR: 2.48
• 1% rule: 1.86%
• Cash to close: $23,100

Investor read

• This is a 2-bed/1.0-bath single-family listed at $82k.
• At list price, monthly cash flow is $642 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• It's been on market 32 days — a 3% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $570 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#50 in OH, #706 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute F.
• Willoughby-Eastlake City (suburban): math 42% / reading 58% proficiency, ranked #434 of 656 in OH (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Royalview Elementary School (math 55% / reading 52%, grade C, #834 of 1,584 statewide, top 53%, 703 students, 44% FRL); Willowick Middle School (math 35% / reading 57%, grade D+, #464 of 654 statewide, top 71%, 455 students, 48% FRL); North High School (math 19% / reading 67%, grade F, #494 of 781 statewide, top 63%, 1,216 students, 38% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.8%/yr); 132 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $23k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.6% vs local median 5.4% in Willowick — 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.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.