6680 Heisley Rd

Mentor, OH 44060

$250,000D

2 bd · 1.5 ba · 1,132 sqft · Built 1918 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,547/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$284
• HOA: −$0
• Vac / Maint / Mgmt: −$325
• Net cashflow: $-373/mo
• Annual: $-4,476/yr
• Cap rate: 4.50%
• Cash-on-cash: -6.39%
• DSCR: 0.72
• 1% rule: 0.62%
• Cash to close: $70,000

Investor read

• This is a 2-bed/1.5-bath single-family listed at $250k.
• At list price, monthly cash flow is $-373 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (26.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (38.1% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $155k (38.1% below list) — sets the bar for 1% rule.
• 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.
• Location reads 84/100 on livability (#53 in OH, #739 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, cost of living A+; Watch: amenities D, commute F.
• Mentor Exempted Village (suburban): math 58% / reading 70% proficiency, ranked #201 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.5%/yr); 266 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• Cap rate 4.5% vs local median 3.7% in Mentor — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• Built in 1918 — 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 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?
• 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.
• 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.